# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-132229
**Filing Date:** 2025-6
**Character Count:** 70033
**Document Hash:** 69a10d095463c08d45d24d0508a61a0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-132229.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001752724-25-132229

**CONFORMED SUBMISSION TYPE**: N-MFP3

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**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):** 2025-05-31

**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:** 14 days

- **WAL:** 54 days

- **Total Value of Portfolio Securities:** $85941805.50

- **Amortized Cost of Portfolio Securities:** $85943171.89

- **Cash:** $638.54

- **Total Other Assets:** $96202.73

- **Total Liabilities:** $1595785.87

- **Net Assets of Series:** $84444227.29

- **Number of Shares Outstanding (Series):** 84449397.9500

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-05-01 | $75708680.69              | $76156752.07               | 88.4100%                  | 88.9300%                   |
| 2025-05-02 | $75701970.72              | $76150079.82               | 88.6800%                  | 89.2000%                   |
| 2025-05-05 | $75715731.77              | $76163894.27               | 88.6300%                  | 89.1500%                   |
| 2025-05-06 | $75492826.87              | $75941154.87               | 88.6200%                  | 89.1400%                   |
| 2025-05-07 | $75402998.29              | $75851378.54               | 88.5900%                  | 89.1200%                   |
| 2025-05-08 | $74562149.36              | $75010568.74               | 87.6000%                  | 88.1300%                   |
| 2025-05-09 | $74376896.27              | $75272203.40               | 87.5600%                  | 88.6200%                   |
| 2025-05-12 | $73683586.50              | $74578999.75               | 87.4200%                  | 88.4800%                   |
| 2025-05-13 | $74450375.71              | $75346082.52               | 88.3500%                  | 89.4200%                   |
| 2025-05-14 | $75089143.33              | $75984958.33               | 87.5900%                  | 88.6400%                   |
| 2025-05-15 | $74104756.00              | $75000685.38               | 87.5200%                  | 88.5700%                   |
| 2025-05-16 | $74845311.20              | $75741344.95               | 87.6100%                  | 88.6600%                   |
| 2025-05-19 | $74740704.93              | $75637258.06               | 87.7900%                  | 88.8400%                   |
| 2025-05-20 | $74578442.25              | $75475100.25               | 87.5000%                  | 88.5600%                   |
| 2025-05-21 | $74818210.72              | $75714973.60               | 87.7900%                  | 88.8400%                   |
| 2025-05-22 | $74831128.63              | $75727996.38               | 86.9300%                  | 87.9700%                   |
| 2025-05-23 | $74821602.35              | $75718574.97               | 86.9300%                  | 87.9700%                   |
| 2025-05-27 | $74810578.62              | $75707970.75               | 86.9200%                  | 87.9600%                   |
| 2025-05-28 | $73952290.02              | $74849787.02               | 86.7800%                  | 87.8400%                   |
| 2025-05-29 | $73541059.97              | $74438661.84               | 85.4900%                  | 86.5300%                   |
| 2025-05-30 | $73718422.39              | $74616129.14               | 85.6900%                  | 86.7300%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-05-30 | 4.3800%             |
| 2025-05-23 | 4.3500%             |
| 2025-05-19 | 4.5400%             |
| 2025-05-09 | 4.3800%             |
| 2025-05-22 | 4.3600%             |
| 2025-05-05 | 4.4200%             |
| 2025-05-12 | 4.3800%             |
| 2025-05-07 | 4.4000%             |
| 2025-05-08 | 4.3900%             |
| 2025-05-02 | 4.4200%             |
| 2025-05-27 | 4.3500%             |
| 2025-05-16 | 4.3600%             |
| 2025-05-13 | 4.3700%             |
| 2025-05-21 | 4.3600%             |
| 2025-05-20 | 4.5400%             |
| 2025-05-28 | 4.3600%             |
| 2025-05-06 | 4.4200%             |
| 2025-05-15 | 4.3700%             |
| 2025-05-01 | 4.4200%             |
| 2025-05-29 | 4.3700%             |
| 2025-05-14 | 4.3700%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-05-01 | 1.0000                      |
|  |  |
| 2025-05-02 | 1.0000                      |
|  |  |
| 2025-05-05 | 1.0000                      |
|  |  |
| 2025-05-06 | 1.0000                      |
|  |  |
| 2025-05-07 | 1.0000                      |
|  |  |
| 2025-05-08 | 1.0000                      |
|  |  |
| 2025-05-09 | 1.0000                      |
|  |  |
| 2025-05-12 | 1.0000                      |
|  |  |
| 2025-05-13 | 1.0000                      |
|  |  |
| 2025-05-14 | 1.0000                      |
|  |  |
| 2025-05-15 | 1.0000                      |
|  |  |
| 2025-05-16 | 1.0000                      |
|  |  |
| 2025-05-19 | 1.0000                      |
|  |  |
| 2025-05-20 | 1.0000                      |
|  |  |
| 2025-05-21 | 1.0000                      |
|  |  |
| 2025-05-22 | 1.0000                      |
|  |  |
| 2025-05-23 | 1.0000                      |
|  |  |
| 2025-05-27 | 1.0000                      |
|  |  |
| 2025-05-28 | 1.0000                      |
|  |  |
| 2025-05-29 | 1.0000                      |
|  |  |
| 2025-05-30 | 1.0000                      |
|  |  |

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

### Class: Class IB

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $39848865.80

- **Number of Shares Outstanding:** 39852368.0600

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 1.0000          |
|  |  |
| 2025-05-02 | 1.0000          |
|  |  |
| 2025-05-05 | 1.0000          |
|  |  |
| 2025-05-06 | 1.0000          |
|  |  |
| 2025-05-07 | 1.0000          |
|  |  |
| 2025-05-08 | 1.0000          |
|  |  |
| 2025-05-09 | 1.0000          |
|  |  |
| 2025-05-12 | 1.0000          |
|  |  |
| 2025-05-13 | 1.0000          |
|  |  |
| 2025-05-14 | 1.0000          |
|  |  |
| 2025-05-15 | 1.0000          |
|  |  |
| 2025-05-16 | 1.0000          |
|  |  |
| 2025-05-19 | 1.0000          |
|  |  |
| 2025-05-20 | 1.0000          |
|  |  |
| 2025-05-21 | 1.0000          |
|  |  |
| 2025-05-22 | 1.0000          |
|  |  |
| 2025-05-23 | 1.0000          |
|  |  |
| 2025-05-27 | 1.0000          |
|  |  |
| 2025-05-28 | 1.0000          |
|  |  |
| 2025-05-29 | 1.0000          |
|  |  |
| 2025-05-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $126860.04                | $8528.44                |
| 2025-05-02 | $40504.66                 | $28667.95               |
| 2025-05-05 | $0.00                     | $243039.31              |
| 2025-05-06 | $18830.22                 | $55906.76               |
| 2025-05-07 | $0.00                     | $7568.14                |
| 2025-05-08 | $0.00                     | $15134.96               |
| 2025-05-09 | $0.00                     | $866971.31              |
| 2025-05-12 | $0.00                     | $18063.04               |
| 2025-05-13 | $0.00                     | $14708.16               |
| 2025-05-14 | $60564.43                 | $2748.15                |
| 2025-05-15 | $94307.20                 | $379.26                 |
| 2025-05-16 | $0.00                     | $19542.82               |
| 2025-05-19 | $0.00                     | $128805.76              |
| 2025-05-20 | $107570.62                | $5035.09                |
| 2025-05-21 | $3775.53                  | $789.21                 |
| 2025-05-22 | $0.00                     | $16329.64               |
| 2025-05-23 | $173.51                   | $44318.88               |
| 2025-05-27 | $0.00                     | $9733.22                |
| 2025-05-28 | $2416.70                  | $7143.54                |
| 2025-05-29 | $0.00                     | $5536.79                |
| 2025-05-30 | $0.00                     | $64212.64               |

**Total Gross Subscriptions (Month):** $455002.91

**Total Gross Redemptions (Month):** $1563163.07

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 3.7500%           |
| 2025-05-02 | 3.7600%           |
| 2025-05-05 | 3.7500%           |
| 2025-05-06 | 3.7500%           |
| 2025-05-07 | 3.7400%           |
| 2025-05-08 | 3.7300%           |
| 2025-05-09 | 3.7200%           |
| 2025-05-12 | 3.7100%           |
| 2025-05-13 | 3.7000%           |
| 2025-05-14 | 3.7000%           |
| 2025-05-15 | 3.7000%           |
| 2025-05-16 | 3.6900%           |
| 2025-05-19 | 3.6900%           |
| 2025-05-20 | 3.6900%           |
| 2025-05-21 | 3.6900%           |
| 2025-05-22 | 3.7000%           |
| 2025-05-23 | 3.6900%           |
| 2025-05-27 | 3.6900%           |
| 2025-05-28 | 3.7100%           |
| 2025-05-29 | 3.7100%           |
| 2025-05-30 | 3.7200%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 96.1100%         | 0.0000%              |

### Class: Class IA

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $44595361.49

- **Number of Shares Outstanding:** 44597029.8900

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 1.0000          |
|  |  |
| 2025-05-02 | 1.0000          |
|  |  |
| 2025-05-05 | 1.0000          |
|  |  |
| 2025-05-06 | 1.0000          |
|  |  |
| 2025-05-07 | 1.0000          |
|  |  |
| 2025-05-08 | 1.0000          |
|  |  |
| 2025-05-09 | 1.0000          |
|  |  |
| 2025-05-12 | 1.0000          |
|  |  |
| 2025-05-13 | 1.0000          |
|  |  |
| 2025-05-14 | 1.0000          |
|  |  |
| 2025-05-15 | 1.0000          |
|  |  |
| 2025-05-16 | 1.0000          |
|  |  |
| 2025-05-19 | 1.0000          |
|  |  |
| 2025-05-20 | 1.0000          |
|  |  |
| 2025-05-21 | 1.0000          |
|  |  |
| 2025-05-22 | 1.0000          |
|  |  |
| 2025-05-23 | 1.0000          |
|  |  |
| 2025-05-27 | 1.0000          |
|  |  |
| 2025-05-28 | 1.0000          |
|  |  |
| 2025-05-29 | 1.0000          |
|  |  |
| 2025-05-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $146326.69                | $6859.51                |
| 2025-05-02 | $0.00                     | $17249.60               |
| 2025-05-05 | $0.00                     | $6665.33                |
| 2025-05-06 | $1396.75                  | $63355.24               |
| 2025-05-07 | $421.63                   | $12304.79               |
| 2025-05-08 | $15474.64                 | $194051.27              |
| 2025-05-09 | $155591.33                | $1347.54                |
| 2025-05-12 | $132.90                   | $18600.64               |
| 2025-05-13 | $752194.70                | $85547.84               |
| 2025-05-14 | $0.00                     | $272689.70              |
| 2025-05-15 | $705602.13                | $68444.30               |
| 2025-05-16 | $3659.93                  | $137954.39              |
| 2025-05-19 | $0.00                     | $42267.36               |
| 2025-05-20 | $145308.16                | $16849.70               |
| 2025-05-21 | $2595.03                  | $1452.59                |
| 2025-05-22 | $0.00                     | $1980.47                |
| 2025-05-23 | $573.40                   | $2609.77                |
| 2025-05-27 | $0.00                     | $7423.96                |
| 2025-05-28 | $89.91                    | $415405.28              |
| 2025-05-29 | $174496.64                | $353.51                 |
| 2025-05-30 | $0.00                     | $57304.48               |

**Total Gross Subscriptions (Month):** $2103863.84

**Total Gross Redemptions (Month):** $1430717.27

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 4.0000%           |
| 2025-05-02 | 4.0100%           |
| 2025-05-05 | 4.0000%           |
| 2025-05-06 | 4.0000%           |
| 2025-05-07 | 3.9900%           |
| 2025-05-08 | 3.9800%           |
| 2025-05-09 | 3.9700%           |
| 2025-05-12 | 3.9600%           |
| 2025-05-13 | 3.9500%           |
| 2025-05-14 | 3.9500%           |
| 2025-05-15 | 3.9500%           |
| 2025-05-16 | 3.9400%           |
| 2025-05-19 | 3.9400%           |
| 2025-05-20 | 3.9400%           |
| 2025-05-21 | 3.9400%           |
| 2025-05-22 | 3.9500%           |
| 2025-05-23 | 3.9400%           |
| 2025-05-27 | 3.9400%           |
| 2025-05-28 | 3.9600%           |
| 2025-05-29 | 3.9600%           |
| 2025-05-30 | 3.9700%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 91.4100%         | 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):** $949952.43
- **C.18.a - Value (excl. sponsor support):** $949952.43
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.4300%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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):** $450082.67
- **C.18.a - Value (excl. sponsor support):** $450082.67
- **C.19 - Percentage of Net Assets:** 0.5300%
- **C.17 - Yield as of Reporting Date:** 4.4100%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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: 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):** $450221.34
- **C.18.a - Value (excl. sponsor support):** $450221.34
- **C.19 - Percentage of Net Assets:** 0.5300%
- **C.17 - Yield as of Reporting Date:** 4.4700%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 4: 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):** $447957.37
- **C.18.a - Value (excl. sponsor support):** $447957.37
- **C.19 - Percentage of Net Assets:** 0.5300%
- **C.17 - Yield as of Reporting Date:** 4.1800%
- **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 5: 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):** $779340.72
- **C.18.a - Value (excl. sponsor support):** $779340.72
- **C.19 - Percentage of Net Assets:** 0.9200%
- **C.17 - Yield as of Reporting Date:** 4.0900%
- **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 6: 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):** $899989.48
- **C.18.a - Value (excl. sponsor support):** $899989.48
- **C.19 - Percentage of Net Assets:** 1.0700%
- **C.17 - Yield as of Reporting Date:** 4.4500%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 7: 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):** $919258.98
- **C.18.a - Value (excl. sponsor support):** $919258.98
- **C.19 - Percentage of Net Assets:** 1.0900%
- **C.17 - Yield as of Reporting Date:** 4.0800%
- **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 8: 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):** $832222.01
- **C.18.a - Value (excl. sponsor support):** $832222.01
- **C.19 - Percentage of Net Assets:** 0.9900%
- **C.17 - Yield as of Reporting Date:** 4.1100%
- **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 9: 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):** $650063.40
- **C.18.a - Value (excl. sponsor support):** $650063.40
- **C.19 - Percentage of Net Assets:** 0.7700%
- **C.17 - Yield as of Reporting Date:** 4.5300%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 10: 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):** $1099997.57
- **C.18.a - Value (excl. sponsor support):** $1099997.57
- **C.19 - Percentage of Net Assets:** 1.3000%
- **C.17 - Yield as of Reporting Date:** 4.4800%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 11: 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: ZS31LMP
- **C.18 - Value (incl. sponsor support):** $23789000.00
- **C.18.a - Value (excl. sponsor support):** $23789000.00
- **C.19 - Percentage of Net Assets:** 28.1700%
- **C.17 - Yield as of Reporting Date:** 4.3500%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **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    | 2047-10-01      | 3.5000%  | N/A     | $76249.07          | $17279.77          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2041-12-01      | 2.0000%  | N/A     | $4662.64           | $2967.37           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2033-06-01      | 3.6700%  | N/A     | $487769.66         | $399277.74         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2055-02-01      | 7.0000%  | N/A     | $48135.71          | $50565.66          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2044-02-01      | 4.0000%  | N/A     | $2178231.98        | $294497.71         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-05-01      | 5.5000%  | N/A     | $4767.32           | $4609.95           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2045-05-01      | 3.5000%  | N/A     | $1179001.87        | $194377.41         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2065-05-20      | 7.0000%  | N/A     | $17954.51          | $18460.45          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-11-01      | 6.0000%  | N/A     | $82141.80          | $74008.75          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2041-07-01      | 4.5000%  | N/A     | $854365.43         | $27121.63          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2041-06-01      | 3.0000%  | N/A     | $431059.72         | $50887.09          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-02-01      | 5.5000%  | N/A     | $16549.34          | $14189.36          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2054-04-01      | 5.5000%  | N/A     | $914119.92         | $840096.26         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2055-01-01      | 5.5000%  | N/A     | $25492.15          | $25155.60          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-06-01      | 6.0000%  | N/A     | $1800811.31        | $1360594.12        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2030-06-01      | 3.6000%  | N/A     | $1385593.16        | $1338841.86        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-05-01      | 3.5900%  | N/A     | $2790.02           | $2552.98           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2033-05-01      | 3.5100%  | N/A     | $313158.40         | $290670.65         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-08-01      | 5.0000%  | N/A     | $16921.21          | $15410.16          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2048-09-01      | 4.0200%  | N/A     | $21431.99          | $17520.12          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-11-01      | 4.5000%  | N/A     | $68788.46          | $64483.08          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2037-08-01      | 4.1700%  | N/A     | $177257.36         | $164430.69         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2039-06-01      | 3.3700%  | N/A     | $93014.99          | $78619.69          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2027-12-01      | 3.0100%  | N/A     | $23062.01          | $21500.37          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2049-04-01      | 4.5000%  | N/A     | $208159.84         | $70995.97          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2031-06-01      | 3.8900%  | N/A     | $95156.00          | $92108.40          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2055-05-01      | 6.0000%  | N/A     | $716309.25         | $731404.99         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2054-04-01      | 6.0000%  | N/A     | $2287060.00        | $2178614.65        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2041-12-01      | 2.4100%  | N/A     | $95156.00          | $65644.45          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-12-01      | 5.2000%  | N/A     | $2995301.54        | $3070432.35        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-07-01      | 6.5000%  | N/A     | $71308.86          | $73110.23          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-12-01      | 4.5000%  | N/A     | $56834.97          | $53373.00          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-01-01      | 4.3570%  | N/A     | $2119442.32        | $1835231.97        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-01-01      | 2.0000%  | N/A     | $53366.72          | $33507.67          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-05-01      | 2.8100%  | N/A     | $285468.00         | $200148.64         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2054-10-01      | 5.5000%  | N/A     | $101319.63         | $92311.46          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2037-11-01      | 4.5000%  | N/A     | $98595.89          | $57679.37          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-02-01      | 3.9600%  | N/A     | $576402.52         | $545083.69         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2052-04-01      | 3.0000%  | N/A     | $46616.69          | $32451.95          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2051-08-01      | 4.0000%  | N/A     | $7136.70           | $5487.74           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-04-01      | 4.5000%  | N/A     | $1817479.60        | $155541.24         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2054-11-01      | 6.5000%  | N/A     | $87437.61          | $59557.75          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2037-11-01      | 3.5100%  | N/A     | $125588.22         | $104995.67         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2055-04-01      | 6.0000%  | N/A     | $93058.38          | $95525.42          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2043-06-01      | 3.5000%  | N/A     | $17746.59          | $2558.43           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2040-05-01      | 5.5000%  | N/A     | $541321.93         | $556966.98         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2054-11-01      | 4.5000%  | N/A     | $6245.37           | $5869.82           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2025-12-01      | 3.9050%  | N/A     | $283887.46         | $282916.19         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2052-08-01      | 4.0000%  | N/A     | $1175115.70        | $910970.69         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-01-01      | 5.0000%  | N/A     | $47578.00          | $42118.01          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-05-01      | 3.5900%  | N/A     | $55190.48          | $50648.30          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-10-01      | 5.5000%  | N/A     | $42734.46          | $42154.11          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2031-08-01      | 2.0000%  | N/A     | $96451.07          | $70401.01          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-04-01      | 3.8030%  | N/A     | $3611141.27        | $3342897.43        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-02-01      | 6.0000%  | N/A     | $164634.63         | $150016.33         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2030-02-01      | 2.6800%  | N/A     | $651104.93         | $573929.45         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-02-01      | 3.7250%  | N/A     | $287491.78         | $264560.61         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2055-03-01      | 6.0000%  | N/A     | $386826.65         | $392706.14         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2033-06-01      | 3.6200%  | N/A     | $383787.75         | $357758.15         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2049-05-01      | 3.8300%  | N/A     | $688691.55         | $570176.11         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-09-01      | 6.0000%  | N/A     | $1302985.57        | $1222477.77        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2050-07-01      | 3.0000%  | N/A     | $32448.20          | $11478.01          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-06-01      | 3.3700%  | N/A     | $285468.00         | $256000.29         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2053-12-01      | 7.5000%  | N/A     | $90638.28          | $86351.46          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-04-01      | 2.0000%  | N/A     | $8611.62           | $4843.79           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2030-10-01      | 3.5950%  | N/A     | $7727.14           | $6909.17           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2042-04-01      | 3.0100%  | N/A     | $49352.56          | $35948.44          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-11-01      | 2.0000%  | N/A     | $12084.81          | $6864.27           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2055-04-01      | 6.0000%  | N/A     | $63674.87          | $65032.20          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-01-01      | 2.0000%  | N/A     | $76205.30          | $39697.77          | Agency Mortgage-Backed Securities |

### Security 12: JP Morgan Securities LLC

- **C.1 - Title:** JP Morgan 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: ZBUT11V806EZRVTWT807, C.5 - Other ID: ZS31LNJ
- **C.18 - Value (incl. sponsor support):** $23790000.00
- **C.18.a - Value (excl. sponsor support):** $23790000.00
- **C.19 - Percentage of Net Assets:** 28.1700%
- **C.17 - Yield as of Reporting Date:** 4.3500%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **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 | 2044-07-01      | 5.0000%  | N/A     | $136197.75         | $14570.92          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-04-01      | 6.5000%  | N/A     | $164299.45         | $171526.02         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-10-01      | 2.5000%  | N/A     | $20697300.00       | $10707161.41       | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-05-01      | 3.0000%  | N/A     | $23790.00          | $17287.81          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-10-01      | 6.0000%  | N/A     | $197652.55         | $200919.73         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2030-05-01      | 5.0000%  | N/A     | $117388.78         | $3246.68           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-03-01      | 4.5000%  | N/A     | $119790.74         | $113322.22         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2043-08-01      | 2.7750%  | N/A     | $7315.78           | $4599.22           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-05-01      | 6.5000%  | N/A     | $418831.99         | $37172.43          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-07-01      | 3.5000%  | N/A     | $4876.95           | $3652.31           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-03-01      | 5.5000%  | N/A     | $35685.00          | $29636.32          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-02-01      | 6.0000%  | N/A     | $675749.24         | $69009.43          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-02-01      | 4.5000%  | N/A     | $29783.41          | $28082.58          | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.      | 2055-05-01      | 5.4960%  | N/A     | $551601.60         | $557053.65         | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.      | 2038-01-01      | 6.7190%  | N/A     | $117165.75         | $15646.78          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2037-06-01      | 3.0000%  | N/A     | $118950.00         | $74674.27          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-12-01      | 3.0000%  | N/A     | $11895.00          | $3906.04           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-08-01      | 5.0000%  | N/A     | $491191.18         | $285072.73         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-12-01      | 4.0000%  | N/A     | $70656.89          | $15022.99          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-01-01      | 5.5000%  | N/A     | $98133.75          | $95973.80          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2038-08-01      | 3.0000%  | N/A     | $102775.18         | $83872.17          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-09-01      | 4.5000%  | N/A     | $505141.63         | $440255.21         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2030-03-01      | 7.0000%  | N/A     | $52091.06          | $3475.45           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2033-10-01      | 6.5000%  | N/A     | $340553.85         | $7981.50           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-07-01      | 6.9060%  | N/A     | $263474.25         | $42967.44          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-11-01      | 6.0000%  | N/A     | $56775.91          | $57722.11          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2051-08-01      | 3.0000%  | N/A     | $118950.00         | $81065.85          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-06-01      | 4.5000%  | N/A     | $142740.00         | $132409.34         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2035-10-01      | 2.0000%  | N/A     | $11895.00          | $4678.32           | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.      | 2037-09-01      | 6.9880%  | N/A     | $95160.00          | $6667.23           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-12-01      | 1.5000%  | N/A     | $16771.95          | $10068.40          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-12-01      | 5.0000%  | N/A     | $23195.25          | $21695.67          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-04-01      | 4.0000%  | N/A     | $258597.30         | $61585.71          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-08-01      | 5.0000%  | N/A     | $127096.89         | $122272.93         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-01-01      | 3.0000%  | N/A     | $34324.69          | $13184.28          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2037-03-01      | 1.5000%  | N/A     | $95739.05          | $61542.77          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-05-01      | 7.0000%  | N/A     | $146792.39         | $156703.50         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-05-01      | 5.9130%  | N/A     | $162275.63         | $123736.86         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-10-01      | 6.5000%  | N/A     | $95160.00          | $80251.41          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-05-01      | 5.5000%  | N/A     | $153712.66         | $150888.68         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2030-03-01      | 3.0000%  | N/A     | $186037.80         | $29448.46          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-12-01      | 6.2450%  | N/A     | $1094340.00        | $21449.45          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2043-10-01      | 3.0000%  | N/A     | $761280.00         | $152499.58         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-10-01      | 4.0000%  | N/A     | $215505.28         | $54679.89          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-06-01      | 5.5000%  | N/A     | $302819.10         | $190865.49         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-03-01      | 2.5000%  | N/A     | $178887.72         | $104324.38         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2034-01-01      | 3.5000%  | N/A     | $242831.67         | $36312.93          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-06-01      | 6.5000%  | N/A     | $1287223.61        | $173800.85         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2040-04-01      | 3.5000%  | N/A     | $59475.00          | $21779.16          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-07-01      | 5.0000%  | N/A     | $159894.97         | $151093.32         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2028-08-01      | 3.0000%  | N/A     | $118950.00         | $6478.70           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2036-09-01      | 7.0950%  | N/A     | $951600.00         | $85705.87          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-02-01      | 3.5000%  | N/A     | $82313.40          | $4794.34           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-05-01      | 3.5000%  | N/A     | $35685.00          | $23637.28          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-12-01      | 2.2930%  | N/A     | $159472.22         | $48726.15          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-04-01      | 4.0000%  | N/A     | $37585.82          | $32821.27          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-06-01      | 6.5000%  | N/A     | $40248.99          | $32652.02          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2035-09-01      | 2.0000%  | N/A     | $347928.75         | $158978.04         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-10-01      | 3.0000%  | N/A     | $11895.00          | $6697.18           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-11-01      | 4.0000%  | N/A     | $190175.12         | $143725.25         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-12-01      | 6.5000%  | N/A     | $95160.00          | $77458.76          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-08-01      | 3.5000%  | N/A     | $262311.87         | $188253.24         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-04-01      | 7.0000%  | N/A     | $180388.63         | $192217.10         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2031-02-01      | 3.9800%  | N/A     | $1566470.63        | $1530269.11        | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-04-01      | 6.5000%  | N/A     | $422396.21         | $286319.92         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-06-01      | 3.5000%  | N/A     | $179316.41         | $27187.03          | Agency Mortgage-Backed Securities  |
| United States Treasury                | 2027-06-15      | 4.6250%  | N/A     | $6663483.84        | $6895266.68        | U.S. Treasuries (including strips) |
| Federal National Mortgage Association | 2048-11-01      | 4.0000%  | N/A     | $177354.45         | $17775.85          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-11-01      | 4.0000%  | N/A     | $427565.78         | $58794.88          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-12-01      | 4.5000%  | N/A     | $102737.12         | $96647.13          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-05-01      | 6.0000%  | N/A     | $142084.35         | $145542.87         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-04-01      | 6.2100%  | N/A     | $736172.03         | $577223.32         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-03-01      | 7.0000%  | N/A     | $149119.05         | $156894.10         | Agency Mortgage-Backed Securities  |
| United States Treasury                | 2027-01-15      | 0.3750%  | N/A     | $13303938.96       | $17379311.44       | U.S. Treasuries (including strips) |
| Federal National Mortgage Association | 2041-01-01      | 4.0000%  | N/A     | $773175.00         | $85064.89          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2033-07-01      | 3.9700%  | N/A     | $133563.96         | $125439.94         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2051-09-01      | 4.0000%  | N/A     | $175061.57         | $111942.21         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2037-03-01      | 2.0000%  | N/A     | $95929.84          | $57497.71          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2035-10-01      | 7.2100%  | N/A     | $265275.63         | $4851.36           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2029-06-01      | 3.0000%  | N/A     | $223441.63         | $10455.86          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2044-06-01      | 5.5000%  | N/A     | $119049.44         | $113430.50         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2048-09-01      | 4.0000%  | N/A     | $68349.38          | $21998.84          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-08-01      | 4.0000%  | N/A     | $79696.86          | $17313.94          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-05-01      | 5.5000%  | N/A     | $11895.00          | $10216.86          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-11-01      | 6.0000%  | N/A     | $370779.04         | $298012.44         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2033-04-01      | 3.5000%  | N/A     | $190071.16         | $25914.74          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-06-01      | 4.5000%  | N/A     | $14717.45          | $13088.55          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2048-01-01      | 3.5000%  | N/A     | $484830.68         | $74889.39          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-01-01      | 5.5000%  | N/A     | $133687.91         | $113107.76         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2037-02-01      | 2.5700%  | N/A     | $80308.26          | $63304.45          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-02-01      | 6.0000%  | N/A     | $54208.73          | $54715.29          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-01-01      | 4.0000%  | N/A     | $174065.01         | $152792.78         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-08-01      | 6.5000%  | N/A     | $604645.69         | $617890.32         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-11-01      | 4.5000%  | N/A     | $19259.31          | $16184.56          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2051-11-01      | 4.0000%  | N/A     | $75473.77          | $24872.88          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-03-01      | 1.5000%  | N/A     | $35685.00          | $25811.09          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2043-03-01      | 3.5000%  | N/A     | $11895.00          | $3271.86           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2043-11-01      | 5.0000%  | N/A     | $10229.70          | $8083.34           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-08-01      | 2.0000%  | N/A     | $71370.00          | $53893.71          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-04-01      | 5.5000%  | N/A     | $23790.00          | $18954.01          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2043-12-01      | 4.0000%  | N/A     | $117551.74         | $94709.79          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-10-01      | 4.5000%  | N/A     | $89266.27          | $73992.37          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-04-01      | 4.0000%  | N/A     | $183183.00         | $38928.62          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2051-06-01      | 5.0000%  | N/A     | $128426.51         | $88085.99          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2049-07-01      | 3.0000%  | N/A     | $333060.00         | $50273.56          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2037-04-01      | 6.4690%  | N/A     | $1784250.00        | $23053.38          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-08-01      | 4.5000%  | N/A     | $892125.00         | $749070.12         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-05-01      | 5.0000%  | N/A     | $471024.16         | $458716.66         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-02-01      | 7.0000%  | N/A     | $164466.46         | $152723.63         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2042-12-01      | 3.5000%  | N/A     | $23790.00          | $4028.75           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2034-04-01      | 6.2580%  | N/A     | $372075.60         | $7920.10           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-03-01      | 5.7180%  | N/A     | $206924.71         | $208271.48         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2039-11-01      | 6.0000%  | N/A     | $163044.05         | $146202.60         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2039-06-01      | 5.5000%  | N/A     | $10824640.32       | $237390.32         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2047-01-01      | 4.5000%  | N/A     | $136197.75         | $22900.80          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-03-01      | 5.0000%  | N/A     | $43497.52          | $40761.41          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-07-01      | 2.5000%  | N/A     | $145805.58         | $69643.52          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2049-07-01      | 5.0000%  | N/A     | $312600.60         | $51772.91          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-01-01      | 6.5000%  | N/A     | $129114.52         | $133036.81         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-01-01      | 6.1850%  | N/A     | $128456.48         | $90116.43          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-05-01      | 4.0000%  | N/A     | $8488.27           | $6741.16           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2052-09-01      | 4.5000%  | N/A     | $26383.11          | $20073.61          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2044-11-01      | 4.0000%  | N/A     | $475800.00         | $9816.41           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2050-09-01      | 3.0000%  | N/A     | $14274.00          | $3436.81           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2053-04-01      | 4.5000%  | N/A     | $18869.99          | $15689.72          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-11-01      | 5.5000%  | N/A     | $19388.85          | $18340.37          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-02-01      | 6.0070%  | N/A     | $105548.50         | $107709.58         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2040-04-01      | 5.5000%  | N/A     | $106770.35         | $107971.98         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2055-04-01      | 7.0000%  | N/A     | $143403.98         | $150775.93         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association | 2054-02-01      | 6.0000%  | N/A     | $23807.01          | $23827.31          | Agency Mortgage-Backed Securities  |

### Security 13: 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):** $950399.59
- **C.18.a - Value (excl. sponsor support):** $950399.59
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.4800%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 14: 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):** $950243.83
- **C.18.a - Value (excl. sponsor support):** $950243.83
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.4600%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 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 coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3134HATA1, C.4 - ISIN: US3134HATA17, C.3 - LEI: S6XOOCT0IEG5ABCC6L87
- **C.18 - Value (incl. sponsor support):** $950492.60
- **C.18.a - Value (excl. sponsor support):** $950492.60
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.5000%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 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 no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 3133ETKG1, C.4 - ISIN: US3133ETKG13, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $1050000.00
- **C.18.a - Value (excl. sponsor support):** $1050000.00
- **C.19 - Percentage of Net Assets:** 1.2400%
- **C.17 - Yield as of Reporting Date:** 0.0000%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 17: 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):** $950275.57
- **C.18.a - Value (excl. sponsor support):** $950275.57
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.4300%
- **C.11 - Maturity Date (WAM):** 2025-06-01
- **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 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: 3133ETJQ1, C.4 - ISIN: US3133ETJQ14, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $849708.25
- **C.18.a - Value (excl. sponsor support):** $849708.25
- **C.19 - Percentage of Net Assets:** 1.0100%
- **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 19: 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):** $942967.63
- **C.18.a - Value (excl. sponsor support):** $942967.63
- **C.19 - Percentage of Net Assets:** 1.1200%
- **C.17 - Yield as of Reporting Date:** 4.1600%
- **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? No, C.23 Categorized at Level 3? No

