# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-165083
**Filing Date:** 2025-7
**Character Count:** 78146
**Document Hash:** 2d79cd0b70a11e77c3ed7ed8c331584a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165083.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165083

**CONFORMED SUBMISSION TYPE**: N-MFP3

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-MFP3
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346

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

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

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

## Series and Classes Contracts Data

### Putnam VT Government Money Market Fund (Series ID: S000003882)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010859 | Class IA Shares |  |
| C000010860 | Class IB Shares |  |

# Form N-MFP3: Monthly Schedule of Portfolio Holdings

## N-MFP: Filer Information
**Submission Type:** N-MFP3
**CIK:** 0000822671

### General Information

**Report for (YYYY-MM-DD):** 2025-06-30

**Registrant Full Name:** Putnam Variable Trust

**CIK Number of Registrant:** 0000822671

**LEI of Registrant:** 549300TBVD21LYBGBD46

**Name of Series:** Putnam VT Government Money Market Fund

**LEI of Series:** 549300EZL9T7TW0BA857

**EDGAR Series Identifier:** S000003882

**Total number of share classes in the series:** 2

**Is this the fund's final filing on Form N-MFP?:** No

**Has the fund acquired or merged with another fund?:** No

## Part A: Series-Level Information about the Fund

### Service Providers
| Role                          | Details                                                 | File/CIK Number   |
|:---|:---|:---|
| Investment Adviser            | Franklin Advisors, Inc.                                 | 801-26292         |
| Independent Public Accountant | PricewaterhouseCoopers LLP<br>City: Boston<br>State: MA |  |
| Administrator                 | Franklin Templeton Services, LLC                        |  |
| Transfer Agent                | Putnam Investor Services, Inc.<br>CIK: 0001448300       | 084-06331         |

### Fund Characteristics & Assets

- **Securities Act File Number:** 033-17486

- **Is this a Feeder Fund?:** No

- **Is this a Master Fund?:** No

- **Is this series for insurance company separate accounts?:** No

- **Money Market Fund Category:** Government

- **Is this a Retail Money Market Fund?:** No

- **Is this a Government Money Market Fund?:** No

- **WAM:** 13 days

- **WAL:** 51 days

- **Total Value of Portfolio Securities:** $83842057.54

- **Amortized Cost of Portfolio Securities:** $83840551.66

- **Cash:** $0.01

- **Total Other Assets:** $190913.21

- **Total Liabilities:** $466273.43

- **Net Assets of Series:** $83565191.45

- **Number of Shares Outstanding (Series):** 83563390.5700

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2025-06-02 | $73623356.32              | $75464947.52               | 85.6700%                  | 87.8100%                   |
| 2025-06-03 | $73501644.24              | $75343449.30               | 85.5900%                  | 87.7300%                   |
| 2025-06-04 | $73470073.74              | $75312092.66               | 85.6400%                  | 87.7900%                   |
| 2025-06-05 | $72857217.70              | $74249450.48               | 85.9700%                  | 87.6200%                   |
| 2025-06-06 | $72015377.14              | $73407770.91               | 84.7700%                  | 86.4100%                   |
| 2025-06-09 | $82350716.63              | $83743593.35               | 96.9300%                  | 98.5700%                   |
| 2025-06-10 | $72089634.74              | $73482672.45               | 85.0100%                  | 86.6500%                   |
| 2025-06-11 | $71646412.01              | $73039610.71               | 84.9300%                  | 86.5800%                   |
| 2025-06-12 | $71674593.03              | $73067952.71               | 84.9300%                  | 86.5800%                   |
| 2025-06-13 | $71663820.48              | $73057341.15               | 84.9500%                  | 86.6100%                   |
| 2025-06-16 | $71447259.18              | $72841262.81               | 83.4900%                  | 85.1100%                   |
| 2025-06-17 | $72878774.35              | $74272938.96               | 85.1600%                  | 86.7900%                   |
| 2025-06-18 | $72782928.35              | $74177253.95               | 84.6700%                  | 86.2900%                   |
| 2025-06-20 | $72553986.47              | $73948634.04               | 85.1000%                  | 86.7400%                   |
| 2025-06-23 | $72466762.06              | $73861892.59               | 85.0800%                  | 86.7200%                   |
| 2025-06-24 | $72352068.60              | $73747360.11               | 85.0600%                  | 86.7100%                   |
| 2025-06-25 | $72335346.57              | $73730799.07               | 85.0600%                  | 86.7000%                   |
| 2025-06-26 | $71250608.36              | $72646221.85               | 84.8300%                  | 86.4900%                   |
| 2025-06-27 | $71220293.46              | $72616067.93               | 84.8500%                  | 86.5200%                   |
| 2025-06-30 | $71241907.82              | $72638165.25               | 84.7800%                  | 86.4400%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-06-02 | 4.4100%             |
| 2025-06-03 | 4.4100%             |
| 2025-06-04 | 4.4000%             |
| 2025-06-05 | 4.3900%             |
| 2025-06-06 | 4.3800%             |
| 2025-06-09 | 4.3500%             |
| 2025-06-10 | 4.3500%             |
| 2025-06-11 | 4.3400%             |
| 2025-06-12 | 4.3500%             |
| 2025-06-13 | 4.3500%             |
| 2025-06-16 | 4.3700%             |
| 2025-06-17 | 4.3700%             |
| 2025-06-18 | 4.3800%             |
| 2025-06-20 | 4.3800%             |
| 2025-06-23 | 4.3800%             |
| 2025-06-24 | 4.3800%             |
| 2025-06-25 | 4.3900%             |
| 2025-06-26 | 4.4000%             |
| 2025-06-27 | 4.4200%             |
| 2025-06-30 | 4.4600%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-06-02 | 1.0000                      |
|  |  |
| 2025-06-03 | 1.0000                      |
|  |  |
| 2025-06-04 | 1.0000                      |
|  |  |
| 2025-06-05 | 1.0000                      |
|  |  |
| 2025-06-06 | 1.0000                      |
|  |  |
| 2025-06-09 | 1.0000                      |
|  |  |
| 2025-06-10 | 1.0000                      |
|  |  |
| 2025-06-11 | 1.0000                      |
|  |  |
| 2025-06-12 | 1.0000                      |
|  |  |
| 2025-06-13 | 1.0000                      |
|  |  |
| 2025-06-16 | 1.0000                      |
|  |  |
| 2025-06-17 | 1.0000                      |
|  |  |
| 2025-06-18 | 1.0000                      |
|  |  |
| 2025-06-20 | 1.0000                      |
|  |  |
| 2025-06-23 | 1.0000                      |
|  |  |
| 2025-06-24 | 1.0000                      |
|  |  |
| 2025-06-25 | 1.0000                      |
|  |  |
| 2025-06-26 | 1.0000                      |
|  |  |
| 2025-06-27 | 1.0000                      |
|  |  |
| 2025-06-30 | 1.0000                      |
|  |  |

