# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203441
**Filing Date:** 2025-8
**Character Count:** 61575
**Document Hash:** 3075b5828b2bcf30ea7bb07621067c5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203441.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203441

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251253137

**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 Research Fund (Series ID: S000003887)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010869 | Class IA Shares |  |
| C000010870 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

- **a. Name of Series:** Putnam VT Research Fund

- **b. EDGAR series identifier (if any):** S000003887

- **c. LEI of Series:** 2OWXZ2LGVIYMJOL2HG14

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $125510391.66

**Total Liabilities:** $1011387.06

**Net Assets:** $124499004.60

**Cash Not Reported:** $24369.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010870 | -1.11%               | 6.84%                | 5.60%                |
| Class ID C000010869 | -1.10%               | 6.85%                | 5.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1217512.29              | $-2131530.02                               |
| Month 2  | $260766.94               | $6428886.51                                |
| Month 3  | $1383542.07              | $4612302.86                                |

**Designated Index Information**

- **Index Name:** SS&P 500 Daily Index

- **Index Identifier:** BM0129

### Schedule of Portfolio Investments

| Name                                     | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oracle Corp.                             | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      8015 | NS      | $1752319.45   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                          | BlackRock, Inc.                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       675 | NS      | $708243.75    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                        | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     18240 | NS      | $1966272.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22272 | NS      | $3924994.56   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                            | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     17369 | NS      | $1698340.82   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                          | CME Group, Inc.                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1367 | NS      | $376772.54    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                                  | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      8283 | NS      | $760379.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-246.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                             | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     56909 | NS      | $8991052.91   | 7.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                         | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     27562 | NS      | $6046827.18   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                   | Northrop Grumman Corp.                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1132 | NS      | $565977.36    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.       | BJ's Wholesale Club Holdings, Inc.         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      2071 | NS      | $223315.93    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $385.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-554.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                          | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2425 | NS      | $1890360.25   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp.                            | Danaher Corp.                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1282 | NS      | $253246.28    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3.25        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Corp.                  | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      5882 | NS      | $631785.62    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                         | GE Vernova, Inc.                           | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       951 | NS      | $503221.65    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                              | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     25844 | NS      | $5302413.48   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                     | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      8443 | NS      | $586113.06    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1354.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Airlines Co.                   | Southwest Airlines Co.                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      9428 | NS      | $305844.32    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1771.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                    | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |       583 | NS      | $447359.22    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                     | Allstate Corp. (The)                       | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      6154 | NS      | $1238861.74   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3860 | NS      | $589615.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                        | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6102 | NS      | $483034.32    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                         | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3977 | NS      | $2234835.38   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                               | AT&T, Inc.                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     29105 | NS      | $842298.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $48.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-179.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tesla, Inc.                              | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      7271 | NS      | $2309705.86   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica, Inc.                | Lululemon Athletica, Inc.                  | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       954 | NS      | $226651.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | S&P 500 E-Mini Index                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $58407.38     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                    | Assured Guaranty Ltd.                      | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |      1410 | NS      | $122811.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                   | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      2162 | NS      | $372404.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                   | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |        95 | NS      | $41553.95     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology, Inc.                 | Marvell Technology, Inc.                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23810 | NS      | $1842894.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Southwest Airlines Co.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    154720 | NC      | $3915.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential plc                           | Prudential plc                             | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |     30820 | NS      | $385750.86    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp. (The)                  | Progressive Corp. (The)                    | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      2277 | NS      | $607640.22    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore plc                             | Glencore plc                               | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |    109274 | NS      | $425801.73    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                   | Home Depot, Inc. (The)                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1697 | NS      | $622188.08    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |      2722 | NS      | $569444.44    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH plc                                  | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |       274 | NS      | $25153.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial, Inc.               | Corebridge Financial, Inc.                 | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      6242 | NS      | $221591.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1308.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies plc                   | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1234 | NS      | $539763.94    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $95.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The)   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1232 | NS      | $229669.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.             | Chipotle Mexican Grill, Inc., Class A      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7095 | NS      | $398384.25    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   2996500 | NC      | $683585.45    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Bio-Rad Laboratories, Inc.               | Bio-Rad Laboratories, Inc., Class A        | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      1104 | NS      | $266417.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $352.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co. (The)                       | Southern Co. (The)                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      4045 | NS      | $371452.35    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                          | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     16930 | NS      | $1441081.60   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                   | BP plc                                     | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |     48988 | NS      | $244072.78    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy, Inc.                     | Cenovus Energy, Inc.                       | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     41714 | NS      | $567622.85    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                            | Corteva, Inc.                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     14283 | NS      | $1064511.99   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6263.51     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                             | Nasdaq, Inc.                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      1708 | NS      | $152729.36    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7628.98     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Levi Strauss & Co.                       | Levi Strauss & Co., Class A                | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     13713 | NS      | $253553.37    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                     | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      8509 | NS      | $842561.18    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp.                            | Fortive Corp.                              | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |      9688 | NS      | $505035.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.          | Live Nation Entertainment, Inc.            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      5537 | NS      | $837637.36    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                           | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13894 | NS      | $3829881.10   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                           | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1226 | NS      | $898388.28    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9549.15     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                      | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      4240 | NS      | $576682.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                     | Meta Platforms, Inc., Class A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5998 | NS      | $4427063.82   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                            | Medtronic plc                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      3436 | NS      | $299516.12    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.              | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      6952 | NS      | $1479107.52   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                   | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       641 | NS      | $634551.54    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2321.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-110.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.        | Philip Morris International, Inc.          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5290 | NS      | $963467.70    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                 | Willis Towers Watson plc                   | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |       812 | NS      | $248878.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.              | Palantir Technologies, Inc., Class A       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      7680 | NS      | $1046937.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.                   | Keurig Dr Pepper, Inc.                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      9230 | NS      | $305143.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                  | Arch Capital Group Ltd.                    | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |      4405 | NS      | $401075.25    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1579.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-10052.