### Security 20: 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: ZS31LMK
- **C.18 - Value (incl. sponsor support):** $23790000.00
- **C.18.a - Value (excl. sponsor support):** $23790000.00
- **C.19 - Percentage of Net Assets:** 28.1700%
- **C.17 - Yield as of Reporting Date:** 4.3500%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **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 | 2055-01-01      | 4.0000%  | N/A     | $1029208.00        | $928358.28         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2040-01-01      | 5.5000%  | N/A     | $367072.00         | $353467.57         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-12-01      | 5.5000%  | N/A     | $23207772.00       | $22614868.68       | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2042-03-01      | 3.5000%  | N/A     | $1087000.00        | $135535.34         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2026-04-01      | 4.0000%  | N/A     | $34402.00          | $86.55             | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-09-01      | 5.5000%  | N/A     | $72373.00          | $70916.80          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-07-01      | 4.5000%  | N/A     | $1000.00           | $857.10            | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2039-04-01      | 4.5000%  | N/A     | $1995000.00        | $162566.65         | Agency Mortgage-Backed Securities |

### Security 21: 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: 313385GN0, C.4 - ISIN: US313385GN09, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $449632.06
- **C.18.a - Value (excl. sponsor support):** $449632.06
- **C.19 - Percentage of Net Assets:** 0.5300%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-06-06
- **C.12 - Maturity Date (WAL):** 2025-06-06
- **C.13 - Final Legal Maturity Date:** 2025-06-06
- **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? Yes, C.23 Categorized at Level 3? No

## N-MFP: Signatures

**Registrant:** Putnam Variable Trust

**Date:** 2025-06-05

**By:** /s/Jeff White

**Name of Signing Officer:** Jeff White

**Title of Signing Officer:** Vice President