# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012249
**Filing Date:** 2026-5
**Character Count:** 65037
**Document Hash:** a5eb8a8cb5aa155e71a987f7847228ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012249.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012249

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** 261024626

**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 U.S. 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $120867569.78

**Total Liabilities:** $178956.30

**Net Assets:** $120688613.48

**Cash Not Reported:** $23971.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010870 | 1.58%                | -0.39%               | -4.39%               |
| Class ID C000010869 | 1.61%                | -0.37%               | -4.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1036284.48              | $1029252.71                                |
| Month 2  | $841720.49               | $-1431665.47                               |
| Month 3  | $605870.79               | $-6257024.89                               |

**Designated Index Information**

- **Index Name:** S&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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                              | CBRE Group, Inc., Class A                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      1325 | NS      | $179484.50    | 0.15%             |  |  |  | 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      | $-1072.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                  | Oracle Corp.                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     10631 | NS      | $1563926.41   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                            | Lam Research Corp.                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     15260 | NS      | $3260451.60   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                               | BlackRock, Inc.                                        | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       530 | NS      | $509706.30    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                             | Exxon Mobil Corp.                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     15439 | NS      | $2619380.74   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                | Alphabet, Inc., Class A                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20737 | NS      | $5963131.72   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                 | Walmart, Inc.                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     12573 | NS      | $1562572.44   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                               | CME Group, Inc.                                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1243 | NS      | $367120.05    | 0.30%             |  |  |  | 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      | $-1182.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CRH plc                                       | CRH plc                                                | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      7415 | NS      | $779464.80    | 0.65%             |  |  |  | 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      | $-193.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                  | NVIDIA Corp.                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     45289 | NS      | $7898401.60   | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                              | Amazon.com, Inc.                                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     23711 | NS      | $4938289.97   | 4.09%             |  |  |  | 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      | $1037.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.               | Hilton Worldwide Holdings, Inc.                        | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       870 | NS      | $264549.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                        | Northrop Grumman Corp.                                 | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       871 | NS      | $594231.04    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                      | Bristol-Myers Squibb Co.                               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      4967 | NS      | $301248.55    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                               | Eli Lilly & Co.                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1950 | NS      | $1793551.50   | 1.49%             |  |  |  | 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      | $-285.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Danaher Corp.                                 | Danaher Corp.                                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       671 | NS      | $127221.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                 | Stryker Corp.                                          | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       367 | NS      | $120592.53    | 0.10%             |  |  |  | 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      | $540.89       | 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      | $4796.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Corp.                       | Boston Scientific Corp.                                | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      7640 | NS      | $479410.00    | 0.40%             |  |  |  | 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      | $-818.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Snowflake, Inc.                               | Snowflake, Inc., Class A                               | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      2553 | NS      | $385043.46    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                              | GE Vernova, Inc.                                       | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1078 | NS      | $940986.20    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                   | Apple, Inc.                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     22012 | NS      | $5586425.48   | 4.63%             |  |  |  | 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      | $-1178.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                          | NextEra Energy, Inc.                                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      7057 | NS      | $655454.16    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                        | Southwest Airlines Co.                                 | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      8294 | NS      | $311605.58    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                              | Boeing Co. (The)                                       | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2365 | NS      | $470705.95    | 0.39%             |  |  |  | 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      | $-396.23      | -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      | $5478.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                         | Spotify Technology SA                                  | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |       922 | NS      | $447087.02    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                          | Allstate Corp. (The)                                   | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      4645 | NS      | $963094.30    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4694 | NS      | $1147401.36   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                             | Merck & Co., Inc.                                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5432 | NS      | $653415.28    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                              | Mastercard, Inc., Class A                              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3379 | NS      | $1688351.14   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer, Inc.                                  | Pfizer, Inc.                                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      5691 | NS      | $159803.28    | 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      | $44.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla, Inc.                                   | Tesla, Inc.                                            | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2021 | NS      | $751306.75    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                         | Assured Guaranty Ltd.                                  | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |      1309 | NS      | $106657.32    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                        | Becton Dickinson & Co.                                 | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1873 | NS      | $294491.79    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                        | Trane Technologies plc                                 | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |        95 | NS      | $39590.30     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology, Inc.                      | Marvell Technology, Inc.                               | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               | CORP              | US        |     22939 | NS      | $2272107.95   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp.                        | US Foods Holding Corp.                                 | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      2384 | NS      | $219828.64    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                               | KKR & Co., Inc.                                        | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      2512 | NS      | $232360.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential plc                                | Prudential plc                                         | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |     26942 | NS      | $374577.74    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore plc                                  | Glencore plc                                           | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |     54679 | NS      | $414131.86    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                        | Home Depot, Inc. (The)                                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1602 | NS      | $526881.78    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                     | Airbus SE                                              | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |      2940 | NS      | $555874.53    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                        | AXA SA                                                 | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |      2448 | NS      | $112489.43    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH plc                                       | CRH plc                                                | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |       274 | NS      | $28802.