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-995.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-979.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                   | Antero Resources Corp.                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      5087 | NS      | $204904.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                            | Netflix, Inc.                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       690 | NS      | $923999.70    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                | PPL Corp.                                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     21128 | NS      | $716027.92    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom, Inc.                             | Dexcom, Inc.                               | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1197 | NS      | $104486.13    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3194.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6813.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                      | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     33814 | NS      | $2346015.32   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                          | Starbucks Corp.                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1749 | NS      | $160260.87    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                            | PepsiCo, Inc.                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1337 | NS      | $176537.48    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4415 | NS      | $1279952.65   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                 | Berkshire Hathaway, Inc., Class B          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3112 | NS      | $1511716.24   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                     | PPG Industries, Inc.                       | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      3169 | NS      | $360473.75    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $197819.34    | 0.16%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.           | Apollo Global Management, Inc.             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      4859 | NS      | $689346.33    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.               | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       784 | NS      | $253043.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                               | Ball Corp.                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      3294 | NS      | $184760.46    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.             | Vertex Pharmaceuticals, Inc.               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       678 | NS      | $301845.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                     | Analog Devices, Inc.                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      6619 | NS      | $1575454.38   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-433.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TPG, Inc.                                | TPG, Inc., Class A                         | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     11041 | NS      | $579100.45    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                        | Cigna Group (The)                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       769 | NS      | $254216.02    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc          | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |      9938 | NS      | $1434351.54   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                             | Target Corp.                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2812 | NS      | $277403.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                           | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4320 | NS      | $387676.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)               | Charles Schwab Corp. (The)                 | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      7176 | NS      | $654738.24    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                | Shell plc                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     18643 | NS      | $650445.93    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Ingersoll Rand, Inc.                     | Ingersoll Rand, Inc.                       | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      4282 | NS      | $356176.76    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                             | Ameren Corp.                               | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      3676 | NS      | $353043.04    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                      | Coca-Cola Co. (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     19953 | NS      | $1411674.75   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                  | DuPont de Nemours, Inc.                    | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      7157 | NS      | $490898.63    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                     | TJX Cos., Inc. (The)                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      4360 | NS      | $538416.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower, Inc.                          | Welltower, Inc.                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      4182 | NS      | $642898.86    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                           | AppLovin Corp., Class A                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       594 | NS      | $207947.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2309.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      6105 | NS      | $972648.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5131.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                       | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   2406074 | NS      | $2406073.92   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                    | Walt Disney Co. (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      8997 | NS      | $1115717.97   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1022.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ralliant Corp.                           | Ralliant Corp.                             | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3229 | NS      | $156590.38    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-540.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19249 | NS      | $9574645.09   | 7.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                           | Prologis, Inc.                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4739 | NS      | $498163.68    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                               | NIKE, Inc., Class B                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       693 | NS      | $49230.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.                  | Waste Connections, Inc.                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      1815 | NS      | $338896.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International, Inc.            | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5005 | NS      | $1165564.40   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                | RTX Corp.                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      4892 | NS      | $714329.84    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                     | HCA Healthcare, Inc.                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       374 | NS      | $143279.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                               | Unum Group                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      3457 | NS      | $279187.32    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $390.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-29.46       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical, Inc.                 | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1051 | NS      | $571123.91    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5425.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.             | Mondelez International, Inc., Class A      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      4358 | NS      | $293903.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                             | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      4417 | NS      | $819883.54    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                      | Union Pacific Corp.                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2882 | NS      | $663090.56    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva, Inc.                           | Innoviva, Inc.                             | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      7913 | NS      | $158972.17    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.          | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       345 | NS      | $181125.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                     | United Rentals, Inc.                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       855 | NS      | $644157.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart, Inc.                             | Copart, Inc.                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      5718 | NS      | $280582.26    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.       | American International Group, Inc.         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      7509 | NS      | $642695.31    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                    | Gilead Sciences, Inc.                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3217 | NS      | $356668.79    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                 | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2995 | NS      | $934350.15    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                       | General Motors Co.                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      5024 | NS      | $247231.04    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.           | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2394 | NS      | $970671.24    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                              | FedEx Corp.                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      4319 | NS      | $981751.89    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4352.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9710.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Visa, Inc.                               | Visa, Inc., Class A                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2722 | NS      | $966446.10    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                         | McDonald's Corp.                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1542 | NS      | $450526.14    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $629.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-213.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| On Holding AG                            | On Holding AG, Class A                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |      4722 | NS      | $245780.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.             | Charter Communications, Inc., Class A      | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       195 | NS      | $79717.95     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5929.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                         | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      5098 | NS      | $351660.04    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                           | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3324 | NS      | $529380.24    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                         | NRG Energy, Inc.                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      5740 | NS      | $921729.20    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                              | Toast, Inc., Class A                       | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      5947 | NS      | $263392.63    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                     | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6497 | NS      | $1435966.94   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                  | Agnico Eagle Mines Ltd.                    | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      1887 | NS      | $224818.71    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |  -3236220 | NC      | $-530427.85   | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| Cencora, Inc.                            | Cencora, Inc.                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       584 | NS      | $175112.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1937.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                 | CenterPoint Energy, Inc.                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      7180 | NS      | $263793.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7082.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                         | Salesforce, Inc.                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3909 | NS      | $1065945.21   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-751.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cintas Corp.                             | Cintas Corp.                               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1177 | NS      | $262317.99    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                | Linde plc                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |       285 | NS      | $133716.30    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer