# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000869392-23-000414
**Filing Date:** 2023-2
**Character Count:** 35915
**Document Hash:** 1f3799cce6d4e46cd4b17b2579b4a7b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000414.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000869392-23-000414

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671
- **IRS NUMBER:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 23667803

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Multi-Cap Core Fund (Series ID: S000003880)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010855 | Class IA Shares |  |
| C000010856 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Variable Trust

- **b. Investment Company Act file number:** 811-05346

- **c. CIK number of Registrant:** 0000822671

- **d. LEI of Registrant:** 549300TBVD21LYBGBD46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam VT Multi-Cap Core Fund

- **b. EDGAR series identifier (if any):** S000003880

- **c. LEI of Series:** 4G7DKLYVENKNDL7R6F33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $130453436.05

**Total Liabilities:** $1578609.85

**Net Assets:** $128874826.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010855 | -5.86%               | 5.90%                | 9.45%                |
| Class ID C000010856 | -5.92%               | 5.91%                | 9.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $264179.15               | $-8322586.57                               |
| Month 2  | $290976.20               | $7127190.17                                |
| Month 3  | $2773723.66              | $8570691.70                                |

### Schedule of Portfolio Investments

| Name                                      | Title                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STARWOOD PROPERTY TRUST INC               | COMMON STOCK         | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     19809 | NS      | $363098.97    | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| TESLA INC                                 | COMMON STOCK         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      4155 | NS      | $511812.90    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                         | COMMON STOCK         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      6763 | NS      | $227507.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE INC                        | COMMON STOCK         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      2385 | NS      | $572304.60    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                               | COMMON STOCK         | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      8485 | NS      | $883118.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                        | COMMON STOCK         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     10444 | NS      | $1256830.96   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUY'S HOLDINGS INC                       | COMMON STOCK         | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11749 | NS      | $332496.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BERRY GLOBAL GROUP INC                    | COMMON STOCK         | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |      6203 | NS      | $374847.29    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                | COMMON STOCK         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     14303 | NS      | $2311507.83   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMADA HOFFLER PROPERTIES INC             | COMMON STOCK         | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     53369 | NS      | $613743.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORP                     | COMMON STOCK         | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      6135 | NS      | $190123.65    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC         | COMMON STOCK         | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     34668 | NS      | $1805856.12   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                              | COMMON STOCK         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     44210 | NS      | $3922753.30   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS INC                     | COMMON STOCK         | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      3444 | NS      | $236361.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORP                       | COMMON STOCK         | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     24931 | NS      | $1952346.61   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| KARAT PACKAGING INC                       | COMMON STOCK         | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     12256 | NS      | $176118.72    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS INC                         | COMMON STOCK         | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     10706 | NS      | $457039.14    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO ASSET MANAGEMENT INC               | COMMON STOCK         | CUSIP: 03769M106<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EC               | CORP              | US        |     19505 | NS      | $1244223.95   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG INC                                   | COMMON STOCK         | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      6944 | NS      | $193251.52    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| CONSTELLATION ENERGY CORP                 | COMMON STOCK         | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     11787 | NS      | $1016157.27   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNER BROS DISCOVERY INC                 | COMMON STOCK         | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     15868 | NS      | $150428.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                            | COMMON STOCK         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7043 | NS      | $598795.86    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                           | COMMON STOCK         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     10031 | NS      | $934788.89    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE CO                  | COMMON STOCK         | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     18127 | NS      | $933903.04    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORP                           | COMMON STOCK         | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       326 | NS      | $195137.08    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                     | COMMON STOCK         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      2653 | NS      | $1447503.33   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO                     | COMMON STOCK         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     28543 | NS      | $961042.81    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                 | COMMON STOCK         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     63323 | NS      | $8227557.39   | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER INC                               | COMMON STOCK         | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      2874 | NS      | $966066.36    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS INC                        | COMMON STOCK         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      4180 | NS      | $1485655.60   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL INC               | COMMON STOCK         | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     13792 | NS      | $1473675.20   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORP                                | COMMON STOCK         | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      7148 | NS      | $942177.88    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                      | COMMON STOCK         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    115210 | NS      | $3815755.20   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL CO                       | COMMON STOCK         | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     10032 | NS      | $817006.08    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                            | COMMON STOCK         | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38120 | NS      | $1735603.60   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO/THE                        | COMMON STOCK         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      8071 | NS      | $701208.48    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                     | COMMON STOCK         | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      7289 | NS      | $355630.31    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                    | COMMON STOCK         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5468 | NS      | $2899024.24   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER  AND  GAMBLE CO/THE               | COMMON STOCK         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      9793 | NS      | $1484227.08   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                      | COMMON STOCK         | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5633 | NS      | $117222.73    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| WALMART INC                               | COMMON STOCK         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     12109 | NS      | $1716935.11   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR CORP                                  | COMMON STOCK         | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |     16984 | NS      | $397595.44    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC                                  | COMMON STOCK         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      4993 | NS      | $584230.93    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                             | COMMON STOCK         | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      7094 | NS      | $551345.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC                    | COMMON STOCK         | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      8911 | NS      | $2752607.90   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                              | COMMON STOCK         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      6837 | NS      | $751659.78    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC                     | COMMON STOCK         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      5480 | NS      | $905405.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                          | COMMON STOCK         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     38512 | NS      | $2449748.32   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                           | COMMON STOCK         | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     14374 | NS      | $910305.42    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC               | COMMON STOCK         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      8544 | NS      | $1830979.20   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                          | COMMON STOCK         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     21005 | NS      | $960138.55    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORP                | COMMON STOCK         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14328 | NS      | $1445981.76   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                               | COMMON STOCK         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     24565 | NS      | $2007943.10   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                            | COMMON STOCK         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     35883 | NS      | $8605461.06   | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                            | COMMON STOCK         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     35345 | NS      | $2968980.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                   | COMMON STOCK         | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     49474 | NS      | $861837.08    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORP                         | COMMON STOCK         | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2838 | NS      | $1192811.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORP                           | COMMON STOCK         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2923 | NS      | $770298.19    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                            | COMMON STOCK         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     14909 | NS      | $1759262.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                            | COMMON STOCK         | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      8407 | NS      | $1675010.68   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                                 | COMMON STOCK         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2342 | NS      | $788153.26    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE               | COMMON STOCK         | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      4903 | NS      | $1683592.14   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK  AND  CO INC                        | COMMON STOCK         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     11861 | NS      | $1315977.95   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                      | COMMON STOCK         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       164 | NS      | $330505.92    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                      | COMMON STOCK         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     25640 | NS      | $974320.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PG AND E CORP                             | COMMON STOCK         | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     83969 | NS      | $1365335.94   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC             | COMMON STOCK         | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1326 | NS      | $956695.74    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY  AND  CO                        | COMMON STOCK         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      5150 | NS      | $1884076.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON  AND  JOHNSON                     | COMMON STOCK         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     12741 | NS      | $2250697.65   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON PROPERTIES INC                     | COMMON STOCK         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      6373 | NS      | $430687.34    | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| DEERE  AND  CO                            | COMMON STOCK         | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1765 | NS      | $756761.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                                 | COMMON STOCK         | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6420 | NS      | $1686148.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                               | COMMON STOCK         | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8124 | NS      | $1210800.96   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                         | COMMON STOCK         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     33816 | NS      | $1610994.24   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                        | COMMON STOCK         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     10295 | NS      | $2131785.65   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                                | COMMON STOCK         | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     14776 | NS      | $390529.68    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                                | COMMON STOCK         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     21176 | NS      | $1085058.24   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO INC                           | COMMON STOCK         | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     11145 | NS      | $893940.45    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                             | COMMON STOCK         | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4711 | NS      | $1767190.32   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                               | COMMON STOCK         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      8198 | NS      | $1198055.72   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                              | COMMON STOCK         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     19808 | NS      | $692685.76    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                       | COMMON STOCK         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      2075 | NS      | $1064412.75   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORP                                  | COMMON STOCK         | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     11726 | NS      | $626285.66    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                            | COMMON STOCK         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     29220 | NS      | $929780.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY GLOBAL PLC                        | COMMON STOCK         | CUSIP: G5480U104<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |     40381 | NS      | $764412.33    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                            | COMMON STOCK         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3903 | NS      | $517498.77    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                            | COMMON STOCK         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     18010 | NS      | $1386049.60   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                  | COMMON STOCK         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4571 | NS      | $1423272.27   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                            | COMMON STOCK         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      7307 | NS      | $2540863.11   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | EQUITY INDEX FUTURE  | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        33 | NC      | $2921985.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | EQUITY INDEX FUTURE  | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |         8 | NC      | $1544400.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF | EXCHANGE TRADED FUND | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Long             | EC               | RF                | US        |      4986 | NS      | $1275668.10   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD                    | ORDINARY SHARES      | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     13373 | NS      | $839556.94    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY LTD                      | ORDINARY SHARES      | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     18176 | NS      | $1131637.76   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FREYR BATTERY SA                          | ORDINARY SHARES      | CUSIP: L4135L100<br>LEI: 222100QIBHPZGVW6UT76 | Long             | EC               | CORP              | NO        |      6870 | NS      | $59631.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| UNIVERSAL MUSIC GROUP NV                  | ORDINARY SHARES      | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |     19296 | NS      | $464952.91    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNA INTERNATIONAL INC                   | ORDINARY SHARES      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     18220 | NS      | $1023599.60   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NYXOAH SA                                 | ORDINARY SHARES      | CUSIP: B6S7WD106<br>LEI: 5493002O1ESKZ18OXR80 | Long             | EC               | CORP              | BE        |      9312 | NS      | $44325.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM CASH COLLATERAL POOL LLC           | SHORT TERM INV FUND  | CUSIP: N/A<br>LEI: 5493005HRIV7IFMKD774       | Long             | STIV             | PF                | US        |   1068687 | NS      | $1068687.00   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND         | SHORT TERM INV FUND  | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   4951318 | NS      | $4951318.00   | 3.84%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                  | U.S. T BILLS         | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99775.96     | 0.08%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                  | U.S. T BILLS         | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99929.66     | 0.08%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                  | U.S. T BILLS         | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $399652.75    | 0.31%             | 2023-01-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer