| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
| Washington, D.C. 20549 | ||
FORM N-CSR | ||
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES | ||
| Investment Company Act file number: | (811-05346) |
| Exact name of registrant as specified in charter: | Putnam Variable Trust |
| Address of principal executive offices: | 100 Federal Street, Boston, Massachusetts 02110 |
| Name and address of agent for service: | Stephen Tate, Vice President 100 Federal Street Boston, Massachusetts 02110 |
| Copy to: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 |
| Registrant’s telephone number, including area code: | (617) 292-1000 |
| Date of fiscal year end: | December 31, 2021 |
| Date of reporting period: | January 1, 2021 – December 31, 2021 |
Item 1. Report to Stockholders: |
| The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: | |||
Message from the Trustees
February 11, 2022
Dear Shareholder:
In 2021, most areas of the stock market had another above-average year as corporate earnings rose amid rapid gross domestic product growth. Bonds, on the other hand, had a subpar year, with inflation causing concern. Financial markets are now adjusting to a shift in monetary policy, as the U.S. Federal Reserve reduces its bond-purchasing program and considers raising interest rates.
In 2022, the evolving Covid-19 pandemic remains challenging. Still, companies have learned to adapt to unexpected hurdles. Trends in consumer spending, employment, and credit conditions have been encouraging. We believe economic conditions may remain supportive for financial markets this year.
As the economy shifts gears, Putnam’s investment professionals will be actively managing your fund and monitoring risks, as the firm has done for more than 80 years.
Thank you for investing with Putnam.
Performance summary (as of 12/31/21)
Investment objective
Long-term return consistent with preservation of capital
Net asset value December 31, 2021
| Class IA: $20.05 | Class IB: $20.34 |
Total return at net asset value (as of 12/31/21)
| Putnam | ||||||||
| Class IA | Class IB | Balanced | ||||||
| shares | shares | Russell 3000 | Blended | |||||
| (2/1/88) | (4/30/98) | Index | Benchmark* | |||||
| 1 year | 14.25% | 13.95% | 25.66% | 13.22% | ||||
| 5 years | 62.42 | 60.34 | 128.45 | 73.46 | ||||
| Annualized | 10.19 | 9.90 | 17.97 | 11.64 | ||||
| 10 years | 162.59 | 155.92 | 352.85 | 169.31 | ||||
| Annualized | 10.14 | 9.85 | 16.30 | 10.41 | ||||
| Life | 1,268.10 | 1,186.59 | 3,803.52 | — | ||||
| Annualized | 8.02 | 7.82 | 11.41 | — | ||||
For a portion of the periods, the fund had expense limitations, without which returns would have been lower.
* The fund’s custom benchmark, the Putnam Balanced Blended Benchmark, was introduced on 12/31/94, which post-dates the inception of the fund.
The Russell 3000® Index is an unmanaged index of the 3,000 largest U.S. companies.
The Putnam Balanced Blended Benchmark is an unmanaged index administered by Putnam Investment Management, LLC, 50% of which is the Russell 3000 Index, 35% of which is the Bloomberg U.S. Aggregate Bond Index, 10% of which is the MSCI EAFE Index (ND), and 5% of which is the JPMorgan Developed High Yield Index. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. The MSCI EAFE Index (ND) is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia. Calculated with net dividends (ND), this total return index reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries.
All Bloomberg indices are provided by Bloomberg Index Services Limited.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. All total return figures are at net asset value and exclude contract charges and expenses, which are added to the variable annuity contracts to determine total return at unit value. Had these charges and expenses been reflected, performance would have been lower. Performance of class IB shares before their inception is derived from the historical performance of class IA shares, adjusted to reflect the higher operating expenses applicable to such shares. For more recent performance, contact your variable annuity provider who can provide you with performance that reflects the charges and expenses at your contract level.
Allocations are shown as a percentage of the fund’s net assets. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time.
| Putnam VT Global Asset Allocation Fund 1 | |
Report from your fund’s managers
How were market conditions for the 12-month reporting period ended December 31, 2021?
Global financial markets had mixed results during the 12-month period. Stocks were buoyed by a recovering economy, the lifting of mobility restrictions in many countries, and fiscal stimulus. However, risks including higher inflation, rising interest rates, China’s weaker economy, and Covid-19 variants percolated through the markets. The S&P 500 Index — a broad measure of U.S. stock performance — gained 28.71%. International stocks, as measured by the MSCI EAFE Index [ND], gained 11.26%.
For most of the year, the Federal Reserve continued asset purchases, helping to keep interest rates low. In the first quarter of 2021, stimulus-fueled growth and inflation expectations drove yields on all but very short-term government debt higher and bond prices lower. Investors feared that inflationary pressures would eventually lead the Fed to raise short-term rates. In late September 2021, the Fed indicated it was ready to scale back asset purchases as soon as November and could lift interest rates in 2022.
In mid-December, the Fed continued to move toward tighter policy conditions with plans to end its bond-buying stimulus program in March 2022, paving the way for higher interest rates. Other global central banks also scaled back stimulus measures late in the year, including the European Central Bank, which further cut its bond purchases under the Pandemic Emergency Purchase Program, due to end in March 2022. The rate-sensitive Bloomberg U.S. Aggregate Bond Index, a measure of investment-grade [IG] fixed income securities, fell 1.54% for the period.
At the end of November and into December, concerns about the Omicron variant of Covid caused increased market volatility. The U.S. Treasury bond yield curve flattened. The Fed’s hawkish pivot pushed up rate-sensitive short-dated bond yields, while the long end of the curve fell due to concerns about the economic impact of rising Covid cases.
How did the fund perform for the 12-month reporting period?
For the 12-month period, the fund’s class IA shares returned 14.25%. The custom Putnam Balanced Blended Benchmark rose 13.22% and the all-stock benchmark, the Russell 3000 Index, rallied 25.66%. The Putnam Balanced Blended Benchmark comprises 50% the Russell 3000 Index, 35% the Bloomberg U.S. Aggregate Bond Index, 10% the MSCI EAFE Index [ND], and 5% the JPMorgan Developed High Yield Index.
What strategies affected performance during the reporting period?
Overall, dynamic asset allocation decisions added value in 2021, with the portfolio adjusting its tactical allocation mix several times over the course of the year. Relative to the custom benchmark, our equity positioning ranged from moderately overweight to overweight during the first half of the year, which lifted performance as stocks soared to new highs due to more stimulus, Covid vaccine progress, and continued signs of economic recovery. We moved the position to neutral at the end of August. An out-of-benchmark commodities position, initiated at the beginning of the year, was also a notable positive contributor. We anticipated that the vaccine rollout, fiscal support, and easy monetary conditions would stimulate significant global demand for commodities. We removed the position in mid-August 2021. In fixed income, our positioning in interest-rate risk and credit risk remained close to the portfolio’s custom benchmark and did not have a significant impact on performance during the year.
Overall, our active implementation decisions slightly lifted performance. Positive contributors included our quantitative U.S. large-cap equity and quantitative international developed equity strategies. In quantitative strategies, our team analyzes stock market history to identify characteristics of stocks [factors] that have excess risk-adjusted returns. During the year, our valuation, short interest, and buybacks factors performed particularly well. Selection within our opportunistic fixed income strategy was slightly additive. Strategic global macroeconomic trades in equities, fixed income, and active currency experienced some weakness and weighed on results.
How were derivatives used during the reporting period?
We used futures to help manage the portfolio’s exposure to market risk, gain exposure to interest rates, equitize cash, and hedge interest-rate and prepayment risks.
What is your near-term outlook for the markets?
In 2021, the global economy continued to recover from the pandemic-induced downturn, driven by substantial monetary and fiscal policy support, pent-up consumer demand, and Covid vaccine progress. Economic data improved and stocks soared to record highs, but volatility crept into markets due to uncertainties surrounding inflation and supply chain issues, central bank policy, and Covid variants. Entering 2022, these uncertainties are still present. We believe the levels of volatility and sentiment currently priced into markets do not adequately account for them. Thus, we are maintaining our tactically neutral posture.
Given the current backdrop, our outlook on equities is neutral. This view is supported by a move past peak earnings growth, narrowing market breadth, and the expectation for higher interest rates. While we maintain a positive disposition toward equities, we feel risks have become more balanced.
In fixed income, our outlook on credit is slightly bullish. High-yield bond index fundamentals have moved back to reasonable levels, in our view, and thus we expect that corporate and structured credit will continue to attract capital in a yield-starved environment. Our outlook on rate-sensitive fixed income is slightly bearish. Real yields are still exceptionally low, and the Fed has signaled that U.S. monetary policy will tighten from this point on. Fed officials are anticipating three rate hikes in 2022.
Our view on commodities is neutral. OPEC+ is focused on increasing supply as the impact on demand from the Omicron variant is expected to be less severe than originally anticipated. Against this backdrop, we continue to have conviction in our investment strategies.
| 2 Putnam VT Global Asset Allocation Fund | |
The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Consider these risks before investing: Allocation of assets among asset classes may hurt performance. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.
International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
ABOUT DERIVATIVES
Derivatives are an increasingly common type of investment instrument, the performance of which is derived from an underlying security, index, currency, or other area of the capital markets. Derivatives employed by the fund’s managers generally serve one of two main purposes: to implement a strategy that may be difficult or more expensive to invest in through traditional securities, or to hedge unwanted risk associated with a particular position.
For example, the fund’s managers might use currency forward contracts to capitalize on an anticipated change in exchange rates between two currencies. This approach would require a significantly smaller outlay of capital than purchasing traditional bonds denominated in the underlying currencies. In another example, the managers may identify a bond that they believe is undervalued relative to its risk of default but may seek to reduce the interest-rate risk of that bond by using interest-rate swaps, a derivative through which two parties “swap” payments based on the movement of certain rates. In other examples, the managers may use options and futures contracts to hedge against a variety of risks by establishing a combination of long and short exposures to specific equity markets or sectors.
Like any other investment, derivatives may not appreciate in value and may lose money. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities. And because derivatives typically represent contractual agreements between two financial institutions, derivatives entail “counterparty risk,” which is the risk that the other party is unable or unwilling to pay. Putnam monitors the counterparty risks we assume. For example, Putnam often enters into collateral agreements that require the counterparties to post collateral on a regular basis to cover their obligations to the fund. Counterparty risk for exchange-traded futures and centrally cleared swaps is mitigated by the daily exchange of margin and other safeguards against default through their respective clearinghouses.
| Putnam VT Global Asset Allocation Fund 3 | |
Understanding your fund’s expenses
As an investor in a variable annuity product that invests in a registered investment company, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, which are not shown in this section and would result in higher total expenses. Charges and expenses at the insurance company separate account level are not reflected. For more information, see your fund’s prospectus or talk to your financial representative.
Review your fund’s expenses
The two left-hand columns of the Expenses per $1,000 table show the expenses you would have paid on a $1,000 investment in your fund from 7/1/21 to 12/31/21. They also show how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses. To estimate the ongoing expenses you paid over the period, divide your account value by $1,000, then multiply the result by the number in the first line for the class of shares you own.
Compare your fund’s expenses with those of other funds
The two right-hand columns of the Expenses per $1,000 table show your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All shareholder reports of mutual funds and funds serving as variable annuity vehicles will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expense ratios
| Class IA | Class IB | |
| Total annual operating expenses for the fiscal | ||
| year ended 12/31/20 | 0.87% | 1.12% |
| Annualized expense ratio for the six-month | ||
| period ended 12/31/21* | 0.82% | 1.07% |
Fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.
Expenses are shown as a percentage of average net assets.
*For the fund’s most recent fiscal half year; may differ from expense ratios based on one-year data in the financial highlights.
Expenses per $1,000
| Expenses and value for a | ||||
| Expenses and value for a | $1,000 investment, assuming | |||
| $1,000 investment, assuming | a hypothetical 5% annualized | |||
| actual returns for the | return for the 6 months | |||
| 6 months ended 12/31/21 | ended 12/31/21 | |||
| Class IA | Class IB | Class IA | Class IB | |
| Expenses paid | ||||
| per $1,000*† | $4.22 | $5.50 | $4.18 | $5.45 |
| Ending value | ||||
| (after | ||||
| expenses) | $1,039.40 | $1,037.80 | $1,021.07 | $1,019.81 |
*Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 12/31/21. The expense ratio may differ for each share class.
†Expenses based on actual returns are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period (184); and then dividing that result by the number of days in the year (365). Expenses based on a hypothetical 5% return are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period (184); and then dividing that result by the number of days in the year (365).
| 4 Putnam VT Global Asset Allocation Fund | |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Putnam Variable Trust and Shareholders of
Putnam VT Global Asset Allocation Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s portfolio, of Putnam VT Global Asset Allocation Fund (one of the funds constituting Putnam Variable Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 11, 2022
We have served as the auditor of one or more investment companies in the Putnam Investments family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.
| Putnam VT Global Asset Allocation Fund 5 | ||
The fund’s portfolio 12/31/21
| COMMON STOCKS (71.2%)* | Shares | Value |
| Basic materials (2.4%) | ||
| Arkema SA (France) | 415 | $58,516 |
| Avery Dennison Corp. | 882 | 191,015 |
| Axalta Coating Systems, Ltd. † | 4,612 | 152,749 |
| BHP Group PLC (United Kingdom) | 4,862 | 144,748 |
| BlueScope Steel, Ltd. (Australia) | 9,040 | 138,099 |
| Brenntag AG (Germany) | 1,375 | 124,577 |
| Compagnie De Saint-Gobain (France) | 2,266 | 159,615 |
| Corteva, Inc. | 1,747 | 82,598 |
| Covestro AG (Germany) | 1,894 | 116,872 |
| CRH PLC (Ireland) | 2,035 | 107,780 |
| Dow, Inc. | 1,179 | 66,873 |
| DuPont de Nemours, Inc. | 9,045 | 730,655 |
| Eiffage SA (France) | 845 | 87,025 |
| EVRAZ PLC (United Kingdom) | 5,098 | 41,513 |
| LANXESS AG (Germany) | 452 | 28,046 |
| Nitto Denko Corp. (Japan) | 400 | 30,917 |
| Rio Tinto PLC (United Kingdom) | 2,909 | 192,621 |
| Shin-Etsu Chemical Co., Ltd. (Japan) | 600 | 103,917 |
| WestRock Co. | 1,513 | 67,117 |
| Weyerhaeuser Co. R | 12,571 | 517,674 |
| 3,142,927 | ||
| Capital goods (4.3%) | ||
| AGCO Corp. | 1,634 | 189,577 |
| Allegion PLC (Ireland) | 1,560 | 206,606 |
| Allison Transmission Holdings, Inc. | 1,912 | 69,501 |
| Axon Enterprise, Inc. † | 898 | 140,986 |
| Caterpillar, Inc. | 361 | 74,633 |
| Clean Harbors, Inc. † | 769 | 76,723 |
| CNH Industrial NV (United Kingdom) | 7,786 | 151,315 |
| Crown Holdings, Inc. | 1,600 | 176,992 |
| Cummins, Inc. | 1,910 | 416,647 |
| Daikin Industries, Ltd. (Japan) | 600 | 136,112 |
| Deere & Co. | 1,183 | 405,639 |
| Donaldson Co., Inc. | 1,200 | 71,112 |
| Dover Corp. | 447 | 81,175 |
| Emerson Electric Co. | 1,351 | 125,602 |
| GEA Group AG (Germany) | 1,055 | 57,762 |
| General Dynamics Corp. | 2,304 | 480,315 |
| Honeywell International, Inc. | 1,063 | 221,646 |
| Koito Manufacturing Co., Ltd. (Japan) | 800 | 42,361 |
| Legrand SA (France) | 557 | 65,253 |
| Lockheed Martin Corp. | 2,615 | 929,397 |
| Mitsubishi Electric Corp. (Japan) | 4,500 | 57,063 |
| Nordson Corp. | 378 | 96,492 |
| Parker Hannifin Corp. | 1,873 | 595,839 |
| Republic Services, Inc. | 2,078 | 289,777 |
| Sandvik AB (Sweden) | 5,575 | 155,845 |
| Textron, Inc. | 2,730 | 210,756 |
| Toro Co. (The) | 800 | 79,928 |
| Toshiba Corp. (Japan) | 300 | 12,337 |
| 5,617,391 | ||
| Communication services (1.6%) | ||
| American Tower Corp. R | 378 | 110,565 |
| AT&T, Inc. | 7,369 | 181,277 |
| Comcast Corp. Class A | 7,411 | 372,996 |
| KDDI Corp. (Japan) | 5,500 | 160,759 |
| Koninklijke KPN NV (Netherlands) | 23,120 | 71,859 |
| COMMON STOCKS (71.2%)* cont. | Shares | Value |
| Communication services cont. | ||
| Telstra Corp., Ltd. (Australia) | 47,361 | $144,059 |
| Verizon Communications, Inc. | 20,128 | 1,045,851 |
| 2,087,366 | ||
| Computers (6.5%) | ||
| Apple, Inc. | 30,845 | 5,477,147 |
| Cisco Systems, Inc./California | 14,992 | 950,043 |
| Dropbox, Inc. Class A † | 7,173 | 176,025 |
| Fortinet, Inc. † | 2,418 | 869,029 |
| Fujitsu, Ltd. (Japan) | 500 | 85,669 |
| ServiceNow, Inc. † | 107 | 69,455 |
| Snowflake, Inc. Class A † | 837 | 283,534 |
| Synopsys, Inc. † | 1,704 | 627,924 |
| 8,538,826 | ||
| Conglomerates (0.3%) | ||
| 3M Co. | 390 | 69,276 |
| AMETEK, Inc. | 2,101 | 308,931 |
| 378,207 | ||
| Consumer cyclicals (9.5%) | ||
| Amazon.com, Inc. † | 837 | 2,790,843 |
| Aristocrat Leisure, Ltd. (Australia) | 2,917 | 92,514 |
| Benefit One, Inc. (Japan) | 300 | 12,872 |
| Berkeley Group Holdings PLC (The) | ||
| (United Kingdom) | 624 | 40,330 |
| Booking Holdings, Inc. † | 31 | 74,376 |
| Brambles, Ltd. (Australia) | 5,938 | 45,933 |
| Brunswick Corp. | 1,631 | 164,291 |
| CIE Generale Des Etablissements Michelin | ||
| SCA (France) | 301 | 49,399 |
| CK Hutchison Holdings, Ltd. (Hong Kong) | 7,000 | 45,171 |
| Daiwa House Industry Co., Ltd. (Japan) | 2,800 | 80,529 |
| Entain PLC (United Kingdom) † | 6,223 | 141,761 |
| FactSet Research Systems, Inc. | 108 | 52,489 |
| Ford Motor Co. | 53,980 | 1,121,165 |
| Gartner, Inc. † | 1,498 | 500,811 |
| Hermes International (France) | 94 | 164,381 |
| iHeartMedia, Inc. Class A † | 214 | 4,503 |
| Industria de Diseno Textil SA (Inditex) (Spain) | 1,525 | 49,534 |
| Interpublic Group of Cos., Inc. (The) | 4,314 | 161,559 |
| JD Sports Fashion PLC (United Kingdom) | 18,748 | 55,270 |
| La Francaise des Jeux SAEM (France) | 860 | 38,127 |
| LVMH Moet Hennessy Louis Vuitton SA (France) | 50 | 41,384 |
| Marriott International, Inc./MD Class A † | 3,111 | 514,062 |
| New York Times Co. Class A | 1,488 | 71,870 |
| Nintendo Co., Ltd. (Japan) | 400 | 186,575 |
| Nitori Holdings Co., Ltd. (Japan) | 600 | 89,729 |
| O’Reilly Automotive, Inc. † | 998 | 704,818 |
| Pandora A/S (Denmark) | 839 | 104,733 |
| PayPal Holdings, Inc. † | 1,367 | 257,789 |
| Porsche Automobil Holding SE | ||
| (Preference) (Germany) | 1,149 | 109,151 |
| Publicis Groupe SA (France) | 2,118 | 142,751 |
| Ross Stores, Inc. | 781 | 89,253 |
| Ryohin Keikaku Co., Ltd. (Japan) | 1,300 | 19,825 |
| SGS SA (Switzerland) | 31 | 103,662 |
| Sofina SA (Belgium) | 45 | 22,132 |
| Sony Group Corp. (Japan) | 2,000 | 252,819 |
| Stellantis NV (Italy) | 8,431 | 160,087 |
| Tapestry, Inc. | 8,711 | 353,667 |
| Target Corp. | 4,385 | 1,014,864 |
| Tesla, Inc. † | 370 | 391,009 |
| TJX Cos., Inc. (The) | 5,270 | 400,098 |
| Toyota Motor Corp. (Japan) | 1,200 | 22,152 |
| 6 Putnam VT Global Asset Allocation Fund | |
| COMMON STOCKS (71.2%)* cont. | Shares | Value |
| Consumer cyclicals cont. | ||
| Volkswagen AG (Preference) (Germany) | 148 | $29,905 |
| Volvo AB (Sweden) | 5,227 | 121,272 |
| Walmart, Inc. | 8,548 | 1,236,810 |
| Wesfarmers, Ltd. (Australia) | 3,962 | 170,958 |
| Wyndham Hotels & Resorts, Inc. | 1,072 | 96,105 |
| 12,393,338 | ||
| Consumer staples (5.3%) | ||
| Carlsberg A/S Class B (Denmark) | 277 | 47,898 |
| Coca-Cola Co. (The) | 12,157 | 719,816 |
| Coca-Cola Europacific Partners PLC | ||
| (United Kingdom) | 373 | 20,862 |
| Coca-Cola HBC AG (Switzerland) | 1,782 | 61,627 |
| Coles Group, Ltd. (Australia) | 9,454 | 123,423 |
| Colgate-Palmolive Co. | 8,674 | 740,239 |
| Copart, Inc. † | 2,299 | 348,574 |
| Darden Restaurants, Inc. | 1,662 | 250,364 |
| Diageo PLC (United Kingdom) | 3,560 | 194,480 |
| Ferguson PLC (United Kingdom) | 985 | 174,722 |
| Imperial Brands PLC (United Kingdom) | 5,294 | 115,833 |
| ITOCHU Corp. (Japan) | 2,000 | 61,174 |
| Koninklijke Ahold Delhaize NV (Netherlands) | 4,521 | 155,110 |
| L’Oreal SA (France) | 467 | 221,684 |
| ManpowerGroup, Inc. | 924 | 89,933 |
| McDonald’s Corp. | 2,675 | 717,087 |
| Nestle SA (Switzerland) | 1,395 | 195,104 |
| Netflix, Inc. † | 103 | 62,051 |
| Nissin Food Products Co., Ltd. (Japan) | 300 | 21,852 |
| PepsiCo, Inc. | 1,138 | 197,682 |
| Philip Morris International, Inc. | 10,390 | 987,050 |
| Procter & Gamble Co. (The) | 5,128 | 838,838 |
| Starbucks Corp. | 2,543 | 297,455 |
| Swedish Match AB (Sweden) | 7,754 | 61,801 |
| Tyson Foods, Inc. Class A | 1,050 | 91,518 |
| Unilever PLC (United Kingdom) | 579 | 30,921 |
| Yakult Honsha Co., Ltd. (Japan) | 1,000 | 52,092 |
| 6,879,190 | ||
| Electronics (3.8%) | ||
| Agilent Technologies, Inc. | 250 | 39,913 |
| Brother Industries, Ltd. (Japan) | 2,000 | 38,448 |
| Cirrus Logic, Inc. † | 955 | 87,879 |
| Garmin, Ltd. | 2,153 | 293,174 |
| Hoya Corp. (Japan) | 1,100 | 163,102 |
| Intel Corp. | 1,391 | 71,637 |
| National Instruments Corp. | 1,998 | 87,253 |
| nVent Electric PLC (United Kingdom) | 1,373 | 52,174 |
| NVIDIA Corp. | 8,337 | 2,451,995 |
| Omron Corp. (Japan) | 800 | 79,714 |
| Qualcomm, Inc. | 8,270 | 1,512,335 |
| Shimadzu Corp. (Japan) | 2,200 | 92,868 |
| Thales SA (France) | 144 | 12,263 |
| 4,982,755 | ||
| Energy (1.6%) | ||
| BP PLC (United Kingdom) | 30,068 | 134,509 |
| Chevron Corp. | 3,168 | 371,765 |
| DCC PLC (Ireland) | 324 | 26,532 |
| Equinor ASA (Norway) | 5,706 | 152,846 |
| Exxon Mobil Corp. | 6,700 | 409,973 |
| Halliburton Co. | 6,967 | 159,335 |
| Marathon Petroleum Corp. | 4,380 | 280,276 |
| MWO Holdings, LLC (Units) F | 15 | 38 |
| COMMON STOCKS (71.2%)* cont. | Shares | Value |
| Energy cont. | ||
| Oasis Petroleum, Inc. | 166 | $20,914 |
| Royal Dutch Shell PLC Class B (United Kingdom) | 11,643 | 255,680 |
| Schlumberger, Ltd. | 1,293 | 38,725 |
| Targa Resources Corp. | 3,778 | 197,363 |
| 2,047,956 | ||
| Financials (10.3%) | ||
| 3i Group PLC (United Kingdom) | 4,514 | 88,533 |
| Aflac, Inc. | 3,367 | 196,599 |
| Allianz SE (Germany) | 870 | 205,676 |
| Allstate Corp. (The) | 1,698 | 199,770 |
| Ally Financial, Inc. | 7,623 | 362,931 |
| Ameriprise Financial, Inc. | 1,619 | 488,388 |
| Athene Holding, Ltd. Class A † | 3,207 | 267,239 |
| AvalonBay Communities, Inc. R | 326 | 82,344 |
| Aviva PLC (United Kingdom) | 18,033 | 100,173 |
| Banco Bilbao Vizcaya Argenta (Spain) | 24,181 | 144,533 |
| Bank Leumi Le-Israel BM (Israel) | 12,866 | 138,429 |
| BOC Hong Kong Holdings, Ltd. (Hong Kong) | 18,000 | 58,993 |
| Brixmor Property Group, Inc. R | 3,274 | 83,192 |
| Capital One Financial Corp. | 711 | 103,159 |
| CBRE Group, Inc. Class A † | 3,381 | 366,872 |
| Citigroup, Inc. | 20,750 | 1,253,093 |
| CK Asset Holdings, Ltd. (Hong Kong) | 17,133 | 108,044 |
| CubeSmart R | 4,641 | 264,119 |
| Dai-ichi Life Holdings, Inc. (Japan) | 3,800 | 76,772 |
| DBS Group Holdings, Ltd. (Singapore) | 6,800 | 164,636 |
| Dexus Property Group (Australia) R | 5,356 | 43,344 |
| Discover Financial Services | 370 | 42,757 |
| East West Bancorp, Inc. | 1,853 | 145,794 |
| Equitable Holdings, Inc. | 7,117 | 233,366 |
| Equity Lifestyle Properties, Inc. R | 926 | 81,173 |
| Fidelity National Financial, Inc. | 3,400 | 177,412 |
| First Industrial Realty Trust, Inc. R | 2,028 | 134,254 |
| Gaming and Leisure Properties, Inc. R | 2,750 | 133,815 |
| Gjensidige Forsikring ASA (Norway) | 903 | 21,943 |
| Goldman Sachs Group, Inc. (The) | 3,478 | 1,330,509 |
| Goodman Group (Australia) R | 8,470 | 163,558 |
| Iida Group Holdings Co., Ltd. (Japan) | 1,500 | 34,801 |
| Investor AB Class B (Sweden) | 5,899 | 148,679 |
| Invitation Homes, Inc. R | 1,889 | 85,647 |
| Israel Discount Bank, Ltd. Class A (Israel) | 10,418 | 70,169 |
| Jones Lang LaSalle, Inc. † | 712 | 191,770 |
| JPMorgan Chase & Co. | 12,302 | 1,948,022 |
| Lamar Advertising Co. Class A R | 1,069 | 129,670 |
| Life Storage, Inc. R | 1,295 | 198,368 |
| Link REIT (The) (Hong Kong) R | 1,300 | 11,452 |
| LPL Financial Holdings, Inc. | 943 | 150,965 |
| MetLife, Inc. | 12,227 | 764,065 |
| Mizrahi Tefahot Bank, Ltd. (Israel) | 310 | 11,965 |
| Morgan Stanley | 2,075 | 203,682 |
| NN Group NV (Netherlands) | 282 | 15,286 |
| OneMain Holdings, Inc. | 2,802 | 140,212 |
| Orion Office REIT, Inc. † | 3,383 | 63,161 |
| Partners Group Holding AG (Switzerland) | 97 | 161,010 |
| Public Storage R | 244 | 91,393 |
| Reinsurance Group of America, Inc. | 454 | 49,708 |
| SEI Investments Co. | 991 | 60,392 |
| Simon Property Group, Inc. R | 330 | 52,724 |
| Skandinaviska Enskilda Banken AB (Sweden) | 6,646 | 92,561 |
| SLM Corp. | 7,934 | 156,062 |
| Putnam VT Global Asset Allocation Fund 7 | |
| COMMON STOCKS (71.2%)* cont. | Shares | Value |
| Financials cont. | ||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 4,600 | $157,234 |
| Sumitomo Realty & Development Co., | ||
| Ltd. (Japan) | 700 | 20,589 |
| SVB Financial Group † | 207 | 140,396 |
| Synchrony Financial | 8,304 | 385,223 |
| UBS Group AG (Switzerland) | 9,751 | 175,715 |
| United Overseas Bank, Ltd. (Singapore) | 6,500 | 129,803 |
| Unum Group | 3,372 | 82,850 |
| W.R. Berkley Corp. | 1,547 | 127,457 |
| Zurich Insurance Group AG (Switzerland) | 112 | 49,215 |
| 13,361,666 | ||
| Government (—%) | ||
| Poste Italiane SpA (Italy) | 1,925 | 25,291 |
| 25,291 | ||
| Health care (8.8%) | ||
| 10x Genomics, Inc. Class A † | 1,600 | 238,336 |
| Abbott Laboratories | 8,269 | 1,163,779 |
| AbbVie, Inc. | 2,617 | 354,342 |
| Align Technology, Inc. † | 1,201 | 789,273 |
| AmerisourceBergen Corp. | 1,768 | 234,950 |
| Amgen, Inc. | 308 | 69,291 |
| Anthem, Inc. | 101 | 46,818 |
| Bio-Techne Corp. | 172 | 88,982 |
| Biogen, Inc. † | 1,556 | 373,316 |
| Boston Scientific Corp. † | 1,652 | 70,177 |
| Bristol-Myers Squibb Co. | 23,642 | 1,474,079 |
| Edwards Lifesciences Corp. † | 4,403 | 570,409 |
| Eli Lilly and Co. | 295 | 81,485 |
| Fisher & Paykel Healthcare Corp., Ltd. | ||
| (New Zealand) | 1,103 | 24,735 |
| Getinge AB Class B (Sweden) | 1,528 | 66,810 |
| GlaxoSmithKline PLC (United Kingdom) | 5,908 | 128,476 |
| Incyte Corp. † | 4,757 | 349,164 |
| Ipsen SA (France) | 287 | 26,303 |
| IQVIA Holdings, Inc. † | 1,486 | 419,260 |
| Laboratory Corp. of America Holdings † | 474 | 148,936 |
| McKesson Corp. | 2,702 | 671,636 |
| Medtronic PLC | 4,293 | 444,111 |
| Merck & Co., Inc. | 11,487 | 880,364 |
| Merck KGaA (Germany) | 618 | 159,716 |
| Moderna, Inc. † | 1,653 | 419,829 |
| Molina Healthcare, Inc. † | 667 | 212,159 |
| Novartis AG (Switzerland) | 3,202 | 282,108 |
| Novo Nordisk A/S Class B (Denmark) | 2,443 | 274,892 |
| Roche Holding AG (Switzerland) | 872 | 362,791 |
| Sartorius Stedim Biotech (France) | 135 | 74,144 |
| Service Corp. International | 1,132 | 80,361 |
| Sonic Healthcare, Ltd. (Australia) | 3,966 | 134,717 |
| Vertex Pharmaceuticals, Inc. † | 3,155 | 692,838 |
| 11,408,587 | ||
| Semiconductor (0.5%) | ||
| Applied Materials, Inc. | 1,986 | 312,517 |
| ASML Holding NV (Netherlands) | 306 | 246,201 |
| Tokyo Electron, Ltd. (Japan) | 200 | 114,491 |
| 673,209 | ||
| Software (6.0%) | ||
| Adobe, Inc. † | 1,791 | 1,015,604 |
| Atlassian Corp PLC Class A (Australia) † | 1,318 | 502,540 |
| Cadence Design Systems, Inc. † | 3,136 | 584,394 |
| Electronic Arts, Inc. | 538 | 70,962 |
| Intuit, Inc. | 2,206 | 1,418,943 |
| COMMON STOCKS (71.2%)* cont. | Shares | Value |
| Software cont. | ||
| Manhattan Associates, Inc. † | 804 | $125,014 |
| Microsoft Corp. | 9,724 | 3,270,376 |
| Sage Group PLC (The) (United Kingdom) | 9,258 | 106,841 |
| Square Enix Holdings Co., Ltd. (Japan) | 1,600 | 82,073 |
| Veeva Systems, Inc. Class A † | 2,011 | 513,770 |
| Workday, Inc. Class A † | 318 | 86,871 |
| 7,777,388 | ||
| Technology (0.1%) | ||
| SoftBank Group Corp. (Japan) | 2,000 | 94,499 |
| 94,499 | ||
| Technology services (6.7%) | ||
| Accenture PLC Class A | 4,200 | 1,741,110 |
| Alphabet, Inc. Class A † | 1,444 | 4,183,326 |
| Capgemini SE (France) | 472 | 115,804 |
| DocuSign, Inc. † | 1,789 | 272,483 |
| Fidelity National Information Services, Inc. | 3,272 | 357,139 |
| Kyndryl Holdings, Inc. † | 108 | 1,955 |
| Meta Platforms, Inc. Class A † | 1,921 | 646,128 |
| Nomura Research Institute, Ltd. (Japan) | 3,100 | 132,015 |
| Pinterest, Inc. Class A † | 13,829 | 502,684 |
| Roku, Inc. † | 1,892 | 431,754 |
| SCSK Corp. (Japan) | 1,200 | 23,882 |
| Zebra Technologies Corp. Class A † | 499 | 297,005 |
| 8,705,285 | ||
| Transportation (1.3%) | ||
| A. P. Moeller-Maersck A/S Class B (Denmark) | 14 | 50,260 |
| CSX Corp. | 18,328 | 689,133 |
| Deutsche Post AG (Germany) | 2,874 | 185,002 |
| Nippon Yusen KK (Japan) | 1,800 | 137,099 |
| Ryder System, Inc. | 1,036 | 85,397 |
| Union Pacific Corp. | 1,130 | 284,681 |
| United Parcel Service, Inc. Class B | 670 | 143,608 |
| Yamato Holdings Co., Ltd. (Japan) | 2,200 | 51,591 |
| 1,626,771 | ||
| Utilities and power (2.2%) | ||
| AES Corp. (The) | 12,857 | 312,425 |
| American Electric Power Co., Inc. | 4,982 | 443,249 |
| CLP Holdings, Ltd. (Hong Kong) | 9,000 | 90,895 |
| E.ON SE (Germany) | 2,660 | 36,922 |
| Electricite De France SA (France) | 5,617 | 66,060 |
| Exelon Corp. | 11,994 | 692,773 |
| FirstEnergy Corp. | 1,952 | 81,184 |
| Fortum OYJ (Finland) | 4,778 | 146,819 |
| Kinder Morgan, Inc. | 12,350 | 195,871 |
| Osaka Gas Co., Ltd. (Japan) | 2,200 | 36,430 |
| Public Service Enterprise Group, Inc. | 1,118 | 74,604 |
| Southern Co. (The) | 8,156 | 559,338 |
| Suez SA (France) | 1,542 | 34,778 |
| Texas Competitive Electric Holdings Co., LLC/ | ||
| TCEH Finance, Inc. (Rights) | 1,923 | 2,500 |
| Tokyo Gas Co., Ltd. (Japan) | 6,500 | 116,832 |
| 2,890,680 | ||
| Total common stocks (cost $61,983,726) | $92,631,332 |
| U.S. GOVERNMENT AND AGENCY | Principal | |
| MORTGAGE OBLIGATIONS (14.3%)* | amount | Value |
| U.S. Government Guaranteed Mortgage Obligations (2.8%) | ||
| Government National Mortgage Association | ||
| Pass-Through Certificates | ||
| 6.50%, with due dates from 5/20/37 to 11/20/39 | $140,785 | $163,977 |
| 3.00%, TBA, 1/1/52 | 2,000,000 | 2,070,400 |
| 8 Putnam VT Global Asset Allocation Fund | |
| U.S. GOVERNMENT AND AGENCY | Principal | |
| MORTGAGE OBLIGATIONS (14.3%)* cont. | amount | Value |
| U.S. Government Guaranteed Mortgage Obligations cont. | ||
| Government National Mortgage Association | ||
| Pass-Through Certificates | ||
| 3.00%, with due dates from 8/20/49 to 4/20/51 | $1,341,170 | $1,388,130 |
| 3,622,507 | ||
| U.S. Government Agency Mortgage Obligations (11.5%) | ||
| Federal Home Loan Mortgage Corporation | ||
| Pass-Through Certificates 3.00%, 1/1/48 | 781,910 | 814,756 |
| Federal National Mortgage Association | ||
| Pass-Through Certificates | ||
| 4.00%, 1/1/57 | 44,364 | 48,813 |
| 4.00%, 1/1/49 | 139,116 | 147,937 |
| 3.00%, with due dates from 4/1/46 to 11/1/48 | 527,210 | 550,344 |
| 2.50%, with due dates from 5/1/51 to 7/1/51 | 1,908,019 | 1,955,766 |
| Uniform Mortgage-Backed Securities | ||
| 6.00%, TBA, 1/1/52 | 1,000,000 | 1,080,307 |
| 4.50%, TBA, 1/1/52 | 1,000,000 | 1,071,875 |
| 3.50%, TBA, 2/1/52 | 1,000,000 | 1,051,797 |
| 3.50%, TBA, 1/1/52 | 2,000,000 | 2,106,250 |
| 2.50%, TBA, 2/1/52 | 2,000,000 | 2,037,110 |
| 2.50%, TBA, 1/1/52 | 2,000,000 | 2,042,188 |
| 2.50%, TBA, 1/1/37 | 2,000,000 | 2,069,063 |
| 14,976,206 | ||
| Total U.S. government and agency mortgage obligations | ||
| (cost $18,530,652) | $18,598,713 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* | amount | Value |
| Basic materials (0.8%) | ||
| ArcelorMittal SA sr. unsec. unsub. notes 7.00%, | ||
| 10/15/39 (France) | $15,000 | $20,663 |
| Beacon Roofing Supply, Inc. 144A company | ||
| guaranty sr. notes 4.50%, 11/15/26 | 5,000 | 5,177 |
| Beacon Roofing Supply, Inc. 144A sr. unsec. | ||
| unsub. notes 4.125%, 5/15/29 | 5,000 | 4,997 |
| Big River Steel, LLC/BRS Finance Corp. 144A sr. | ||
| notes 6.625%, 1/31/29 | 8,000 | 8,650 |
| Boise Cascade Co. 144A company guaranty sr. | ||
| unsec. notes 4.875%, 7/1/30 | 10,000 | 10,550 |
| Builders FirstSource, Inc. 144A company | ||
| guaranty sr. unsec. bonds 4.25%, 2/1/32 | 5,000 | 5,176 |
| Builders FirstSource, Inc. 144A sr. notes | ||
| 6.75%, 6/1/27 | 7,000 | 7,385 |
| BWAY Holding Co. 144A sr. unsec. notes | ||
| 7.25%, 4/15/25 | 10,000 | 10,025 |
| Celanese US Holdings, LLC company guaranty | ||
| sr. unsec. notes 1.40%, 8/5/26 (Germany) | 15,000 | 14,636 |
| CF Industries, Inc. company guaranty sr. unsec. | ||
| bonds 4.95%, 6/1/43 | 89,000 | 107,023 |
| Coeur Mining, Inc. 144A company guaranty sr. | ||
| unsec. notes 5.125%, 2/15/29 | 5,000 | 4,582 |
| Compass Minerals International, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 6.75%, 12/1/27 | 15,000 | 15,882 |
| Compass Minerals International, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 4.875%, 7/15/24 | 30,000 | 30,637 |
| CP Atlas Buyer, Inc. 144A sr. unsec. notes | ||
| 7.00%, 12/1/28 | 5,000 | 4,975 |
| Freeport-McMoRan, Inc. company guaranty sr. | ||
| unsec. bonds 4.625%, 8/1/30 (Indonesia) | 5,000 | 5,363 |
| Freeport-McMoRan, Inc. company guaranty sr. | ||
| unsec. notes 4.375%, 8/1/28 (Indonesia) | 10,000 | 10,488 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Basic materials cont. | ||
| GCP Applied Technologies, Inc. 144A sr. unsec. | ||
| notes 5.50%, 4/15/26 | $25,000 | $25,625 |
| Glencore Funding, LLC 144A company guaranty | ||
| sr. unsec. notes 2.50%, 9/1/30 | 54,000 | 52,294 |
| Graphic Packaging International, LLC | ||
| 144A company guaranty sr. unsec. notes | ||
| 3.75%, 2/1/30 | 5,000 | 5,054 |
| Graphic Packaging International, LLC | ||
| 144A company guaranty sr. unsec. notes | ||
| 3.50%, 3/1/29 | 5,000 | 4,963 |
| HudBay Minerals, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.50%, 4/1/26 (Canada) | 5,000 | 4,994 |
| HudBay Minerals, Inc. 144A company guaranty | ||
| sr. unsec. notes 6.125%, 4/1/29 (Canada) | 5,000 | 5,302 |
| Huntsman International, LLC sr. unsec. bonds | ||
| 2.95%, 6/15/31 | 15,000 | 15,210 |
| Huntsman International, LLC sr. unsec. notes | ||
| 4.50%, 5/1/29 | 40,000 | 44,215 |
| Ingevity Corp. 144A company guaranty sr. unsec. | ||
| notes 3.875%, 11/1/28 | 10,000 | 9,775 |
| Intelligent Packaging Holdco Issuer LP 144A sr. | ||
| unsec. notes 9.00%, 1/15/26 (Canada) ‡‡ | 5,000 | 5,238 |
| Intelligent Packaging, Ltd., Finco, Inc./Intelligent | ||
| Packaging, Ltd. Co-Issuer, LLC 144A sr. notes | ||
| 6.00%, 9/15/28 (Canada) | 5,000 | 5,138 |
| International Flavors & Fragrances, Inc. sr. unsec. | ||
| notes 4.45%, 9/26/28 | 23,000 | 26,037 |
| International Flavors & Fragrances, Inc. | ||
| 144A company guaranty sr. unsec. bonds | ||
| 3.468%, 12/1/50 | 7,000 | 7,333 |
| International Flavors & Fragrances, Inc. 144A sr. | ||
| unsec. notes 2.30%, 11/1/30 | 19,000 | 18,631 |
| Kraton Polymers, LLC 144A company guaranty | ||
| sr. unsec. notes 4.25%, 12/15/25 | 10,000 | 10,351 |
| Louisiana-Pacific Corp. 144A sr. unsec. notes | ||
| 3.625%, 3/15/29 | 10,000 | 10,199 |
| Mauser Packaging Solutions Holding Co. 144A sr. | ||
| notes 8.50%, 4/15/24 | 5,000 | 5,150 |
| Mauser Packaging Solutions Holding Co. 144A sr. | ||
| notes 5.50%, 4/15/24 | 10,000 | 10,092 |
| Mercer International, Inc. sr. unsec. notes 5.50%, | ||
| 1/15/26 (Canada) | 10,000 | 10,125 |
| Mercer International, Inc. sr. unsec. notes | ||
| 5.125%, 2/1/29 (Canada) | 10,000 | 10,214 |
| Novelis Corp. 144A company guaranty sr. unsec. | ||
| notes 4.75%, 1/30/30 | 25,000 | 26,281 |
| Nutrien, Ltd. sr. unsec. bonds 5.25%, | ||
| 1/15/45 (Canada) | 20,000 | 26,569 |
| Nutrien, Ltd. sr. unsec. bonds 4.125%, | ||
| 3/15/35 (Canada) | 25,000 | 28,406 |
| SCIH Salt Holdings, Inc. 144A sr. notes | ||
| 4.875%, 5/1/28 | 5,000 | 4,800 |
| SCIH Salt Holdings, Inc. 144A sr. unsec. notes | ||
| 6.625%, 5/1/29 | 10,000 | 9,350 |
| Sherwin-Williams Co. (The) sr. unsec. unsub. | ||
| bonds 3.45%, 6/1/27 | 35,000 | 37,866 |
| Taseko Mines, Ltd. 144A company guaranty sr. | ||
| notes 7.00%, 2/15/26 (Canada) | 10,000 | 10,400 |
| TMS International Holding Corp. 144A sr. unsec. | ||
| notes 6.25%, 4/15/29 | 15,000 | 14,925 |
| Trinseo Materials Operating SCA/Trinseo | ||
| Materials Finance, Inc. 144A company guaranty | ||
| sr. unsec. notes 5.125%, 4/1/29 (Luxembourg) | 10,000 | 10,200 |
| Putnam VT Global Asset Allocation Fund 9 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Basic materials cont. | ||
| Tronox, Inc. 144A company guaranty sr. unsec. | ||
| notes 4.625%, 3/15/29 | $20,000 | $19,975 |
| Univar Solutions USA, Inc. 144A company | ||
| guaranty sr. unsec. notes 5.125%, 12/1/27 | 10,000 | 10,435 |
| Westlake Chemical Corp. sr. unsec. bonds | ||
| 3.125%, 8/15/51 | 77,000 | 74,158 |
| Westlake Chemical Corp. sr. unsec. bonds | ||
| 2.875%, 8/15/41 | 38,000 | 36,969 |
| WestRock MWV, LLC company guaranty sr. | ||
| unsec. unsub. notes 8.20%, 1/15/30 | 30,000 | 41,592 |
| WestRock MWV, LLC company guaranty sr. | ||
| unsec. unsub. notes 7.95%, 2/15/31 | 10,000 | 14,099 |
| Weyerhaeuser Co. sr. unsec. unsub. notes | ||
| 7.375%, 3/15/32 R | 39,000 | 54,867 |
| WR Grace Holdings, LLC 144A company guaranty | ||
| sr. notes 5.625%, 10/1/24 | 10,000 | 10,526 |
| WR Grace Holdings, LLC 144A company guaranty | ||
| sr. notes 4.875%, 6/15/27 | 10,000 | 10,271 |
| WR Grace Holdings, LLC 144A sr. unsec. notes | ||
| 5.625%, 8/15/29 | 10,000 | 10,238 |
| 1,004,076 | ||
| Capital goods (0.8%) | ||
| Allison Transmission, Inc. 144A company | ||
| guaranty sr. unsec. bonds 3.75%, 1/30/31 | 5,000 | 4,875 |
| Allison Transmission, Inc. 144A company | ||
| guaranty sr. unsec. notes 4.75%, 10/1/27 | 20,000 | 20,830 |
| Amsted Industries, Inc. 144A company guaranty | ||
| sr. unsec. sub. notes 5.625%, 7/1/27 | 10,000 | 10,400 |
| Amsted Industries, Inc. 144A sr. unsec. bonds | ||
| 4.625%, 5/15/30 | 5,000 | 5,125 |
| Berry Global, Inc. 144A company guaranty sr. | ||
| notes 1.65%, 1/15/27 | 25,000 | 24,422 |
| Berry Global, Inc. 144A company guaranty sr. | ||
| notes 1.57%, 1/15/26 | 46,000 | 45,012 |
| Boeing Co. (The) sr. unsec. bonds 5.93%, 5/1/60 | 40,000 | 55,508 |
| Bombardier, Inc. 144A sr. unsec. notes 7.875%, | ||
| 4/15/27 (Canada) | 10,000 | 10,371 |
| Bombardier, Inc. 144A sr. unsec. notes 7.125%, | ||
| 6/15/26 (Canada) | 5,000 | 5,187 |
| Bombardier, Inc. 144A sr. unsec. notes 6.00%, | ||
| 2/15/28 (Canada) | 5,000 | 5,015 |
| Clarios Global LP 144A company guaranty sr. | ||
| notes 6.75%, 5/15/25 | 9,000 | 9,428 |
| Crown Cork & Seal Co., Inc. company guaranty sr. | ||
| unsec. bonds 7.375%, 12/15/26 | 10,000 | 12,063 |
| General Dynamics Corp. company guaranty sr. | ||
| unsec. unsub. notes 2.25%, 11/15/22 | 30,000 | 30,307 |
| GFL Environmental, Inc. 144A company guaranty | ||
| sr. notes 3.50%, 9/1/28 (Canada) | 5,000 | 4,950 |
| GFL Environmental, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.75%, 6/15/29 (Canada) | 5,000 | 5,050 |
| GFL Environmental, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.00%, 8/1/28 (Canada) | 5,000 | 4,900 |
| GFL Environmental, Inc. 144A sr. notes 5.125%, | ||
| 12/15/26 (Canada) | 10,000 | 10,400 |
| Granite US Holdings Corp. 144A company | ||
| guaranty sr. unsec. notes 11.00%, 10/1/27 | 10,000 | 10,875 |
| Great Lakes Dredge & Dock Corp. 144A company | ||
| guaranty sr. unsec. notes 5.25%, 6/1/29 | 10,000 | 10,300 |
| Honeywell International, Inc. sr. unsec. bonds | ||
| 3.812%, 11/21/47 | 55,000 | 65,678 |
| Howmet Aerospace, Inc. sr. unsec. unsub. notes | ||
| 3.00%, 1/15/29 | 25,000 | 25,034 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Capital goods cont. | ||
| Husky III Holding, Ltd. 144A sr. unsec. notes | ||
| 13.00%, 2/15/25 (Canada) ‡‡ | $15,000 | $15,750 |
| Johnson Controls International PLC sr. unsec. | ||
| bonds 4.95%, 7/2/64 | 65,000 | 84,366 |
| Johnson Controls International PLC sr. unsec. | ||
| unsub. bonds 4.50%, 2/15/47 | 6,000 | 7,271 |
| L3Harris Technologies, Inc. sr. unsec. bonds | ||
| 1.80%, 1/15/31 | 5,000 | 4,772 |
| L3Harris Technologies, Inc. sr. unsec. notes | ||
| 3.85%, 12/15/26 | 24,000 | 26,099 |
| L3Harris Technologies, Inc. sr. unsec. sub. notes | ||
| 4.40%, 6/15/28 | 18,000 | 20,203 |
| LSF11 A5 HoldCo., LLC 144A sr. unsec. notes | ||
| 6.625%, 10/15/29 | 15,000 | 14,775 |
| Madison IAQ, LLC 144A sr. notes 4.125%, 6/30/28 | 5,000 | 5,013 |
| Madison IAQ, LLC 144A sr. unsec. notes | ||
| 5.875%, 6/30/29 | 10,000 | 10,000 |
| MajorDrive Holdings IV, LLC 144A sr. unsec. notes | ||
| 6.375%, 6/1/29 | 25,000 | 24,188 |
| Northrop Grumman Corp. sr. unsec. unsub. | ||
| notes 3.25%, 1/15/28 | 60,000 | 64,213 |
| Oshkosh Corp. sr. unsec. sub. notes | ||
| 4.60%, 5/15/28 | 9,000 | 10,143 |
| Oshkosh Corp. sr. unsec. unsub. notes | ||
| 3.10%, 3/1/30 | 2,000 | 2,078 |
| OT Merger Corp. 144A sr. unsec. notes | ||
| 7.875%, 10/15/29 | 15,000 | 14,756 |
| Otis Worldwide Corp. sr. unsec. notes | ||
| 2.565%, 2/15/30 | 15,000 | 15,216 |
| Panther BF Aggregator 2 LP/Panther Finance | ||
| Co., Inc. 144A company guaranty sr. unsec. notes | ||
| 8.50%, 5/15/27 | 10,000 | 10,600 |
| Park-Ohio Industries, Inc. company guaranty sr. | ||
| unsec. notes 6.625%, 4/15/27 | 15,000 | 14,558 |
| PM General Purchaser, LLC 144A sr. notes | ||
| 9.50%, 10/1/28 | 10,000 | 10,132 |
| Raytheon Technologies Corp. sr. unsec. bonds | ||
| 4.875%, 10/15/40 | 20,000 | 25,253 |
| Raytheon Technologies Corp. sr. unsec. unsub. | ||
| notes 4.125%, 11/16/28 | 5,000 | 5,593 |
| Roller Bearing Co. of America, Inc. 144A sr. notes | ||
| 4.375%, 10/15/29 | 5,000 | 5,100 |
| Sensata Technologies BV 144A company | ||
| guaranty sr. unsec. notes 4.00%, 4/15/29 | 10,000 | 10,188 |
| Staples, Inc. 144A sr. notes 7.50%, 4/15/26 | 25,000 | 25,688 |
| Stevens Holding Co, Inc. 144A company | ||
| guaranty sr. unsec. notes 6.125%, 10/1/26 | 20,000 | 21,325 |
| Terex Corp. 144A company guaranty sr. unsec. | ||
| notes 5.00%, 5/15/29 | 5,000 | 5,138 |
| TransDigm, Inc. company guaranty sr. unsec. | ||
| sub. notes 6.375%, 6/15/26 | 10,000 | 10,275 |
| TransDigm, Inc. company guaranty sr. unsec. | ||
| sub. notes 5.50%, 11/15/27 | 15,000 | 15,450 |
| TransDigm, Inc. company guaranty sr. unsec. | ||
| sub. notes 4.875%, 5/1/29 | 10,000 | 10,043 |
| TransDigm, Inc. company guaranty sr. unsec. | ||
| sub. notes 4.625%, 1/15/29 | 10,000 | 9,967 |
| TransDigm, Inc. 144A company guaranty sr. | ||
| notes 6.25%, 3/15/26 | 50,000 | 51,969 |
| Vertiv Group Corp. 144A company guaranty sr. | ||
| notes 4.125%, 11/15/28 | 5,000 | 5,050 |
| Waste Connections, Inc. sr. unsec. sub. bonds | ||
| 3.50%, 5/1/29 | 30,000 | 32,440 |
| 10 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Capital goods cont. | ||
| Waste Pro USA, Inc. 144A sr. unsec. notes | ||
| 5.50%, 2/15/26 | $20,000 | $19,900 |
| WESCO Distribution, Inc. 144A company | ||
| guaranty sr. unsec. unsub. notes 7.25%, 6/15/28 | 10,000 | 10,963 |
| 994,205 | ||
| Communication services (1.8%) | ||
| American Tower Corp. sr. unsec. bonds | ||
| 2.70%, 4/15/31 R | 74,000 | 74,225 |
| American Tower Corp. sr. unsec. sub. notes | ||
| 2.75%, 1/15/27 R | 100,000 | 103,068 |
| AT&T, Inc. sr. unsec. bonds 3.55%, 9/15/55 | 61,000 | 61,222 |
| AT&T, Inc. sr. unsec. unsub. bonds 4.35%, 3/1/29 | 7,000 | 7,863 |
| AT&T, Inc. sr. unsec. unsub. bonds 2.55%, 12/1/33 | 187,000 | 182,894 |
| AT&T, Inc. sr. unsec. unsub. bonds 2.25%, 2/1/32 | 33,000 | 31,889 |
| AT&T, Inc. sr. unsec. unsub. notes 4.75%, 5/15/46 | 77,000 | 92,988 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | ||
| sr. unsec. bonds 4.50%, 5/1/32 | 10,000 | 10,288 |
| CCO Holdings, LLC/CCO Holdings Capital | ||
| Corp. 144A company guaranty sr. unsec. bonds | ||
| 5.50%, 5/1/26 | 7,000 | 7,211 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | ||
| 144A sr. unsec. bonds 5.375%, 6/1/29 | 30,000 | 32,374 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | ||
| 144A sr. unsec. bonds 4.75%, 3/1/30 | 10,000 | 10,400 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | ||
| 144A sr. unsec. bonds 4.50%, 8/15/30 | 5,000 | 5,116 |
| Charter Communications Operating, | ||
| LLC/Charter Communications Operating | ||
| Capital Corp. company guaranty sr. notes | ||
| 3.75%, 2/15/28 | 2,000 | 2,143 |
| Charter Communications Operating, | ||
| LLC/Charter Communications Operating | ||
| Capital Corp. company guaranty sr. notes | ||
| 2.25%, 1/15/29 | 25,000 | 24,392 |
| Charter Communications Operating, LLC/ | ||
| Charter Communications Operating Capital | ||
| Corp. company guaranty sr. sub. bonds | ||
| 6.484%, 10/23/45 | 3,000 | 4,097 |
| Charter Communications Operating, LLC/ | ||
| Charter Communications Operating Capital | ||
| Corp. company guaranty sr. sub. bonds | ||
| 4.80%, 3/1/50 | 10,000 | 11,196 |
| Charter Communications Operating, LLC/ | ||
| Charter Communications Operating Capital | ||
| Corp. sr. bonds 3.70%, 4/1/51 | 110,000 | 106,347 |
| Charter Communications Operating, LLC/ | ||
| Charter Communications Operating Capital | ||
| Corp. company guaranty sr. sub. bonds | ||
| 5.375%, 5/1/47 | 44,000 | 52,519 |
| Comcast Corp. company guaranty sr. unsec. | ||
| unsub. bonds 3.999%, 11/1/49 | 7,000 | 8,111 |
| Comcast Corp. company guaranty sr. unsec. | ||
| unsub. bonds 3.969%, 11/1/47 | 92,000 | 105,459 |
| Comcast Corp. company guaranty sr. unsec. | ||
| unsub. notes 6.50%, 11/15/35 | 4,000 | 5,742 |
| Comcast Corp. sr. unsec. bonds 3.45%, 2/1/50 | 19,000 | 20,289 |
| Comcast Corp. 144A company guaranty sr. | ||
| unsec. bonds 2.887%, 11/1/51 | 16,000 | 15,488 |
| CommScope Technologies, LLC 144A company | ||
| guaranty sr. unsec. notes 6.00%, 6/15/25 | 3,000 | 3,000 |
| Cox Communications, Inc. 144A company | ||
| guaranty sr. unsec. bonds 2.95%, 10/1/50 | 32,000 | 29,875 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Communication services cont. | ||
| Cox Communications, Inc. 144A sr. unsec. bonds | ||
| 3.50%, 8/15/27 | $25,000 | $26,855 |
| Crown Castle International Corp. sr. unsec. | ||
| bonds 3.80%, 2/15/28 R | 25,000 | 27,202 |
| Crown Castle International Corp. sr. unsec. | ||
| bonds 3.65%, 9/1/27 R | 34,000 | 36,525 |
| Crown Castle International Corp. sr. unsec. | ||
| unsub. bonds 3.70%, 6/15/26 R | 35,000 | 37,496 |
| CSC Holdings, LLC sr. unsec. unsub. bonds | ||
| 5.25%, 6/1/24 | 63,000 | 65,520 |
| Deutsche Telekom International Finance | ||
| BV company guaranty sr. unsec. unsub. bonds | ||
| 8.75%, 6/15/30 (Netherlands) | 73,000 | 106,103 |
| DIRECTV Holdings, LLC/DIRECTV Financing Co., | ||
| Inc. 144A sr. notes 5.875%, 8/15/27 | 5,000 | 5,119 |
| DISH DBS Corp. company guaranty sr. unsec. | ||
| notes 7.75%, 7/1/26 | 10,000 | 10,550 |
| DISH DBS Corp. company guaranty sr. unsec. | ||
| unsub. notes 5.875%, 11/15/24 | 10,000 | 10,273 |
| DISH DBS Corp. company guaranty sr. unsec. | ||
| unsub. notes 5.125%, 6/1/29 | 10,000 | 9,100 |
| DISH DBS Corp. 144A company guaranty sr. | ||
| notes 5.75%, 12/1/28 | 10,000 | 10,100 |
| DISH DBS Corp. 144A company guaranty sr. | ||
| notes 5.25%, 12/1/26 | 5,000 | 5,079 |
| Embarq Corp. sr. unsec. unsub. bonds | ||
| 7.995%, 6/1/36 | 15,000 | 16,800 |
| Equinix, Inc. sr. unsec. sub. notes | ||
| 3.20%, 11/18/29 R | 25,000 | 26,277 |
| Equinix, Inc. sr. unsec. sub. notes | ||
| 2.90%, 11/18/26 R | 80,000 | 82,877 |
| Frontier Communications Corp. 144A company | ||
| guaranty sr. notes 5.875%, 10/15/27 | 5,000 | 5,288 |
| Frontier Communications Corp. 144A notes | ||
| 6.75%, 5/1/29 | 15,000 | 15,600 |
| Level 3 Financing, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.625%, 9/15/27 | 30,000 | 30,600 |
| Level 3 Financing, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.25%, 7/1/28 | 10,000 | 9,900 |
| Level 3 Financing, Inc. 144A company guaranty | ||
| sr. unsec. unsub. notes 3.625%, 1/15/29 | 5,000 | 4,750 |
| Rogers Communications, Inc. company | ||
| guaranty sr. unsec. unsub. notes 4.50%, | ||
| 3/15/43 (Canada) | 85,000 | 96,406 |
| Sprint Capital Corp. company guaranty sr. | ||
| unsec. unsub. notes 6.875%, 11/15/28 | 45,000 | 56,925 |
| Sprint Corp. company guaranty sr. unsec. notes | ||
| 7.625%, 3/1/26 | 10,000 | 12,006 |
| Sprint Corp. company guaranty sr. unsec. sub. | ||
| notes 7.875%, 9/15/23 | 38,000 | 41,848 |
| T-Mobile USA, Inc. company guaranty sr. bonds | ||
| 2.25%, 11/15/31 | 60,000 | 58,219 |
| T-Mobile USA, Inc. company guaranty sr. notes | ||
| 3.875%, 4/15/30 | 7,000 | 7,657 |
| T-Mobile USA, Inc. company guaranty sr. notes | ||
| 3.75%, 4/15/27 | 73,000 | 79,052 |
| T-Mobile USA, Inc. company guaranty sr. notes | ||
| 2.55%, 2/15/31 | 16,000 | 15,920 |
| T-Mobile USA, Inc. company guaranty sr. unsec. | ||
| bonds 2.875%, 2/15/31 | 10,000 | 9,876 |
| T-Mobile USA, Inc. company guaranty sr. unsec. | ||
| notes 5.375%, 4/15/27 | 10,000 | 10,407 |
| Putnam VT Global Asset Allocation Fund 11 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Communication services cont. | ||
| T-Mobile USA, Inc. company guaranty sr. unsec. | ||
| notes 4.00%, 4/15/22 | $5,000 | $5,029 |
| T-Mobile USA, Inc. company guaranty sr. unsec. | ||
| notes 2.625%, 2/15/29 | 5,000 | 4,925 |
| T-Mobile USA, Inc. company guaranty sr. unsec. | ||
| unsub. bonds 4.75%, 2/1/28 | 25,000 | 26,313 |
| TCI Communications, Inc. sr. unsec. unsub. | ||
| notes 7.125%, 2/15/28 | 65,000 | 84,040 |
| Verizon Communications, Inc. sr. unsec. bonds | ||
| 3.70%, 3/22/61 | 70,000 | 75,895 |
| Verizon Communications, Inc. sr. unsec. notes | ||
| 2.55%, 3/21/31 | 35,000 | 35,312 |
| Verizon Communications, Inc. sr. unsec. unsub. | ||
| bonds 5.25%, 3/16/37 | 30,000 | 38,984 |
| Verizon Communications, Inc. sr. unsec. unsub. | ||
| notes 4.40%, 11/1/34 | 65,000 | 75,652 |
| Verizon Communications, Inc. sr. unsec. unsub. | ||
| notes 4.329%, 9/21/28 | 90,000 | 102,236 |
| Videotron, Ltd./Videotron Ltee. 144A sr. unsec. | ||
| notes 5.125%, 4/15/27 (Canada) | 11,000 | 11,330 |
| 2,398,242 | ||
| Conglomerates (—%) | ||
| General Electric Co. jr. unsec. sub. FRN | ||
| (BBA LIBOR USD 3 Month + 3.33%), 3.533%, | ||
| perpetual maturity | 15,000 | 14,850 |
| 14,850 | ||
| Consumer cyclicals (1.7%) | ||
| ADT Security Corp. 144A sr. notes 4.125%, 8/1/29 | 10,000 | 9,850 |
| Alimentation Couche-Tard, Inc. 144A | ||
| company guaranty sr. unsec. notes 3.55%, | ||
| 7/26/27 (Canada) | 25,000 | 26,781 |
| Alimentation Couche-Tard, Inc. 144A sr. unsec. | ||
| notes 2.95%, 1/25/30 (Canada) | 14,000 | 14,461 |
| Amazon.com, Inc. sr. unsec. notes | ||
| 3.15%, 8/22/27 | 90,000 | 97,202 |
| AMC Entertainment Holdings, Inc. 144A | ||
| company guaranty notes 10.00%, 6/15/26 | 5,000 | 4,940 |
| AMC Entertainment Holdings, Inc. 144A | ||
| company guaranty sr. notes 10.50%, 4/15/25 | 5,000 | 5,325 |
| American Builders & Contractors Supply Co., Inc. | ||
| 144A sr. notes 4.00%, 1/15/28 | 5,000 | 5,116 |
| American Builders & Contractors Supply Co., Inc. | ||
| 144A sr. unsec. notes 3.875%, 11/15/29 | 5,000 | 4,975 |
| Autonation, Inc. sr. unsec. bonds 2.40%, 8/1/31 | 14,000 | 13,503 |
| Bath & Body Works, Inc. company guaranty sr. | ||
| unsec. bonds 6.75%, perpetual maturity | 5,000 | 6,175 |
| Bath & Body Works, Inc. company guaranty sr. | ||
| unsec. notes 7.50%, perpetual maturity | 15,000 | 16,988 |
| Bath & Body Works, Inc. 144A company guaranty | ||
| sr. unsec. unsub. bonds 6.625%, 10/1/30 | 5,000 | 5,663 |
| BCPE Ulysses Intermediate, Inc. 144A sr. unsec. | ||
| notes 7.75%, 4/1/27 ‡‡ | 10,000 | 9,875 |
| Beasley Mezzanine Holdings, LLC 144A company | ||
| guaranty sr. notes 8.625%, 2/1/26 | 15,000 | 14,813 |
| Block, Inc. 144A sr. unsec. bonds 3.50%, 6/1/31 | 35,000 | 35,875 |
| BMW US Capital, LLC 144A company guaranty sr. | ||
| unsec. notes 3.95%, 8/14/28 | 35,000 | 39,118 |
| Booking Holdings, Inc. sr. unsec. sub. notes | ||
| 4.625%, 4/13/30 | 25,000 | 29,218 |
| Boyd Gaming Corp. company guaranty sr. unsec. | ||
| notes 4.75%, 12/1/27 | 5,000 | 5,100 |
| Boyd Gaming Corp. 144A sr. unsec. bonds | ||
| 4.75%, 6/15/31 | 15,000 | 15,300 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Consumer cyclicals cont. | ||
| Boyd Gaming Corp. 144A sr. unsec. notes | ||
| 8.625%, 6/1/25 | $2,000 | $2,143 |
| Brookfield Residential Properties, Inc./ | ||
| Brookfield Residential US Corp. 144A | ||
| company guaranty sr. unsec. notes 6.25%, | ||
| 9/15/27 (Canada) | 10,000 | 10,438 |
| Brookfield Residential Properties, Inc./ | ||
| Brookfield Residential US Corp. 144A sr. unsec. | ||
| notes 5.00%, 6/15/29 (Canada) | 10,000 | 10,007 |
| Caesars Entertainment, Inc. 144A sr. unsec. | ||
| notes 4.625%, 10/15/29 | 5,000 | 5,000 |
| Carriage Services, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.25%, 5/15/29 | 5,000 | 4,975 |
| Cengage Learning, Inc. 144A sr. unsec. unsub. | ||
| notes 9.50%, 6/15/24 | 10,000 | 10,063 |
| Cinemark USA, Inc. 144A company guaranty sr. | ||
| unsec. notes 5.25%, 7/15/28 | 10,000 | 9,750 |
| Clear Channel Outdoor Holdings, Inc. 144A | ||
| company guaranty sr. notes 5.125%, 8/15/27 | 10,000 | 10,348 |
| Clear Channel Outdoor Holdings, Inc. 144A | ||
| company guaranty sr. unsec. sub. notes | ||
| 7.75%, 4/15/28 | 10,000 | 10,700 |
| Clear Channel Outdoor Holdings, Inc. 144A sr. | ||
| unsec. notes 7.50%, 6/1/29 | 10,000 | 10,675 |
| Constellation Merger Sub, Inc. 144A sr. unsec. | ||
| notes 8.50%, 9/15/25 | 15,000 | 14,250 |
| D.R. Horton, Inc. company guaranty sr. unsec. | ||
| unsub. notes 1.30%, 10/15/26 | 60,000 | 58,588 |
| Diamond Sports Group, LLC/Diamond Sports | ||
| Finance Co. 144A sr. notes 5.375%, 8/15/26 | 15,000 | 7,500 |
| Discovery Communications, LLC company | ||
| guaranty sr. unsec. unsub. notes 3.625%, 5/15/30 | 10,000 | 10,691 |
| Dollar General Corp. sr. unsec. sub. notes | ||
| 3.25%, 4/15/23 | 65,000 | 66,571 |
| Ecolab, Inc. sr. unsec. unsub. notes | ||
| 3.25%, 12/1/27 | 70,000 | 75,963 |
| Entercom Media Corp. 144A company guaranty | ||
| notes 6.75%, 3/31/29 | 10,000 | 9,770 |
| Entercom Media Corp. 144A company guaranty | ||
| notes 6.50%, 5/1/27 | 10,000 | 9,892 |
| Ford Motor Co. sr. unsec. unsub. bonds | ||
| 3.25%, 2/12/32 | 5,000 | 5,109 |
| Ford Motor Co. sr. unsec. unsub. notes | ||
| 4.346%, 12/8/26 | 35,000 | 38,176 |
| Full House Resorts, Inc. 144A company guaranty | ||
| sr. notes 8.25%, 2/15/28 | 15,000 | 15,750 |
| Garda World Security Corp. 144A sr. unsec. notes | ||
| 6.00%, 6/1/29 (Canada) | 10,000 | 9,550 |
| Gartner, Inc. 144A company guaranty sr. unsec. | ||
| bonds 3.75%, 10/1/30 | 10,000 | 10,150 |
| Gartner, Inc. 144A company guaranty sr. unsec. | ||
| notes 3.625%, 6/15/29 | 5,000 | 5,055 |
| General Motors Co. sr. unsec. bonds | ||
| 5.95%, 4/1/49 | 4,000 | 5,476 |
| General Motors Financial Co., Inc. company | ||
| guaranty sr. unsec. notes 4.00%, 10/6/26 | 79,000 | 85,302 |
| General Motors Financial Co., Inc. company | ||
| guaranty sr. unsec. unsub. notes 4.30%, 7/13/25 | 22,000 | 23,715 |
| General Motors Financial Co., Inc. company | ||
| guaranty sr. unsec. unsub. notes 4.00%, 1/15/25 | 10,000 | 10,623 |
| Global Payments, Inc. sr. unsec. notes | ||
| 2.90%, 5/15/30 | 6,000 | 6,109 |
| 12 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Consumer cyclicals cont. | ||
| Gray Escrow II, Inc. 144A sr. unsec. bonds | ||
| 5.375%, 11/15/31 | $15,000 | $15,431 |
| GW B-CR Security Corp. 144A sr. unsec. notes | ||
| 9.50%, 11/1/27 (Canada) | 13,000 | 14,016 |
| Hanesbrands, Inc. 144A company guaranty sr. | ||
| unsec. unsub. notes 4.625%, 5/15/24 | 10,000 | 10,471 |
| Hilton Worldwide Finance, LLC/Hilton | ||
| Worldwide Finance Corp. company guaranty sr. | ||
| unsec. notes 4.875%, 4/1/27 | 10,000 | 10,300 |
| Hyatt Hotels Corp. sr. unsec. unsub. notes | ||
| 4.85%, 3/15/26 | 47,000 | 51,098 |
| iHeartCommunications, Inc. company guaranty | ||
| sr. unsec. notes 8.375%, 5/1/27 | 17,189 | 18,134 |
| IHS Markit, Ltd. sr. unsec. sub. bonds 4.75%, | ||
| 8/1/28 (United Kingdom) | 5,000 | 5,781 |
| IHS Markit, Ltd. 144A company guaranty notes | ||
| 4.75%, 2/15/25 (United Kingdom) | 60,000 | 65,175 |
| Interpublic Group of Cos., Inc. (The) sr. unsec. | ||
| sub. bonds 4.65%, 10/1/28 | 47,000 | 53,894 |
| JELD-WEN, Inc. 144A company guaranty sr. | ||
| unsec. notes 4.875%, 12/15/27 | 10,000 | 10,261 |
| JELD-WEN, Inc. 144A sr. notes 6.25%, 5/15/25 | 5,000 | 5,238 |
| Kontoor Brands, Inc. 144A company guaranty sr. | ||
| unsec. notes 4.125%, 11/15/29 | 15,000 | 15,019 |
| LBM Acquisition, LLC 144A company guaranty sr. | ||
| unsec. notes 6.25%, 1/15/29 | 10,000 | 9,888 |
| Lennar Corp. company guaranty sr. unsec. | ||
| unsub. notes 4.75%, 11/29/27 | 38,000 | 43,004 |
| Levi Strauss & Co. 144A sr. unsec. sub. bonds | ||
| 3.50%, 3/1/31 | 10,000 | 10,196 |
| Lions Gate Capital Holdings, LLC 144A company | ||
| guaranty sr. unsec. notes 5.50%, 4/15/29 | 5,000 | 5,088 |
| Live Nation Entertainment, Inc. 144A company | ||
| guaranty sr. unsec. notes 4.875%, 11/1/24 | 5,000 | 5,050 |
| Live Nation Entertainment, Inc. 144A company | ||
| guaranty sr. unsec. sub. notes 5.625%, 3/15/26 | 10,000 | 10,325 |
| Live Nation Entertainment, Inc. 144A sr. notes | ||
| 6.50%, 5/15/27 | 5,000 | 5,469 |
| Masonite International Corp. 144A company | ||
| guaranty sr. unsec. notes 5.375%, 2/1/28 | 5,000 | 5,244 |
| Masonite International Corp. 144A company | ||
| guaranty sr. unsec. notes 3.50%, 2/15/30 | 5,000 | 4,944 |
| Mattamy Group Corp. 144A sr. unsec. notes | ||
| 5.25%, 12/15/27 (Canada) | 15,000 | 15,776 |
| Mattamy Group Corp. 144A sr. unsec. notes | ||
| 4.625%, 3/1/30 (Canada) | 10,000 | 10,185 |
| Mattel, Inc. 144A company guaranty sr. unsec. | ||
| notes 3.75%, 4/1/29 | 10,000 | 10,363 |
| McGraw-Hill Education, Inc. 144A sr. notes | ||
| 5.75%, 8/1/28 | 15,000 | 14,850 |
| McGraw-Hill Education, Inc. 144A sr. unsec. | ||
| notes 8.00%, 8/1/29 | 15,000 | 14,885 |
| Moody’s Corp. sr. unsec. bonds 2.55%, 8/18/60 | 20,000 | 17,541 |
| Moody’s Corp. sr. unsec. notes 2.00%, 8/19/31 | 50,000 | 48,620 |
| NESCO Holdings II, Inc. 144A company guaranty | ||
| notes 5.50%, 4/15/29 | 15,000 | 15,488 |
| News Corp. 144A sr. unsec. notes | ||
| 3.875%, 5/15/29 | 10,000 | 10,100 |
| Nielsen Co. Luxembourg SARL (The) 144A | ||
| company guaranty sr. unsec. notes 5.00%, | ||
| 2/1/25 (Luxembourg) | 10,000 | 10,160 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Consumer cyclicals cont. | ||
| Nielsen Finance, LLC/Nielsen Finance Co. | ||
| 144A company guaranty sr. unsec. notes | ||
| 5.625%, 10/1/28 | $10,000 | $10,325 |
| Nielsen Finance, LLC/Nielsen Finance Co. | ||
| 144A company guaranty sr. unsec. notes | ||
| 4.50%, 7/15/29 | 5,000 | 4,919 |
| Nielsen Finance, LLC/Nielsen Finance Co. 144A | ||
| sr. unsec. bonds 4.75%, 7/15/31 | 5,000 | 4,938 |
| Omnicom Group, Inc. company guaranty sr. | ||
| unsec. unsub. notes 3.60%, 4/15/26 | 65,000 | 69,688 |
| Penn National Gaming, Inc. 144A sr. unsec. notes | ||
| 5.625%, 1/15/27 | 10,000 | 10,200 |
| Prime Security Services Borrower, LLC/Prime | ||
| Finance, Inc. 144A company guaranty sr. notes | ||
| 3.375%, 8/31/27 | 5,000 | 4,827 |
| Prime Security Services Borrower, LLC/Prime | ||
| Finance, Inc. 144A notes 6.25%, 1/15/28 | 10,000 | 10,425 |
| PulteGroup, Inc. company guaranty sr. unsec. | ||
| unsub. notes 7.875%, 6/15/32 | 15,000 | 21,413 |
| Raptor Acquisition Corp./Raptor Co-Issuer, LLC | ||
| 144A sr. notes 4.875%, 11/1/26 | 5,000 | 5,050 |
| Realogy Group, LLC/Realogy Co-Issuer Corp. | ||
| 144A company guaranty sr. unsec. notes | ||
| 5.75%, 1/15/29 | 10,000 | 10,250 |
| S&P Global, Inc. company guaranty sr. unsec. | ||
| bonds 2.50%, 12/1/29 | 30,000 | 30,982 |
| S&P Global, Inc. company guaranty sr. unsec. | ||
| notes 1.25%, 8/15/30 | 9,000 | 8,397 |
| Sabre GLBL, Inc. 144A company guaranty sr. | ||
| notes 9.25%, 4/15/25 | 15,000 | 16,950 |
| Scientific Games International, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 7.25%, 11/15/29 | 15,000 | 16,725 |
| Scientific Games International, Inc. 144A sr. | ||
| unsec. notes 7.00%, 5/15/28 | 5,000 | 5,325 |
| Scotts Miracle-Gro Co. (The) company guaranty | ||
| sr. unsec. notes 4.50%, 10/15/29 | 15,000 | 15,638 |
| Scotts Miracle-Gro Co. (The) 144A company | ||
| guaranty sr. unsec. bonds 4.375%, 2/1/32 | 5,000 | 4,988 |
| Scripps Escrow II, Inc. 144A sr. notes | ||
| 3.875%, 1/15/29 | 5,000 | 4,994 |
| Scripps Escrow II, Inc. 144A sr. unsec. bonds | ||
| 5.375%, 1/15/31 | 5,000 | 5,081 |
| Scripps Escrow, Inc. 144A company guaranty sr. | ||
| unsec. notes 5.875%, 7/15/27 | 5,000 | 5,253 |
| Shift4 Payments, LLC/Shift4 Payments Finance | ||
| Sub, Inc. 144A company guaranty sr. unsec. | ||
| notes 4.625%, 11/1/26 | 10,000 | 10,360 |
| Sinclair Television Group, Inc. 144A sr. bonds | ||
| 4.125%, 12/1/30 | 5,000 | 4,738 |
| Sirius XM Radio, Inc. 144A company guaranty sr. | ||
| unsec. bonds 3.875%, 9/1/31 | 45,000 | 44,121 |
| Sirius XM Radio, Inc. 144A company guaranty sr. | ||
| unsec. notes 4.00%, 7/15/28 | 20,000 | 20,112 |
| Six Flags Entertainment Corp. 144A company | ||
| guaranty sr. unsec. bonds 5.50%, 4/15/27 | 10,000 | 10,338 |
| Six Flags Theme Parks, Inc. 144A company | ||
| guaranty sr. notes 7.00%, 7/1/25 | 10,000 | 10,679 |
| Spanish Broadcasting System, Inc. 144A sr. notes | ||
| 9.75%, 3/1/26 | 10,000 | 10,288 |
| Spectrum Brands, Inc. 144A company guaranty | ||
| sr. unsec. bonds 5.00%, 10/1/29 | 5,000 | 5,244 |
| Putnam VT Global Asset Allocation Fund 13 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Consumer cyclicals cont. | ||
| Spectrum Brands, Inc. 144A company guaranty | ||
| sr. unsec. bonds 3.875%, 3/15/31 | $10,000 | $9,875 |
| Standard Industries, Inc. 144A sr. unsec. bonds | ||
| 3.375%, 1/15/31 | 5,000 | 4,816 |
| Standard Industries, Inc. 144A sr. unsec. notes | ||
| 5.00%, 2/15/27 | 10,000 | 10,294 |
| Standard Industries, Inc. 144A sr. unsec. notes | ||
| 4.375%, 7/15/30 | 5,000 | 5,094 |
| Station Casinos, LLC 144A sr. unsec. bonds | ||
| 4.625%, 12/1/31 | 5,000 | 5,041 |
| Station Casinos, LLC 144A sr. unsec. notes | ||
| 4.50%, 2/15/28 | 10,000 | 10,057 |
| SugarHouse HSP Gaming Prop. Mezz LP/ | ||
| SugarHouse HSP Gaming Finance Corp. | ||
| 144A company guaranty sr. unsub. notes | ||
| 5.875%, 5/15/25 | 10,000 | 9,950 |
| Taylor Morrison Communities, Inc. 144A sr. | ||
| unsec. notes 5.75%, 1/15/28 | 5,000 | 5,588 |
| Terrier Media Buyer, Inc. 144A company guaranty | ||
| sr. unsec. notes 8.875%, 12/15/27 | 20,000 | 21,615 |
| Townsquare Media, Inc. 144A sr. notes | ||
| 6.875%, 2/1/26 | 10,000 | 10,613 |
| TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | ||
| company guaranty sr. unsec. unsub. notes | ||
| 5.875%, 6/15/24 | 5,000 | 5,444 |
| Univision Communications, Inc. 144A company | ||
| guaranty sr. notes 9.50%, 5/1/25 | 5,000 | 5,344 |
| Univision Communications, Inc. 144A company | ||
| guaranty sr. notes 6.625%, 6/1/27 | 10,000 | 10,775 |
| Univision Communications, Inc. 144A company | ||
| guaranty sr. notes 4.50%, 5/1/29 | 5,000 | 5,050 |
| Urban One, Inc. 144A company guaranty sr. | ||
| notes 7.375%, 2/1/28 | 15,000 | 15,450 |
| ViacomCBS, Inc. company guaranty sr. unsec. | ||
| bonds 4.20%, 6/1/29 | 38,000 | 42,222 |
| ViacomCBS, Inc. company guaranty sr. unsec. | ||
| unsub. bonds 2.90%, 1/15/27 | 22,000 | 22,909 |
| ViacomCBS, Inc. company guaranty sr. unsec. | ||
| unsub. notes 4.00%, 1/15/26 | 12,000 | 12,956 |
| Victoria’s Secret & Co. 144A sr. unsec. notes | ||
| 4.625%, 7/15/29 | 10,000 | 10,200 |
| Walt Disney Co. (The) company guaranty sr. | ||
| unsec. bonds 7.75%, 12/1/45 | 40,000 | 71,654 |
| Werner FinCo LP/Werner FinCo, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 8.75%, 7/15/25 | 20,000 | 20,850 |
| White Cap Buyer, LLC 144A sr. unsec. notes | ||
| 6.875%, 10/15/28 | 10,000 | 10,425 |
| Wynn Las Vegas, LLC/Wynn Las Vegas Capital | ||
| Corp. 144A company guaranty sr. unsec. sub. | ||
| notes 5.25%, 5/15/27 | 15,000 | 15,335 |
| Wynn Resorts Finance, LLC/Wynn Resorts | ||
| Capital Corp. 144A sr. unsec. bonds | ||
| 5.125%, 10/1/29 | 15,000 | 15,225 |
| Wynn Resorts Finance, LLC/Wynn Resorts | ||
| Capital Corp. 144A sr. unsec. notes | ||
| 7.75%, 4/15/25 | 5,000 | 5,244 |
| 2,198,885 | ||
| Consumer staples (0.8%) | ||
| 1011778 BC ULC/New Red Finance, Inc. 144A | ||
| bonds 4.00%, 10/15/30 (Canada) | 5,000 | 4,913 |
| 1011778 BC ULC/New Red Finance, Inc. 144A | ||
| company guaranty notes 4.375%, 1/15/28 (Canada) | 5,000 | 5,100 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Consumer staples cont. | ||
| 1011778 BC ULC/New Red Finance, Inc. | ||
| 144A company guaranty sr. notes 3.875%, | ||
| 1/15/28 (Canada) | $10,000 | $10,100 |
| Albertsons Cos., Inc./Safeway, Inc./New | ||
| Albertsons LP/Albertsons, LLC 144A company | ||
| guaranty sr. unsec. notes 4.875%, 2/15/30 | 5,000 | 5,399 |
| Albertsons Cos., Inc./Safeway, Inc./New | ||
| Albertsons LP/Albertsons, LLC 144A company | ||
| guaranty sr. unsec. notes 4.625%, 1/15/27 | 35,000 | 36,731 |
| Albertsons Cos., LLC/Safeway, Inc./New | ||
| Albertsons LP/Albertsons, LLC 144A company | ||
| guaranty sr. unsec. notes 7.50%, 3/15/26 | 10,000 | 10,675 |
| Anheuser-Busch InBev Worldwide, Inc. company | ||
| guaranty sr. unsec. unsub. bonds 5.55%, 1/23/49 | 13,000 | 17,985 |
| Anheuser-Busch InBev Worldwide, Inc. company | ||
| guaranty sr. unsec. unsub. bonds 4.60%, 4/15/48 | 48,000 | 58,696 |
| Anheuser-Busch InBev Worldwide, Inc. company | ||
| guaranty sr. unsec. unsub. notes 4.75%, 1/23/29 | 15,000 | 17,459 |
| Brand Energy & Infrastructure Services, Inc. | ||
| 144A sr. unsec. notes 8.50%, 7/15/25 | 5,000 | 4,995 |
| CVS Pass-Through Trust sr. notes | ||
| 6.036%, 12/10/28 | 2,317 | 2,634 |
| ERAC USA Finance, LLC 144A company guaranty | ||
| sr. unsec. notes 7.00%, 10/15/37 | 50,000 | 73,661 |
| ERAC USA Finance, LLC 144A company guaranty | ||
| sr. unsec. notes 5.625%, 3/15/42 | 60,000 | 81,264 |
| Fresh Market, Inc. (The) 144A company guaranty | ||
| sr. notes 9.75%, 5/1/23 | 20,000 | 20,575 |
| Golden Nugget, Inc. 144A company guaranty sr. | ||
| unsec. sub. notes 8.75%, 10/1/25 | 10,000 | 10,400 |
| Golden Nugget, Inc. 144A sr. unsec. notes | ||
| 6.75%, 10/15/24 | 20,000 | 20,000 |
| IRB Holding Corp. 144A company guaranty sr. | ||
| notes 7.00%, 6/15/25 | 5,000 | 5,290 |
| Keurig Dr Pepper, Inc. company guaranty sr. | ||
| unsec. notes 2.25%, 3/15/31 | 60,000 | 59,124 |
| Keurig Dr Pepper, Inc. company guaranty sr. | ||
| unsec. unsub. notes 4.597%, 5/25/28 | 17,000 | 19,334 |
| KFC Holding Co./Pizza Hut Holdings, LLC/Taco | ||
| Bell of America, LLC 144A company guaranty sr. | ||
| unsec. notes 4.75%, 6/1/27 | 10,000 | 10,338 |
| Kraft Heinz Foods Co. company guaranty sr. | ||
| unsec. bonds 4.375%, 6/1/46 | 5,000 | 5,855 |
| Kraft Heinz Foods Co. company guaranty sr. | ||
| unsec. notes 5.00%, 7/15/35 | 11,000 | 13,457 |
| Kraft Heinz Foods Co. company guaranty sr. | ||
| unsec. notes 3.00%, 6/1/26 | 28,000 | 29,287 |
| Kraft Heinz Foods Co. company guaranty sr. | ||
| unsec. sub. notes 4.875%, 10/1/49 | 20,000 | 25,119 |
| Kraft Heinz Foods Co. company guaranty sr. | ||
| unsec. sub. notes 3.875%, 5/15/27 | 3,000 | 3,240 |
| Lamb Weston Holdings, Inc. 144A company | ||
| guaranty sr. unsec. notes 4.875%, 5/15/28 | 10,000 | 10,825 |
| Lamb Weston Holdings, Inc. 144A company | ||
| guaranty sr. unsec. notes 4.125%, 1/31/30 | 10,000 | 10,200 |
| Match Group Holdings II, LLC 144A sr. unsec. | ||
| bonds 5.00%, 12/15/27 | 3,000 | 3,120 |
| Match Group Holdings II, LLC 144A sr. unsec. | ||
| bonds 3.625%, 10/1/31 | 5,000 | 4,856 |
| 14 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Consumer staples cont. | ||
| Match Group Holdings II, LLC 144A sr. unsec. | ||
| unsub. notes 4.625%, 6/1/28 | $25,000 | $26,010 |
| Millennium Escrow Corp. 144A sr. notes | ||
| 6.625%, 8/1/26 | 5,000 | 5,013 |
| Nestle Holdings, Inc. 144A company guaranty sr. | ||
| unsec. notes 0.375%, 1/15/24 | 150,000 | 148,183 |
| Netflix, Inc. sr. unsec. notes 4.875%, 4/15/28 | 10,000 | 11,400 |
| Netflix, Inc. sr. unsec. unsub. notes | ||
| 5.875%, 11/15/28 | 63,000 | 75,758 |
| Netflix, Inc. sr. unsec. unsub. notes | ||
| 4.375%, 11/15/26 | 15,000 | 16,613 |
| Netflix, Inc. 144A sr. unsec. bonds | ||
| 5.375%, 11/15/29 | 20,000 | 23,750 |
| Netflix, Inc. 144A sr. unsec. bonds | ||
| 4.875%, 6/15/30 | 57,000 | 66,476 |
| Newell Brands, Inc. sr. unsec. notes | ||
| 4.875%, 6/1/25 | 5,000 | 5,450 |
| Newell Brands, Inc. sr. unsec. unsub. notes | ||
| 4.70%, 4/1/26 | 10,000 | 10,903 |
| PECF USS Intermediate Holding III Corp. 144A sr. | ||
| unsec. notes 8.00%, 11/15/29 | 20,000 | 20,710 |
| Rite Aid Corp. 144A company guaranty sr. notes | ||
| 8.00%, 11/15/26 | 8,000 | 8,160 |
| Rite Aid Corp. 144A company guaranty sr. unsec. | ||
| sub. notes 7.50%, 7/1/25 | 5,000 | 5,140 |
| TripAdvisor, Inc. 144A company guaranty sr. | ||
| unsec. notes 7.00%, 7/15/25 | 10,000 | 10,550 |
| VM Consolidated, Inc. 144A company guaranty | ||
| sr. unsec. notes 5.50%, 4/15/29 | 10,000 | 10,050 |
| Yum! Brands, Inc. sr. unsec. sub. bonds | ||
| 3.625%, 3/15/31 | 5,000 | 4,981 |
| Yum! Brands, Inc. 144A sr. unsec. bonds | ||
| 4.75%, 1/15/30 | 5,000 | 5,413 |
| 1,035,192 | ||
| Energy (1.1%) | ||
| Antero Midstream Partners LP/Antero | ||
| Midstream Finance Corp. 144A company | ||
| guaranty sr. unsec. notes 7.875%, 5/15/26 | 5,000 | 5,510 |
| Antero Resources Corp. 144A company guaranty | ||
| sr. unsec. notes 8.375%, 7/15/26 | 3,000 | 3,416 |
| Antero Resources Corp. 144A company guaranty | ||
| sr. unsec. notes 7.625%, 2/1/29 | 4,000 | 4,440 |
| Apache Corp. sr. unsec. unsub. notes | ||
| 5.10%, 9/1/40 | 10,000 | 11,300 |
| Apache Corp. sr. unsec. unsub. notes | ||
| 4.875%, 11/15/27 | 5,000 | 5,450 |
| Apache Corp. sr. unsec. unsub. notes | ||
| 4.625%, 11/15/25 | 5,000 | 5,369 |
| Apache Corp. sr. unsec. unsub. notes | ||
| 4.375%, 10/15/28 | 10,000 | 10,880 |
| BP Capital Markets America, Inc. company | ||
| guaranty sr. unsec. notes 3.119%, 5/4/26 | 70,000 | 74,031 |
| BP Capital Markets PLC company guaranty | ||
| sr. unsec. unsub. notes 3.279%, 9/19/27 | ||
| (United Kingdom) | 35,000 | 37,600 |
| Callon Petroleum Co. company guaranty sr. | ||
| unsec. notes 6.125%, 10/1/24 | 15,000 | 14,775 |
| Callon Petroleum Co. 144A company guaranty | ||
| notes 9.00%, 4/1/25 | 5,000 | 5,400 |
| Callon Petroleum Co. 144A company guaranty sr. | ||
| unsec. notes 8.00%, 8/1/28 | 10,000 | 10,100 |
| Cenovus Energy, Inc. sr. unsec. bonds 6.75%, | ||
| 11/15/39 (Canada) | 10,000 | 13,525 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Energy cont. | ||
| Centennial Resource Production, LLC | ||
| 144A company guaranty sr. unsec. notes | ||
| 6.875%, 4/1/27 | $20,000 | $20,400 |
| Centennial Resource Production, LLC | ||
| 144A company guaranty sr. unsec. notes | ||
| 5.375%, 1/15/26 | 10,000 | 9,800 |
| ChampionX Corp. company guaranty sr. unsec. | ||
| notes 6.375%, 5/1/26 | 5,000 | 5,200 |
| Cheniere Corpus Christi Holdings, LLC company | ||
| guaranty sr. notes 5.125%, 6/30/27 | 16,000 | 18,053 |
| Cheniere Energy Partners LP company guaranty | ||
| sr. unsec. unsub. notes 4.00%, 3/1/31 | 10,000 | 10,490 |
| Cheniere Energy Partners LP 144A company | ||
| guaranty sr. unsec. unsub. bonds 3.25%, 1/31/32 | 9,000 | 9,068 |
| Comstock Resources, Inc. 144A company | ||
| guaranty sr. unsec. notes 7.50%, 5/15/25 | 4,000 | 4,125 |
| Comstock Resources, Inc. 144A company | ||
| guaranty sr. unsec. notes 5.875%, 1/15/30 | 10,000 | 10,250 |
| Comstock Resources, Inc. 144A sr. unsec. notes | ||
| 6.75%, 3/1/29 | 10,000 | 10,846 |
| ConocoPhillips 144A company guaranty sr. | ||
| unsec. notes 3.75%, 10/1/27 | 10,000 | 10,962 |
| Continental Resources, Inc. company guaranty | ||
| sr. unsec. bonds 4.90%, 6/1/44 | 5,000 | 5,544 |
| Continental Resources, Inc. company guaranty | ||
| sr. unsec. notes 4.375%, 1/15/28 | 15,000 | 16,216 |
| Continental Resources, Inc. company guaranty | ||
| sr. unsec. unsub. notes 4.50%, 4/15/23 | 10,000 | 10,305 |
| Continental Resources, Inc. 144A company | ||
| guaranty sr. unsec. bonds 5.75%, 1/15/31 | 15,000 | 17,664 |
| Continental Resources, Inc. 144A company | ||
| guaranty sr. unsec. bonds 2.875%, 4/1/32 | 90,000 | 88,043 |
| CrownRock LP/CrownRock Finance, Inc. 144A sr. | ||
| unsec. notes 5.00%, 5/1/29 | 5,000 | 5,188 |
| DCP Midstream Operating LP company guaranty | ||
| sr. unsec. notes 5.625%, 7/15/27 | 5,000 | 5,675 |
| DCP Midstream Operating LP 144A company | ||
| guaranty sr. unsec. unsub. bonds 6.75%, 9/15/37 | 15,000 | 20,044 |
| Devon Energy Corp. sr. unsec. unsub. bonds | ||
| 7.95%, 4/15/32 | 5,000 | 7,005 |
| Devon Energy Corp. sr. unsec. unsub. bonds | ||
| 7.875%, 9/30/31 | 5,000 | 7,000 |
| Devon Energy Corp. sr. unsec. unsub. bonds | ||
| 5.60%, 7/15/41 | 5,000 | 6,272 |
| Diamondback Energy, Inc. company guaranty sr. | ||
| unsec. notes 3.25%, 12/1/26 | 15,000 | 15,819 |
| DT Midstream, Inc. 144A sr. unsec. bonds | ||
| 4.375%, 6/15/31 | 5,000 | 5,200 |
| DT Midstream, Inc. 144A sr. unsec. notes | ||
| 4.125%, 6/15/29 | 5,000 | 5,119 |
| Encino Acquisition Partners Holdings, LLC | ||
| 144A company guaranty sr. unsec. notes | ||
| 8.50%, 5/1/28 | 10,000 | 10,388 |
| Endeavor Energy Resources LP/EER Finance, Inc. | ||
| 144A sr. unsec. bonds 5.75%, 1/30/28 | 45,000 | 47,965 |
| Endeavor Energy Resources LP/EER Finance, Inc. | ||
| 144A sr. unsec. notes 6.625%, 7/15/25 | 5,000 | 5,290 |
| EnLink Midstream, LLC 144A company guaranty | ||
| sr. unsec. notes 5.625%, 1/15/28 | 15,000 | 15,600 |
| EOG Resources, Inc. sr. unsec. unsub. notes | ||
| 2.625%, 3/15/23 | 50,000 | 50,849 |
| EQT Corp. sr. unsec. notes 7.50%, 2/1/30 | 5,000 | 6,425 |
| Putnam VT Global Asset Allocation Fund 15 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Energy cont. | ||
| Equinor ASA company guaranty sr. unsec. notes | ||
| 5.10%, 8/17/40 (Norway) | $40,000 | $52,428 |
| Hess Midstream Operations LP 144A company | ||
| guaranty sr. unsec. notes 5.125%, 6/15/28 | 10,000 | 10,413 |
| Hess Midstream Operations LP 144A company | ||
| guaranty sr. unsec. notes 4.25%, 2/15/30 | 5,000 | 4,963 |
| Hess Midstream Operations LP 144A company | ||
| guaranty sr. unsec. sub. notes 5.625%, 2/15/26 | 28,000 | 28,840 |
| Holly Energy Partners LP/Holly Energy Finance | ||
| Corp. 144A company guaranty sr. unsec. notes | ||
| 5.00%, 2/1/28 | 15,000 | 14,944 |
| Nabors Industries, Inc. company guaranty sr. | ||
| unsec. notes 5.75%, 2/1/25 | 10,000 | 9,269 |
| Nabors Industries, Inc. 144A company guaranty | ||
| sr. unsec. notes 9.00%, 2/1/25 | 4,000 | 4,120 |
| Nabors Industries, Ltd. 144A company guaranty | ||
| sr. unsec. notes 7.25%, 1/15/26 | 5,000 | 4,625 |
| Northriver Midstream Finance LP 144A sr. notes | ||
| 5.625%, 2/15/26 (Canada) | 5,000 | 5,175 |
| Oasis Petroleum, Inc. 144A company guaranty sr. | ||
| unsec. notes 6.375%, 6/1/26 | 5,000 | 5,238 |
| Occidental Petroleum Corp. sr. unsec. bonds | ||
| 6.625%, 9/1/30 | 5,000 | 6,188 |
| Occidental Petroleum Corp. sr. unsec. bonds | ||
| 6.125%, 1/1/31 | 5,000 | 6,075 |
| Occidental Petroleum Corp. sr. unsec. sub. | ||
| bonds 6.20%, 3/15/40 | 36,000 | 44,280 |
| Occidental Petroleum Corp. sr. unsec. sub. notes | ||
| 6.45%, 9/15/36 | 10,000 | 12,750 |
| Ovintiv, Inc. company guaranty sr. unsec. bonds | ||
| 6.50%, 8/15/34 | 5,000 | 6,433 |
| Ovintiv, Inc. company guaranty sr. unsec. unsub. | ||
| bonds 7.375%, 11/1/31 | 10,000 | 13,035 |
| Ovintiv, Inc. company guaranty sr. unsec. unsub. | ||
| bonds 6.625%, 8/15/37 | 5,000 | 6,545 |
| PBF Holding Co., LLC/PBF Finance Corp. 144A | ||
| company guaranty sr. notes 9.25%, 5/15/25 | 15,000 | 14,269 |
| Petrobras Global Finance BV company guaranty | ||
| sr. unsec. unsub. bonds 5.50%, 6/10/51 (Brazil) | 19,000 | 17,623 |
| Petrobras Global Finance BV company guaranty | ||
| sr. unsec. unsub. notes 6.25%, 3/17/24 (Brazil) | 40,000 | 43,150 |
| Petrobras Global Finance BV company guaranty | ||
| sr. unsec. unsub. notes 5.999%, 1/27/28 (Brazil) | 8,000 | 8,700 |
| Petrobras Global Finance BV company guaranty | ||
| sr. unsec. unsub. notes 5.60%, 1/3/31 (Brazil) | 20,000 | 21,180 |
| Petrobras Global Finance BV company guaranty | ||
| sr. unsec. unsub. notes 5.299%, 1/27/25 (Brazil) | 2,000 | 2,150 |
| Petroleos de Venezuela SA company guaranty | ||
| sr. unsec. bonds Ser. REGS, 6.00%, 11/15/26 | ||
| (Venezuela) (In default) † | 40,000 | 1,600 |
| Petroleos Mexicanos company guaranty sr. | ||
| unsec. unsub. FRB 7.69%, 1/23/50 (Mexico) | 37,000 | 35,705 |
| Petroleos Mexicanos 144A company guaranty sr. | ||
| unsec. unsub. bonds 6.70%, 2/16/32 (Mexico) | 53,000 | 53,530 |
| Precision Drilling Corp. 144A company guaranty | ||
| sr. unsec. notes 7.125%, 1/15/26 (Canada) | 15,000 | 15,338 |
| Precision Drilling Corp. 144A company guaranty | ||
| sr. unsec. notes 6.875%, 1/15/29 (Canada) | 5,000 | 5,096 |
| Rattler Midstream LP 144A company guaranty sr. | ||
| unsec. notes 5.625%, 7/15/25 | 10,000 | 10,400 |
| Regency Energy Partners LP/Regency Energy | ||
| Finance Corp. company guaranty sr. unsec. | ||
| unsub. notes 4.50%, 11/1/23 | 9,000 | 9,439 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Energy cont. | ||
| Renewable Energy Group, Inc. 144A company | ||
| guaranty sr. notes 5.875%, 6/1/28 | $5,000 | $5,138 |
| Rockcliff Energy II, LLC 144A sr. unsec. notes | ||
| 5.50%, 10/15/29 | 15,000 | 15,450 |
| Sabine Pass Liquefaction, LLC sr. notes | ||
| 5.00%, 3/15/27 | 14,000 | 15,724 |
| Shell International Finance BV company | ||
| guaranty sr. unsec. unsub. notes 2.875%, 5/10/26 | ||
| (Netherlands) | 70,000 | 74,249 |
| SM Energy Co. sr. unsec. unsub. notes | ||
| 6.75%, 9/15/26 | 10,000 | 10,275 |
| SM Energy Co. sr. unsec. unsub. notes | ||
| 6.50%, 7/15/28 | 10,000 | 10,350 |
| SM Energy Co. 144A company guaranty notes | ||
| 10.00%, 1/15/25 | 5,000 | 5,503 |
| Southwestern Energy Co. company guaranty sr. | ||
| unsec. notes 5.375%, 3/15/30 | 10,000 | 10,715 |
| Southwestern Energy Co. company guaranty sr. | ||
| unsec. notes 5.375%, 2/1/29 | 20,000 | 21,150 |
| Spectra Energy Partners LP sr. unsec. notes | ||
| 3.375%, 10/15/26 | 30,000 | 31,805 |
| Tallgrass Energy Partners LP/Tallgrass Energy | ||
| Finance Corp. 144A company guaranty sr. unsec. | ||
| notes 7.50%, 10/1/25 | 5,000 | 5,425 |
| Tallgrass Energy Partners LP/Tallgrass Energy | ||
| Finance Corp. 144A company guaranty sr. unsec. | ||
| notes 6.00%, 12/31/30 | 10,000 | 10,000 |
| Tallgrass Energy Partners LP/Tallgrass Energy | ||
| Finance Corp. 144A company guaranty sr. unsec. | ||
| notes 5.50%, 1/15/28 | 15,000 | 15,000 |
| Transcanada Trust company guaranty jr. unsec. | ||
| sub. FRB 5.30%, 3/15/77 (Canada) | 10,000 | 10,338 |
| Transocean Pontus, Ltd. 144A company | ||
| guaranty sr. notes 6.125%, 8/1/25 | ||
| (Cayman Islands) | 3,350 | 3,266 |
| Transocean Poseidon, Ltd. 144A company | ||
| guaranty sr. notes 6.875%, 2/1/27 | 10,000 | 9,663 |
| Transocean, Inc. 144A company guaranty sr. | ||
| unsec. notes 11.50%, 1/30/27 | 10,000 | 9,800 |
| USA Compression Partners LP/USA | ||
| Compression Finance Corp. company guaranty | ||
| sr. unsec. notes 6.875%, 4/1/26 | 10,000 | 10,400 |
| USA Compression Partners LP/USA | ||
| Compression Finance Corp. company guaranty | ||
| sr. unsec. unsub. notes 6.875%, 9/1/27 | 5,000 | 5,281 |
| Venture Global Calcasieu Pass, LLC 144A | ||
| company guaranty sr. bonds 3.875%, 11/1/33 | 5,000 | 5,238 |
| Viper Energy Partners LP 144A company | ||
| guaranty sr. unsec. notes 5.375%, 11/1/27 | 5,000 | 5,163 |
| 1,426,035 | ||
| Financials (3.9%) | ||
| AG Issuer, LLC 144A sr. notes 6.25%, 3/1/28 | 10,000 | 10,375 |
| Air Lease Corp. sr. unsec. notes 2.10%, 9/1/28 | 65,000 | 62,687 |
| Air Lease Corp. sr. unsec. sub. bonds | ||
| 4.625%, 10/1/28 | 23,000 | 25,369 |
| Air Lease Corp. sr. unsec. sub. notes | ||
| 3.25%, 10/1/29 | 35,000 | 35,751 |
| Alliant Holdings Intermediate, LLC/Alliant | ||
| Holdings Co-Issuer 144A sr. unsec. notes | ||
| 6.75%, 10/15/27 | 10,000 | 10,375 |
| Ally Financial, Inc. company guaranty sr. unsec. | ||
| notes 8.00%, 11/1/31 | 29,000 | 41,052 |
| American Express Co. sr. unsec. notes | ||
| 2.65%, 12/2/22 | 96,000 | 97,825 |
| 16 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Financials cont. | ||
| AmWINS Group, Inc. 144A sr. unsec. notes | ||
| 4.875%, 6/30/29 | $5,000 | $5,050 |
| Ares Capital Corp. sr. unsec. sub. notes | ||
| 3.875%, 1/15/26 | 25,000 | 26,347 |
| Aretec Escrow Issuer, Inc. 144A sr. unsec. notes | ||
| 7.50%, 4/1/29 | 15,000 | 15,350 |
| Athene Global Funding 144A notes | ||
| 1.985%, 8/19/28 | 40,000 | 38,868 |
| Banco Santander SA unsec. sub. FRB 3.225%, | ||
| 11/22/32 (Spain) | 200,000 | 200,188 |
| Bank of America Corp. jr. unsec. sub. FRN Ser. AA, | ||
| 6.10%, perpetual maturity | 74,000 | 80,198 |
| Bank of America Corp. sr. unsec. FRN Ser. MTN, | ||
| 2.496%, 2/13/31 | 5,000 | 5,013 |
| Bank of America Corp. unsec. sub. notes | ||
| 6.11%, 1/29/37 | 195,000 | 261,031 |
| Bank of Montreal unsec. sub. FRN 3.803%, | ||
| 12/15/32 (Canada) | 1,000 | 1,073 |
| Bank of Nova Scotia (The) sr. unsec. notes 2.00%, | ||
| 11/15/22 (Canada) | 78,000 | 79,026 |
| Berkshire Hathaway Finance Corp. company | ||
| guaranty sr. unsec. bonds 2.85%, 10/15/50 | 10,000 | 9,853 |
| Berkshire Hathaway Finance Corp. company | ||
| guaranty sr. unsec. notes 4.30%, 5/15/43 | 29,000 | 34,796 |
| Blackstone Holdings Finance Co., LLC 144A | ||
| company guaranty sr. unsec. unsub. bonds | ||
| 1.60%, 3/30/31 | 10,000 | 9,307 |
| Blackstone Mortgage Trust, Inc. 144A sr. notes | ||
| 3.75%, 1/15/27 R | 5,000 | 4,984 |
| Camden Property Trust sr. unsec. unsub. notes | ||
| 4.875%, 6/15/23 R | 65,000 | 67,906 |
| Cantor Fitzgerald LP 144A unsec. notes | ||
| 6.50%, 6/17/22 | 14,000 | 14,346 |
| Capital One Financial Corp. unsec. sub. FRB | ||
| 2.359%, 7/29/32 | 92,000 | 87,097 |
| CIT Group, Inc. sr. unsec. sub. notes | ||
| 5.00%, 8/1/23 | 5,000 | 5,275 |
| CIT Group, Inc. sr. unsec. unsub. notes | ||
| 5.25%, 3/7/25 | 28,000 | 30,846 |
| CIT Group, Inc. sr. unsec. unsub. notes | ||
| 5.00%, 8/15/22 | 2,000 | 2,045 |
| Citigroup, Inc. jr. unsec. sub. FRN 3.875%, | ||
| perpetual maturity | 35,000 | 35,037 |
| Citigroup, Inc. sr. unsec. FRB 3.668%, 7/24/28 | 204,000 | 219,827 |
| Citigroup, Inc. sr. unsec. unsub. FRB | ||
| 3.887%, 1/10/28 | 50,000 | 54,208 |
| Citigroup, Inc. unsec. sub. bonds 4.75%, 5/18/46 | 10,000 | 12,296 |
| Citigroup, Inc. unsec. sub. bonds 4.45%, 9/29/27 | 50,000 | 55,751 |
| CNO Financial Group, Inc. sr. unsec. notes | ||
| 5.25%, 5/30/29 | 10,000 | 11,484 |
| CNO Financial Group, Inc. sr. unsec. unsub. notes | ||
| 5.25%, 5/30/25 | 10,000 | 11,036 |
| Cobra AcquisitionCo., LLC 144A company | ||
| guaranty sr. unsec. notes 6.375%, 11/1/29 | 15,000 | 14,813 |
| Coinbase Global, Inc. 144A company guaranty sr. | ||
| unsec. unsub. bonds 3.625%, 10/1/31 | 5,000 | 4,600 |
| Coinbase Global, Inc. 144A company guaranty sr. | ||
| unsec. unsub. notes 3.375%, 10/1/28 | 5,000 | 4,675 |
| Commonwealth Bank of Australia 144A sr. unsec. | ||
| notes 3.15%, 9/19/27 (Australia) | 75,000 | 81,173 |
| Digital Realty Trust LP company guaranty sr. | ||
| unsec. notes 4.75%, 10/1/25 R | 60,000 | 66,421 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Financials cont. | ||
| Empire Communities Corp. 144A sr. unsec. notes | ||
| 7.00%, 12/15/25 (Canada) | $5,000 | $5,200 |
| Fairfax Financial Holdings, Ltd. sr. unsec. notes | ||
| 4.85%, 4/17/28 (Canada) | 27,000 | 30,032 |
| Fairfax US, Inc. 144A company guaranty sr. | ||
| unsec. notes 4.875%, 8/13/24 | 30,000 | 32,097 |
| Fifth Third Bancorp jr. unsec. sub. FRB 5.10%, | ||
| perpetual maturity | 11,000 | 11,182 |
| Five Corners Funding Trust 144A sr. unsec. bonds | ||
| 4.419%, 11/15/23 | 135,000 | 143,072 |
| Freedom Mortgage Corp. 144A sr. unsec. notes | ||
| 8.25%, 4/15/25 | 12,000 | 12,285 |
| Freedom Mortgage Corp. 144A sr. unsec. notes | ||
| 8.125%, 11/15/24 | 5,000 | 5,063 |
| Freedom Mortgage Corp. 144A sr. unsec. notes | ||
| 6.625%, 1/15/27 | 5,000 | 4,888 |
| GLP Capital LP/GLP Financing II, Inc. company | ||
| guaranty sr. unsec. bonds 3.25%, 1/15/32 R | 20,000 | 20,108 |
| GLP Capital LP/GLP Financing II, Inc. company | ||
| guaranty sr. unsec. notes 5.25%, 6/1/25 | 10,000 | 10,953 |
| goeasy, Ltd. 144A company guaranty sr. unsec. | ||
| notes 5.375%, 12/1/24 (Canada) | 5,000 | 5,138 |
| goeasy, Ltd. 144A company guaranty sr. unsec. | ||
| notes 4.375%, 5/1/26 (Canada) | 5,000 | 5,113 |
| Goldman Sachs Group, Inc. (The) jr. unsec. sub. | ||
| FRN 3.65%, 7/28/51 | 21,000 | 20,738 |
| Goldman Sachs Group, Inc. (The) sr. unsec. FRB | ||
| 4.223%, 5/1/29 | 87,000 | 96,642 |
| Goldman Sachs Group, Inc. (The) sr. unsec. | ||
| unsub. notes 2.60%, 2/7/30 | 20,000 | 20,321 |
| Goldman Sachs Group, Inc. (The) unsec. sub. | ||
| notes 6.75%, 10/1/37 | 24,000 | 33,968 |
| Home Point Capital, Inc. 144A company | ||
| guaranty sr. unsec. notes 5.00%, 2/1/26 | 5,000 | 4,644 |
| HUB International, Ltd. 144A sr. unsec. notes | ||
| 7.00%, 5/1/26 | 20,000 | 20,550 |
| HUB International, Ltd. 144A sr. unsec. notes | ||
| 5.625%, 12/1/29 | 5,000 | 5,151 |
| Huntington Bancshares, Inc. 144A unsec. sub. | ||
| FRB 2.487%, 8/15/36 | 41,000 | 39,283 |
| Icahn Enterprises LP/Icahn Enterprises Finance | ||
| Corp. company guaranty sr. unsec. notes | ||
| 6.75%, 2/1/24 | 10,000 | 10,025 |
| Icahn Enterprises LP/Icahn Enterprises Finance | ||
| Corp. company guaranty sr. unsec. notes | ||
| 6.25%, 5/15/26 | 10,000 | 10,413 |
| Icahn Enterprises LP/Icahn Enterprises Finance | ||
| Corp. company guaranty sr. unsec. notes | ||
| 5.25%, 5/15/27 | 5,000 | 5,142 |
| Icahn Enterprises LP/Icahn Enterprises Finance | ||
| Corp. company guaranty sr. unsec. sub. notes | ||
| 4.375%, 2/1/29 | 5,000 | 4,875 |
| Intercontinental Exchange, Inc. sr. unsec. bonds | ||
| 2.65%, 9/15/40 | 48,000 | 46,352 |
| Intercontinental Exchange, Inc. sr. unsec. bonds | ||
| 1.85%, 9/15/32 | 18,000 | 17,230 |
| International Lease Finance Corp. sr. unsec. | ||
| unsub. notes 5.875%, 8/15/22 | 14,000 | 14,436 |
| iStar, Inc. sr. unsec. notes 5.50%, 2/15/26 R | 10,000 | 10,350 |
| iStar, Inc. sr. unsec. notes 4.75%, 10/1/24 R | 15,000 | 15,563 |
| iStar, Inc. sr. unsec. notes 4.25%, 8/1/25 R | 15,000 | 15,338 |
| JPMorgan Chase & Co. jr. unsec. bonds 6.10%, | ||
| perpetual maturity | 17,000 | 17,935 |
| Putnam VT Global Asset Allocation Fund 17 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Financials cont. | ||
| JPMorgan Chase & Co. jr. unsec. sub. FRB | ||
| Ser. HH, 4.60%, perpetual maturity | $157,000 | $161,121 |
| JPMorgan Chase & Co. jr. unsec. sub. FRB | ||
| Ser. W, (BBA LIBOR USD 3 Month + 1.00%), | ||
| 1.125%, 5/15/47 | 13,000 | 10,928 |
| JPMorgan Chase & Co. jr. unsec. sub. FRN 3.65%, | ||
| perpetual maturity | 17,000 | 16,958 |
| JPMorgan Chase & Co. sr. unsec. unsub. FRB | ||
| 3.964%, 11/15/48 | 300,000 | 351,850 |
| JPMorgan Chase & Co. unsec. sub. FRB | ||
| 2.956%, 5/13/31 | 6,000 | 6,212 |
| JPMorgan Chase & Co. unsec. sub. notes | ||
| 3.375%, 5/1/23 | 165,000 | 170,106 |
| KKR Group Finance Co. III, LLC 144A company | ||
| guaranty sr. unsec. unsub. bonds 5.125%, 6/1/44 | 30,000 | 38,700 |
| Ladder Capital Finance Holdings, LLLP/Ladder | ||
| Capital Finance Corp. 144A company guaranty | ||
| sr. unsec. notes 4.75%, 6/15/29 R | 10,000 | 10,250 |
| Ladder Capital Finance Holdings, LLLP/Ladder | ||
| Capital Finance Corp. 144A company guaranty | ||
| sr. unsec. unsub. notes 5.25%, 10/1/25 R | 25,000 | 25,250 |
| Ladder Capital Finance Holdings, LLLP/Ladder | ||
| Capital Finance Corp. 144A sr. unsec. notes | ||
| 4.25%, 2/1/27 R | 10,000 | 10,013 |
| Marsh & McLennan Cos., Inc. sr. unsec. sub. notes | ||
| 4.375%, 3/15/29 | 22,000 | 25,078 |
| Morgan Stanley sr. unsec. unsub. FRN Ser. GMTN, | ||
| 3.772%, 1/24/29 | 185,000 | 201,312 |
| Morgan Stanley sr. unsec. unsub. notes | ||
| 4.375%, 1/22/47 | 40,000 | 50,246 |
| Morgan Stanley sr. unsec. unsub. notes | ||
| Ser. GMTN, 3.125%, 1/23/23 | 183,000 | 187,634 |
| Nationstar Mortgage Holdings, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 5.75%, 11/15/31 | 10,000 | 9,950 |
| Nationstar Mortgage Holdings, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 5.50%, 8/15/28 | 10,000 | 10,200 |
| Nationstar Mortgage Holdings, Inc. | ||
| 144A company guaranty sr. unsec. notes | ||
| 5.125%, 12/15/30 | 5,000 | 4,938 |
| Neuberger Berman Group, LLC/Neuberger | ||
| Berman Finance Corp. 144A sr. unsec. notes | ||
| 4.875%, 4/15/45 | 30,000 | 35,487 |
| OneMain Finance Corp. company guaranty sr. | ||
| unsec. notes 8.875%, 6/1/25 | 5,000 | 5,350 |
| OneMain Finance Corp. company guaranty sr. | ||
| unsec. notes 4.00%, 9/15/30 | 5,000 | 4,917 |
| OneMain Finance Corp. company guaranty sr. | ||
| unsec. sub. notes 7.125%, 3/15/26 | 35,000 | 39,900 |
| OneMain Finance Corp. company guaranty sr. | ||
| unsec. sub. notes 6.625%, 1/15/28 | 5,000 | 5,600 |
| OneMain Finance Corp. company guaranty sr. | ||
| unsec. unsub. notes 6.875%, 3/15/25 | 10,000 | 11,125 |
| OneMain Finance Corp. company guaranty sr. | ||
| unsec. unsub. notes 5.375%, 11/15/29 | 15,000 | 16,309 |
| PennyMac Financial Services, Inc. 144A | ||
| company guaranty sr. unsec. notes | ||
| 5.75%, 9/15/31 | 5,000 | 5,050 |
| PennyMac Financial Services, Inc. 144A | ||
| company guaranty sr. unsec. notes | ||
| 5.375%, 10/15/25 | 10,000 | 10,275 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Financials cont. | ||
| PHH Mortgage Corp. 144A company guaranty sr. | ||
| notes 7.875%, 3/15/26 | $15,000 | $15,509 |
| Prologis LP sr. unsec. unsub. notes | ||
| 2.25%, 4/15/30 R | 10,000 | 10,051 |
| Prologis LP sr. unsec. unsub. notes | ||
| 2.125%, 4/15/27 R | 4,000 | 4,065 |
| Provident Funding Associates LP/PFG Finance | ||
| Corp. 144A sr. unsec. notes 6.375%, 6/15/25 | 15,000 | 15,263 |
| Prudential Financial, Inc. jr. unsec. sub. FRN | ||
| 5.625%, 6/15/43 | 11,000 | 11,440 |
| Prudential Financial, Inc. jr. unsec. sub. FRN | ||
| 5.20%, 3/15/44 | 26,000 | 27,365 |
| Royal Bank of Canada sr. unsec. unsub. notes | ||
| Ser. GMTN, 2.80%, 4/29/22 (Canada) | 78,000 | 78,585 |
| Royal Bank of Canada unsec. sub. notes | ||
| Ser. GMTN, 4.65%, 1/27/26 (Canada) | 45,000 | 49,904 |
| Service Properties Trust company guaranty sr. | ||
| unsec. unsub. notes 7.50%, 9/15/25 R | 5,000 | 5,417 |
| Starwood Property Trust, Inc. sr. unsec. notes | ||
| 4.75%, 3/15/25 R | 10,000 | 10,400 |
| Starwood Property Trust, Inc. 144A sr. unsec. | ||
| unsub. notes 3.75%, 12/31/24 R | 5,000 | 5,054 |
| Swiss Re Treasury US Corp. 144A company | ||
| guaranty sr. unsec. notes 4.25%, 12/6/42 | 90,000 | 110,262 |
| Toronto-Dominion Bank (The) sr. unsec. unsub. | ||
| notes Ser. MTN, 1.90%, 12/1/22 (Canada) | 78,000 | 78,954 |
| Toronto-Dominion Bank (The) unsec. sub. FRB | ||
| 3.625%, 9/15/31 (Canada) | 62,000 | 66,603 |
| Truist Financial Corp. jr. unsec. sub. FRB Ser. N, | ||
| 4.80%, 9/1/24 | 16,000 | 16,680 |
| UBS Group AG 144A sr. unsec. notes 3.491%, | ||
| 5/23/23 (Switzerland) | 400,000 | 403,730 |
| US Bancorp unsec. sub. FRB 2.491%, 11/3/36 | 60,000 | 59,769 |
| USIS Merger Sub, Inc. 144A sr. unsec. notes | ||
| 6.875%, 5/1/25 | 20,000 | 20,150 |
| Wells Fargo & Co. jr. unsec. sub. FRB Ser. U, | ||
| 5.875%, perpetual maturity | 9,000 | 9,833 |
| Wells Fargo & Co. jr. unsec. sub. FRN 3.90%, | ||
| perpetual maturity | 15,000 | 15,413 |
| Westpac Banking Corp. unsec. sub. bonds | ||
| 4.421%, 7/24/39 (Australia) | 3,000 | 3,507 |
| Westpac Banking Corp. unsec. sub. bonds | ||
| 2.963%, 11/16/40 (Australia) | 41,000 | 40,213 |
| 5,010,367 | ||
| Health care (1.1%) | ||
| AbbVie, Inc. sr. unsec. notes 3.20%, 11/21/29 | 167,000 | 178,555 |
| AbbVie, Inc. sr. unsec. sub. notes 3.80%, 3/15/25 | 15,000 | 15,967 |
| Air Methods Corp. 144A sr. unsec. notes | ||
| 8.00%, 5/15/25 | 15,000 | 12,844 |
| Bausch Health Cos., Inc. 144A company guaranty | ||
| sr. unsec. notes 7.25%, 5/30/29 | 10,000 | 9,900 |
| Bausch Health Cos., Inc. 144A company guaranty | ||
| sr. unsec. notes 6.25%, 2/15/29 | 10,000 | 9,502 |
| Bausch Health Cos., Inc. 144A company guaranty | ||
| sr. unsec. notes 6.125%, 4/15/25 | 33,000 | 33,612 |
| Bausch Health Cos., Inc. 144A sr. notes | ||
| 4.875%, 6/1/28 | 10,000 | 10,200 |
| Becton Dickinson and Co. sr. unsec. notes | ||
| 2.823%, 5/20/30 | 7,000 | 7,245 |
| Becton Dickinson and Co. sr. unsec. sub. bonds | ||
| 1.957%, 2/11/31 | 50,000 | 48,064 |
| Bristol-Myers Squibb Co. sr. unsec. notes | ||
| 3.25%, 2/20/23 | 67,000 | 68,765 |
| 18 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Health care cont. | ||
| Bristol-Myers Squibb Co. sr. unsec. notes | ||
| 2.90%, 7/26/24 | $52,000 | $54,414 |
| Bristol-Myers Squibb Co. sr. unsec. notes | ||
| 1.45%, 11/13/30 | 20,000 | 19,053 |
| Bristol-Myers Squibb Co. sr. unsec. sub. notes | ||
| 3.40%, 7/26/29 | 19,000 | 20,805 |
| Centene Corp. sr. unsec. bonds 3.00%, 10/15/30 | 5,000 | 5,083 |
| Centene Corp. sr. unsec. notes 4.625%, 12/15/29 | 25,000 | 26,875 |
| Charles River Laboratories International, | ||
| Inc. 144A company guaranty sr. unsec. notes | ||
| 4.00%, 3/15/31 | 5,000 | 5,119 |
| Charles River Laboratories International, | ||
| Inc. 144A company guaranty sr. unsec. notes | ||
| 3.75%, 3/15/29 | 5,000 | 5,063 |
| CHS/Community Health Systems, Inc. 144A | ||
| company guaranty sr. notes 8.00%, 3/15/26 | 5,000 | 5,256 |
| CHS/Community Health Systems, Inc. 144A | ||
| company guaranty sr. notes 5.625%, 3/15/27 | 5,000 | 5,275 |
| CHS/Community Health Systems, Inc. 144A | ||
| company guaranty sr. unsec. sub. notes | ||
| 6.875%, 4/1/28 | 10,000 | 9,800 |
| CHS/Community Health Systems, Inc. 144A jr. | ||
| notes 6.875%, 4/15/29 | 10,000 | 10,188 |
| CHS/Community Health Systems, Inc. 144A sr. | ||
| notes 6.625%, 2/15/25 | 10,000 | 10,350 |
| Cigna Corp. company guaranty sr. unsec. unsub. | ||
| notes 3.75%, 7/15/23 | 27,000 | 28,078 |
| CVS Health Corp. sr. unsec. unsub. notes | ||
| 4.78%, 3/25/38 | 99,000 | 120,508 |
| CVS Pass-Through Trust 144A sr. mtge. notes | ||
| 4.704%, 1/10/36 | 37,558 | 42,240 |
| DH Europe Finance II Sarl company guaranty sr. | ||
| unsec. bonds 3.40%, 11/15/49 (Luxembourg) | 15,000 | 16,317 |
| Elanco Animal Health, Inc. sr. unsec. notes | ||
| Ser. WI, 5.90%, 8/28/28 | 10,000 | 11,600 |
| Endo Luxembourg Finance Co. I Sarl/Endo US, | ||
| Inc. 144A company guaranty sr. notes 6.125%, | ||
| 4/1/29 (Luxembourg) | 5,000 | 4,881 |
| Global Medical Response, Inc. 144A sr. notes | ||
| 6.50%, 10/1/25 | 5,000 | 5,050 |
| HCA, Inc. company guaranty sr. bonds | ||
| 3.50%, 7/15/51 | 40,000 | 40,779 |
| HCA, Inc. company guaranty sr. notes | ||
| 4.125%, 6/15/29 | 5,000 | 5,502 |
| HCA, Inc. company guaranty sr. sub. bonds | ||
| 5.50%, 6/15/47 | 20,000 | 26,171 |
| HCA, Inc. company guaranty sr. unsec. notes | ||
| 5.375%, 9/1/26 | 10,000 | 11,238 |
| HCA, Inc. company guaranty sr. unsec. notes | ||
| 3.50%, 9/1/30 | 5,000 | 5,284 |
| Mallinckrodt International Finance SA/ | ||
| Mallinckrodt CB, LLC 144A company guaranty | ||
| sub. notes 10.00%, 4/15/25 (Luxembourg) | 14,000 | 13,510 |
| Merck & Co., Inc. sr. unsec. notes 2.90%, 3/7/24 | 1,000 | 1,043 |
| Merck & Co., Inc. sr. unsec. unsub. notes | ||
| 3.70%, 2/10/45 | 50,000 | 57,543 |
| Merck & Co., Inc. sr. unsec. unsub. notes | ||
| 2.75%, 2/10/25 | 8,000 | 8,379 |
| Mozart Debt Merger Sub, Inc. 144A sr. notes | ||
| 3.875%, 4/1/29 | 5,000 | 4,982 |
| Mozart Debt Merger Sub, Inc. 144A sr. unsec. | ||
| notes 5.25%, 10/1/29 | 10,000 | 10,136 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Health care cont. | ||
| Novartis Capital Corp. company guaranty sr. | ||
| unsec. unsub. bonds 4.00%, 11/20/45 | $80,000 | $97,045 |
| Option Care Health, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.375%, 10/31/29 | 5,000 | 5,013 |
| Ortho-Clinical Diagnostics, Inc./Ortho- | ||
| Clinical Diagnostics SA 144A sr. unsec. notes | ||
| 7.375%, 6/1/25 | 3,000 | 3,165 |
| Owens & Minor, Inc. 144A sr. unsec. notes | ||
| 4.50%, 3/31/29 | 15,000 | 15,375 |
| Pfizer, Inc. sr. unsec. unsub. notes | ||
| 3.00%, 12/15/26 | 40,000 | 42,997 |
| Service Corp. International sr. unsec. bonds | ||
| 5.125%, 6/1/29 | 15,000 | 16,088 |
| Service Corp. International sr. unsec. notes | ||
| 4.625%, 12/15/27 | 6,000 | 6,263 |
| Service Corp. International sr. unsec. notes | ||
| 3.375%, 8/15/30 | 5,000 | 4,908 |
| Service Corp. International sr. unsec. sub. notes | ||
| 4.00%, 5/15/31 | 5,000 | 5,063 |
| Tenet Healthcare Corp. company guaranty sr. | ||
| notes 4.625%, 7/15/24 | 2,000 | 2,025 |
| Tenet Healthcare Corp. 144A company guaranty | ||
| notes 6.25%, 2/1/27 | 5,000 | 5,175 |
| Tenet Healthcare Corp. 144A company guaranty | ||
| sr. notes 7.50%, 4/1/25 | 5,000 | 5,262 |
| Tenet Healthcare Corp. 144A company guaranty | ||
| sr. notes 5.125%, 11/1/27 | 20,000 | 20,825 |
| Tenet Healthcare Corp. 144A company guaranty | ||
| sr. notes 4.875%, 1/1/26 | 30,000 | 30,814 |
| Tenet Healthcare Corp. 144A company guaranty | ||
| sr. notes 4.25%, 6/1/29 | 15,000 | 15,232 |
| UnitedHealth Group, Inc. sr. unsec. unsub. notes | ||
| 2.75%, 2/15/23 | 90,000 | 91,500 |
| Viatris, Inc. company guaranty sr. unsec. notes | ||
| 2.30%, 6/22/27 | 25,000 | 25,146 |
| Zoetis, Inc. sr. unsec. notes 3.90%, 8/20/28 | 35,000 | 38,834 |
| 1,415,906 | ||
| Technology (1.0%) | ||
| Ahead DB Holdings, LLC 144A company guaranty | ||
| sr. unsec. notes 6.625%, 5/1/28 | 20,000 | 19,850 |
| Alphabet, Inc. sr. unsec. bonds 2.25%, 8/15/60 | 30,000 | 26,733 |
| Alphabet, Inc. sr. unsec. notes 1.998%, 8/15/26 | 35,000 | 36,066 |
| Apple, Inc. sr. unsec. bonds 2.80%, 2/8/61 | 20,000 | 19,859 |
| Apple, Inc. sr. unsec. notes 2.85%, 5/11/24 | 25,000 | 26,038 |
| Apple, Inc. sr. unsec. unsub. notes | ||
| 4.375%, 5/13/45 | 80,000 | 100,879 |
| Apple, Inc. sr. unsec. unsub. notes 3.85%, 5/4/43 | 27,000 | 31,763 |
| Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28 | 15,000 | 14,992 |
| Arches Buyer, Inc. 144A sr. unsec. notes | ||
| 6.125%, 12/1/28 | 5,000 | 5,031 |
| Black Knight InfoServ, LLC 144A company | ||
| guaranty sr. unsec. notes 3.625%, 9/1/28 | 5,000 | 4,993 |
| Boxer Parent Co., Inc. 144A company guaranty sr. | ||
| notes 7.125%, 10/2/25 | 5,000 | 5,244 |
| Boxer Parent Co., Inc. 144A notes 9.125%, 3/1/26 | 10,000 | 10,425 |
| Broadcom Corp./Broadcom Cayman Finance, | ||
| Ltd. company guaranty sr. unsec. unsub. notes | ||
| 3.50%, 1/15/28 | 90,000 | 96,141 |
| Broadcom, Inc. company guaranty sr. unsec. | ||
| bonds 4.15%, 11/15/30 | 71,000 | 78,743 |
| Broadcom, Inc. 144A sr. unsec. bonds | ||
| 3.187%, 11/15/36 | 10,000 | 9,983 |
| Putnam VT Global Asset Allocation Fund 19 | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Technology cont. | ||
| Cisco Systems, Inc./California sr. unsec. unsub. | ||
| bonds 5.90%, 2/15/39 | $5,000 | $7,179 |
| Cisco Systems, Inc./California sr. unsec. unsub. | ||
| notes 2.50%, 9/20/26 | 35,000 | 36,718 |
| Clarivate Science Holdings Corp. 144A sr. unsec. | ||
| notes 4.875%, 7/1/29 | 10,000 | 10,141 |
| CommScope Finance, LLC 144A sr. notes | ||
| 6.00%, 3/1/26 | 5,000 | 5,150 |
| CommScope, Inc. 144A company guaranty sr. | ||
| unsec. notes 8.25%, 3/1/27 | 10,000 | 10,277 |
| Crowdstrike Holdings, Inc. company guaranty sr. | ||
| unsec. notes 3.00%, 2/15/29 | 5,000 | 4,938 |
| Dell International, LLC/EMC Corp. company | ||
| guaranty sr. bonds 8.35%, 7/15/46 | 2,000 | 3,325 |
| Diebold Nixdorf, Inc. company guaranty sr. | ||
| unsec. sub. notes 8.50%, 4/15/24 | 10,000 | 10,000 |
| Diebold Nixdorf, Inc. 144A company guaranty sr. | ||
| notes 9.375%, 7/15/25 | 5,000 | 5,384 |
| IBM Corp. sr. unsec. unsub. notes 1.875%, 8/1/22 | 140,000 | 141,060 |
| Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29 | 20,000 | 20,521 |
| Microchip Technology, Inc. company guaranty | ||
| sr. notes 4.333%, 6/1/23 | 20,000 | 20,847 |
| Microchip Technology, Inc. company guaranty | ||
| sr. unsec. notes 4.25%, 9/1/25 | 10,000 | 10,386 |
| Microsoft Corp. sr. unsec. unsub. bonds | ||
| 2.525%, 6/1/50 | 25,000 | 24,380 |
| Oracle Corp. sr. unsec. unsub. bonds | ||
| 4.00%, 11/15/47 | 35,000 | 36,339 |
| Oracle Corp. sr. unsec. unsub. notes | ||
| 5.375%, 7/15/40 | 35,000 | 42,739 |
| Oracle Corp. sr. unsec. unsub. notes | ||
| 3.625%, 7/15/23 | 144,000 | 149,214 |
| Oracle Corp. sr. unsec. unsub. notes | ||
| 2.50%, 10/15/22 | 80,000 | 81,091 |
| Plantronics, Inc. 144A company guaranty sr. | ||
| unsec. notes 4.75%, 3/1/29 | 10,000 | 9,538 |
| Rocket Software, Inc. 144A sr. unsec. notes | ||
| 6.50%, 2/15/29 | 15,000 | 14,625 |
| Salesforce.com, Inc. sr. unsec. bonds | ||
| 3.05%, 7/15/61 | 30,000 | 30,854 |
| Salesforce.com, Inc. sr. unsec. bonds | ||
| 2.90%, 7/15/51 | 30,000 | 30,531 |
| Sensata Technologies, Inc. 144A company | ||
| guaranty sr. unsec. notes 3.75%, 2/15/31 | 30,000 | 29,894 |
| ServiceNow, Inc. sr. unsec. notes 1.40%, 9/1/30 | 30,000 | 27,924 |
| Tempo Acquisition, LLC/Tempo Acquisition | ||
| Finance Corp. 144A company guaranty sr. notes | ||
| 5.75%, 6/1/25 | 5,000 | 5,175 |
| TTM Technologies, Inc. 144A company guaranty | ||
| sr. unsec. notes 4.00%, 3/1/29 | 10,000 | 9,925 |
| Twilio, Inc. company guaranty sr. unsec. notes | ||
| 3.875%, 3/15/31 | 5,000 | 5,049 |
| Twilio, Inc. company guaranty sr. unsec. notes | ||
| 3.625%, 3/15/29 | 10,000 | 10,088 |
| VMware, Inc. sr. unsec. unsub. bonds | ||
| 2.20%, 8/15/31 | 28,000 | 27,501 |
| Western Digital Corp. company guaranty sr. | ||
| unsec. notes 4.75%, 2/15/26 | 5,000 | 5,467 |
| ZoomInfo Technologies LLC/ZoomInfo Finance | ||
| Corp. 144A company guaranty sr. unsec. notes | ||
| 3.875%, 2/1/29 | 15,000 | 14,871 |
| 1,327,871 |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Transportation (0.2%) | ||
| American Airlines, Inc./AAdvantage Loyalty | ||
| IP, Ltd. 144A company guaranty sr. notes | ||
| 5.75%, 4/20/29 | $10,000 | $10,687 |
| American Airlines, Inc./AAdvantage Loyalty | ||
| IP, Ltd. 144A company guaranty sr. notes | ||
| 5.50%, 4/20/26 | 10,000 | 10,399 |
| Canadian Pacific Railway Co. company guaranty | ||
| sr. unsec. unsub. notes 1.75%, 12/2/26 (Canada) | 60,000 | 60,217 |
| CSX Corp. sr. unsec. unsub. notes 4.10%, 3/15/44 | 70,000 | 80,987 |
| Delta Air Lines Inc/SkyMiles IP, Ltd. 144A | ||
| company guaranty sr. notes 4.75%, 10/20/28 | 15,000 | 16,380 |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | ||
| 144A sr. unsec. bonds 3.40%, 11/15/26 | 16,000 | 16,953 |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | ||
| 144A sr. unsec. notes 3.90%, 2/1/24 | 20,000 | 20,958 |
| United Airlines, Inc. 144A company guaranty sr. | ||
| notes 4.625%, 4/15/29 | 5,000 | 5,156 |
| United Airlines, Inc. 144A company guaranty sr. | ||
| notes 4.375%, 4/15/26 | 5,000 | 5,214 |
| Watco Cos LLC/Watco Finance Corp. 144A sr. | ||
| unsec. notes 6.50%, 6/15/27 | 30,000 | 31,200 |
| 258,151 | ||
| Utilities and power (1.0%) | ||
| AES Corp. (The) sr. unsec. unsub. notes | ||
| 2.45%, 1/15/31 | 50,000 | 48,716 |
| American Electric Power Co., Inc. sr. unsec. | ||
| unsub. notes Ser. J, 4.30%, 12/1/28 | 55,000 | 61,279 |
| American Transmission Systems, Inc. 144A sr. | ||
| unsec. bonds 2.65%, 1/15/32 | 10,000 | 10,093 |
| Buckeye Partners LP sr. unsec. notes | ||
| 3.95%, 12/1/26 | 5,000 | 5,096 |
| Buckeye Partners LP 144A sr. unsec. notes | ||
| 4.50%, 3/1/28 | 5,000 | 5,038 |
| Calpine Corp. 144A company guaranty sr. notes | ||
| 5.25%, 6/1/26 | 4,000 | 4,104 |
| Calpine Corp. 144A company guaranty sr. notes | ||
| 4.50%, 2/15/28 | 35,000 | 36,313 |
| Colorado Interstate Gas Co., LLC company | ||
| guaranty sr. unsec. notes 6.85%, 6/15/37 | 8,000 | 10,573 |
| Commonwealth Edison Co. 1st mtge. bonds | ||
| 5.90%, 3/15/36 | 28,000 | 38,378 |
| Consolidated Edison Co. of New York, Inc. sr. | ||
| unsec. unsub. notes 4.20%, 3/15/42 | 45,000 | 50,922 |
| Duke Energy Corp. sr. unsec. bonds | ||
| 4.20%, 6/15/49 | 70,000 | 79,700 |
| Duke Energy Corp. sr. unsec. notes | ||
| 3.15%, 8/15/27 | 55,000 | 57,850 |
| Duke Energy Indiana LLC sr. bonds 6.45%, 4/1/39 | 5,000 | 7,169 |
| Enbridge, Inc. company guaranty sr. unsec. | ||
| unsub. bonds 4.50%, 6/10/44 (Canada) | 15,000 | 17,515 |
| Enbridge, Inc. sr. unsec. unsub. bonds 4.25%, | ||
| 12/1/26 (Canada) | 30,000 | 32,904 |
| Energy Transfer LP company guaranty sr. unsec. | ||
| bonds 3.75%, 5/15/30 | 30,000 | 31,790 |
| Energy Transfer LP company guaranty sr. unsec. | ||
| notes 5.875%, 1/15/24 | 12,000 | 12,915 |
| Energy Transfer LP company guaranty sr. unsec. | ||
| notes 2.90%, 5/15/25 | 37,000 | 38,222 |
| Energy Transfer LP jr. unsec. sub. FRN 6.625%, | ||
| perpetual maturity | 91,000 | 86,216 |
| Energy Transfer LP sr. unsec. unsub. bonds | ||
| 6.125%, 12/15/45 | 6,000 | 7,463 |
| 20 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| CORPORATE BONDS AND NOTES (14.2%)* cont. | amount | Value |
| Utilities and power cont. | ||
| Enterprise Products Operating, LLC company | ||
| guaranty sr. unsec. notes 2.80%, 1/31/30 | $4,000 | $4,171 |
| Enterprise Products Operating, LLC company | ||
| guaranty sr. unsec. unsub. bonds 4.25%, 2/15/48 | 90,000 | 101,789 |
| IPALCO Enterprises, Inc. sr. notes 4.25%, 5/1/30 | 25,000 | 27,437 |
| IPALCO Enterprises, Inc. sr. sub. notes | ||
| 3.70%, 9/1/24 | 5,000 | 5,230 |
| Kinder Morgan Energy Partners LP company | ||
| guaranty sr. unsec. notes 5.40%, 9/1/44 | 12,000 | 14,529 |
| Kinder Morgan Energy Partners LP company | ||
| guaranty sr. unsec. unsub. notes 3.45%, 2/15/23 | 25,000 | 25,529 |
| Kinder Morgan, Inc./DE company guaranty sr. | ||
| unsec. notes Ser. GMTN, 7.75%, 1/15/32 | 17,000 | 23,880 |
| NRG Energy, Inc. company guaranty sr. unsec. | ||
| notes 6.625%, 1/15/27 | 2,000 | 2,079 |
| NRG Energy, Inc. 144A company guaranty sr. | ||
| bonds 4.45%, 6/15/29 | 10,000 | 10,878 |
| NRG Energy, Inc. 144A company guaranty sr. | ||
| notes 3.75%, 6/15/24 | 21,000 | 21,937 |
| NRG Energy, Inc. 144A company guaranty sr. | ||
| unsec. bonds 3.875%, 2/15/32 | 30,000 | 29,400 |
| NRG Energy, Inc. 144A sr. unsec. bonds | ||
| 5.25%, 6/15/29 | 5,000 | 5,357 |
| NSTAR Electric Co. sr. unsec. unsub. notes | ||
| 2.375%, 10/15/22 (Canada) | 75,000 | 75,751 |
| Oncor Electric Delivery Co., LLC sr. notes | ||
| 3.75%, 4/1/45 | 75,000 | 85,314 |
| Pacific Gas and Electric Co. company guaranty | ||
| sr. unsec. unsub. notes 2.95%, 3/1/26 | 10,000 | 10,167 |
| Pacific Gas and Electric Co. notes 2.10%, 8/1/27 | 5,000 | 4,827 |
| Pacific Gas and Electric Co. sr. notes | ||
| 3.30%, 3/15/27 | 5,000 | 5,083 |
| Pacific Gas and Electric Co. sr. notes | ||
| 1.367%, 3/10/23 | 100,000 | 99,376 |
| Public Service Electric & Gas Co. sr. notes | ||
| Ser. MTN, 5.50%, 3/1/40 | 25,000 | 33,658 |
| Vistra Corp. 144A jr. unsec. sub. FRN 7.00%, | ||
| perpetual maturity | 5,000 | 5,064 |
| Vistra Operations Co., LLC 144A company | ||
| guaranty sr. notes 4.30%, 7/15/29 | 36,000 | 38,498 |
| Vistra Operations Co., LLC 144A company | ||
| guaranty sr. notes 3.55%, 7/15/24 | 18,000 | 18,536 |
| Vistra Operations Co., LLC 144A company | ||
| guaranty sr. unsec. notes 5.625%, 2/15/27 | 10,000 | 10,300 |
| Vistra Operations Co., LLC 144A company | ||
| guaranty sr. unsec. notes 5.50%, 9/1/26 | 15,000 | 15,490 |
| Vistra Operations Co., LLC 144A company | ||
| guaranty sr. unsec. sub. notes 5.00%, 7/31/27 | 5,000 | 5,189 |
| 1,321,725 | ||
| Total corporate bonds and notes (cost $17,451,291) | $18,405,505 | |
| Principal | ||
| MORTGAGE-BACKED SECURITIES (3.1%)* | amount | Value |
| Agency collateralized mortgage obligations (0.1%) | ||
| Federal Home Loan Mortgage Corporation | ||
| REMICs IFB Ser. 3408, Class EK, | ||
| ((-4.024 x 1 Month US LIBOR) + 25.79%), | ||
| 25.351%, 4/15/37 | $5,404 | $9,618 |
| REMICs IFB Ser. 3072, Class SM, | ||
| ((-3.667 x 1 Month US LIBOR) + 23.80%), | ||
| 23.394%, 11/15/35 | 7,612 | 13,093 |
| Principal | ||
| MORTGAGE-BACKED SECURITIES (3.1%)* cont. | amount | Value |
| Agency collateralized mortgage obligations cont. | ||
| Federal Home Loan Mortgage Corporation | ||
| REMICs IFB Ser. 3065, Class DC, ((-3 x 1 Month | ||
| US LIBOR) + 19.86%), 19.531%, 3/15/35 | $15,432 | $20,593 |
| REMICs IFB Ser. 2990, Class LB, ((-2.556 | ||
| x 1 Month US LIBOR) + 16.95%), | ||
| 16.665%, 6/15/34 | 4,642 | 5,431 |
| Federal National Mortgage Association | ||
| REMICs IFB Ser. 06-8, Class HP, ((-3.667 | ||
| x 1 Month US LIBOR) + 24.57%), | ||
| 24.193%, 3/25/36 | 9,510 | 14,869 |
| REMICs IFB Ser. 07-53, Class SP, | ||
| ((-3.667 x 1 Month US LIBOR) + 24.20%), | ||
| 23.826%, 6/25/37 | 8,091 | 14,239 |
| REMICs IFB Ser. 18-86, Class DS, IO, | ||
| ((-1 x 1 Month US LIBOR) + 6.10%), | ||
| 5.998%, 12/25/48 | 48,321 | 4,062 |
| REMICs Ser. 06-46, Class OC, PO, | ||
| zero %, 6/25/36 | 3,110 | 2,893 |
| Government National Mortgage Association | ||
| Ser. 10-9, Class UI, IO, 5.00%, 1/20/40 | 27,281 | 5,073 |
| Ser. 13-14, IO, 3.50%, 12/20/42 | 78,943 | 7,185 |
| Ser. 12-141, Class WI, IO, 3.50%, 11/20/41 | 6,025 | 6 |
| Ser. 16-H16, Class EI, IO, 2.198%, 6/20/66 W | 129,159 | 8,744 |
| Ser. 15-H26, Class DI, IO, 1.732%, 10/20/65 W | 188,602 | 13,472 |
| 119,278 | ||
| Commercial mortgage-backed securities (1.3%) | ||
| Banc of America Commercial Mortgage Trust | ||
| FRB Ser. 07-1, Class XW, IO, 0.313%, 1/15/49 W | 14,504 | — |
| BANK | ||
| FRB Ser. 17-BNK8, Class B, 3.925%, 11/15/50 W | 12,000 | 12,820 |
| FRB Ser. 19-BN22, Class C, 3.461%, 11/15/62 W | 44,000 | 45,678 |
| Barclays Commercial Mortgage Trust Ser. 19-C5, | ||
| Class AS, 3.366%, 11/15/52 W | 30,000 | 31,679 |
| Bear Stearns Commercial Mortgage Securities | ||
| Trust 144A FRB Ser. 06-PW14, Class X1, IO, | ||
| 0.517%, 12/11/38 W | 4,186 | 15 |
| CD Commercial Mortgage Trust | ||
| FRB Ser. 17-CD6, Class B, 3.911%, 11/13/50 W | 14,000 | 14,778 |
| FRB Ser. 17-CD6, Class AM, 3.709%, 11/13/50 W | 73,000 | 77,271 |
| CFCRE Commercial Mortgage Trust FRB | ||
| Ser. 17-C8, Class B, 4.199%, 6/15/50 W | 14,000 | 14,903 |
| Citigroup Commercial Mortgage Trust | ||
| FRB Ser. 13-GC17, Class C, 5.102%, 11/10/46 W | 11,000 | 11,308 |
| Ser. 18-C6, Class AS, 4.642%, 11/10/51 W | 13,000 | 14,851 |
| Ser. 13-GC11, Class B, 3.732%, 4/10/46 W | 77,000 | 78,425 |
| Citigroup Commercial Mortgage Trust 144A FRB | ||
| Ser. 06-C5, Class XC, IO, 0.401%, 10/15/49 W | 374,725 | 4 |
| COMM Mortgage Trust | ||
| FRB Ser. 12-LC4, Class C, 5.558%, 12/10/44 W | 29,000 | 28,311 |
| FRB Ser. 13-CR13, Class C, 4.881%, 11/10/46 W | 27,000 | 28,133 |
| FRB Ser. 14-CR17, Class C, 4.784%, 5/10/47 W | 58,000 | 60,237 |
| Ser. 13-CR11, Class AM, 4.715%, 8/10/50 W | 20,000 | 20,977 |
| Ser. 14-CR19, Class B, 4.703%, 8/10/47 W | 16,000 | 16,882 |
| Ser. 14-UBS2, Class B, 4.701%, 3/10/47 | 75,000 | 78,374 |
| FRB Ser. 14-UBS6, Class C, 4.439%, 12/10/47 W | 16,000 | 16,371 |
| Ser. 15-CR27, Class AM, 3.984%, 10/10/48 | 59,000 | 62,904 |
| 3.829%, 2/10/48 W | 18,000 | 18,754 |
| Ser. 12-CR2, Class AM, 3.791%, 8/15/45 | 77,000 | 77,661 |
| Ser. 15-DC1, Class AM, 3.724%, 2/10/48 | 74,000 | 77,270 |
| FRB Ser. 14-CR18, Class XA, IO, | ||
| 0.997%, 7/15/47 W | 81,658 | 1,685 |
| Putnam VT Global Asset Allocation Fund 21 | |
| Principal | ||
| MORTGAGE-BACKED SECURITIES (3.1%)* cont. | amount | Value |
| Commercial mortgage-backed securities cont. | ||
| COMM Mortgage Trust | ||
| FRB Ser. 14-CR20, Class XA, IO, | ||
| 0.985%, 11/10/47 W | $259,947 | $5,903 |
| FRB Ser. 14-CR17, Class XA, IO, | ||
| 0.959%, 5/10/47 W | 533,588 | 9,867 |
| FRB Ser. 14-UBS6, Class XA, IO, | ||
| 0.862%, 12/10/47 W | 788,065 | 15,831 |
| FRB Ser. 14-LC17, Class XA, IO, | ||
| 0.704%, 10/10/47 W | 438,574 | 7,160 |
| Credit Suisse Commercial Mortgage Trust 144A | ||
| FRB Ser. 07-C2, Class AX, IO, 0.015%, 1/15/49 W | 479,535 | 5 |
| CSAIL Commercial Mortgage Trust | ||
| Ser. 16-C7, Class AS, 3.958%, 11/15/49 W | 15,000 | 16,014 |
| FRB Ser. 20-C19, Class XA, IO, 1.115%, 3/15/53 W | 1,045,067 | 77,308 |
| CSMC Trust FRB Ser. 16-NXSR, Class C, | ||
| 4.455%, 12/15/49 W | 70,000 | 60,695 |
| Federal Home Loan Mortgage Corporation | ||
| Multifamily Structured Pass-Through | ||
| Certificates FRB Ser. K740, Class X1, IO, | ||
| 0.758%, 9/25/27 W | 382,452 | 14,635 |
| GS Mortgage Securities Corp., II 144A Ser. GC10, | ||
| Class B, 3.682%, 2/10/46 | 50,000 | 50,041 |
| GS Mortgage Securities Trust | ||
| FRB Ser. 15-GC32, Class B, 4.412%, 7/10/48 W | 73,000 | 77,825 |
| Ser. 15-GC32, Class AS, 4.018%, 7/10/48 W | 72,000 | 76,480 |
| Ser. 17-GS7, Class AS, 3.663%, 8/10/50 | 10,000 | 10,621 |
| GS Mortgage Securities Trust 144A | ||
| FRB Ser. 13-GC14, Class B, 4.738%, 8/10/46 W | 13,000 | 13,524 |
| Ser. 12-GCJ9, Class C, 4.448%, 11/10/45 W | 17,000 | 17,006 |
| JPMBB Commercial Mortgage Securities Trust | ||
| FRB Ser. 13-C15, Class C, 5.192%, 11/15/45 W | 43,000 | 44,910 |
| FRB Ser. 14-C22, Class C, 4.553%, 9/15/47 W | 13,000 | 12,667 |
| FRB Ser. 13-C12, Class B, 4.098%, 7/15/45 W | 12,000 | 12,216 |
| JPMorgan Chase Commercial Mortgage | ||
| Securities Trust | ||
| Ser. 06-LDP9, Class AMS, 5.337%, 5/15/47 | 8,785 | 8,291 |
| Ser. 12-C6, Class AS, 4.117%, 5/15/45 | 16,000 | 16,102 |
| LB-UBS Commercial Mortgage Trust 144A FRB | ||
| Ser. 06-C6, Class XCL, IO, 0.435%, 9/15/39 W | 216,572 | 26 |
| Mezz Cap Commercial Mortgage Trust 144A FRB | ||
| Ser. 06-C4, Class X, IO, 6.817%, 7/15/45 W | 3,443 | — |
| Morgan Stanley Bank of America Merrill | ||
| Lynch Trust | ||
| FRB Ser. 14-C14, Class C, 5.049%, 2/15/47 W | 10,000 | 10,500 |
| FRB Ser. 15-C24, Class B, 4.343%, 5/15/48 W | 10,000 | 10,632 |
| Ser. 13-C13, Class AS, 4.266%, 11/15/46 | 75,000 | 78,028 |
| FRB Ser. 14-C17, Class XA, IO, 1.055%, 8/15/47 W | 170,752 | 3,162 |
| FRB Ser. 15-C26, Class XA, IO, 0.98%, 10/15/48 W | 586,864 | 15,598 |
| FRB Ser. 13-C12, Class XA, IO, | ||
| 0.577%, 10/15/46 W | 415,591 | 3,170 |
| Morgan Stanley Bank of America Merrill | ||
| Lynch Trust 144A FRB Ser. 12-C5, Class E, | ||
| 4.636%, 8/15/45 W | 15,000 | 15,047 |
| Morgan Stanley Capital I Trust FRB Ser. 18-H3, | ||
| Class XA, IO, 0.824%, 7/15/51 W | 1,534,836 | 64,333 |
| UBS-Barclays Commercial Mortgage Trust 144A | ||
| FRB Ser. 12-C4, Class XA, IO, 1.575%, 12/10/45 W | 181,606 | 1,286 |
| Wells Fargo Commercial Mortgage Trust | ||
| FRB Ser. 13-LC12, Class AS, 4.306%, 7/15/46 W | 19,000 | 19,097 |
| FRB Ser. 13-LC12, Class C, 4.306%, 7/15/46 W | 24,000 | 21,589 |
| Principal | ||
| MORTGAGE-BACKED SECURITIES (3.1%)* cont. | amount | Value |
| Commercial mortgage-backed securities cont. | ||
| Wells Fargo Commercial Mortgage Trust | ||
| FRB Ser. 20-C57, Class C, 4.023%, 8/15/53 W | $16,000 | $17,612 |
| Ser. 15-NXS3, Class AS, 3.972%, 9/15/57 W | 16,000 | 17,008 |
| WF-RBS Commercial Mortgage Trust | ||
| FRB Ser. 13-C11, Class C, 4.183%, 3/15/45 W | 47,000 | 47,848 |
| Ser. 13-C11, Class AS, 3.311%, 3/15/45 | 12,000 | 12,184 |
| Ser. 12-C10, Class AS, 3.241%, 12/15/45 | 14,000 | 14,205 |
| WF-RBS Commercial Mortgage Trust 144A | ||
| FRB Ser. 11-C3, Class D, 5.425%, 3/15/44 W | 29,990 | 15,019 |
| FRB Ser. 13-C15, Class D, 4.503%, 8/15/46 W | 43,000 | 25,083 |
| FRB Ser. 12-C10, Class XA, IO, | ||
| 1.483%, 12/15/45 W | 271,880 | 1,975 |
| 1,729,794 | ||
| Residential mortgage-backed securities (non-agency) (1.7%) | ||
| Citigroup Mortgage Loan Trust, Inc. FRB | ||
| Ser. 05-2, Class 1A2A, 2.763%, 5/25/35 W | 10,049 | 10,208 |
| Countrywide Alternative Loan Trust | ||
| FRB Ser. 06-OA7, Class 1A2, (1 Month US LIBOR | ||
| + 0.94%), 1.022%, 6/25/46 | 58,606 | 54,914 |
| FRB Ser. 06-OA10, Class 4A1, (1 Month | ||
| US LIBOR + 0.38%), 0.482%, 8/25/46 | 77,663 | 71,943 |
| Ellington Financial Mortgage Trust 144A | ||
| Ser. 20-2, Class A2, 1.486%, 10/25/65 W | 54,658 | 54,467 |
| Federal Home Loan Mortgage Corporation | ||
| Structured Agency Credit Risk Debt FRN | ||
| Ser. 16-DNA2, Class M3, (1 Month US LIBOR | ||
| + 4.65%), 4.753%, 10/25/28 | 89,207 | 92,191 |
| Federal Home Loan Mortgage Corporation 144A | ||
| Seasoned Credit Risk Transfer Trust FRB | ||
| Ser. 17-2, Class 2, 4.00%, 8/25/56 W | 73,000 | 73,563 |
| Structured Agency Credit Risk Trust FRB | ||
| Ser. 18-HRP2, Class M3, (1 Month US LIBOR | ||
| + 2.40%), 2.503%, 2/25/47 | 110,000 | 112,155 |
| Structured Agency Credit Risk Debt FRN | ||
| Ser. 21-DNA2, Class M2, (US 30 Day Average | ||
| SOFR + 2.30%), 2.35%, 8/25/33 | 111,000 | 113,028 |
| Structured Agency Credit Risk Trust FRB | ||
| Ser. 18-DNA3, Class M2, (1 Month US LIBOR | ||
| + 2.10%), 2.203%, 9/25/48 | 111,000 | 111,833 |
| Structured Agency Credit Risk Trust FRB | ||
| Ser. 18-DNA3, Class M2B, (1 Month US LIBOR | ||
| + 2.10%), 2.203%, 9/25/48 | 28,000 | 28,351 |
| Structured Agency Credit Risk Trust FRB | ||
| Ser. 19-HRP1, Class M2, (1 Month US LIBOR | ||
| + 1.40%), 1.503%, 2/25/49 | 81,793 | 82,030 |
| Structured Agency Credit Risk Trust FRB | ||
| Ser. 18-HRP2, Class M3AS, (1 Month US LIBOR | ||
| + 1.00%), 1.103%, 2/25/47 | 109,000 | 108,675 |
| Structured Agency Credit Risk Trust REMICs | ||
| FRB Ser. 21-HQA3, Class M1, (US 30 Day | ||
| Average SOFR + 0.85%), 0.90%, 9/25/41 | 36,000 | 35,978 |
| Federal National Mortgage Association | ||
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C01, Class 2M2, (1 Month US LIBOR | ||
| + 6.95%), 7.053%, 8/25/28 | 54,021 | 56,953 |
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C01, Class 1M2, (1 Month US LIBOR | ||
| + 6.75%), 6.853%, 8/25/28 | 53,369 | 55,944 |
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C02, Class 1M2, (1 Month US LIBOR | ||
| + 6.00%), 6.103%, 9/25/28 | 40,633 | 41,952 |
| Connecticut Avenue Securities FRB | ||
| Ser. 15-C04, Class 1M2, (1 Month US LIBOR | ||
| + 5.70%), 5.803%, 4/25/28 | 50,353 | 53,039 |
| 22 Putnam VT Global Asset Allocation Fund | |
| Principal | ||
| MORTGAGE-BACKED SECURITIES (3.1%)* cont. | amount | Value |
| Residential mortgage-backed securities (non-agency) cont. | ||
| Federal National Mortgage Association | ||
| Connecticut Avenue Securities FRB | ||
| Ser. 15-C04, Class 2M2, (1 Month US LIBOR | ||
| + 5.55%), 5.653%, 4/25/28 | $55,969 | $58,372 |
| Connecticut Avenue Securities FRB | ||
| Ser. 13-C01, Class M2, (1 Month US LIBOR | ||
| + 5.25%), 5.353%, 10/25/23 | 6,438 | 6,692 |
| Connecticut Avenue Securities FRB | ||
| Ser. 15-C03, Class 2M2, (1 Month US LIBOR | ||
| + 5.00%), 5.103%, 7/25/25 | 881 | 886 |
| Connecticut Avenue Securities FRB | ||
| Ser. 14-C04, Class 2M2, (1 Month US LIBOR | ||
| + 5.00%), 5.103%, 11/25/24 | 984 | 999 |
| Connecticut Avenue Securities FRB | ||
| Ser. 14-C04, Class 1M2, (1 Month US LIBOR | ||
| + 4.90%), 5.003%, 11/25/24 | 2,865 | 2,980 |
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C05, Class 2M2, (1 Month US LIBOR | ||
| + 4.45%), 4.553%, 1/25/29 | 67,432 | 69,878 |
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C07, Class 2M2, (1 Month US LIBOR | ||
| + 4.35%), 4.453%, 5/25/29 | 102,180 | 105,969 |
| Connecticut Avenue Securities FRB | ||
| Ser. 15-C01, Class 1M2, (1 Month US LIBOR | ||
| + 4.30%), 4.403%, 2/25/25 | 4,952 | 5,040 |
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C06, Class 1M2, (1 Month US LIBOR | ||
| + 4.25%), 4.353%, 4/25/29 | 64,791 | 66,870 |
| Connecticut Avenue Securities FRB | ||
| Ser. 16-C04, Class 1M2, (1 Month US LIBOR | ||
| + 4.25%), 4.353%, 1/25/29 | 111,704 | 115,637 |
| Connecticut Avenue Securities FRB | ||
| Ser. 15-C02, Class 1M2, (1 Month US LIBOR | ||
| + 4.00%), 4.103%, 5/25/25 | 2,146 | 2,186 |
| Connecticut Avenue Securities FRB | ||
| Ser. 17-C01, Class 1M2, (1 Month US LIBOR | ||
| + 3.55%), 3.653%, 7/25/29 | 115,267 | 118,340 |
| Connecticut Avenue Securities FRB | ||
| Ser. 17-C01, Class 1M2C, (1 Month US LIBOR | ||
| + 3.55%), 3.653%, 7/25/29 | 44,000 | 45,593 |
| Connecticut Avenue Securities FRB | ||
| Ser. 14-C03, Class 2M2, (1 Month US LIBOR | ||
| + 2.90%), 3.003%, 7/25/24 | 3,884 | 3,944 |
| Connecticut Avenue Securities FRB | ||
| Ser. 14-C02, Class 1M2, (1 Month US LIBOR | ||
| + 2.60%), 2.703%, 5/25/24 | 6,949 | 7,090 |
| Connecticut Avenue Securities FRB | ||
| Ser. 17-C05, Class 1M2A, (1 Month US LIBOR | ||
| + 2.20%), 2.303%, 1/25/30 | 17,906 | 17,957 |
| Connecticut Avenue Securities FRB | ||
| Ser. 18-C05, Class 1ED1, (1 Month US LIBOR | ||
| + 0.65%), 0.753%, 1/25/31 | 34,191 | 34,116 |
| Connecticut Avenue Securities FRB | ||
| Ser. 17-C04, Class 2ED1, (1 Month US LIBOR | ||
| + 0.60%), 0.703%, 11/25/29 | 24,784 | 24,676 |
| Federal National Mortgage Association 144A | ||
| Connecticut Avenue Securities FRB | ||
| Ser. 21-R02, Class 2M1, (US 30 Day Average | ||
| SOFR + 0.90%), 0.95%, 11/25/41 | 25,379 | 25,394 |
| Connecticut Avenue Securities Trust FRB | ||
| Ser. 21-R01, Class 1M1, (US 30 Day Average | ||
| SOFR + 0.75%), 0.80%, 10/25/41 | 33,618 | 33,555 |
| Principal | ||
| MORTGAGE-BACKED SECURITIES (3.1%)* cont. | amount | Value |
| Residential mortgage-backed securities (non-agency) cont. | ||
| Long Beach Mortgage Loan Trust FRB | ||
| Ser. 04-1, Class A2, (1 Month US LIBOR + 0.80%), | ||
| 0.902%, 2/25/34 | $20,109 | $20,064 |
| New Century Home Equity Loan Trust FRB | ||
| Ser. 03-4, Class M1, (1 Month US LIBOR + 1.13%), | ||
| 1.227%, 10/25/33 | 39,165 | 39,609 |
| Park Place Securities, Inc. Asset-Backed | ||
| Pass-Through Certificates FRB Ser. 04-WCW2, | ||
| Class M3, (1 Month US LIBOR + 1.05%), | ||
| 1.152%, 10/25/34 | 26,848 | 26,644 |
| Verus Securitization Trust 144A Ser. 20-5, | ||
| Class A2, 1.578%, 5/25/65 | 64,622 | 64,415 |
| Visio Trust 144A Ser. 20-1, Class A3, | ||
| 3.521%, 8/25/55 W | 117,000 | 119,427 |
| WaMu Mortgage Pass-Through Certificates Trust | ||
| FRB Ser. 05-AR9, Class A1C3, (1 Month US LIBOR | ||
| + 0.96%), 1.062%, 7/25/45 | 20,266 | 19,330 |
| 2,192,887 | ||
| Total mortgage-backed securities (cost $4,110,991) | $4,041,959 | |
| FOREIGN GOVERNMENT AND AGENCY | Principal | |
| BONDS AND NOTES (0.5%)* | amount | Value |
| Dominican (Republic of) sr. unsec. | ||
| unsub. notes Ser. REGS, 5.50%, | ||
| 1/27/25 (Dominican Republic) | $130,000 | $140,400 |
| Indonesia (Republic of) sr. unsec. | ||
| unsub. notes Ser. REGS, 5.875%, | ||
| 1/15/24 (Indonesia) | 200,000 | 219,498 |
| Ivory Coast (Republic of) sr. unsec. | ||
| unsub. bonds Ser. REGS, 5.75%, | ||
| 12/31/32 (Ivory Coast) | 95,257 | 95,376 |
| Mexico (Government of) sr. unsec. | ||
| bonds 5.55%, 1/21/45 (Mexico) | 98,000 | 117,233 |
| Uruguay (Oriental Republic of) | ||
| sr. unsec. unsub. bonds 7.625%, | ||
| 3/21/36 (Uruguay) | 10,000 | 15,100 |
| Venezuela (Republic of) sr. unsec. | ||
| notes 9.00%, 5/7/23 (Venezuela) | ||
| (In default) † | 23,000 | 1,380 |
| Total foreign government and agency bonds and notes | ||
| (cost $588,814) | $588,987 | |
| Principal | ||
| SENIOR LOANS (0.4%)*c | amount | Value |
| Adient US, LLC bank term loan FRN Ser. B, (BBA | ||
| LIBOR USD 3 Month + 3.50%), 3.604%, 4/1/28 | $9,950 | $9,940 |
| AMC Entertainment Holdings, Inc. bank term | ||
| loan FRN Ser. B, (BBA LIBOR USD 3 Month | ||
| + 3.00%), 3.103%, 4/22/26 | 9,911 | 8,907 |
| American Airlines, Inc. bank term loan FRN (BBA | ||
| LIBOR USD 3 Month + 4.75%), 5.50%, 4/20/28 | 5,000 | 5,172 |
| AppleCaramel Buyer, LLC bank term loan | ||
| FRN (BBA LIBOR USD 3 Month + 4.00%), | ||
| 4.50%, 10/19/27 | 9,900 | 9,901 |
| Arches Buyer, Inc. bank term loan FRN (BBA | ||
| LIBOR USD 3 Month + 3.25%), 3.75%, 12/6/27 | 14,850 | 14,729 |
| Ascend Learning, LLC bank term loan FRN | ||
| (1 Month US LIBOR + 5.75%), 6.25%, 11/18/29 | 5,000 | 5,008 |
| Asurion, LLC bank term loan FRN (BBA LIBOR | ||
| USD 3 Month + 5.25%), 5.354%, 1/30/29 | 10,000 | 9,952 |
| Asurion, LLC bank term loan FRN Ser. B9, (BBA | ||
| LIBOR USD 3 Month + 3.25%), 3.354%, 7/31/27 | 4,975 | 4,940 |
| Putnam VT Global Asset Allocation Fund 23 | |
| Principal | ||
| SENIOR LOANS (0.4%)*c cont. | amount | Value |
| Brand Industrial Services, Inc. bank term | ||
| loan FRN (BBA LIBOR USD 3 Month + 4.25%), | ||
| 5.25%, 6/21/24 | $4,872 | $4,758 |
| Clarios Global LP bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 3.25%), | ||
| 3.354%, 4/30/26 | 29,881 | 29,679 |
| CP Atlas Buyer, Inc. bank term loan FRN | ||
| Ser. B1, (BBA LIBOR USD 3 Month + 3.75%), | ||
| 4.25%, 11/23/27 | 20,844 | 20,729 |
| CPG International, Inc. bank term loan FRN (BBA | ||
| LIBOR USD 3 Month + 2.50%), 3.25%, 5/5/24 | 2,652 | 2,650 |
| CQP Holdco LP bank term loan FRN (BBA LIBOR | ||
| USD 3 Month + 3.75%), 4.25%, 6/4/28 | 14,925 | 14,881 |
| DIRECTV Financing, LLC bank term loan | ||
| FRN (BBA LIBOR USD 3 Month + 5.00%), | ||
| 5.75%, 7/22/27 | 9,775 | 9,778 |
| Epicor Software Corp. bank term loan FRN (BBA | ||
| LIBOR USD 3 Month + 7.75%), 8.75%, 7/30/28 | 5,000 | 5,108 |
| Epicor Software Corp. bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 3.25%), | ||
| 4.00%, 7/30/27 | 39,500 | 39,445 |
| Global Medical Response, Inc. bank term loan | ||
| FRN (1 Month US LIBOR + 4.25%), 5.25%, 10/2/25 | 24,813 | 24,682 |
| Greeneden US Holdings II, LLC bank term | ||
| loan FRN (BBA LIBOR USD 3 Month + 4.00%), | ||
| 4.544%, 12/1/27 | 9,925 | 9,954 |
| iHeartCommunications, Inc. bank term loan FRN | ||
| (BBA LIBOR USD 3 Month + 3.25%), 3.75%, 5/1/26 | 8,916 | 8,908 |
| IRB Holding Corp. bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 3.25%), | ||
| 4.25%, 12/15/27 | 4,950 | 4,945 |
| Jazz Financing Lux Sarl bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 3.50%), | ||
| 4.00%, 5/31/28 | 9,950 | 9,982 |
| Klockner-Pentaplast of America, Inc. bank term | ||
| loan FRN (BBA LIBOR USD 3 Month + 4.75%), | ||
| 5.25%, 2/4/26 | 9,925 | 9,637 |
| MajorDrive Holdings IV, LLC bank term loan FRN | ||
| (BBA LIBOR USD 3 Month + 4.00%), 4.50%, 6/1/28 | 14,913 | 14,894 |
| One Call Corp. bank term loan FRN Ser. B, | ||
| (1 Month US LIBOR + 5.50%), 6.25%, 4/22/27 | 9,950 | 9,944 |
| Ortho-Clinical Diagnostics, Inc. bank term | ||
| loan FRN (BBA LIBOR USD 3 Month + 3.25%), | ||
| 3.081%, 6/30/25 | 29,267 | 29,231 |
| PECF USS Intermediate Holding III Corp. bank | ||
| term loan FRN Ser. B, (1 Month US LIBOR | ||
| + 4.25%), 5.00%, 11/4/28 | 25,000 | 25,009 |
| Polaris Newco, LLC bank term loan FRN Ser. B, | ||
| (BBA LIBOR USD 3 Month + 4.00%), 4.50%, 6/3/28 | 14,963 | 14,948 |
| Quorum Health Corp. bank term loan FRN (BBA | ||
| LIBOR USD 3 Month + 7.00%), 8.00%, 4/29/25 | 17,522 | 16,974 |
| Robertshaw Holdings Corp. bank term loan | ||
| FRN (BBA LIBOR USD 3 Month + 8.00%), | ||
| 9.00%, 2/28/26 | 10,000 | 7,800 |
| Robertshaw Holdings Corp. bank term loan | ||
| FRN (BBA LIBOR USD 3 Month + 3.50%), | ||
| 4.50%, 2/28/25 | 4,714 | 4,429 |
| Rocket Software, Inc. bank term loan FRN (BBA | ||
| LIBOR USD 3 Month + 4.25%), 4.75%, 11/28/25 | 4,975 | 4,961 |
| SCIH Salt Holdings, Inc. bank term loan | ||
| FRN Ser. B, (1 Month US LIBOR + 4.00%), | ||
| 4.75%, 3/16/27 | 12,291 | 12,158 |
| Principal | ||
| SENIOR LOANS (0.4%)*c cont. | amount | Value |
| Starfruit US Holdco, LLC bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 3.00%), | ||
| 3.102%, 10/1/25 | $7,828 | $7,793 |
| Terrier Media Buyer, Inc. bank term loan | ||
| FRN (BBA LIBOR USD 3 Month + 3.50%), | ||
| 3.604%, 12/17/26 | 34,563 | 34,381 |
| Titan Acquisition, Ltd. (United Kingdom) bank | ||
| term loan FRN Ser. B, (BBA LIBOR USD 3 Month | ||
| + 3.00%), 3.354%, 3/28/25 | 19,201 | 18,860 |
| TK Elevator US Newco, Inc. bank term loan | ||
| FRN (BBA LIBOR USD 3 Month + 3.50%), | ||
| 4.00%, 7/31/27 | 4,975 | 4,974 |
| UKG, Inc. bank term loan FRN (1 Month US LIBOR | ||
| + 5.25%), 5.75%, 5/3/27 | 5,000 | 5,009 |
| United Airlines, Inc. bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 3.75%), | ||
| 4.50%, 4/21/28 | 9,925 | 9,939 |
| Vertiv Group Corp. bank term loan FRN | ||
| Ser. B, (BBA LIBOR USD 3 Month + 2.75%), | ||
| 2.844%, 3/2/27 | 14,515 | 14,358 |
| Total senior loans (cost $499,320) | $499,347 |
| Principal | ||
| ASSET-BACKED SECURITIES (0.3%)* | amount | Value |
| Mello Warehouse Securitization Trust 144A | ||
| FRB Ser. 20-1, Class A, (1 Month US LIBOR | ||
| + 0.90%), 1.002%, 10/25/53 | $25,000 | $25,000 |
| FRB Ser. 20-2, Class A, (1 Month US LIBOR | ||
| + 0.80%), 0.902%, 11/25/53 | 25,000 | 25,000 |
| FRB Ser. 21-2, Class A, (1 Month US LIBOR | ||
| + 0.75%), 0.852%, 4/25/55 | 28,000 | 28,000 |
| NewRez Warehouse Securitization Trust 144A | ||
| FRB Ser. 21-1, Class A, (1 Month US LIBOR | ||
| + 0.75%), 0.852%, 5/25/55 | 25,000 | 24,944 |
| Provident Funding Mortgage Warehouse | ||
| Securitization Trust 144A FRB Ser. 21-1, Class A, | ||
| (1 Month US LIBOR + 0.70%), 0.802%, 2/25/55 | 25,000 | 25,000 |
| RMF Buyout Issuance Trust 144A Ser. 20-HB1, | ||
| Class A1, 1.719%, 10/25/50 W | 119,974 | 120,178 |
| Station Place Securitization Trust 144A | ||
| FRB Ser. 21-6, Class A, (1 Month US LIBOR | ||
| + 0.80%), 0.902%, 4/25/22 | 46,000 | 46,000 |
| FRB Ser. 21-10, Class A, (1 Month US LIBOR | ||
| + 0.75%), 0.852%, 8/8/22 | 46,000 | 46,000 |
| FRB Ser. 21-WL2, Class A, (1 Month US LIBOR | ||
| + 0.70%), 0.802%, 3/25/54 | 29,000 | 29,000 |
| FRB Ser. 21-WL1, Class A, (1 Month US LIBOR | ||
| + 0.65%), 0.752%, 1/26/54 | 9,667 | 9,667 |
| Towd Point Asset Trust 144A FRB | ||
| Ser. 18-SL1, Class A, (1 Month US LIBOR + 0.60%), | ||
| 0.703%, 1/25/46 | 29,048 | 29,018 |
| Total asset-backed securities (cost $407,572) | $407,807 |
| Principal | ||
| CONVERTIBLE BONDS AND NOTES (—%)* | amount | Value |
| DISH Network Corp. cv. sr. unsec. notes | ||
| 3.375%, 8/15/26 | $5,000 | $4,733 |
| Nabors Industries, Inc. company guaranty cv. sr. | ||
| unsec. notes 0.75%, 1/15/24 | 15,000 | 13,050 |
| Transocean, Inc. cv. company guaranty sr. unsec. | ||
| sub. notes 0.50%, 1/30/23 | 7,000 | 6,274 |
| Total convertible bonds and notes (cost $22,285) | $24,057 |
| 24 Putnam VT Global Asset Allocation Fund | |
| Principal | |||
| amount/ | |||
| SHORT-TERM INVESTMENTS (5.3%)* | shares | Value | |
| Putnam Short Term Investment Fund | |||
| Class P 0.13% L | Shares | 4,966,168 | $4,966,168 |
| U.S. Treasury Bills 0.044%, 2/17/22 # ∆ § | $438,000 | 437,984 | |
| U.S. Treasury Bills 0.041%, 3/17/22 # § | 500,000 | 499,945 | |
| U.S. Treasury Bills 0.049%, 4/21/22 # § | 1,000,000 | 999,779 | |
| Total short-term investments (cost $6,903,950) | $6,903,876 | ||
| Total investments (cost $110,498,601) | $142,101,583 | ||
Key to holding’s abbreviations
| FRB | Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap |
| or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | |
| FRN | Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to |
| a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | |
| IFB | Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As |
| interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting | |
| period. Rates may be subject to a cap or floor. | |
| IO | Interest Only |
| PO | Principal Only |
| TBA | To Be Announced Commitments |
Notes to the fund’s portfolio
Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from January 1, 2021 through December 31, 2021 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
* Percentages indicated are based on net assets of $130,073,344.
† This security is non-income-producing.
‡‡ Income may be received in cash or additional securities at the discretion of the issuer. The rate shown in parenthesis is the rate paid in kind, if applicable.
# This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,171,732 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
∆ This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $111,000 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
§ This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally cleared derivative contracts at the close of the reporting period. Collateral at period end totaled $483,924 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
c Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown (Notes 1 and 7).
F This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities’ valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio (Note 1).
L Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
R Real Estate Investment Trust.
W The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
At the close of the reporting period, the fund maintained liquid assets totaling $18,889,605 to cover certain derivative contracts and delayed delivery securities.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Note 1 to the financial statements regarding TBA commitments.
The dates shown on debt obligations are the original maturity dates.
| FORWARD CURRENCY CONTRACTS at 12/31/21 (aggregate face value $66,951,441) | Unrealized | |||||
| Contract | Delivery | Aggregate | appreciation/ | |||
| Counterparty | Currency | type* | date | Value | face value | (depreciation) |
| Bank of America N.A. | ||||||
| Australian Dollar | Buy | 1/19/22 | $369,756 | $361,702 | $8,054 | |
| Australian Dollar | Sell | 1/19/22 | 369,756 | 370,307 | 551 | |
| British Pound | Buy | 3/16/22 | 166,707 | 164,051 | 2,656 | |
| British Pound | Sell | 3/16/22 | 166,707 | 163,056 | (3,651) | |
| Canadian Dollar | Buy | 1/19/22 | 13,439 | 12,574 | 865 | |
| Euro | Buy | 3/16/22 | 450,482 | 450,607 | (125) | |
| Japanese Yen | Sell | 2/16/22 | 697,974 | 706,617 | 8,643 | |
| New Zealand Dollar | Buy | 1/19/22 | 449,775 | 454,075 | (4,300) | |
| New Zealand Dollar | Sell | 1/19/22 | 449,775 | 457,351 | 7,576 | |
| Swiss Franc | Buy | 3/16/22 | 107,641 | 106,349 | 1,292 | |
| Swiss Franc | Sell | 3/16/22 | 107,641 | 106,837 | (804) | |
| Putnam VT Global Asset Allocation Fund 25 | |
| FORWARD CURRENCY CONTRACTS at 12/31/21 (aggregate face value $66,951,441) cont. | Unrealized | |||||
| Contract | Delivery | Aggregate | appreciation/ | |||
| Counterparty | Currency | type* | date | Value | face value | (depreciation) |
| Barclays Bank PLC | ||||||
| Australian Dollar | Buy | 1/19/22 | $263,238 | $259,247 | $3,991 | |
| Australian Dollar | Sell | 1/19/22 | 263,238 | 263,532 | 294 | |
| British Pound | Buy | 3/16/22 | 255,608 | 251,479 | 4,129 | |
| British Pound | Sell | 3/16/22 | 255,608 | 249,693 | (5,915) | |
| Canadian Dollar | Buy | 1/19/22 | 680,413 | 674,634 | 5,779 | |
| Canadian Dollar | Sell | 1/19/22 | 680,413 | 692,244 | 11,831 | |
| Euro | Buy | 3/16/22 | 125,305 | 124,222 | 1,083 | |
| Euro | Sell | 3/16/22 | 125,305 | 124,888 | (417) | |
| Japanese Yen | Buy | 2/16/22 | 147,694 | 149,436 | (1,742) | |
| Japanese Yen | Sell | 2/16/22 | 147,694 | 149,667 | 1,973 | |
| New Zealand Dollar | Buy | 1/19/22 | 168,049 | 165,574 | 2,475 | |
| New Zealand Dollar | Sell | 1/19/22 | 168,049 | 170,890 | 2,841 | |
| Swiss Franc | Buy | 3/16/22 | 171,412 | 169,366 | 2,046 | |
| Swiss Franc | Sell | 3/16/22 | 171,412 | 170,190 | (1,222) | |
| Citibank, N.A. | ||||||
| Australian Dollar | Buy | 1/19/22 | 19,863 | 19,430 | 433 | |
| Australian Dollar | Sell | 1/19/22 | 19,863 | 19,892 | 29 | |
| British Pound | Buy | 3/16/22 | 439,905 | 432,902 | 7,003 | |
| British Pound | Sell | 3/16/22 | 439,905 | 430,261 | (9,644) | |
| Canadian Dollar | Buy | 1/19/22 | 619,068 | 613,864 | 5,204 | |
| Canadian Dollar | Sell | 1/19/22 | 619,068 | 628,106 | 9,038 | |
| Danish Krone | Sell | 3/16/22 | 70,558 | 70,345 | (213) | |
| Euro | Buy | 3/16/22 | 146,398 | 145,905 | 493 | |
| Euro | Sell | 3/16/22 | 146,398 | 145,119 | (1,279) | |
| Japanese Yen | Buy | 2/16/22 | 380,900 | 385,408 | (4,508) | |
| New Zealand Dollar | Buy | 1/19/22 | 372,050 | 367,474 | 4,576 | |
| New Zealand Dollar | Sell | 1/19/22 | 372,050 | 378,251 | 6,201 | |
| Swedish Krona | Buy | 3/16/22 | 40,893 | 40,829 | 64 | |
| Swedish Krona | Sell | 3/16/22 | 40,893 | 40,933 | 40 | |
| Swiss Franc | Buy | 3/16/22 | 260,911 | 257,798 | 3,113 | |
| Swiss Franc | Sell | 3/16/22 | 260,911 | 258,953 | (1,958) | |
| Credit Suisse International | ||||||
| Australian Dollar | Buy | 1/19/22 | 3,856 | 3,862 | (6) | |
| Australian Dollar | Sell | 1/19/22 | 3,856 | 3,772 | (84) | |
| British Pound | Sell | 3/16/22 | 578,467 | 569,637 | (8,830) | |
| Canadian Dollar | Buy | 1/19/22 | 118,422 | 120,284 | (1,862) | |
| Canadian Dollar | Sell | 1/19/22 | 118,422 | 118,831 | 409 | |
| Euro | Buy | 3/16/22 | 173,306 | 171,813 | 1,493 | |
| Euro | Sell | 3/16/22 | 173,306 | 172,727 | (579) | |
| New Zealand Dollar | Buy | 1/19/22 | 163,119 | 165,854 | (2,735) | |
| New Zealand Dollar | Sell | 1/19/22 | 163,119 | 160,685 | (2,434) | |
| Goldman Sachs International | ||||||
| Australian Dollar | Buy | 1/19/22 | 541,828 | 543,324 | (1,496) | |
| Australian Dollar | Sell | 1/19/22 | 541,828 | 542,635 | 807 | |
| British Pound | Buy | 3/16/22 | 637,734 | 627,486 | 10,248 | |
| British Pound | Sell | 3/16/22 | 637,734 | 623,434 | (14,300) | |
| Canadian Dollar | Buy | 1/19/22 | 940,736 | 946,132 | (5,396) | |
| Canadian Dollar | Sell | 1/19/22 | 940,736 | 940,300 | (436) | |
| Euro | Buy | 3/16/22 | 551,729 | 546,979 | 4,750 | |
| Euro | Sell | 3/16/22 | 551,729 | 549,975 | (1,754) | |
| Japanese Yen | Buy | 2/16/22 | 257,901 | 259,867 | (1,966) | |
| Japanese Yen | Sell | 2/16/22 | 257,901 | 260,579 | 2,678 | |
| 26 Putnam VT Global Asset Allocation Fund | |
| FORWARD CURRENCY CONTRACTS at 12/31/21 (aggregate face value $66,951,441) cont. | Unrealized | |||||
| Contract | Delivery | Aggregate | appreciation/ | |||
| Counterparty | Currency | type* | date | Value | face value | (depreciation) |
| Goldman Sachs International cont. | ||||||
| New Zealand Dollar | Buy | 1/19/22 | $704,519 | $697,112 | $7,407 | |
| New Zealand Dollar | Sell | 1/19/22 | 704,519 | 719,466 | 14,947 | |
| Norwegian Krone | Buy | 3/16/22 | 61,747 | 59,924 | 1,823 | |
| Norwegian Krone | Sell | 3/16/22 | 61,747 | 60,214 | (1,533) | |
| Swiss Franc | Buy | 3/16/22 | 81,033 | 80,062 | 971 | |
| Swiss Franc | Sell | 3/16/22 | 81,033 | 80,454 | (579) | |
| HSBC Bank USA, National Association | ||||||
| Australian Dollar | Buy | 1/19/22 | 114,521 | 112,024 | 2,497 | |
| Australian Dollar | Sell | 1/19/22 | 114,521 | 114,657 | 136 | |
| British Pound | Buy | 3/16/22 | 279,829 | 273,720 | 6,109 | |
| British Pound | Sell | 3/16/22 | 279,829 | 275,377 | (4,452) | |
| Canadian Dollar | Buy | 1/19/22 | 45,693 | 45,959 | (266) | |
| Canadian Dollar | Sell | 1/19/22 | 45,693 | 45,137 | (556) | |
| Euro | Buy | 3/16/22 | 559,254 | 557,390 | 1,864 | |
| Euro | Sell | 3/16/22 | 559,254 | 554,382 | (4,872) | |
| Hong Kong Dollar | Buy | 2/16/22 | 47,634 | 47,719 | (85) | |
| Japanese Yen | Buy | 2/16/22 | 40,511 | 40,890 | (379) | |
| Japanese Yen | Sell | 2/16/22 | 40,511 | 41,024 | 513 | |
| New Zealand Dollar | Buy | 1/19/22 | 214,204 | 221,971 | (7,767) | |
| New Zealand Dollar | Sell | 1/19/22 | 214,204 | 216,277 | 2,073 | |
| Swiss Franc | Buy | 3/16/22 | 180,867 | 178,702 | 2,165 | |
| Swiss Franc | Sell | 3/16/22 | 180,867 | 179,574 | (1,293) | |
| JPMorgan Chase Bank N.A. | ||||||
| Australian Dollar | Buy | 1/19/22 | 535,935 | 536,588 | (653) | |
| Australian Dollar | Sell | 1/19/22 | 535,935 | 551,207 | 15,272 | |
| British Pound | Buy | 3/16/22 | 418,390 | 410,912 | 7,478 | |
| Canadian Dollar | Buy | 1/19/22 | 634,799 | 645,569 | (10,770) | |
| Canadian Dollar | Sell | 1/19/22 | 634,799 | 628,650 | (6,149) | |
| Euro | Buy | 3/16/22 | 363,145 | 358,330 | 4,815 | |
| Japanese Yen | Buy | 2/16/22 | 372,409 | 377,405 | (4,996) | |
| Japanese Yen | Sell | 2/16/22 | 372,409 | 376,824 | 4,415 | |
| New Zealand Dollar | Buy | 1/19/22 | 1,262,697 | 1,283,797 | (21,100) | |
| New Zealand Dollar | Sell | 1/19/22 | 1,262,697 | 1,244,147 | (18,550) | |
| Norwegian Krone | Sell | 3/16/22 | 230,862 | 223,499 | (7,363) | |
| Singapore Dollar | Sell | 2/16/22 | 164,545 | 164,271 | (274) | |
| South Korean Won | Buy | 2/16/22 | 232,126 | 232,964 | (838) | |
| South Korean Won | Sell | 2/16/22 | 232,183 | 232,414 | 231 | |
| Swedish Krona | Sell | 3/16/22 | 12,867 | 12,879 | 12 | |
| Swiss Franc | Buy | 3/16/22 | 118,526 | 116,376 | 2,150 | |
| Morgan Stanley & Co. International PLC | ||||||
| Australian Dollar | Buy | 1/19/22 | 1,453,340 | 1,459,632 | (6,292) | |
| Australian Dollar | Sell | 1/19/22 | 1,480,842 | 1,457,589 | (23,253) | |
| British Pound | Buy | 3/16/22 | 177,532 | 174,147 | 3,385 | |
| British Pound | Sell | 3/16/22 | 177,532 | 173,333 | (4,199) | |
| Canadian Dollar | Buy | 1/19/22 | 79 | 11,609 | (11,530) | |
| Euro | Buy | 3/16/22 | 133,970 | 130,996 | 2,974 | |
| Japanese Yen | Sell | 2/16/22 | 321,394 | 325,083 | 3,689 | |
| New Zealand Dollar | Buy | 1/19/22 | 640,080 | 656,408 | (16,328) | |
| New Zealand Dollar | Sell | 1/19/22 | 640,080 | 650,738 | 10,658 | |
| Swedish Krona | Buy | 3/16/22 | 92,051 | 91,735 | 316 | |
| Swedish Krona | Sell | 3/16/22 | 92,051 | 91,574 | (477) | |
| Putnam VT Global Asset Allocation Fund 27 | |
| FORWARD CURRENCY CONTRACTS at 12/31/21 (aggregate face value $66,951,441) cont. | Unrealized | |||||
| Contract | Delivery | Aggregate | appreciation/ | |||
| Counterparty | Currency | type* | date | Value | face value | (depreciation) |
| Morgan Stanley & Co. International PLC cont. | ||||||
| Swiss Franc | Buy | 3/16/22 | $124,133 | $122,350 | $1,783 | |
| Swiss Franc | Sell | 3/16/22 | 124,133 | 122,744 | (1,389) | |
| NatWest Markets PLC | ||||||
| Australian Dollar | Buy | 1/19/22 | 255,962 | 256,350 | (388) | |
| Australian Dollar | Sell | 1/19/22 | 255,962 | 256,363 | 401 | |
| British Pound | Buy | 3/16/22 | 43,165 | 42,203 | 962 | |
| British Pound | Sell | 3/16/22 | 43,165 | 42,220 | (945) | |
| Canadian Dollar | Buy | 1/19/22 | 125,932 | 126,659 | (727) | |
| Canadian Dollar | Sell | 1/19/22 | 125,932 | 124,401 | (1,531) | |
| Euro | Sell | 3/16/22 | 635,988 | 632,609 | (3,379) | |
| Japanese Yen | Buy | 2/16/22 | 411,170 | 412,180 | (1,010) | |
| New Zealand Dollar | Buy | 1/19/22 | 723,008 | 719,348 | 3,660 | |
| New Zealand Dollar | Sell | 1/19/22 | 723,008 | 735,138 | 12,130 | |
| Swiss Franc | Sell | 3/16/22 | 244,858 | 241,272 | (3,586) | |
| State Street Bank and Trust Co. | ||||||
| Australian Dollar | Buy | 1/19/22 | 2,366,015 | 2,354,526 | 11,489 | |
| Australian Dollar | Sell | 1/19/22 | 2,366,015 | 2,404,839 | 38,824 | |
| British Pound | Sell | 3/16/22 | 328,136 | 324,435 | (3,701) | |
| Canadian Dollar | Buy | 1/19/22 | 1,499,565 | 1,517,384 | (17,819) | |
| Canadian Dollar | Sell | 1/19/22 | 1,499,565 | 1,506,297 | 6,732 | |
| Chinese Yuan (Offshore) | Sell | 2/16/22 | 6,824 | 6,750 | (74) | |
| Euro | Buy | 3/16/22 | 1,239,595 | 1,229,058 | 10,537 | |
| Euro | Sell | 3/16/22 | 1,239,595 | 1,235,472 | (4,123) | |
| Japanese Yen | Buy | 2/16/22 | 47,481 | 50,101 | (2,620) | |
| New Zealand Dollar | Buy | 1/19/22 | 1,086,841 | 1,124,111 | (37,270) | |
| New Zealand Dollar | Sell | 1/19/22 | 1,086,841 | 1,076,246 | (10,595) | |
| Swedish Krona | Buy | 3/16/22 | 40,384 | 40,425 | (41) | |
| Swedish Krona | Sell | 3/16/22 | 40,384 | 40,161 | (223) | |
| Swiss Franc | Buy | 3/16/22 | 736,443 | 731,090 | 5,353 | |
| Swiss Franc | Sell | 3/16/22 | 736,443 | 727,561 | (8,882) | |
| Toronto-Dominion Bank | ||||||
| Australian Dollar | Buy | 1/19/22 | 399,441 | 402,448 | (3,007) | |
| Australian Dollar | Sell | 1/19/22 | 399,441 | 390,678 | (8,763) | |
| British Pound | Buy | 3/16/22 | 327,866 | 322,605 | 5,261 | |
| British Pound | Sell | 3/16/22 | 327,866 | 320,365 | (7,501) | |
| Canadian Dollar | Buy | 1/19/22 | 789,744 | 783,486 | 6,258 | |
| Canadian Dollar | Sell | 1/19/22 | 789,744 | 803,683 | 13,939 | |
| Euro | Buy | 3/16/22 | 254,258 | 252,233 | 2,025 | |
| Euro | Sell | 3/16/22 | 254,258 | 253,440 | (818) | |
| Japanese Yen | Buy | 2/16/22 | 582,391 | 589,259 | (6,868) | |
| Japanese Yen | Sell | 2/16/22 | 582,391 | 590,399 | 8,008 | |
| New Zealand Dollar | Buy | 1/19/22 | 281,862 | 277,722 | 4,140 | |
| New Zealand Dollar | Sell | 1/19/22 | 281,862 | 286,528 | 4,666 | |
| Norwegian Krone | Buy | 3/16/22 | 119,207 | 115,473 | 3,734 | |
| Norwegian Krone | Sell | 3/16/22 | 119,207 | 116,019 | (3,188) | |
| UBS AG | ||||||
| Australian Dollar | Sell | 1/19/22 | 269,786 | 279,244 | 9,458 | |
| British Pound | Buy | 3/16/22 | 323,535 | 315,337 | 8,198 | |
| Canadian Dollar | Buy | 1/19/22 | 616,301 | 619,344 | (3,043) | |
| Canadian Dollar | Sell | 1/19/22 | 616,301 | 627,771 | 11,470 | |
| Euro | Buy | 3/16/22 | 98,967 | 105,076 | (6,109) | |
| Japanese Yen | Buy | 2/16/22 | 1,440,382 | 1,456,836 | (16,454) | |
| 28 Putnam VT Global Asset Allocation Fund | |
| FORWARD CURRENCY CONTRACTS at 12/31/21 (aggregate face value $66,951,441) cont. | Unrealized | |||||
| Contract | Delivery | Aggregate | appreciation/ | |||
| Counterparty | Currency | type* | date | Value | face value | (depreciation) |
| UBS AG cont. | ||||||
| Japanese Yen | Sell | 2/16/22 | $1,440,382 | $1,459,005 | $18,623 | |
| New Zealand Dollar | Buy | 1/19/22 | 613,236 | 630,821 | (17,585) | |
| New Zealand Dollar | Sell | 1/19/22 | 613,236 | 623,879 | 10,643 | |
| Swiss Franc | Buy | 3/16/22 | 130,840 | 129,276 | 1,564 | |
| Swiss Franc | Sell | 3/16/22 | 130,840 | 129,904 | (936) | |
| WestPac Banking Corp. | ||||||
| Australian Dollar | Sell | 1/19/22 | 286,885 | 287,287 | 402 | |
| British Pound | Buy | 3/16/22 | 46,142 | 45,135 | 1,007 | |
| British Pound | Sell | 3/16/22 | 46,142 | 45,407 | (735) | |
| Canadian Dollar | Buy | 1/19/22 | 22,372 | 22,035 | 337 | |
| Euro | Buy | 3/16/22 | 26,338 | 26,108 | 230 | |
| Euro | Sell | 3/16/22 | 26,338 | 26,255 | (83) | |
| Japanese Yen | Buy | 2/16/22 | 221,231 | 223,820 | (2,589) | |
| New Zealand Dollar | Buy | 1/19/22 | 214,067 | 221,835 | (7,768) | |
| New Zealand Dollar | Sell | 1/19/22 | 214,066 | 217,490 | 3,424 | |
| Unrealized appreciation | 423,816 | |||||
| Unrealized (depreciation) | (415,960) | |||||
| Total | $7,856 | |||||
* The exchange currency for all contracts listed is the United States Dollar.
| Unrealized | |||||
| Number of | Notional | Expiration | appreciation/ | ||
| FUTURES CONTRACTS OUTSTANDING at 12/31/21 | contracts | amount | Value | date | (depreciation) |
| Russell 2000 Index E-Mini (Long) | 44 | $4,947,345 | $4,934,160 | Mar-22 | $60,256 |
| S&P 500 Index E-Mini (Long) | 2 | 476,618 | 475,850 | Mar-22 | (126) |
| S&P 500 Index E-Mini (Short) | 78 | 18,588,102 | 18,558,150 | Mar-22 | (386,135) |
| U.S. Treasury Bond 30 yr (Long) | 9 | 1,443,938 | 1,443,938 | Mar-22 | 22,339 |
| U.S. Treasury Bond Ultra 30 yr (Long) | 17 | 3,351,125 | 3,351,125 | Mar-22 | 72,743 |
| U.S. Treasury Note 2 yr (Long) | 28 | 6,108,813 | 6,108,813 | Mar-22 | (5,641) |
| U.S. Treasury Note 2 yr (Short) | 16 | 3,490,750 | 3,490,750 | Mar-22 | 3,120 |
| U.S. Treasury Note 5 yr (Long) | 47 | 5,685,898 | 5,685,898 | Mar-22 | 23,886 |
| U.S. Treasury Note 5 yr (Short) | 84 | 10,162,031 | 10,162,031 | Mar-22 | (44,158) |
| U.S. Treasury Note 10 yr (Long) | 16 | 2,087,500 | 2,087,500 | Mar-22 | 24,261 |
| U.S. Treasury Note Ultra 10 yr (Short) | 26 | 3,807,375 | 3,807,375 | Mar-22 | (63,434) |
| Unrealized appreciation | 206,605 | ||||
| Unrealized (depreciation) | (499,494) | ||||
| Total | $(292,889) |
| TBA SALE COMMITMENTS OUTSTANDING at 12/31/21 | Principal | Settlement | |
| (proceeds receivable $6,146,563) | amount | date | Value |
| Uniform Mortgage-Backed Securities, 3.50%, 1/1/52 | $1,000,000 | 1/13/22 | $1,053,125 |
| Uniform Mortgage-Backed Securities, 3.00%, 1/1/52 | 1,000,000 | 1/13/22 | 1,036,367 |
| Uniform Mortgage-Backed Securities, 2.50%, 1/1/52 | 3,000,000 | 1/13/22 | 3,063,282 |
| Uniform Mortgage-Backed Securities, 2.00%, 1/1/52 | 1,000,000 | 1/13/22 | 997,595 |
| Total | $6,150,369 |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 12/31/21 | ||||||
| Upfront | Unrealized | |||||
| premium | Termination | Payments | Payments | appreciation/ | ||
| Notional amount | Value | received (paid) | date | made by fund | received by fund | (depreciation) |
| $3,333,000 | $2,033 E | $(1,785) | 3/16/24 | Secured Overnight Financing | 0.90% — Annually | $248 |
| Rate — Annually | ||||||
| 1,792,000 | 7,060 E | (8,202) | 3/16/27 | Secured Overnight Financing | 1.25% — Annually | (1,141) |
| Rate — Annually | ||||||
| 1,777,000 | 7,001 E | 7,989 | 3/16/27 | 1.25% — Annually | Secured Overnight Financing | 987 |
| Rate — Annually | ||||||
| Putnam VT Global Asset Allocation Fund 29 | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 12/31/21 cont. | ||||||
| Upfront | Unrealized | |||||
| premium | Termination | Payments | Payments | appreciation/ | ||
| Notional amount | Value | received (paid) | date | made by fund | received by fund | (depreciation) |
| $1,190,000 | $5,998 E | $(7,367) | 3/16/32 | Secured Overnight Financing | 1.40% — Annually | $(1,369) |
| Rate — Annually | ||||||
| 435,000 | 14,603 E | (15,941) | 3/16/52 | Secured Overnight Financing | 1.60% — Annually | (1,338) |
| Rate — Annually | ||||||
| 95,000 | 3,189 E | 3,486 | 3/16/52 | 1.60% — Annually | Secured Overnight Financing | 297 |
| Rate — Annually | ||||||
| 2,798,000 | 3,218 | (37) | 1/3/32 | 1.3265% — Annually | Secured Overnight Financing | (2,766) |
| Rate — Annually | ||||||
| Total | $(21,857) | $(5,082) | ||||
E Extended effective date.
| OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 12/31/21 | ||||||
| Upfront | Payments | Total return | Unrealized | |||
| Swap counterparty/ | premium | Termination | received (paid) | received by | appreciation/ | |
| Notional amount | Value | received (paid) | date | by fund | or paid by fund | (depreciation) |
| Goldman Sachs International | ||||||
| $5,189,166 | $5,322,768 | $— | 12/15/25 | (Secured Overnight | A basket (GSGLPWDL) of | $136,367 |
| Financing Rate plus | common stocks — Monthly* | |||||
| 0.40%) — Monthly | ||||||
| 5,093,759 | 5,232,062 | — | 12/15/25 | Secured Overnight | A basket (GSGLPWDS) of | (144,048) |
| Financing Rate minus | common stocks — Monthly* | |||||
| 0.25% — Monthly | ||||||
| Upfront premium received | — | Unrealized appreciation | 136,367 | |||
| Upfront premium (paid) | — | Unrealized (depreciation) | (144,048) | |||
| Total | $— | Total | $(7,681) | |||
* The 50 largest components, and any individual component greater than 1% of basket value, are shown below.
| A BASKET (GSGLPWDL) OF COMMON STOCKS | ||||
| Percentage | ||||
| Common stocks | Sector | Shares | Value | value |
| AT&T, Inc. | Communication services | 1,182 | $29,085 | 0.55% |
| Eiffage SA (France) | Basic materials | 282 | 29,023 | 0.55% |
| Bank Leumi Le-Israel BM (Israel) | Financials | 2,691 | 28,949 | 0.54% |
| Sonic Healthcare, Ltd. (Australia) | Health care | 850 | 28,839 | 0.54% |
| FactSet Research Systems, Inc. | Consumer cyclicals | 58 | 28,254 | 0.53% |
| KLA Corp. | Technology | 66 | 28,206 | 0.53% |
| PepsiCo, Inc. | Consumer staples | 162 | 28,146 | 0.53% |
| Edenred (France) | Consumer cyclicals | 609 | 28,131 | 0.53% |
| Brenntag AG (Germany) | Basic materials | 308 | 27,911 | 0.52% |
| Skanska AB (Sweden) | Basic materials | 1,077 | 27,910 | 0.52% |
| A.O. Smith Corp. | Capital goods | 324 | 27,838 | 0.52% |
| Fairfax Financial Holdings, Ltd. (Canada) | Financials | 56 | 27,767 | 0.52% |
| Textron, Inc. | Capital goods | 360 | 27,754 | 0.52% |
| Synopsys, Inc. | Technology | 75 | 27,746 | 0.52% |
| Cadence Design Systems, Inc. | Technology | 149 | 27,711 | 0.52% |
| Lam Research Corp. | Technology | 38 | 27,668 | 0.52% |
| Thales SA (France) | Technology | 323 | 27,535 | 0.52% |
| Avery Dennison Corp. | Basic materials | 126 | 27,395 | 0.51% |
| Segro PLC (United Kingdom) | Financials | 1,406 | 27,342 | 0.51% |
| Mettler-Toledo International, Inc. | Health care | 16 | 27,243 | 0.51% |
| Fortive Corp. | Capital goods | 357 | 27,208 | 0.51% |
| Sealed Air Corp. | Basic materials | 403 | 27,207 | 0.51% |
| Marubeni Corp. (Japan) | Conglomerates | 2,778 | 27,038 | 0.51% |
| Secom Co., Ltd. (Japan) | Consumer cyclicals | 389 | 27,026 | 0.51% |
| PPG Industries, Inc. | Basic materials | 156 | 26,916 | 0.51% |
| Bank Hapoalim MB (Israel) | Financials | 2,597 | 26,819 | 0.50% |
| SEI Investments Co. | Financials | 439 | 26,750 | 0.50% |
| 30 Putnam VT Global Asset Allocation Fund | |
| A BASKET (GSGLPWDL) OF COMMON STOCKS cont. | ||||
| Percentage | ||||
| Common stocks | Sector | Shares | Value | value |
| Cummins, Inc. | Capital goods | 123 | $26,731 | 0.50% |
| ConocoPhillips | Energy | 370 | 26,730 | 0.50% |
| Chevron Corp. | Energy | 228 | 26,726 | 0.50% |
| Zebra Technologies Corp. Class A | Technology | 45 | 26,644 | 0.50% |
| Aristocrat Leisure, Ltd. (Australia) | Consumer cyclicals | 840 | 26,634 | 0.50% |
| MSCI, Inc. | Technology | 43 | 26,433 | 0.50% |
| Eastman Chemical Co. | Basic materials | 218 | 26,369 | 0.50% |
| Exxon Mobil Corp. | Energy | 430 | 26,313 | 0.49% |
| AMETEK, Inc. | Conglomerates | 179 | 26,290 | 0.49% |
| GlaxoSmithKline PLC (United Kingdom) | Health care | 1,206 | 26,229 | 0.49% |
| Iberdrola SA (Spain) | Utilities and power | 2,210 | 26,191 | 0.49% |
| Sage Group PLC (The) (United Kingdom) | Technology | 2,266 | 26,148 | 0.49% |
| Fidelity National Financial, Inc. | Financials | 500 | 26,086 | 0.49% |
| Roche Holding AG (Switzerland) | Health care | 63 | 26,064 | 0.49% |
| Moncler SpA (Italy) | Consumer cyclicals | 357 | 26,042 | 0.49% |
| Coinbase Global, Inc. Class A | Financials | 103 | 26,041 | 0.49% |
| Osaka Gas Co., Ltd. (Japan) | Utilities and power | 1,566 | 25,876 | 0.49% |
| Nordson Corp. | Capital goods | 101 | 25,735 | 0.48% |
| Accenture PLC Class A | Technology | 62 | 25,680 | 0.48% |
| RWE AG (Germany) | Utilities and power | 629 | 25,592 | 0.48% |
| Pfizer, Inc. | Health care | 431 | 25,434 | 0.48% |
| Weyerhaeuser Co. | Basic materials | 616 | 25,373 | 0.48% |
| Dover Corp. | Capital goods | 139 | 25,329 | 0.48% |
| A BASKET (GSGLPWDS) OF COMMON STOCKS | ||||
| Percentage | ||||
| Common stocks | Sector | Shares | Value | value |
| Naturgy Energy Group SA (Spain) | Utilities and power | 912 | $29,737 | 0.57% |
| Heineken NV (Netherlands) | Consumer staples | 262 | 29,503 | 0.56% |
| Argenx SE (Netherlands) | Health care | 79 | 28,236 | 0.54% |
| Berkshire Hathaway, Inc. Class B | Financials | 94 | 28,073 | 0.54% |
| Imperial Brands PLC (United Kingdom) | Consumer staples | 1,277 | 27,935 | 0.53% |
| Veolia Environnement SA (France) | Utilities and power | 760 | 27,914 | 0.53% |
| CH Robinson Worldwide, Inc. | Transportation | 259 | 27,898 | 0.53% |
| AXA SA (France) | Financials | 926 | 27,615 | 0.53% |
| Black Knight, Inc. | Technology | 330 | 27,350 | 0.52% |
| Visa, Inc. Class A | Financials | 126 | 27,326 | 0.52% |
| Waste Management, Inc. | Capital goods | 163 | 27,261 | 0.52% |
| Atmos Energy Corp. | Utilities and power | 260 | 27,247 | 0.52% |
| Masco Corp. | Consumer cyclicals | 388 | 27,240 | 0.52% |
| Nutrien, Ltd. (Canada) | Basic materials | 360 | 27,063 | 0.52% |
| Fastenal Co. | Consumer staples | 422 | 27,021 | 0.52% |
| Wheaton Precious Metals Corp. (Canada) | Basic materials | 627 | 26,926 | 0.51% |
| S&P Global, Inc. | Consumer cyclicals | 57 | 26,896 | 0.51% |
| D.R. Horton, Inc. | Consumer cyclicals | 247 | 26,770 | 0.51% |
| Ceridian HCM Holding, Inc. | Technology | 255 | 26,664 | 0.51% |
| Equifax, Inc. | Consumer cyclicals | 90 | 26,454 | 0.51% |
| Royalty Pharma PLC Class A | Health care | 652 | 25,974 | 0.50% |
| BHP Group, Ltd. (Australia) | Basic materials | 853 | 25,760 | 0.49% |
| Tokio Marine Holdings, Inc. (Japan) | Financials | 462 | 25,697 | 0.49% |
| Pioneer Natural Resources Co. | Energy | 137 | 24,978 | 0.48% |
| Broadridge Financial Solutions, Inc. | Financials | 136 | 24,925 | 0.48% |
| Valero Energy Corp. | Energy | 331 | 24,857 | 0.48% |
| VF Corp. | Consumer cyclicals | 339 | 24,825 | 0.47% |
| Equinix, Inc. | Communication services | 29 | 24,808 | 0.47% |
| Lucid Group, Inc. | Consumer cyclicals | 652 | 24,806 | 0.47% |
| Putnam VT Global Asset Allocation Fund 31 | |
| A BASKET (GSGLPWDS) OF COMMON STOCKS cont. | ||||
| Percentage | ||||
| Common stocks | Sector | Shares | Value | value |
| ORIX Corp. (Japan) | Financials | 1,212 | $24,728 | 0.47% |
| REA Group, Ltd. (Australia) | Technology | 202 | 24,676 | 0.47% |
| Waste Connections, Inc. | Capital goods | 181 | 24,675 | 0.47% |
| CyberArk Software, Ltd. (Israel) | Technology | 142 | 24,634 | 0.47% |
| CIE Generale Des Etablissements Michelin SCA (France) | Consumer cyclicals | 150 | 24,600 | 0.47% |
| Ferguson PLC (United Kingdom) | Consumer staples | 138 | 24,472 | 0.47% |
| Lonza Group AG (Switzerland) | Health care | 29 | 24,382 | 0.47% |
| Essity AB Class B (Sweden) | Consumer staples | 745 | 24,361 | 0.47% |
| AVEVA Group PLC (United Kingdom) | Technology | 528 | 24,325 | 0.46% |
| Aon PLC | Financials | 80 | 24,112 | 0.46% |
| Westinghouse Air Brake Technologies Corp. | Transportation | 260 | 23,965 | 0.46% |
| M3, Inc. (Japan) | Health care | 475 | 23,899 | 0.46% |
| Kubota Corp. (Japan) | Capital goods | 1,076 | 23,896 | 0.46% |
| BNP Paribas SA (France) | Financials | 344 | 23,784 | 0.45% |
| Epiroc AB Class A (Sweden) | Capital goods | 937 | 23,757 | 0.45% |
| Jacobs Engineering Group, Inc. | Capital goods | 170 | 23,703 | 0.45% |
| Avantor, Inc. | Health care | 562 | 23,684 | 0.45% |
| Compagnie De Saint-Gobain (France) | Basic materials | 334 | 23,538 | 0.45% |
| Check Point Software Technologies, Ltd. (Israel) | Technology | 202 | 23,511 | 0.45% |
| Trend Micro, Inc. (Japan) | Technology | 421 | 23,363 | 0.45% |
| Cooper Cos., Inc. (The) | Health care | 56 | 23,325 | 0.45% |
| CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 12/31/21 | ||||||
| Upfront | Payments | Total return | Unrealized | |||
| premium | Termination | received (paid) | received by | appreciation/ | ||
| Notional amount | Value | received (paid) | date | by fund | or paid by fund | (depreciation) |
| $2,516,000 | $97,872 | $8,141 | 1/15/32 | 2.78% — At maturity | USA Non-revised Consumer | $(89,731) |
| Price Index-Urban (CPI-U) — | ||||||
| At maturity | ||||||
| 7,904,000 | 205,978 | 3,336 | 9/13/26 | 2.7375% — At maturity | USA Non-revised Consumer | (202,643) |
| Price Index-Urban (CPI-U) — | ||||||
| At maturity | ||||||
| Total | $11,477 | $(292,374) | ||||
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 12/31/21 | |||||||
| Upfront | |||||||
| premium | Termi- | Unrealized | |||||
| Swap counterparty/ | received | Notional | nation | Payments | appreciation/ | ||
| Referenced debt* | Rating*** | (paid)** | amount | Value | date | received by fund | (depreciation) |
| Bank of America N.A. | |||||||
| CMBX NA BBB–.6 Index | B+/P | $273 | $3,996 | $1,118 | 5/11/63 | 300 bp — Monthly | $(842) |
| CMBX NA BBB–.6 Index | B+/P | 482 | 7,993 | 2,236 | 5/11/63 | 300 bp — Monthly | (1,750) |
| CMBX NA BBB–.6 Index | B+/P | 926 | 14,986 | 4,193 | 5/11/63 | 300 bp — Monthly | (3,258) |
| CMBX NA BBB–.6 Index | B+/P | 913 | 15,986 | 4,473 | 5/11/63 | 300 bp — Monthly | (2,878) |
| Citigroup Global Markets, Inc. | |||||||
| CMBX NA A.6 Index | BBB+/P | 120 | 1,000 | 98 | 5/11/63 | 200 bp — Monthly | 22 |
| CMBX NA A.6 Index | BBB+/P | 2,681 | 22,000 | 2,154 | 5/11/63 | 200 bp — Monthly | 536 |
| CMBX NA A.6 Index | BBB+/P | 3,215 | 27,000 | 2,643 | 5/11/63 | 200 bp — Monthly | 582 |
| CMBX NA A.6 Index | BBB+/P | 5,330 | 45,000 | 4,406 | 5/11/63 | 200 bp — Monthly | 942 |
| CMBX NA BB.11 Index | BB–/P | 1,130 | 2,000 | 183 | 11/18/54 | 500 bp — Monthly | 949 |
| CMBX NA BB.6 Index | B-/P | 2,008 | 13,440 | 5,923 | 5/11/63 | 500 bp — Monthly | (3,902) |
| CMBX NA BB.7 Index | B/P | 970 | 19,000 | 6,405 | 1/17/47 | 500 bp — Monthly | (5,417) |
| CMBX NA BB.9 Index | B/P | 817 | 4,000 | 924 | 9/17/58 | 500 bp — Monthly | (103) |
| CMBX NA BBB–.10 Index | BB+/P | 545 | 5,000 | 447 | 11/17/59 | 300 bp — Monthly | 101 |
| CMBX NA BBB–.11 Index | BBB–/P | 63 | 1,000 | 47 | 11/18/54 | 300 bp — Monthly | 16 |
| CMBX NA BBB–.12 Index | BBB–/P | 118 | 2,000 | 103 | 8/17/61 | 300 bp — Monthly | 16 |
| 32 Putnam VT Global Asset Allocation Fund | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 12/31/21 cont. | |||||||
| Upfront | |||||||
| premium | Termi- | Unrealized | |||||
| Swap counterparty/ | received | Notional | nation | Payments | appreciation/ | ||
| Referenced debt* | Rating*** | (paid)** | amount | Value | date | received by fund | (depreciation) |
| Credit Suisse International | |||||||
| CMBX NA A.7 Index | BBB+/P | $37 | $1,000 | $61 | 1/17/47 | 200 bp — Monthly | $(24) |
| CMBX NA A.7 Index | BBB+/P | 291 | 7,000 | 426 | 1/17/47 | 200 bp — Monthly | (132) |
| CMBX NA BB.7 Index | B/P | 401 | 3,000 | 1,011 | 1/17/47 | 500 bp — Monthly | (607) |
| CMBX NA BBB–.6 Index | B+/P | 3,665 | 38,965 | 10,902 | 5/11/63 | 300 bp — Monthly | (7,215) |
| CMBX NA BBB–.7 Index | BB–/P | 237 | 3,000 | 602 | 1/17/47 | 300 bp — Monthly | (364) |
| CMBX NA BBB–.7 Index | BB–/P | 1,379 | 21,000 | 4,217 | 1/17/47 | 300 bp — Monthly | (2,825) |
| Goldman Sachs International | |||||||
| CMBX NA A.13 Index | A-/P | (5) | 1,000 | 11 | 12/16/72 | 200 bp — Monthly | 6 |
| CMBX NA A.6 Index | BBB+/P | 86 | 1,000 | 98 | 5/11/63 | 200 bp — Monthly | (12) |
| CMBX NA A.6 Index | BBB+/P | 676 | 11,000 | 1,077 | 5/11/63 | 200 bp — Monthly | (396) |
| CMBX NA BBB–.14 Index | BBB–/P | 45 | 1,000 | 47 | 12/16/72 | 300 bp — Monthly | (1) |
| CMBX NA BBB–.6 Index | B+/P | 99 | 1,998 | 559 | 5/11/63 | 300 bp — Monthly | (459) |
| CMBX NA BBB–.6 Index | B+/P | 563 | 5,995 | 1,677 | 5/11/63 | 300 bp — Monthly | (1,111) |
| CMBX NA BBB–.6 Index | B+/P | 1,353 | 17,984 | 5,032 | 5/11/63 | 300 bp — Monthly | (3,668) |
| CMBX NA BBB–.7 Index | BB–/P | 887 | 12,000 | 2,410 | 1/17/47 | 300 bp — Monthly | (1,516) |
| JPMorgan Securities LLC | |||||||
| CMBX NA A.13 Index | A-/P | 242 | 3,000 | 33 | 12/16/72 | 200 bp — Monthly | 276 |
| CMBX NA BB.6 Index | B-/P | 3,089 | 5,760 | 2,538 | 5/11/63 | 500 bp — Monthly | 556 |
| CMBX NA BBB–.12 Index | BBB–/P | 63 | 1,000 | 52 | 8/17/61 | 300 bp — Monthly | 12 |
| CMBX NA BBB–.13 Index | BBB–/P | 92 | 1,000 | 52 | 12/16/72 | 300 bp — Monthly | 41 |
| Morgan Stanley & Co. International PLC | |||||||
| CMBX NA A.13 Index | A-/P | (17) | 2,000 | 22 | 12/16/72 | 200 bp — Monthly | 6 |
| CMBX NA BB.6 Index | B-/P | 737 | 2,880 | 1,269 | 5/11/63 | 500 bp — Monthly | (530) |
| CMBX NA BB.6 Index | B-/P | 1,478 | 5,760 | 2,538 | 5/11/63 | 500 bp — Monthly | (1,054) |
| CMBX NA BBB–.12 Index | BBB–/P | 59 | 1,000 | 52 | 8/17/61 | 300 bp — Monthly | 8 |
| CMBX NA BBB–.12 Index | BBB–/P | 215 | 5,000 | 258 | 8/17/61 | 300 bp — Monthly | (40) |
| Upfront premium received | 35,285 | Unrealized appreciation | 4,069 | ||||
| Upfront premium (paid) | (22) | Unrealized (depreciation) | (38,104) | ||||
| Total | $35,263 | Total | $(34,035) | ||||
* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
*** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody’s, Standard & Poor’s or Fitch ratings are believed to be the most recent ratings available at December 31, 2021. Securities rated by Fitch are indicated by “/F.” Securities rated by Putnam are indicated by “/P.” The Putnam rating categories are comparable to the Standard & Poor’s classifications.
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 12/31/21 | ||||||
| Upfront | ||||||
| premium | Termi- | Payments | Unrealized | |||
| Swap counterparty/ | received | Notional | nation | (paid) | appreciation/ | |
| Referenced debt* | (paid)** | amount | Value | date | by fund | (depreciation) |
| Citigroup Global Markets, Inc. | ||||||
| CMBX NA BB.10 Index | $(1,688) | $7,000 | $1,929 | 11/17/59 | (500 bp) — Monthly | $234 |
| CMBX NA BB.10 Index | (1,785) | 7,000 | 1,929 | 11/17/59 | (500 bp) — Monthly | 137 |
| CMBX NA BB.10 Index | (219) | 2,000 | 551 | 11/17/59 | (500 bp) — Monthly | 330 |
| CMBX NA BB.10 Index | (209) | 2,000 | 551 | 11/17/59 | (500 bp) — Monthly | 340 |
| CMBX NA BB.8 Index | (248) | 1,933 | 732 | 10/17/57 | (500 bp) — Monthly | 481 |
| CMBX NA BB.9 Index | (81) | 2,000 | 462 | 9/17/58 | (500 bp) — Monthly | 379 |
| CMBX NA BB.9 Index | (103) | 1,000 | 231 | 9/17/58 | (500 bp) — Monthly | 127 |
| CMBX NA BBB–.10 Index | (437) | 2,000 | 179 | 11/17/59 | (300 bp) — Monthly | (259) |
| CMBX NA BBB–.10 Index | (127) | 1,000 | 89 | 11/17/59 | (300 bp) — Monthly | (39) |
| CMBX NA BBB–.12 Index | (60) | 1,000 | 52 | 8/17/61 | (300 bp) — Monthly | (9) |
| CMBX NA BBB–.12 Index | (352) | 1,000 | 52 | 8/17/61 | (300 bp) — Monthly | (301) |
| CMBX NA BBB–.6 Index | (700) | 10,990 | 3,075 | 5/11/63 | (300 bp) — Monthly | 2,368 |
| CMBX NA BBB–.6 Index | (2,545) | 7,993 | 2,236 | 5/11/63 | (300 bp) — Monthly | (313) |
| CMBX NA BBB–.6 Index | (849) | 2,997 | 839 | 5/11/63 | (300 bp) — Monthly | (12) |
| Putnam VT Global Asset Allocation Fund 33 | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 12/31/21 cont. | ||||||
| Upfront | ||||||
| premium | Termi- | Payments | Unrealized | |||
| Swap counterparty/ | received | Notional | nation | (paid) | appreciation/ | |
| Referenced debt* | (paid)** | amount | Value | date | by fund | (depreciation) |
| Citigroup Global Markets, Inc. cont. | ||||||
| CMBX NA BBB–.6 Index | $(556) | $1,998 | $559 | 5/11/63 | (300 bp) — Monthly | $2 |
| CMBX NA BBB–.8 Index | (316) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | (45) |
| CMBX NA BBB–.8 Index | (317) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | (46) |
| CMBX NA BBB–.8 Index | (266) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | 5 |
| CMBX NA BBB–.8 Index | (313) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | (41) |
| CMBX NA BBB–.8 Index | (286) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | (15) |
| CMBX NA BBB–.8 Index | (157) | 1,000 | 136 | 10/17/57 | (300 bp) — Monthly | (21) |
| Credit Suisse International | ||||||
| CMBX NA BB.10 Index | (476) | 4,000 | 1,102 | 11/17/59 | (500 bp) — Monthly | 622 |
| CMBX NA BB.10 Index | (534) | 4,000 | 1,102 | 11/17/59 | (500 bp) — Monthly | 564 |
| CMBX NA BB.10 Index | (249) | 2,000 | 551 | 11/17/59 | (500 bp) — Monthly | 300 |
| CMBX NA BB.7 Index | (512) | 27,840 | 12,269 | 5/11/63 | (500 bp) — Monthly | 11,730 |
| CMBX NA BB.7 Index | (1,291) | 7,000 | 2,360 | 1/17/47 | (500 bp) — Monthly | 1,062 |
| CMBX NA BB.7 Index | (1,151) | 7,000 | 2,360 | 1/17/47 | (500 bp) — Monthly | 1,201 |
| Goldman Sachs International | ||||||
| CMBX NA BB.7 Index | (2,234) | 11,000 | 3,708 | 1/17/47 | (500 bp) — Monthly | 1,464 |
| CMBX NA BB.7 Index | (983) | 6,000 | 2,023 | 1/17/47 | (500 bp) — Monthly | 1,034 |
| CMBX NA BB.8 Index | (720) | 1,933 | 732 | 10/17/57 | (500 bp) — Monthly | 10 |
| CMBX NA BB.8 Index | (340) | 966 | 366 | 10/17/57 | (500 bp) — Monthly | 25 |
| CMBX NA BB.8 Index | (113) | 966 | 366 | 10/17/57 | (500 bp) — Monthly | 252 |
| CMBX NA BBB–.10 Index | (1,312) | 6,000 | 536 | 11/17/59 | (300 bp) — Monthly | (779) |
| CMBX NA BBB–.10 Index | (624) | 4,000 | 358 | 11/17/59 | (300 bp) — Monthly | (268) |
| CMBX NA BBB–.12 Index | (780) | 4,000 | 206 | 8/17/61 | (300 bp) — Monthly | (576) |
| CMBX NA BBB–.6 Index | (3,543) | 12,988 | 3,634 | 5/11/63 | (300 bp) — Monthly | 84 |
| CMBX NA BBB–.6 Index | (400) | 7,993 | 2,236 | 5/11/63 | (300 bp) — Monthly | 1,831 |
| CMBX NA BBB–.8 Index | (129) | 1,000 | 136 | 10/17/57 | (300 bp) — Monthly | 6 |
| JPMorgan Securities LLC | ||||||
| CMBX NA A.7 Index | (169) | 8,000 | 486 | 1/17/47 | (200 bp) — Monthly | 315 |
| CMBX NA BB.17 Index | (490) | 1,000 | 337 | 1/17/47 | (500 bp) — Monthly | (154) |
| CMBX NA BBB–.10 Index | (2,613) | 23,000 | 2,056 | 11/17/59 | (300 bp) — Monthly | (570) |
| CMBX NA BBB–.10 Index | (563) | 2,000 | 179 | 11/17/59 | (300 bp) — Monthly | (386) |
| CMBX NA BBB–.10 Index | (298) | 1,000 | 89 | 11/17/59 | (300 bp) — Monthly | (209) |
| CMBX NA BBB–.10 Index | (165) | 1,000 | 89 | 11/17/59 | (300 bp) — Monthly | (76) |
| CMBX NA BBB–.11 Index | (202) | 1,000 | 47 | 11/18/54 | (300 bp) — Monthly | (155) |
| CMBX NA BBB–.6 Index | (15,346) | 47,957 | 13,418 | 5/11/63 | (300 bp) — Monthly | (1,955) |
| CMBX NA BBB–.7 Index | (6,573) | 28,000 | 5,622 | 1/17/47 | (300 bp) — Monthly | (967) |
| Merrill Lynch International | ||||||
| CMBX NA BB.10 Index | (228) | 4,000 | 1,102 | 11/17/59 | (500 bp) — Monthly | 871 |
| CMBX NA BB.11 Index | (494) | 1,000 | 92 | 11/18/54 | (500 bp) — Monthly | (404) |
| CMBX NA BBB–.7 Index | (328) | 4,000 | 803 | 1/17/47 | (300 bp) — Monthly | 473 |
| CMBX NA BBB–.9 Index | (185) | 1,000 | 94 | 9/17/58 | (300 bp) — Monthly | (92) |
| Morgan Stanley & Co. International PLC | ||||||
| CMBX NA A.6 Index | (483) | 5,000 | 490 | 5/11/63 | (200 bp) — Monthly | 5 |
| CMBX NA BB.10 Index | (210) | 2,000 | 551 | 11/17/59 | (500 bp) — Monthly | 339 |
| CMBX NA BB.10 Index | (470) | 2,000 | 551 | 11/17/59 | (500 bp) — Monthly | 79 |
| CMBX NA BB.7 Index | (804) | 4,000 | 1,348 | 1/17/47 | (500 bp) — Monthly | 540 |
| CMBX NA BB.7 Index | (193) | 1,000 | 337 | 1/17/47 | (500 bp) — Monthly | 143 |
| CMBX NA BB.9 Index | (61) | 1,000 | 231 | 9/17/58 | (500 bp) — Monthly | 169 |
| CMBX NA BBB–.10 Index | (6,792) | 39,000 | 3,487 | 11/17/59 | (300 bp) — Monthly | (3,328) |
| CMBX NA BBB–.10 Index | (970) | 6,000 | 536 | 11/17/59 | (300 bp) — Monthly | (437) |
| CMBX NA BBB–.10 Index | (859) | 6,000 | 536 | 11/17/59 | (300 bp) — Monthly | (326) |
| CMBX NA BBB–.10 Index | (260) | 3,000 | 268 | 11/17/59 | (300 bp) — Monthly | 7 |
| CMBX NA BBB–.10 Index | (240) | 2,000 | 179 | 11/17/59 | (300 bp) — Monthly | (62) |
| 34 Putnam VT Global Asset Allocation Fund | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 12/31/21 cont. | ||||||
| Upfront | ||||||
| premium | Termi- | Payments | Unrealized | |||
| Swap counterparty/ | received | Notional | nation | (paid) | appreciation/ | |
| Referenced debt* | (paid)** | amount | Value | date | by fund | (depreciation) |
| Morgan Stanley & Co. International PLC cont. | ||||||
| CMBX NA BBB–.10 Index | $(218) | $1,000 | $89 | 11/17/59 | (300 bp) — Monthly | $(129) |
| CMBX NA BBB–.13 Index | (62) | 1,000 | 52 | 12/16/72 | (300 bp) — Monthly | (11) |
| CMBX NA BBB–.7 Index | (408) | 4,000 | 803 | 1/17/47 | (300 bp) — Monthly | 393 |
| CMBX NA BBB–.8 Index | (429) | 3,000 | 408 | 10/17/57 | (300 bp) — Monthly | (23) |
| CMBX NA BBB–.8 Index | (254) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | 17 |
| CMBX NA BBB–.8 Index | (254) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | 17 |
| CMBX NA BBB–.8 Index | (311) | 2,000 | 272 | 10/17/57 | (300 bp) — Monthly | (40) |
| CMBX NA BBB–.8 Index | (155) | 1,000 | 136 | 10/17/57 | (300 bp) — Monthly | (19) |
| CMBX NA BBB–.8 Index | (156) | 1,000 | 136 | 10/17/57 | (300 bp) — Monthly | (21) |
| CMBX NA BBB–.8 Index | (156) | 1,000 | 136 | 10/17/57 | (300 bp) — Monthly | (20) |
| CMBX NA BBB–.8 Index | (157) | 1,000 | 136 | 10/17/57 | (300 bp) — Monthly | (21) |
| Upfront premium received | — | Unrealized appreciation | 27,956 | |||
| Upfront premium (paid) | (68,561) | Unrealized (depreciation) | (12,129) | |||
| Total | $(68,561) | Total | $15,827 | |||
* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
| CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 12/31/21 | |||||||
| Upfront | |||||||
| premium | Termi- | Payments | Unrealized | ||||
| received | Notional | nation | received | appreciation/ | |||
| Referenced debt* | Rating*** | (paid)** | amount | Value | date | by fund | (depreciation) |
| NA HY Series 37 Index | B+/P | $(42,420) | $449,000 | $40,971 | 12/20/26 | 500 bp — | $(700) |
| Quarterly | |||||||
| NA IG Series 37 Index | BBB+/P | (110,199) | 4,400,000 | 107,448 | 12/20/26 | 100 bp — | (1,285) |
| Quarterly | |||||||
| Total | $(152,619) | $(1,985) | |||||
* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
*** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody’s, Standard & Poor’s or Fitch ratings are believed to be the most recent ratings available at December 31, 2021. Securities rated by Fitch are indicated by “/F.” Securities rated by Putnam are indicated by “/P.” The Putnam rating categories are comparable to the Standard & Poor’s classifications.
| Putnam VT Global Asset Allocation Fund 35 | |
ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
| Valuation inputs | |||
| Investments in securities: | Level 1 | Level 2 | Level 3 |
| Common stocks*: | |||
| Basic materials | $2,869,994 | $272,933 | $— |
| Capital goods | 5,369,518 | 247,873 | — |
| Communication services | 1,782,548 | 304,818 | — |
| Conglomerates | 378,207 | — | — |
| Consumer cyclicals | 11,374,261 | 1,019,077 | — |
| Consumer staples | 6,620,649 | 258,541 | — |
| Energy | 2,047,918 | — | 38 |
| Financials | 12,392,440 | 969,226 | — |
| Government | 25,291 | — | — |
| Health care | 11,249,135 | 159,452 | — |
| Technology | 29,865,201 | 906,761 | — |
| Transportation | 1,438,081 | 188,690 | — |
| Utilities and power | 2,644,023 | 246,657 | — |
| Total common stocks | 88,057,266 | 4,574,028 | 38 |
| Asset-backed securities | — | 407,807 | — |
| Convertible bonds and notes | — | 24,057 | — |
| Corporate bonds and notes | — | 18,405,505 | — |
| Foreign government and agency bonds and notes | — | 588,987 | — |
| Mortgage-backed securities | — | 4,041,959 | — |
| Senior loans | — | 499,347 | — |
| U.S. government and agency mortgage obligations | — | 18,598,713 | — |
| Short-term investments | — | 6,903,876 | — |
| Totals by level | $88,057,266 | $54,044,279 | $38 |
| Valuation inputs | |||
| Other financial instruments: | Level 1 | Level 2 | Level 3 |
| Forward currency contracts | $— | $7,856 | $— |
| Futures contracts | (292,889) | — | — |
| TBA sale commitments | — | (6,150,369) | — |
| Interest rate swap contracts | — | 16,775 | — |
| Total return swap contracts | — | (311,532) | — |
| Credit default contracts | — | 165,724 | — |
| Totals by level | $(292,889) | $(6,271,546) | $— |
* Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the fund’s portfolio.