## Part B: Class-Level Information about the Fund

### Class: Class IB

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $39198764.88

- **Number of Shares Outstanding:** 39198991.8600

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-06-02 | 1.0000          |
|  |  |
| 2025-06-03 | 1.0000          |
|  |  |
| 2025-06-04 | 1.0000          |
|  |  |
| 2025-06-05 | 1.0000          |
|  |  |
| 2025-06-06 | 1.0000          |
|  |  |
| 2025-06-09 | 1.0000          |
|  |  |
| 2025-06-10 | 1.0000          |
|  |  |
| 2025-06-11 | 1.0000          |
|  |  |
| 2025-06-12 | 1.0000          |
|  |  |
| 2025-06-13 | 1.0000          |
|  |  |
| 2025-06-16 | 1.0000          |
|  |  |
| 2025-06-17 | 1.0000          |
|  |  |
| 2025-06-18 | 1.0000          |
|  |  |
| 2025-06-20 | 1.0000          |
|  |  |
| 2025-06-23 | 1.0000          |
|  |  |
| 2025-06-24 | 1.0000          |
|  |  |
| 2025-06-25 | 1.0000          |
|  |  |
| 2025-06-26 | 1.0000          |
|  |  |
| 2025-06-27 | 1.0000          |
|  |  |
| 2025-06-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-06-02 | $126800.76                | $55772.26               |
| 2025-06-03 | $0.00                     | $81236.97               |
| 2025-06-04 | $0.00                     | $10720.97               |
| 2025-06-05 | $0.00                     | $1943.44                |
| 2025-06-06 | $0.00                     | $28628.98               |
| 2025-06-09 | $0.00                     | $176400.97              |
| 2025-06-10 | $21986.12                 | $1989.26                |
| 2025-06-11 | $0.00                     | $8813.51                |
| 2025-06-12 | $1951.25                  | $55238.47               |
| 2025-06-13 | $0.00                     | $245554.80              |
| 2025-06-16 | $0.00                     | $20083.83               |
| 2025-06-17 | $0.00                     | $23423.32               |
| 2025-06-18 | $316.43                   | $1367.42                |
| 2025-06-20 | $1781.23                  | $27609.26               |
| 2025-06-23 | $0.00                     | $10918.97               |
| 2025-06-24 | $163.78                   | $5357.10                |
| 2025-06-25 | $0.00                     | $28735.19               |
| 2025-06-26 | $0.00                     | $4539.95                |
| 2025-06-27 | $0.00                     | $4060.80                |
| 2025-06-30 | $285.92                   | $14266.22               |

**Total Gross Subscriptions (Month):** $153285.49

**Total Gross Redemptions (Month):** $806661.69

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-06-02 | 3.7600%           |
| 2025-06-03 | 3.7600%           |
| 2025-06-04 | 3.7400%           |
| 2025-06-05 | 3.7400%           |
| 2025-06-06 | 3.7300%           |
| 2025-06-09 | 3.6900%           |
| 2025-06-10 | 3.6900%           |
| 2025-06-11 | 3.6900%           |
| 2025-06-12 | 3.6900%           |
| 2025-06-13 | 3.7000%           |
| 2025-06-16 | 3.7100%           |
| 2025-06-17 | 3.7200%           |
| 2025-06-18 | 3.7200%           |
| 2025-06-20 | 3.7200%           |
| 2025-06-23 | 3.7200%           |
| 2025-06-24 | 3.7200%           |
| 2025-06-25 | 3.7400%           |
| 2025-06-26 | 3.7500%           |
| 2025-06-27 | 3.7600%           |
| 2025-06-30 | 3.8000%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 96.0900%         | 0.0000%              |

### Class: Class IA

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $44366426.57

- **Number of Shares Outstanding:** 44364398.7100

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-06-02 | 1.0000          |
|  |  |
| 2025-06-03 | 1.0000          |
|  |  |
| 2025-06-04 | 1.0000          |
|  |  |
| 2025-06-05 | 1.0000          |
|  |  |
| 2025-06-06 | 1.0000          |
|  |  |
| 2025-06-09 | 1.0000          |
|  |  |
| 2025-06-10 | 1.0000          |
|  |  |
| 2025-06-11 | 1.0000          |
|  |  |
| 2025-06-12 | 1.0000          |
|  |  |
| 2025-06-13 | 1.0000          |
|  |  |
| 2025-06-16 | 1.0000          |
|  |  |
| 2025-06-17 | 1.0000          |
|  |  |
| 2025-06-18 | 1.0000          |
|  |  |
| 2025-06-20 | 1.0000          |
|  |  |
| 2025-06-23 | 1.0000          |
|  |  |
| 2025-06-24 | 1.0000          |
|  |  |
| 2025-06-25 | 1.0000          |
|  |  |
| 2025-06-26 | 1.0000          |
|  |  |
| 2025-06-27 | 1.0000          |
|  |  |
| 2025-06-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-06-02 | $149672.42                | $74705.72               |
| 2025-06-03 | $58187.31                 | $17225.99               |
| 2025-06-04 | $236.97                   | $11027.05               |
| 2025-06-05 | $15037.05                 | $55454.84               |
| 2025-06-06 | $252682.64                | $226.13                 |
| 2025-06-09 | $0.00                     | $7088.66                |
| 2025-06-10 | $3.88                     | $472898.87              |
| 2025-06-11 | $19041.00                 | $1041.93                |
| 2025-06-12 | $34882.09                 | $802.50                 |
| 2025-06-13 | $7770.16                  | $4070.45                |
| 2025-06-16 | $1443171.51               | $9.07                   |
| 2025-06-17 | $3748.76                  | $84227.27               |
| 2025-06-18 | $484137.27                | $729134.31              |
| 2025-06-20 | $141.92                   | $59650.09               |
| 2025-06-23 | $1887.91                  | $114181.11              |
| 2025-06-24 | $0.00                     | $19895.30               |
| 2025-06-25 | $510.39                   | $1065240.35             |
| 2025-06-26 | $36930.35                 | $71161.79               |
| 2025-06-27 | $3483.59                  | $3357.15                |
| 2025-06-30 | $76017.09                 | $28774.91               |

**Total Gross Subscriptions (Month):** $2587542.31

**Total Gross Redemptions (Month):** $2820173.49

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-06-02 | 4.0100%           |
| 2025-06-03 | 4.0100%           |
| 2025-06-04 | 3.9900%           |
| 2025-06-05 | 3.9900%           |
| 2025-06-06 | 3.9800%           |
| 2025-06-09 | 3.9400%           |
| 2025-06-10 | 3.9400%           |
| 2025-06-11 | 3.9400%           |
| 2025-06-12 | 3.9400%           |
| 2025-06-13 | 3.9500%           |
| 2025-06-16 | 3.9600%           |
| 2025-06-17 | 3.9700%           |
| 2025-06-18 | 3.9700%           |
| 2025-06-20 | 3.9700%           |
| 2025-06-23 | 3.9700%           |
| 2025-06-24 | 3.9700%           |
| 2025-06-25 | 3.9900%           |
| 2025-06-26 | 4.0000%           |
| 2025-06-27 | 4.0100%           |
| 2025-06-30 | 4.0500%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 92.9200%         | 0.0000%              |

## Part C: Schedule of Portfolio Securities

### Security 1: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ER7B1, C.4 - ISIN: US3133ER7B16, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $949955.74
- **C.18.a - Value (excl. sponsor support):** $949955.74
- **C.19 - Percentage of Net Assets:** 1.1400%
- **C.17 - Yield as of Reporting Date:** 4.4700%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-06-12
- **C.13 - Final Legal Maturity Date:** 2026-06-12
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 2: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ERZL8, C.4 - ISIN: US3133ERZL86, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $450066.74
- **C.18.a - Value (excl. sponsor support):** $450066.74
- **C.19 - Percentage of Net Assets:** 0.5400%
- **C.17 - Yield as of Reporting Date:** 4.4500%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-10-30
- **C.13 - Final Legal Maturity Date:** 2025-10-30
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 3: Goldman Sachs & Co. LLC

- **C.1 - Title:** Goldman Sachs & Co. LLC
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: FOR8UP27PHTHYVLBNG30, C.5 - Other ID: ZS340G4
- **C.18 - Value (incl. sponsor support):** $22962000.00
- **C.18.a - Value (excl. sponsor support):** $22962000.00
- **C.19 - Percentage of Net Assets:** 27.4800%
- **C.17 - Yield as of Reporting Date:** 4.4000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                              | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                          |
|:---|:---|:---|:---|:---|:---|:---|
| Government National Mortgage Association | 2053-10-20      | 6.5000%  | N/A     | $42062817.00       | $23421240.13       | Agency Mortgage-Backed Securities |

### Security 4: Federal National Mortgage Association

- **C.1 - Title:** Federal National Mortgage Association
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3135G07H0, C.4 - ISIN: US3135G07H00, C.3 - LEI: B1V7KEBTPIMZEU4LTD58
- **C.18 - Value (incl. sponsor support):** $450306.69
- **C.18.a - Value (excl. sponsor support):** $450306.69
- **C.19 - Percentage of Net Assets:** 0.5400%
- **C.17 - Yield as of Reporting Date:** 4.5100%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-07-29
- **C.13 - Final Legal Maturity Date:** 2026-07-29
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 5: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313HW1, C.4 - ISIN: US313313HW12, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $449583.00
- **C.18.a - Value (excl. sponsor support):** $449583.00
- **C.19 - Percentage of Net Assets:** 0.5400%
- **C.17 - Yield as of Reporting Date:** 4.1600%
- **C.11 - Maturity Date (WAM):** 2025-07-08
- **C.12 - Maturity Date (WAL):** 2025-07-08
- **C.13 - Final Legal Maturity Date:** 2025-07-08
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 6: U.S. Treasury Bills

- **C.1 - Title:** U.S. Treasury Bills
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QN0, C.4 - ISIN: US912797QN08, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $782646.86
- **C.18.a - Value (excl. sponsor support):** $782646.86
- **C.19 - Percentage of Net Assets:** 0.9400%
- **C.17 - Yield as of Reporting Date:** 4.0700%
- **C.11 - Maturity Date (WAM):** 2026-05-14
- **C.12 - Maturity Date (WAL):** 2026-05-14
- **C.13 - Final Legal Maturity Date:** 2026-05-14
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 7: Federal Home Loan Banks