The accompanying notes are an integral part of these financial statements.
| 36 Putnam VT Global Asset Allocation Fund | |
Statement of assets and liabilities
12/31/21
| Assets | |
| Investment in securities, at value (Notes 1 and 9): | |
| Unaffiliated issuers (identified cost $105,532,433) | $137,135,415 |
| Affiliated issuers (identified cost $4,966,168) (Note 5) | 4,966,168 |
| Cash | 9,775 |
| Foreign currency (cost $9,324) (Note 1) | 9,088 |
| Dividends, interest and other receivables | 372,809 |
| Foreign tax reclaim | 34,110 |
| Receivable for shares of the fund sold | 2,071 |
| Receivable for investments sold | 3,511,797 |
| Receivable for sales of TBA securities (Note 1) | 6,151,896 |
| Receivable for variation margin on futures contracts (Note 1) | 90,738 |
| Receivable for variation margin on centrally cleared swap contracts (Note 1) | 16,271 |
| Unrealized appreciation on forward currency contracts (Note 1) | 423,816 |
| Unrealized appreciation on OTC swap contracts (Note 1) | 168,392 |
| Premium paid on OTC swap contracts (Note 1) | 68,583 |
| Total assets | 152,960,929 |
| Liabilities | |
| Payable for investments purchased | 2,161,273 |
| Payable for purchases of TBA securities (Note 1) | 13,535,629 |
| Payable for shares of the fund repurchased | 26,073 |
| Payable for compensation of Manager (Note 2) | 63,825 |
| Payable for custodian fees (Note 2) | 17,978 |
| Payable for investor servicing fees (Note 2) | 15,206 |
| Payable for Trustee compensation and expenses (Note 2) | 110,482 |
| Payable for administrative services (Note 2) | 1,402 |
| Payable for distribution fees (Note 2) | 8,662 |
| Payable for variation margin on futures contracts (Note 1) | 22,583 |
| Payable for variation margin on centrally cleared swap contracts (Note 1) | 14,926 |
| Unrealized depreciation on OTC swap contracts (Note 1) | 194,281 |
| Premium received on OTC swap contracts (Note 1) | 35,285 |
| Unrealized depreciation on forward currency contracts (Note 1) | 415,960 |
| TBA sale commitments, at value (proceeds receivable $6,146,563) (Note 1) | 6,150,369 |
| Other accrued expenses | 113,651 |
| Total liabilities | 22,887,585 |
| Net assets | $130,073,344 |
| Represented by | |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $87,554,832 |
| Total distributable earnings (Note 1) | 42,518,512 |
| Total — Representing net assets applicable to capital shares outstanding | $130,073,344 |
| Computation of net asset value Class IA | |
| Net assets | $89,120,102 |
| Number of shares outstanding | 4,445,837 |
| Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding) | $20.05 |
| Computation of net asset value Class IB | |
| Net assets | $40,953,242 |
| Number of shares outstanding | 2,013,566 |
| Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding) | $20.34 |
The accompanying notes are an integral part of these financial statements.
| Putnam VT Global Asset Allocation Fund 37 | |
Statement of operations
Year ended 12/31/21
| Investment income | |
| Dividends (net of foreign tax of $30,940) | $1,506,230 |
| Interest (net of foreign tax of $60 ) (including interest income of $9,260 from investments in affiliated issuers) (Note 5) | 1,045,515 |
| Securities lending (net of expenses) (Notes 1 and 5) | 1,038 |
| Total investment income | 2,552,783 |
| Expenses | |
| Compensation of Manager (Note 2) | 751,820 |
| Investor servicing fees (Note 2) | 90,592 |
| Custodian fees (Note 2) | 76,085 |
| Trustee compensation and expenses (Note 2) | 5,131 |
| Distribution fees (Note 2) | 101,254 |
| Administrative services (Note 2) | 3,247 |
| Auditing and tax fees | 117,923 |
| Other | 41,701 |
| Total expenses | 1,187,753 |
| Expense reduction (Note 2) | (38) |
| Net expenses | 1,187,715 |
| Net investment income | 1,365,068 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on: | |
| Securities from unaffiliated issuers (Notes 1 and 3) | 14,188,951 |
| Foreign currency transactions (Note 1) | (7,230) |
| Forward currency contracts (Note 1) | (390,899) |
| Futures contracts (Note 1) | (3,202,351) |
| Swap contracts (Note 1) | 471,057 |
| Written options (Note 1) | (5,512) |
| Total net realized gain | 11,054,016 |
| Change in net unrealized appreciation (depreciation) on: | |
| Securities from unaffiliated issuers and TBA sale commitments | 5,396,989 |
| Assets and liabilities in foreign currencies | (1,926) |
| Forward currency contracts | (142,683) |
| Futures contracts | (262,809) |
| Swap contracts | (365,058) |
| Total change in net unrealized appreciation | 4,624,513 |
| Net gain on investments | 15,678,529 |
| Net increase in net assets resulting from operations | $17,043,597 |
The accompanying notes are an integral part of these financial statements.
| 38 Putnam VT Global Asset Allocation Fund | |
Statement of changes in net assets
| Year ended | Year ended | |
| 12/31/21 | 12/31/20 | |
| Increase in net assets | ||
| Operations: | ||
| Net investment income | $1,365,068 | $1,472,756 |
| Net realized gain on investments and foreign currency transactions | 11,054,016 | 2,846,902 |
| Change in net unrealized appreciation of investments and assets and liabilities in foreign currencies | 4,624,513 | 9,754,339 |
| Net increase in net assets resulting from operations | 17,043,597 | 14,073,997 |
| Distributions to shareholders (Note 1): | ||
| From ordinary income | ||
| Net investment income | ||
| Class IA | (829,820) | (1,802,438) |
| Class IB | (277,928) | (649,646) |
| Net realized short-term gain on investments | ||
| Class IA | (1,321,221) | (140,974) |
| Class IB | (582,424) | (58,115) |
| From net realized long-term gain on investments | ||
| Class IA | (1,005,982) | (1,485,248) |
| Class IB | (443,459) | (612,287) |
| Decrease from capital share transactions (Note 4) | (8,671,578) | (8,657,923) |
| Total increase in net assets | 3,911,185 | 667,366 |
| Net assets: | ||
| Beginning of year | 126,162,159 | 125,494,793 |
| End of year | $130,073,344 | $126,162,159 |
The accompanying notes are an integral part of these financial statements.
| Putnam VT Global Asset Allocation Fund 39 | |
Financial highlights (For a common share outstanding throughout the period)
| INVESTMENT OPERATIONS: | LESS DISTRIBUTIONS: | RATIOS AND SUPPLEMENTAL DATA: | ||||||||||||
| Period ended | Net asset value, beginning of period | Net investment income (loss)a | Net realized and unrealized gain (loss) on investments | Total from investment operations | From net investment income | From net realized gain on investments | Total distributions | Non-recurring reimbursements | Net asset value, end of period | Total return at net asset value (%)b,c | Net assets, end of period (in thousands) | Ratio of expenses to average net assets (%)b,d | Ratio of net investment income (loss) to average net assets (%) | Portfolio turnover (%)e |
| Class IA | ||||||||||||||
| 12/31/21 | $18.21 | .22 | 2.30 | 2.52 | (.18) | (.50) | (.68) | — | $20.05 | 14.25 | $89,120 | .84 | 1.13 | 306 |
| 12/31/20 | 16.95 | .22 | 1.72 | 1.94 | (.36) | (.32) | (.68) | — | 18.21 | 12.58 | 87,732 | .86 | 1.32 | 320 |
| 12/31/19 | 15.17 | .32 | 2.26 | 2.58 | (.29) | (.51) | (.80) | — | 16.95 | 17.42 | 88,722 | .86f | 1.98f | 164 |
| 12/31/18 | 18.14 | .33 | (1.53) | (1.20) | (.38) | (1.39) | (1.77) | — | 15.17 | (7.02) | 86,731 | .85 | 1.97 | 132 |
| 12/31/17 | 16.55 | .32 | 2.18 | 2.50 | (.30) | (.61) | (.91) | —g | 18.14 | 15.67 | 104,826 | .86 | 1.87 | 208 |
| Class IB | ||||||||||||||
| 12/31/21 | $18.47 | .17 | 2.34 | 2.51 | (.14) | (.50) | (.64) | — | $20.34 | 13.95 | $40,953 | 1.09 | .88 | 306 |
| 12/31/20 | 17.17 | .18 | 1.75 | 1.93 | (.31) | (.32) | (.63) | — | 18.47 | 12.31 | 38,431 | 1.11 | 1.06 | 320 |
| 12/31/19 | 15.35 | .28 | 2.29 | 2.57 | (.24) | (.51) | (.75) | — | 17.17 | 17.13 | 36,773 | 1.11f | 1.72f | 164 |
| 12/31/18 | 18.33 | .29 | (1.54) | (1.25) | (.34) | (1.39) | (1.73) | — | 15.35 | (7.26) | 36,889 | 1.10 | 1.71 | 132 |
| 12/31/17 | 16.72 | .28 | 2.20 | 2.48 | (.26) | (.61) | (.87) | —g | 18.33 | 15.34 | 46,701 | 1.11 | 1.61 | 208 |
a Per share net investment income (loss) has been determined on the basis of weighted average number of shares outstanding during the period.
b The charges and expenses at the insurance company separate account level are not reflected.
c Total return assumes dividend reinvestment.
d Includes amounts paid through expense offset and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.
e Portfolio turnover includes TBA purchase and sale commitments.
f Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class reflect a reduction of the following amounts:
| Percentage of average | ||||
| net assets | ||||
| December 31, 2019 | 0.01% |
g Reflects a non-recurring reimbursement purusant to a settlement between the Securities and Exchange Commission (the SEC) and Countrywide Financial which amounted to less than $0.01 per share outstanding on November 29, 2017.
The accompanying notes are an integral part of these financial statements.
| 40 Putnam VT Global Asset Allocation Fund | |
Notes to financial statements 12/31/21
Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from January 1, 2021 through December 31, 2021.
Putnam VT Global Asset Allocation Fund (the fund) is a diversified series of Putnam Variable Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The goal of the fund is to seek long-term return consistent with preservation of capital. The fund invests a majority of its assets in a diversified portfolio of equity securities (growth or value stocks or both) of both U.S. and foreign companies of any size. Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments. The fund also invests in a diversified portfolio of fixed-income investments, including both U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). Putnam Management may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed-income investments. Putnam Management may also select other investments that do not fall within these asset classes. Putnam Management may also use to a significant extent derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.
The fund offers class IA and class IB shares of beneficial interest. Class IA shares are offered at net asset value and are not subject to a distribution fee. Class IB shares are offered at net asset value and pay an ongoing distribution fee, which is identified in Note 2.
In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the fund’s Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Note 1 — Significant accounting policies
The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.
Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
| Putnam VT Global Asset Allocation Fund 41 | |
Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.
Interest income, net of any applicable withholding taxes, if any, and including amortization and accretion of premiums and discounts on debt securities, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.
The fund may have earned certain fees in connection with its senior loan purchasing activities. These fees, if any, are treated as market discount and are amortized into income in the Statement of operations.
Securities purchased or sold on a delayed delivery basis may be settled at a future date beyond customary settlement time; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the fair value of the underlying securities or if the counterparty does not perform under the contract.
Stripped securities The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.
Options contracts The fund uses options contracts to hedge duration and convexity, to isolate prepayment risk, to gain exposure to interest rates, to hedge against changes in values of securities it owns, owned or expects to own, to hedge prepayment risk, to generate additional income for the portfolio, to enhance returns on securities owned, to enhance the return on a security owned, to gain exposure to securities and to manage downside risks.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Futures contracts The fund uses futures contracts to manage exposure to market risk, to hedge prepayment risk, to hedge interest rate risk, to gain exposure to interest rates, and to equitize cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”
Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to hedge foreign exchange risk and to gain exposure to currencies.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.
Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Interest rate swap contracts The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount to, hedge interest rate risk, to gain exposure on interest rates and to hedge prepayment risk.
An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.
The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a
| 42 Putnam VT Global Asset Allocation Fund | |
master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.
OTC and centrally cleared interest rate swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.
Total return swap contracts The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure, to manage exposure to specific sectors or industries, to manage exposure to specific securities, to gain exposure to a basket of securities, to gain exposure to specific markets or countries and to gain exposure to specific sectors or industries.
To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.
OTC and/or centrally cleared total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.
Credit default contracts The fund entered into OTC and/or centrally cleared credit default contracts to hedge credit risk, to hedge market risk and to gain exposure on individual names and/or baskets of securities.
In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.
In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risks of loss may exceed amounts recognized on the Statement of assets and liabilities. The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.
OTC and centrally cleared credit default contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.
TBA commitments The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
The fund may also enter into TBA sale commitments to hedge its portfolio positions, to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities or an offsetting TBA purchase commitment deliverable on or before the sale commitment date are held as “cover” for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
Unsettled TBA commitments are valued at their fair value according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
TBA purchase commitments outstanding at period end, if any, are listed within the fund’s portfolio and TBA sale commitments outstanding at period end, if any, are listed after the fund’s portfolio.
Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio.
| Putnam VT Global Asset Allocation Fund 43 | |
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $112,844 on open derivative contracts subject to the Master Agreements. Collateral pledged by the fund at period end for these agreements totaled $111,000 and may include amounts related to unsettled agreements.
Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending, net of expenses, is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the fund had no securities out on loan.
Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.
Lines of credit The fund participates, along with other Putnam funds, in a $317.5 million unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.
Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies.
The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.
Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, from foreign currency gains and losses, from unrealized gains and losses on certain futures contracts, from unrealized gains and losses on passive foreign investment companies, from income on swap contracts and from interest-only securities. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $519,724 to increase undistributed net investment income, $264 to increase paid-in capital and $519,988 to decrease accumulated net realized gain.
Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:
| Unrealized appreciation | $34,586,363 |
| Unrealized depreciation | (3,781,009) |
| Net unrealized appreciation | 30,805,354 |
| Undistributed ordinary income | 1,551,099 |
| Undistributed long-term gains | 6,190,719 |
| Undistributed short-term gains | 3,988,691 |
| Cost for federal income tax purposes | $104,731,794 |
Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.
Beneficial interest At the close of the reporting period, insurance companies or their separate accounts were record owners of all but a de minimis number of the shares of the fund. Approximately 40.2% of the fund is owned by accounts of one insurance company.
Note 2 — Management fee, administrative services and other transactions
The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid “double counting” of those assets). Such annual rates may vary as follows:
| 0.750% | of the first $5 billion, |
| 0.700% | of the next $5 billion, |
| 0.650% | of the next $10 billion, |
| 0.600% | of the next $10 billion, |
| 0.550% | of the next $50 billion, |
| 0.530% | of the next $50 billion, |
| 0.520% | of the next $100 billion and |
| 0.515% | of any excess thereafter. |
For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.581% of the fund’s average net assets.
Putnam Management has contractually agreed, through April 30, 2023, to waive fees and/or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plan, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period.
| 44 Putnam VT Global Asset Allocation Fund | |
During the reporting period, the fund’s expenses were not reduced as a result of this limit.
Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.35% of the average net assets of the portion of the fund managed by PIL.
The Putnam Advisory Company, LLC (PAC), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund, as designated from time to time by Putnam Management or PIL. PAC did not manage any portion of the assets of the fund during the reporting period. If Putnam Management or PIL were to engage the services of PAC, Putnam Management or PIL, as applicable, would pay a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.35% of the average net assets of the portion of the fund’s assets for which PAC is engaged as sub-adviser.
The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.
Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.
Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.07% of the fund’s average daily net assets. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:
| Class IA | $62,245 |
| Class IB | 28,347 |
| Total | $90,592 |
The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. For the reporting period, the fund’s expenses were reduced by $38 under the expense offset arrangements.
Each Independent Trustee of the fund receives an annual Trustee fee, of which $85, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.
The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.
The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.
The fund has adopted a distribution plan (the Plan) with respect to its class IB shares pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plan is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plan provides for payment by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35% of the average net assets attributable to the fund’s class IB shares. The Trustees have approved payment by the fund at an annual rate of 0.25% of the average net assets attributable to the fund’s class IB shares. The expenses related to distribution fees during the reporting period are included in Distribution fees in the Statement of operations.
Note 3 — Purchases and sales of securities
During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:
| Cost of | Proceeds | |
| purchases | from sales | |
| Investments in securities, including | ||
| TBA commitments (Long-term) | $383,656,204 | $394,690,543 |
| U.S. government securities | ||
| (Long-term) | — | — |
| Total | $383,656,204 | $394,690,543 |
The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.
Note 4 — Capital shares
At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Subscriptions and redemptions are presented at the omnibus level. Transactions in capital shares were as follows:
| Class IA shares | Class IB shares | |||||||
| Year ended 12/31/21 | Year ended 12/31/20 | Year ended 12/31/21 | Year ended 12/31/20 | |||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |
| Shares sold | 49,948 | $969,656 | 18,982 | $304,927 | 123,789 | $2,411,525 | 178,196 | $2,872,126 |
| Shares issued in connection with | ||||||||
| reinvestment of distributions | 174,614 | 3,157,023 | 241,285 | 3,428,660 | 70,975 | 1,303,811 | 91,416 | 1,320,048 |
| 224,562 | 4,126,679 | 260,267 | 3,733,587 | 194,764 | 3,715,336 | 269,612 | 4,192,174 | |
| Shares repurchased | (597,137) | (11,388,139) | (677,450) | (11,085,478) | (262,182) | (5,125,454) | (330,594) | (5,498,206) |
| Net decrease | (372,575) | $(7,261,460) | (417,183) | $(7,351,891) | (67,418) | $(1,410,118) | (60,982) | $(1,306,032) |
| Putnam VT Global Asset Allocation Fund 45 | |
Note 5 — Affiliated transactions
Transactions during the reporting period with any company which is under common ownership or control were as follows:
| Shares outstanding | |||||
| Fair value as of | and fair value as of | ||||
| Name of affiliate | 12/31/20 | Purchase cost | Sale proceeds | Investment income | 12/31/21 |
| Short-term investments | |||||
| Putnam Cash Collateral Pool, LLC* | $895,250 | $5,880,463 | $6,775,713 | $404 | $— |
| Putnam Short Term Investment | |||||
| Fund** | 14,566,068 | 18,038,927 | 27,638,827 | 9,260 | 4,966,168 |
| Total Short-term investments | $15,461,318 | $23,919,390 | $34,414,540 | $9,664 | $4,966,168 |
*No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. There were no realized or unrealized gains or losses during the period.
**Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
Note 6 — Market, credit and other risks
In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market’s perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.
On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.
Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as Covid–19. The outbreak of Covid–19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of Covid–19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the fund’s performance.
Note 7 — Senior loan commitments
Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
Note 8 — Summary of derivative activity
The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:
| Purchased currency option contracts (contract amount) | $3,100,000 |
| Written currency option contracts (contract amount) | $3,100,000 |
| Futures contracts (number of contracts) | 400 |
| Forward currency contracts (contract amount) | $69,900,000 |
| Centrally cleared interest rate swap contracts (notional) | $15,300,000 |
| OTC total return swap contracts (notional) | $13,300,000 |
| Centrally cleared total return swap contracts (notional) | $11,300,000 |
| OTC credit default contracts (notional) | $840,000 |
| Centrally cleared credit default contracts (notional) | $6,400,000 |
| 46 Putnam VT Global Asset Allocation Fund | |
The following is a summary of the fair value of derivative instruments as of the close of the reporting period:
Fair value of derivative instruments as of the close of the reporting period
| Asset derivatives | Liability derivatives | |||
| Derivatives not accounted for as hedging | Statement of assets and | Statement of assets and | ||
| instruments under ASC 815 | liabilities location | Fair value | liabilities location | Fair value |
| Receivables, Net assets — | ||||
| Credit contracts | Unrealized appreciation | $235,090* | Payables | $69,366 |
| Foreign exchange contracts | Receivables | 423,816 | Payables | 415,960 |
| Receivables, Net assets — | Payables, Net assets — | |||
| Equity contracts | Unrealized appreciation | 196,623* | Unrealized depreciation | 530,309* |
| Receivables, Net assets — | Payables, Net assets — | |||
| Interest rate contracts | Unrealized appreciation | 176,044* | Unrealized depreciation | 430,004* |
| Total | $1,031,573 | $1,445,639 | ||
*Includes cumulative appreciation/depreciation of futures contracts and/or centrally cleared swaps as reported in the fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.
The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):
Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments
| Derivatives not accounted for as hedging | Forward currency | ||||
| instruments under ASC 815 | Options | Futures | contracts | Swaps | Total |
| Credit contracts | $— | $— | $— | $(505,750) | $(505,750) |
| Foreign exchange contracts | (11,093) | — | (390,899) | — | $(401,992) |
| Equity contracts | — | (2,710,306) | — | 139,872 | $(2,570,434) |
| Interest rate contracts | — | (492,045) | — | 836,935 | $344,890 |
| Total | $(11,093) | $(3,202,351) | $(390,899) | $471,057 | $(3,133,286) |
Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments
| Derivatives not accounted for as hedging | Forward currency | |||
| instruments under ASC 815 | Futures | contracts | Swaps | Total |
| Credit contracts | $— | $— | $(26,064) | $(26,064) |
| Foreign exchange contracts | — | (142,683) | — | $(142,683) |
| Equity contracts | (341,350) | — | (40,175) | $(381,525) |
| Interest rate contracts | 78,541 | — | (298,819) | $(220,278) |
| Total | $(262,809) | $(142,683) | $(365,058) | $(770,550) |
| Putnam VT Global Asset Allocation Fund 47 | |
Note 9 — Offsetting of financial and derivative assets and liabilities
The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.
| Bank of America N.A. |
Barclays Bank PLC | Barclays Capital, Inc. (clearing broker) |
BofA Securities, Inc. | Citibank, N.A. | Citigroup Global Markets, Inc. |
Credit Suisse International |
Goldman Sachs International |
HSBC Bank USA, National Association |
JPMorgan Chase Bank N.A. |
JPMorgan Securities LLC |
Merrill Lynch International |
Morgan Stanley & Co. International PLC |
NatWest Markets PLC |
State Street Bank and Trust Co. |
Toronto-Dominion Bank |
UBS AG | WestPac Banking Corp. |
Total | |
| Assets: | |||||||||||||||||||
| Centrally cleared interest rate | |||||||||||||||||||
| swap contracts§ | $— | $— | $12,807 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $12,807 |
| OTC Total return | |||||||||||||||||||
| swap contracts*# | — | — | — | — | — | — | — | 136,367 | — | — | — | — | — | — | — | — | — | — | 136,367 |
| Centrally cleared total return | |||||||||||||||||||
| swap contracts§ | — | — | 1,996 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,996 |
| OTC Credit default contracts — | |||||||||||||||||||
| protection sold*# | — | — | — | — | — | — | — | 11 | — | — | 34 | — | 23 | — | — | — | — | — | 68 |
| OTC Credit default contracts - | |||||||||||||||||||
| protection purchased*# | — | — | — | — | — | 14,916 | 19,692 | 14,261 | — | — | 22,262 | 2,083 | 11,174 | — | — | — | — | — | 84,388 |
| Centrally cleared credit | |||||||||||||||||||
| default contracts§ | — | — | 1,468 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,468 |
| Futures contracts§ | — | — | — | 53,502 | — | — | — | — | — | — | 37,236 | — | — | — | — | — | — | — | 90,738 |
| Forward currency contracts# | 29,637 | 36,442 | — | — | 36,194 | — | 1,902 | 43,631 | 15,357 | 34,373 | — | — | 22,805 | 17,153 | 72,935 | 48,031 | 59,956 | 5,400 | 423,816 |
| Total Assets | $29,637 | $36,442 | $16,271 | $53,502 | $36,194 | $14,916 | $21,594 | $194,270 | $15,357 | $34,373 | $59,532 | $2,083 | $34,002 | $17,153 | $72,935 | $48,031 | $59,956 | $5,400 | $751,648 |
| Liabilities: | |||||||||||||||||||
| Centrally cleared interest rate | |||||||||||||||||||
| swap contracts§ | — | — | 14,926 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 14,926 |
| OTC Total return | |||||||||||||||||||
| swap contracts*# | — | — | — | — | — | — | — | 144,048 | — | — | — | — | — | — | — | — | — | — | 144,048 |
| Centrally cleared total return | |||||||||||||||||||
| swap contracts§ | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OTC Credit default contracts — | |||||||||||||||||||
| protection sold*# | 11,322 | — | — | — | — | 23,255 | 17,177 | 10,872 | — | — | 2,635 | — | 4,105 | — | — | — | — | — | 69,366 |
| OTC Credit default contracts — | |||||||||||||||||||
| protection purchased*# | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Centrally cleared credit | |||||||||||||||||||
| default contracts§ | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Futures contracts§ | — | — | — | 9,020 | — | — | — | — | — | — | 13,563 | — | — | — | — | — | — | — | 22,583 |
| Forward currency contracts# | 8,880 | 9,296 | — | — | 17,602 | — | 16,530 | 27,460 | 19,670 | 70,693 | — | — | 63,468 | 11,566 | 85,348 | 30,145 | 44,127 | 11,175 | 415,960 |
| Total Liabilities | $20,202 | $9,296 | $14,926 | $9,020 | $17,602 | $23,255 | $33,707 | $182,380 | $19,670 | $70,693 | $16,198 | $— | $67,573 | $11,566 | $85,348 | $30,145 | $44,127 | $11,175 | $666,883 |
| Total Financial and Derivative | |||||||||||||||||||
| Net Assets | $9,435 | $27,146 | $1,345 | $44,482 | $18,592 | $(8,339) | $(12,113) | $11,890 | $(4,313) | $(36,320) | $43,334 | $2,083 | $(33,571) | $5,587 | $(12,413) | $17,886 | $15,829 | $(5,775) | $84,765 |
| Total collateral received | |||||||||||||||||||
| (pledged)†## | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(33,571) | $— | $— | $— | $— | $— | |
| Net amount | $9,435 | $27,146 | $1,345 | $44,482 | $18,592 | $(8,339) | $(12,113) | $11,890 | $(4,313) | $(36,320) | $43,334 | $2,083 | $— | $5,587 | $(12,413) | $17,886 | $15,829 | $(5,775) | |
| Controlled collateral received | |||||||||||||||||||
| (including TBA commitments)** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Uncontrolled collateral received | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Collateral (pledged) (including | |||||||||||||||||||
| TBA commitments)** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(111,000) | $— | $— | $— | $— | $— | $(111,000) |
* Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.
** Included with Investments in securities on the Statement of assets and liabilities.
† Additional collateral may be required from certain brokers based on individual agreements.
# Covered by master netting agreement (Note 1).
## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
§ Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund’s portfolio. Collateral pledged for initial margin on futures contracts and centrally cleared swap contracts, which is not included in the table above, amounted to $1,171,732 and $483,924, respectively.
| 48 Putnam VT Global Asset Allocation Fund | Putnam VT Global Asset Allocation Fund 49 | |
Note 10 — New accounting pronouncements
In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020–04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020–04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The discontinuation of LIBOR was subsequently extended to June 30, 2023. ASU 2020–04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management expects that the adoption of the guidance will not have a material impact on the fund’s financial statements.
Federal tax information (Unaudited)
Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $6,822,496 as a capital gain dividend with respect to the taxable year ended December 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.
The fund designated 32.63% of ordinary income distributions as qualifying for the dividends received deduction for corporations.
| 50 Putnam VT Global Asset Allocation Fund | |
| Putnam VT Global Asset Allocation Fund 51 | ||
*Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.
The address of each Trustee is 100 Federal Street, Boston, MA 02110.
As of December 31, 2021, there were 100 Putnam funds. All Trustees serve as Trustees of all Putnam funds.
Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.
Officers
In addition to Robert L. Reynolds, the other officers of the fund are shown below:
| James F. Clark (Born 1974) | Richard T. Kircher (Born 1962) | Denere P. Poulack (Born 1968) |
| Vice President and Chief Compliance Officer | Vice President and BSA Compliance Officer | Assistant Vice President, Assistant Clerk, |
| Since 2016 | Since 2019 | and Assistant Treasurer |
| Chief Compliance Officer and Chief Risk Officer, | Assistant Director, Operational Compliance, | Since 2004 |
| Putnam Investments, and Chief Compliance | Putnam Investments and Putnam | |
| Officer, Putnam Management | Retail Management | Janet C. Smith (Born 1965) |
| Vice President, Principal Financial | ||
| Nancy E. Florek (Born 1957) | Martin Lemaire (Born 1984) | Officer, Principal Accounting Officer, |
| Vice President, Director of Proxy Voting | Vice President and Derivatives Risk Manager | and Assistant Treasurer |
| and Corporate Governance, Assistant Clerk, | Since 2022 | Since 2007 |
| and Assistant Treasurer | Risk Manager and Risk Analyst, | Head of Fund Administration Services, Putnam |
| Since 2000 | Putnam Investments | Investments and Putnam Management |
| Michael J. Higgins (Born 1976) | Susan G. Malloy (Born 1957) | Stephen J. Tate (Born 1974) |
| Vice President, Treasurer, and Clerk | Vice President and Assistant Treasurer | Vice President and Chief Legal Officer |
| Since 2010 | Since 2007 | Since 2021 |
| Head of Accounting and Middle Office Services, | General Counsel, Putnam Investments, Putnam | |
| Jonathan S. Horwitz (Born 1955) | Putnam Investments and Putnam Management | Management, and Putnam Retail Management |
| Executive Vice President, Principal Executive | ||
| Officer, and Compliance Liaison | Alan G. McCormack (Born 1964) | Mark C. Trenchard (Born 1962) |
| Since 2004 | Vice President and Derivatives Risk Manager | Vice President |
| Since 2022 | Since 2002 | |
| Head of Quantitative Equities and Risk, | Director of Operational Compliance, Putnam | |
| Putnam Investments | Investments and Putnam Retail Management |
The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each officer is 100 Federal Street, Boston, MA 02110.
| 52 Putnam VT Global Asset Allocation Fund | |
Other important information
Proxy voting
Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2021, are available in the Individual Investors section of putnam.com and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.
Fund portfolio holdings
The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund’s Form N-PORT from the SEC’s website at www.sec.gov.
Prior to its use of Form N-PORT, the fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.
Fund information
| Investment Manager | Investor Servicing Agent | Trustees |
| Putnam Investment Management, LLC | Putnam Investments | Kenneth R. Leibler, Chair |
| 100 Federal Street | Mailing address: | Liaquat Ahamed |
| Boston, MA 02110 | P.O. Box 219697 | Ravi Akhoury |
| Kansas City, MO 64121-9697 | Barbara M. Baumann | |
| Investment Sub-Advisors | 1-800-225-1581 | Katinka Domotorffy |
| Putnam Investments Limited | Catharine Bond Hill | |
| 16 St James’s Street | Custodian | Paul L. Joskow |
| London, England SW1A 1ER | State Street Bank and Trust Company | George Putnam, III |
| Robert L. Reynolds | ||
| The Putnam Advisory Company, LLC | Legal Counsel | Manoj P. Singh |
| 100 Federal Street | Ropes & Gray LLP | Mona K. Sutphen |
| Boston, MA 02110 | ||
| Independent Registered | ||
| Marketing Services | Public Accounting Firm | |
| Putnam Retail Management | PricewaterhouseCoopers LLP | |
| Limited Partnership | ||
| 100 Federal Street | ||
| Boston, MA 02110 |
The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.
| Putnam VT Global Asset Allocation Fund 53 | |
| This report has been prepared for the shareholders | |
| of Putnam VT Global Asset Allocation Fund. | VTAN062 328341 2/22 |
| Item 2. Code of Ethics: |
| (a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund’s investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers. |
| (c) In April 2021, the Code of Ethics of Putnam Investments was amended. The key changes to the Code of Ethics are as follows: (i) Employees may invest in the Putnam Exchange Traded Funds (ETFs) with preclearing requirements for certain individuals (ii) All employees must hold Putnam ETFs in an approved Putnam broker (iii) All access persons must report Putnam ETF trades or holdings in the quarterly transaction report or annual holdings report. |
| Item 3. Audit Committee Financial Expert: |
| The Funds’ Audit, Compliance and Risk Committee is comprised solely of Trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Trustees believe that each member of the Audit, Compliance and Risk Committee also possesses a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualifies him or her for service on the Committee. In addition, the Trustees have determined that each of Dr. Hill, Dr. Joskow, and Mr. Singh qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education; in the case of Dr. Joskow, including his experience serving on the audit committees of several public companies and institutions and his education and experience as an economist who studies companies and industries, routinely using public company financial statements in his research. The SEC has stated, and the funds’ amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit, Compliance and Risk Committee and the Board of Trustees in the absence of such designation or identification. |
| Item 4. Principal Accountant Fees and Services: |
| The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor: |
| Fiscal year ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| December 31, 2021 | $105,197 | $ — | $10,053 | $ — | |
| December 31, 2020 | $96,632 | $ — | $8,998 | $ — | |
| For the fiscal years ended December 31, 2021 and December 31, 2020, the fund’s independent auditor billed aggregate non-audit fees in the amounts of $303,473 and $622,692 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund. |
| Audit Fees represent fees billed for the fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements. |
| Audit-Related Fees represent fees billed in the fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation. |
| Tax Fees represent fees billed in the fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities. |
| Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures. |
| The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm. |
| The following table presents fees billed by the fund’s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2–01 of Regulation S-X. |
| Fiscal year ended | Audit-Related Fees | Tax Fees | All Other Fees | Total Non-Audit Fees | |
| December 31, 2021 | $ — | $293,420 | $ — | $ — | |
| December 31, 2020 | $ — | $613,694 | $ — | $ — | |
| Item 5. Audit Committee of Listed Registrants |
| Not applicable |
| Item 6. Schedule of Investments: |
| The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above. |
| Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies: |
| Not applicable |
| Item 8. Portfolio Managers of Closed-End Investment Companies |
| Not Applicable |
| Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers: |
| Not applicable |
| Item 10. Submission of Matters to a Vote of Security Holders: |
| Not applicable |
| Item 11. Controls and Procedures: |
| (a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. |
| (b) Changes in internal control over financial reporting: Not applicable |
| Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies: |
| Not Applicable |
| Item 13. Exhibits: |
| (a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith |
| (b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith. |
| SIGNATURES |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| Putnam Variable Trust |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer |
| Date: February 25, 2022 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title): |
| /s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer |
| Date: February 25, 2022 |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Financial Officer |
| Date: February 25, 2022 |