- **C.1 - Title:** Federal Home Loan Banks
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3130B53U0, C.4 - ISIN: US3130B53U06, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $899988.13
- **C.18.a - Value (excl. sponsor support):** $899988.13
- **C.19 - Percentage of Net Assets:** 1.0800%
- **C.17 - Yield as of Reporting Date:** 4.5100%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-02-19
- **C.13 - Final Legal Maturity Date:** 2026-02-19
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 8: U.S. Treasury Bills

- **C.1 - Title:** U.S. Treasury Bills
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PV3, C.4 - ISIN: US912797PV33, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $923138.75
- **C.18.a - Value (excl. sponsor support):** $923138.75
- **C.19 - Percentage of Net Assets:** 1.1000%
- **C.17 - Yield as of Reporting Date:** 4.0600%
- **C.11 - Maturity Date (WAM):** 2026-03-19
- **C.12 - Maturity Date (WAL):** 2026-03-19
- **C.13 - Final Legal Maturity Date:** 2026-03-19
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 9: Federal Home Loan Banks

- **C.1 - Title:** Federal Home Loan Banks
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385PY6, C.4 - ISIN: US313385PY62, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $835401.01
- **C.18.a - Value (excl. sponsor support):** $835401.01
- **C.19 - Percentage of Net Assets:** 1.0000%
- **C.17 - Yield as of Reporting Date:** 4.1000%
- **C.11 - Maturity Date (WAM):** 2025-12-01
- **C.12 - Maturity Date (WAL):** 2025-12-01
- **C.13 - Final Legal Maturity Date:** 2025-12-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 10: U.S. Treasury Notes

- **C.1 - Title:** U.S. Treasury Notes
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CHS3, C.4 - ISIN: US91282CHS35, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $649943.87
- **C.18.a - Value (excl. sponsor support):** $649943.87
- **C.19 - Percentage of Net Assets:** 0.7800%
- **C.17 - Yield as of Reporting Date:** 4.4700%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-31
- **C.13 - Final Legal Maturity Date:** 2025-07-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 11: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ETDK0, C.4 - ISIN: US3133ETDK08, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $1100412.47
- **C.18.a - Value (excl. sponsor support):** $1100412.47
- **C.19 - Percentage of Net Assets:** 1.3200%
- **C.17 - Yield as of Reporting Date:** 4.5200%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-08-17
- **C.13 - Final Legal Maturity Date:** 2026-08-17
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 12: Royal Bank of Canada

- **C.1 - Title:** Royal Bank of Canada
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: ES7IP3U3RHIGC71XBU11, C.5 - Other ID: ZS340MW
- **C.18 - Value (incl. sponsor support):** $8377963.51
- **C.18.a - Value (excl. sponsor support):** $8377963.51
- **C.19 - Percentage of Net Assets:** 10.0300%
- **C.17 - Yield as of Reporting Date:** 4.4100%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                      | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| United States Treasury           | 2027-02-15      | 4.1250%  | N/A     | $1343080.39        | $1369724.81        | U.S. Treasuries (including strips) |
| United States Treasury           | 2040-08-15      | 1.1250%  | N/A     | $74566.96          | $45939.17          | U.S. Treasuries (including strips) |
| United States Treasury           | 2032-02-29      | 4.1250%  | N/A     | $381614.70         | $389706.94         | U.S. Treasuries (including strips) |
| Federal Home Loan Mortgage Corp. | 2055-02-01      | 5.5000%  | N/A     | $1065753.14        | $1069009.73        | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp. | 2055-02-01      | 5.5000%  | N/A     | $156647.14         | $153101.15         | Agency Mortgage-Backed Securities  |
| United States Treasury           | 2027-12-15      | 4.0000%  | N/A     | $4453277.70        | $4490317.15        | U.S. Treasuries (including strips) |
| United States Treasury           | 2054-05-15      | 4.6250%  | N/A     | $1056796.45        | $1028773.64        | U.S. Treasuries (including strips) |

### Security 13: Banc of America Securities LLC

- **C.1 - Title:** Banc of America Securities LLC
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: 549300HN4UKV1E2R3U73, C.5 - Other ID: ZS340MZ
- **C.18 - Value (incl. sponsor support):** $5662364.24
- **C.18.a - Value (excl. sponsor support):** $5662364.24
- **C.19 - Percentage of Net Assets:** 6.7800%
- **C.17 - Yield as of Reporting Date:** 4.4000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                              | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                          |
|:---|:---|:---|:---|:---|:---|:---|
| Federal National Mortgage Association    | 2043-05-01      | 3.0000%  | N/A     | $9564.16           | $2143.65           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2049-10-15      | 3.5000%  | N/A     | $219934.32         | $22466.65          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2051-07-01      | 2.5000%  | N/A     | $294928.03         | $237642.95         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-03-20      | 4.5000%  | N/A     | $169197.99         | $138417.21         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-12-01      | 3.5000%  | N/A     | $13628.93          | $11476.84          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-12-01      | 5.5000%  | N/A     | $87194.04          | $76487.26          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 4.8300%  | N/A     | $515178.17         | $507233.52         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2052-05-20      | 3.0000%  | N/A     | $1464339.96        | $1017948.92        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2044-07-01      | 5.0000%  | N/A     | $440880.91         | $64380.89          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2049-10-15      | 3.5000%  | N/A     | $20121.12          | $2204.97           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-08-20      | 7.0000%  | N/A     | $4208.23           | $1788.68           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2043-07-15      | 3.0000%  | N/A     | $144150.80         | $14126.16          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-05-20      | 5.5000%  | N/A     | $64524.78          | $65070.70          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2050-08-15      | 3.0000%  | N/A     | $4590.13           | $1899.12           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-02-01      | 6.0000%  | N/A     | $2302.38           | $1620.36           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2032-04-01      | 3.0000%  | N/A     | $97277.05          | $10102.65          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2052-09-15      | 4.5000%  | N/A     | $101305.67         | $78878.24          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2054-01-20      | 5.5000%  | N/A     | $19937.40          | $16556.81          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-02-20      | 4.5000%  | N/A     | $605612.06         | $599722.78         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-04-01      | 5.5000%  | N/A     | $4782.08           | $3980.08           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2052-02-01      | 2.0000%  | N/A     | $4789.73           | $3218.49           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2054-04-20      | 5.5000%  | N/A     | $854796.64         | $768100.20         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-03-20      | 5.0000%  | N/A     | $30641.32          | $30079.91          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-06-20      | 5.0000%  | N/A     | $275618.00         | $269465.59         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2043-06-15      | 3.0000%  | N/A     | $17993.58          | $1714.29           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-11-20      | 6.0000%  | N/A     | $144896.23         | $98231.21          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-11-20      | 7.5000%  | N/A     | $15747.63          | $5781.64           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2027-06-20      | 3.0000%  | N/A     | $239103.96         | $4164.64           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-09-01      | 5.5000%  | N/A     | $94123.27          | $82934.42          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2041-07-20      | 5.0000%  | N/A     | $38892.70          | $1552.79           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2040-07-15      | 5.0000%  | N/A     | $114370.50         | $9644.52           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2052-09-20      | 4.5000%  | N/A     | $462011.58         | $439218.70         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2043-05-20      | 3.5000%  | N/A     | $19941.27          | $2045.46           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-04-20      | 4.5000%  | N/A     | $21996.80          | $18411.82          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2052-03-15      | 4.5000%  | N/A     | $9966.90           | $7959.34           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2045-07-20      | 3.5000%  | N/A     | $35155.22          | $3164.74           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2051-11-20      | 2.5000%  | N/A     | $23512.86          | $19831.57          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2052-10-20      | 4.0000%  | N/A     | $5260.29           | $4081.09           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2050-05-20      | 4.0000%  | N/A     | $29095.75          | $19079.06          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2054-01-20      | 7.0000%  | N/A     | $53374.89          | $41231.67          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2049-01-20      | 3.5000%  | N/A     | $975065.93         | $847784.38         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2040-07-15      | 5.0000%  | N/A     | $68593.66          | $11838.26          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2049-11-01      | 3.0000%  | N/A     | $95641.58          | $36276.23          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-01-20      | 5.0000%  | N/A     | $14346.24          | $11337.44          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2046-01-20      | 3.0000%  | N/A     | $33936.41          | $23191.69          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-05-01      | 6.0000%  | N/A     | $4383.16           | $3612.43           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2048-11-01      | 4.0000%  | N/A     | $279608.17         | $32353.48          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2040-05-01      | 4.5000%  | N/A     | $89347.51          | $88498.81          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-08-01      | 6.0000%  | N/A     | $19128.32          | $16659.23          | Agency Mortgage-Backed Securities |

### Security 14: Federal Home Loan Banks

- **C.1 - Title:** Federal Home Loan Banks
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3130B3G64, C.4 - ISIN: US3130B3G642, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $950382.51
- **C.18.a - Value (excl. sponsor support):** $950382.51
- **C.19 - Percentage of Net Assets:** 1.1400%
- **C.17 - Yield as of Reporting Date:** 4.5400%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-11-04
- **C.13 - Final Legal Maturity Date:** 2026-11-04
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 15: Federal Home Loan Mortgage Corp.

- **C.1 - Title:** Federal Home Loan Mortgage Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313397MQ1, C.4 - ISIN: US313397MQ12, C.3 - LEI: S6XOOCT0IEG5ABCC6L87
- **C.18 - Value (incl. sponsor support):** $815747.16
- **C.18.a - Value (excl. sponsor support):** $815747.16
- **C.19 - Percentage of Net Assets:** 0.9800%
- **C.17 - Yield as of Reporting Date:** 4.2500%
- **C.11 - Maturity Date (WAM):** 2025-10-06
- **C.12 - Maturity Date (WAL):** 2025-10-06
- **C.13 - Final Legal Maturity Date:** 2025-10-06
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 16: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133EREL1, C.4 - ISIN: US3133EREL16, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $950222.87
- **C.18.a - Value (excl. sponsor support):** $950222.87
- **C.19 - Percentage of Net Assets:** 1.1400%
- **C.17 - Yield as of Reporting Date:** 4.5000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-05-14
- **C.13 - Final Legal Maturity Date:** 2026-05-14
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 17: Federal Home Loan Mortgage Corp.

- **C.1 - Title:** Federal Home Loan Mortgage Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3134HATA1, C.4 - ISIN: US3134HATA17, C.3 - LEI: S6XOOCT0IEG5ABCC6L87
- **C.18 - Value (incl. sponsor support):** $950902.60
- **C.18.a - Value (excl. sponsor support):** $950902.60
- **C.19 - Percentage of Net Assets:** 1.1400%
- **C.17 - Yield as of Reporting Date:** 4.5400%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-10-16
- **C.13 - Final Legal Maturity Date:** 2026-10-16
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 18: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ETKG1, C.4 - ISIN: US3133ETKG13, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $1050016.73
- **C.18.a - Value (excl. sponsor support):** $1050016.73
- **C.19 - Percentage of Net Assets:** 1.2600%
- **C.17 - Yield as of Reporting Date:** 4.4900%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-10-05
- **C.13 - Final Legal Maturity Date:** 2026-10-05
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 19: BNP Paribas Securities Corp.

- **C.1 - Title:** BNP Paribas Securities Corp.
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: RCNB6OTYUAMMP879YW96, C.5 - Other ID: ZS340N1
- **C.18 - Value (incl. sponsor support):** $3670537.72
- **C.18.a - Value (excl. sponsor support):** $3670537.72
- **C.19 - Percentage of Net Assets:** 4.3900%
- **C.17 - Yield as of Reporting Date:** 4.4000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                              | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                          |
|:---|:---|:---|:---|:---|:---|:---|
| Government National Mortgage Association | 2039-10-20      | 5.5000%  | N/A     | $10656.82          | $10585.85          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2050-08-20      | 3.5000%  | N/A     | $720199.57         | $279055.86         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2047-10-20      | 3.5000%  | N/A     | $111104.91         | $10250.94          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-03-20      | 6.0000%  | N/A     | $1614929.06        | $993237.09         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-04-20      | 6.5000%  | N/A     | $11612.80          | $12111.19          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2050-12-20      | 3.0000%  | N/A     | $16601.23          | $5851.87           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-04-20      | 7.0000%  | N/A     | $455567.02         | $472609.75         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2040-03-01      | 2.7700%  | N/A     | $866826.44         | $664752.20         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2047-10-20      | 3.5000%  | N/A     | $539346.60         | $66510.82          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-06-20      | 6.0000%  | N/A     | $386875.56         | $397943.81         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2052-04-20      | 4.0000%  | N/A     | $9135.64           | $7409.76           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2054-01-20      | 8.0000%  | N/A     | $188201.21         | $194047.90         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-05-20      | 6.5000%  | N/A     | $176956.77         | $184750.35         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-06-20      | 6.5000%  | N/A     | $337185.16         | $352926.35         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-06-20      | 6.5000%  | N/A     | $87904.85          | $92362.34          | Agency Mortgage-Backed Securities |

### Security 20: Bank of Montreal

- **C.1 - Title:** Bank of Montreal
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: NQQ6HPCNCCU6TUTQYE16, C.5 - Other ID: ZS340MP
- **C.18 - Value (incl. sponsor support):** $4303871.21
- **C.18.a - Value (excl. sponsor support):** $4303871.21
- **C.19 - Percentage of Net Assets:** 5.1500%
- **C.17 - Yield as of Reporting Date:** 4.3900%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                              | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                          |
|:---|:---|:---|:---|:---|:---|:---|
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $39344.41          | $40390.19          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-02-15      | 5.8800%  | N/A     | $47820.79          | $50605.51          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2067-04-15      | 5.0500%  | N/A     | $51037.46          | $49726.21          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $28339.56          | $29081.49          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.5000%  | N/A     | $30858.13          | $31666.37          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-11-20      | 6.5000%  | N/A     | $61883.55          | $60687.92          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-06-20      | 7.5000%  | N/A     | $45811.89          | $33563.50          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2066-04-15      | 5.1700%  | N/A     | $47159.91          | $47273.27          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 5.5000%  | N/A     | $56769.73          | $56679.22          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 6.0200%  | N/A     | $33558.24          | $36031.06          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 4.0000%  | N/A     | $36438.82          | $33428.65          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-09-20      | 7.5000%  | N/A     | $49161.83          | $51032.83          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-04-15      | 5.9900%  | N/A     | $47820.79          | $51389.59          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-03-20      | 8.0000%  | N/A     | $55162.72          | $35589.75          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 6.0200%  | N/A     | $28962.66          | $31096.85          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-12-20      | 4.5000%  | N/A     | $33932.10          | $32090.69          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-12-20      | 6.5000%  | N/A     | $61004.17          | $62478.78          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2066-05-15      | 6.2500%  | N/A     | $29503.37          | $30640.95          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-05-15      | 5.9500%  | N/A     | $34430.97          | $36893.11          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $31059.65          | $31885.22          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-08-15      | 6.1400%  | N/A     | $30707.07          | $32433.92          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-05-15      | 5.8700%  | N/A     | $27041.80          | $28727.79          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 4.0000%  | N/A     | $45419.52          | $41570.48          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.0000%  | N/A     | $63470.00          | $64343.31          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-20      | 5.0000%  | N/A     | $42499.63          | $41481.03          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.0000%  | N/A     | $50033.65          | $50712.70          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 4.0000%  | N/A     | $55238.56          | $50560.09          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.5000%  | N/A     | $45358.59          | $46544.62          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 5.8400%  | N/A     | $30748.77          | $32596.17          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-06-20      | 7.5000%  | N/A     | $27967.51          | $28893.03          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 6.5000%  | N/A     | $55467.34          | $56941.66          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2063-12-20      | 8.0000%  | N/A     | $143760.39         | $59915.23          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-04-15      | 6.0900%  | N/A     | $47820.79          | $51750.96          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-06-20      | 7.5000%  | N/A     | $96246.66          | $32461.81          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-15      | 5.8200%  | N/A     | $41560.09          | $43149.41          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 6.5000%  | N/A     | $34513.32          | $35430.68          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-05-20      | 7.5000%  | N/A     | $68190.82          | $51663.27          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 5.0000%  | N/A     | $35244.11          | $34378.50          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 4.5000%  | N/A     | $37159.77          | $35146.23          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 4.0000%  | N/A     | $37875.50          | $34746.61          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2067-01-15      | 5.3000%  | N/A     | $54477.16          | $55536.55          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.5000%  | N/A     | $43694.05          | $44832.81          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.0000%  | N/A     | $48776.68          | $49425.50          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.0000%  | N/A     | $45962.76          | $46574.12          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.0000%  | N/A     | $52445.64          | $53165.88          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 6.5000%  | N/A     | $43279.20          | $44429.57          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-05-15      | 5.6300%  | N/A     | $47820.79          | $49875.42          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2067-09-15      | 5.2800%  | N/A     | $59878.95          | $58985.57          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-20      | 4.0000%  | N/A     | $52234.36          | $47730.77          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2058-04-15      | 5.5100%  | N/A     | $44028.60          | $45277.41          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.5000%  | N/A     | $33811.21          | $34709.88          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-11-20      | 4.0000%  | N/A     | $36848.02          | $33653.60          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.0000%  | N/A     | $47678.09          | $48333.75          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 5.8300%  | N/A     | $30605.31          | $32420.92          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-20      | 6.0000%  | N/A     | $48937.36          | $49519.00          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 4.0000%  | N/A     | $55167.93          | $50492.96          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.5000%  | N/A     | $33445.72          | $34145.69          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $39998.74          | $41226.47          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-04-15      | 5.9900%  | N/A     | $47820.79          | $51389.59          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 5.9700%  | N/A     | $47820.79          | $51347.39          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-09-20      | 7.5000%  | N/A     | $29546.89          | $30562.70          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-04-15      | 5.9900%  | N/A     | $47820.79          | $49815.32          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-12-20      | 4.0000%  | N/A     | $50513.87          | $46159.22          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-07-20      | 7.5000%  | N/A     | $35288.01          | $36482.95          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 5.9400%  | N/A     | $45200.21          | $48257.33          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 3.5000%  | N/A     | $34585.38          | $30529.92          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2063-05-15      | 3.0000%  | N/A     | $51469.76          | $45394.20          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.0000%  | N/A     | $52749.58          | $53450.70          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 3.5000%  | N/A     | $35056.23          | $30972.18          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-05-15      | 5.6400%  | N/A     | $47820.79          | $50117.74          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-12-20      | 6.0000%  | N/A     | $28735.90          | $29129.71          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.0000%  | N/A     | $48314.64          | $48979.68          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $43931.53          | $45099.23          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-05-15      | 5.5300%  | N/A     | $36308.94          | $37786.96          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 5.0000%  | N/A     | $31560.19          | $30821.27          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 7.0000%  | N/A     | $37861.39          | $39106.31          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-20      | 3.5000%  | N/A     | $61844.38          | $54499.79          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 3.5000%  | N/A     | $53273.37          | $47108.31          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $49005.89          | $50308.52          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 5.0000%  | N/A     | $58295.41          | $56930.53          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.0000%  | N/A     | $51307.07          | $52034.88          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-06-20      | 7.5000%  | N/A     | $103217.16         | $34314.49          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.0000%  | N/A     | $51637.89          | $52347.68          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 4.5000%  | N/A     | $34812.44          | $32992.81          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-20      | 6.5000%  | N/A     | $30312.60          | $31118.31          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 4.5000%  | N/A     | $62871.52          | $59667.47          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.0000%  | N/A     | $39417.82          | $39941.60          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 5.5000%  | N/A     | $31396.50          | $31329.82          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-12-20      | 4.0000%  | N/A     | $42179.13          | $38541.35          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.5000%  | N/A     | $28591.96          | $29330.28          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-11-20      | 6.0000%  | N/A     | $32971.24          | $33330.90          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-02-20      | 6.0000%  | N/A     | $32749.16          | $33184.45          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 5.0000%  | N/A     | $29732.53          | $29012.14          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.5000%  | N/A     | $29888.90          | $30683.38          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 6.5000%  | N/A     | $32711.57          | $33568.73          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-04-15      | 5.9900%  | N/A     | $47820.79          | $51389.59          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-04-20      | 6.5000%  | N/A     | $31807.66          | $32640.53          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-05-15      | 5.6400%  | N/A     | $47820.79          | $50081.56          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-01-20      | 4.5000%  | N/A     | $37521.10          | $35484.27          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-06-20      | 6.5000%  | N/A     | $47432.30          | $48693.05          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2064-12-20      | 5.0000%  | N/A     | $20230.35          | $19699.92          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-06-15      | 5.9700%  | N/A     | $38384.22          | $41067.44          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-03-20      | 6.0000%  | N/A     | $29207.36          | $29595.07          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2060-02-15      | 5.7500%  | N/A     | $47820.79          | $50170.24          | Agency Mortgage-Backed Securities |

### Security 21: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ERBC4, C.4 - ISIN: US3133ERBC44, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $950247.81
- **C.18.a - Value (excl. sponsor support):** $950247.81
- **C.19 - Percentage of Net Assets:** 1.1400%
- **C.17 - Yield as of Reporting Date:** 4.4700%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2026-02-12
- **C.13 - Final Legal Maturity Date:** 2026-02-12
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 22: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ETJQ1, C.4 - ISIN: US3133ETJQ14, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $849525.84
- **C.18.a - Value (excl. sponsor support):** $849525.84
- **C.19 - Percentage of Net Assets:** 1.0200%
- **C.17 - Yield as of Reporting Date:** 4.2400%
- **C.11 - Maturity Date (WAM):** 2026-05-28
- **C.12 - Maturity Date (WAL):** 2026-05-28
- **C.13 - Final Legal Maturity Date:** 2026-05-28
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 23: Federal Farm Credit Banks Funding Corp.

- **C.1 - Title:** Federal Farm Credit Banks Funding Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313JW9, C.4 - ISIN: US313313JW93, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $946436.45
- **C.18.a - Value (excl. sponsor support):** $946436.45
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.1500%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **C.12 - Maturity Date (WAL):** 2025-08-01
- **C.13 - Final Legal Maturity Date:** 2025-08-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 24: HSBC Securities USA, Inc.

- **C.1 - Title:** HSBC Securities USA, Inc.
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: CYYGQCGNHMHPSMRL3R97, C.5 - Other ID: ZS340MN
- **C.18 - Value (incl. sponsor support):** $23910395.63
- **C.18.a - Value (excl. sponsor support):** $23910395.63
- **C.19 - Percentage of Net Assets:** 28.6100%
- **C.17 - Yield as of Reporting Date:** 4.4000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                           | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                          |
|:---|:---|:---|:---|:---|:---|:---|
| Federal National Mortgage Association | 2046-11-01      | 4.0000%  | N/A     | $11476.99          | $3067.51           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2030-06-01      | 3.6000%  | N/A     | $1392663.86        | $1354602.36        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-07-01      | 6.5000%  | N/A     | $479426.00         | $459931.64         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-10-01      | 5.5000%  | N/A     | $42952.54          | $42741.76          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-07-01      | 5.0000%  | N/A     | $4686.44           | $4074.65           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-10-01      | 2.9600%  | N/A     | $141669.09         | $101913.92         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2027-12-01      | 3.0100%  | N/A     | $212663.27         | $199219.67         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2046-03-01      | 3.5000%  | N/A     | $61049.55          | $6039.69           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-08-01      | 6.0000%  | N/A     | $1031689.58        | $949923.19         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2030-10-01      | 3.5950%  | N/A     | $5493.80           | $4939.45           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2033-05-01      | 3.5100%  | N/A     | $314756.45         | $295415.45         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-04-01      | 5.0000%  | N/A     | $73144.10          | $63457.32          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2034-02-01      | 3.7250%  | N/A     | $288958.85         | $268554.17         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-09-01      | 5.0000%  | N/A     | $5031837.55        | $4007851.03        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-05-01      | 3.0000%  | N/A     | $18171.90          | $7420.16           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 6.5000%  | N/A     | $229001.91         | $184804.46         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 4.0000%  | N/A     | $181106.33         | $152017.83         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-02-01      | 4.5000%  | N/A     | $13934.55          | $13283.04          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2044-02-01      | 4.0000%  | N/A     | $2189347.53        | $298532.10         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-10-01      | 4.5000%  | N/A     | $9707.62           | $3072.59           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2030-06-01      | 5.1900%  | N/A     | $158334.64         | $163629.32         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-12-01      | 5.5000%  | N/A     | $380715.09         | $328775.39         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-02-01      | 6.0000%  | N/A     | $165474.76         | $151574.80         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2038-02-01      | 5.0000%  | N/A     | $730042.15         | $5279.19           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-04-01      | 3.5000%  | N/A     | $1882480.37        | $390523.32         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-05-01      | 3.5000%  | N/A     | $1185018.34        | $198388.53         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-04-01      | 6.0000%  | N/A     | $62563.08          | $63113.89          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-04-01      | 4.5000%  | N/A     | $1826754.23        | $155472.96         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-03-01      | 2.5000%  | N/A     | $8594.69           | $5980.43           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-11-01      | 5.5000%  | N/A     | $1319789.57        | $1129151.93        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-02-01      | 3.5000%  | N/A     | $1588957.12        | $1087715.32        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2037-08-01      | 4.5000%  | N/A     | $19626.27          | $12381.53          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-04-01      | 6.5000%  | N/A     | $2697.76           | $2654.21           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2037-08-01      | 4.1700%  | N/A     | $178161.91         | $167370.49         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2030-02-01      | 2.6800%  | N/A     | $654427.53         | $583192.08         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2034-05-01      | 3.5900%  | N/A     | $53559.29          | $49737.88          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-02-01      | 4.5000%  | N/A     | $624988.09         | $530526.13         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-05-01      | 6.0000%  | N/A     | $546613.83         | $415646.21         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2034-06-01      | 5.3700%  | N/A     | $358655.93         | $371210.73         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2029-07-01      | 5.3300%  | N/A     | $286924.75         | $296609.06         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 6.0000%  | N/A     | $82560.97          | $73991.44          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2035-01-01      | 5.3000%  | N/A     | $370611.13         | $382190.10         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2048-08-01      | 3.0000%  | N/A     | $1382253.47        | $1007996.64        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-06-01      | 6.0000%  | N/A     | $63957.92          | $66221.95          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2032-01-01      | 1.8000%  | N/A     | $2098280.68        | $1789579.53        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 3.5000%  | N/A     | $52459.41          | $36165.77          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-07-01      | 3.5000%  | N/A     | $22748.16          | $2276.30           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-10-01      | 6.0000%  | N/A     | $61600.64          | $55781.73          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-10-01      | 7.0000%  | N/A     | $127823.54         | $136562.74         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2044-09-01      | 4.0000%  | N/A     | $2844867.29        | $298119.90         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-02-01      | 6.0000%  | N/A     | $123913.81         | $120309.21         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 4.0000%  | N/A     | $1181112.33        | $920432.58         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-04-01      | 6.0000%  | N/A     | $2298596.23        | $2182420.26        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-11-01      | 3.5000%  | N/A     | $112310.71         | $89911.24          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-02-01      | 2.0000%  | N/A     | $3512332.29        | $1991773.56        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-03-01      | 2.5000%  | N/A     | $16259.07          | $10582.92          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-02-01      | 7.0000%  | N/A     | $48381.35          | $51262.72          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2033-08-01      | 3.8100%  | N/A     | $460322.94         | $437090.98         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2032-12-01      | 7.0000%  | N/A     | $699345.02         | $2500.73           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2033-03-01      | 3.2900%  | N/A     | $183627.63         | $166268.81         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-01-01      | 2.0000%  | N/A     | $76594.18          | $40349.87          | Agency Mortgage-Backed Securities |

## N-MFP: Signatures

**Registrant:** Putnam Variable Trust

**Date:** 2025-07-07

**By:** /s/Jeff White

**Name of Signing Officer:** Jeff White

**Title of Signing Officer:** Vice President