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial, Inc.                    | Corebridge Financial, Inc.                             | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      4043 | NS      | $96465.98     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                        | Trane Technologies plc                                 | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1425 | NS      | $593854.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                          | Barrick Mining Corp.                                   | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      6940 | NS      | $283082.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)      | PNC Financial Services Group, Inc. (The)               | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |       858 | NS      | $178541.22    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd.                          | Viking Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 52990032GOPN7BVQMN13       | Long             | EC               | CORP              | BM        |      2901 | NS      | $213165.48    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                            | Ralph Lauren Corp., Class A                            | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       499 | NS      | $171651.01    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                    | Bio-Rad Laboratories, Inc., Class A                    | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      1788 | NS      | $498405.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                  | Royal Caribbean Cruises Ltd.                           | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | LR        |       966 | NS      | $265823.88    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                               | Citigroup, Inc.                                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11656 | NS      | $1321906.96   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                        | BP plc                                                 | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |     37217 | NS      | $291290.15    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbnb, Inc.                                  | Airbnb, Inc., Class A                                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      2275 | NS      | $287287.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy, Inc.                          | Cenovus Energy, Inc.                                   | CUSIP: 15135U109<br>LEI: 254900LJGL2N2XEMD470 | Long             | EC               | CORP              | CA        |     31721 | NS      | $841880.04    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                                 | Corteva, Inc.                                          | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      6748 | NS      | $564875.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp.-Liberty Formula One Corp. | Liberty Media Corp.-Liberty Formula One Corp., Class C | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4024 | NS      | $342120.48    | 0.28%             |  |  |  | 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      | $-4.72        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                  | Nasdaq, Inc.                                           | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      4640 | NS      | $393889.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                          | Otis Worldwide Corp.                                   | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      9235 | NS      | $711833.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp.                                 | Fortive Corp.                                          | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     10162 | NS      | $561755.36    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.               | Live Nation Entertainment, Inc.                        | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      3827 | NS      | $583655.77    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                | Broadcom, Inc.                                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     11882 | NS      | $3677597.82   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                               | Canadian Dollar                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |      6344 | OU      | $4560.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                                | McKesson Corp.                                         | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       924 | NS      | $799592.64    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                           | Abbott Laboratories                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1596 | NS      | $163861.32    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                          | Meta Platforms, Inc., Class A                          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4660 | NS      | $2666125.80   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                 | Medtronic plc                                          | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      1020 | NS      | $88383.00     | 0.07%             |  |  |  | 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      | $-670.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                   | Capital One Financial Corp.                            | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      6264 | NS      | $1142741.52   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                        | Costco Wholesale Corp.                                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1197 | NS      | $1192726.71   | 0.99%             |  |  |  | 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      | $-491.45      | -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      | $107.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon plc                                       | Aon plc, Class A                                       | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | IE        |      1500 | NS      | $484170.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.             | Philip Morris International, Inc.                      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4221 | NS      | $697900.14    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.                   | Palantir Technologies, Inc., Class A                   | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      7094 | NS      | $1037710.32   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr. Pepper, Inc.                       | Keurig Dr. Pepper, Inc.                                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     11384 | NS      | $299740.72    | 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        |      3873 | NS      | $371769.27    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                             | Xcel Energy, Inc.                                      | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      4425 | NS      | $351522.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                             | Ulta Beauty, Inc.                                      | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       376 | NS      | $196538.96    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                         | Cardinal Health, Inc.                                  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       903 | NS      | $190812.93    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                        | Antero Resources Corp.                                 | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      5482 | NS      | $232656.08    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | S&P 500 E-Mini Index                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $-4907.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                 | Netflix, Inc.                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      8591 | NS      | $826024.65    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                     | PPL Corp.                                              | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      8999 | NS      | $343761.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom, Inc.                                  | Dexcom, Inc.                                           | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      3499 | NS      | $219737.20    | 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      | $-376.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                           | Cisco Systems, Inc.                                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     31561 | NS      | $2448817.99   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                               | Starbucks Corp.                                        | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      2208 | NS      | $197814.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                 | PepsiCo, Inc.                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2643 | NS      | $410431.47    | 0.34%             |  |  |  | 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      | $-211.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                          | JPMorgan Chase & Co.                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2561 | NS      | $753343.76    | 0.62%             |  |  |  | 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      | $-626.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Berkshire Hathaway, Inc.                      | Berkshire Hathaway, Inc., Class B                      | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2937 | NS      | $1407410.40   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                          | PPG Industries, Inc.                                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      3604 | NS      | $385195.52    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                  | Advanced Micro Devices, Inc.                           | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      7478 | NS      | $1521249.54   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                | Apollo Global Management, Inc.                         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      4785 | NS      | $533144.70    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                    | Constellation Energy Corp.                             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       674 | NS      | $188214.50    | 0.16%             |  |  |  | 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      | $-359.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                  | Vertex Pharmaceuticals, Inc.                           | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       611 | NS      | $272835.94    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                             | Lowe's Cos., Inc.                                      | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1523 | NS      | $359854.44    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                          | Analog Devices, Inc.                                   | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      8041 | NS      | $2558163.74   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                      | SLB Ltd.                                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      2022 | NS      | $103910.58    | 0.09%             |  |  |  | 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      | $217.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TPG, Inc.                                     | TPG, Inc., Class A                                     | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      8682 | NS      | $351707.82    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                             | Australian Dollar                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |       250 | OU      | $172.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                | ConocoPhillips                                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      8935 | NS      | $1179420.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                    | Charles Schwab Corp. (The)                             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      8133 | NS      | $764339.34    | 0.63%             |  |  |  | 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      | $159.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                     | Shell plc                                              | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |      8674 | NS      | $401736.68    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Everpure, Inc.                                | Everpure, Inc., Class A                                | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      6019 | NS      | $355361.76    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp.                    | Edwards Lifesciences Corp.                             | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      2483 | NS      | $198838.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.                          | Ingersoll Rand, Inc.                                   | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      5240 | NS      | $419828.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                  | Ameren Corp.                                           | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      4754 | NS      | $522559.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                           | Coca-Cola Co. (The)                                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     16580 | NS      | $1260909.00   | 1.04%             |  |  |  | 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      | $-227.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TJX Cos., Inc. (The)                          | TJX Cos., Inc. (The)                                   | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      4266 | NS      | $681280.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower, Inc.                               | Welltower, Inc.                                        | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      3249 | NS      | $642359.79    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc.                             | Amer Sports, Inc.                                      | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | KY        |      4002 | NS      | $131745.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                    | Procter & Gamble Co. (The)                             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4483 | NS      | $647524.52    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Short Term Investment Fund             | Putnam Short Term Investment Fund, Class P             | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   2578435 | NS      | $2578434.51   | 2.14%             |  |  |  | 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      | $844.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                         | Walt Disney Co. (The)                                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      9932 | NS      | $957246.16    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                   | Amgen, Inc.                                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       628 | NS      | $220961.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                               | Microsoft Corp.                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     17543 | NS      | $6493892.31   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                         | Bank of America Corp.                                  | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     12693 | NS      | $618783.75    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                                | Prologis, Inc.                                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4957 | NS      | $655216.26    | 0.54%             |  |  |  | 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      | $-595.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                 | Honeywell International, Inc.                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4890 | NS      | $1105286.70   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | U.S. Treasury Bills                                    | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    100000 | PA      | $98946.36     | 0.08%             | 2026-07-16      | None          | 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      | $3973.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RTX Corp.                                     | RTX Corp.                                              | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      4063 | NS      | $783752.70    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                          | HCA Healthcare, Inc.                                   | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       429 | NS      | $203019.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                    | Unum Group                                             | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      3530 | NS      | $257795.90    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.                      | Intuitive Surgical, Inc.                               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       970 | NS      | $447160.30    | 0.37%             |  |  |  | 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      | $612.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                  | AbbVie, Inc.                                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      4272 | NS      | $929117.28    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                           | Union Pacific Corp.                                    | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      1847 | NS      | $448119.14    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.               | Regeneron Pharmaceuticals, Inc.                        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       847 | NS      | $654426.08    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                        | Booking Holdings, Inc.                                 | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        60 | NS      | $252619.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                          | United Rentals, Inc.                                   | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       637 | NS      | $464092.72    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.            | American International Group, Inc.                     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      7130 | NS      | $536532.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                         | Gilead Sciences, Inc.                                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2749 | NS      | $383128.13    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                      | UnitedHealth Group, Inc.                               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2520 | NS      | $681886.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                            | General Motors Co.                                     | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      4420 | NS      | $329290.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                | Thermo Fisher Scientific, Inc.                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2204 | NS      | $1083332.12   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                                   | FedEx Corp.                                            | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2317 | NS      | $825269.06    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                     | O'Reilly Automotive, Inc.                              | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      3058 | NS      | $282283.98    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                    | Visa, Inc., Class A                                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3469 | NS      | $1048470.56   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                              | McDonald's Corp.                                       | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1660 | NS      | $515911.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                 | On Holding AG, Class A                                 | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |      3490 | NS      | $118729.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands, Inc.                             | Yum! Brands, Inc.                                      | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1551 | NS      | $241149.48    | 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      | $4428.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup, Inc.                              | PulteGroup, Inc.                                       | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1417 | NS      | $166653.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                              | CVS Health Corp.                                       | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3051 | NS      | $219122.82    | 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      | $6322.33      | 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      | $136.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                              | NRG Energy, Inc.                                       | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      5041 | NS      | $736691.74    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Pound Sterling                                | Pound Sterling                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |      6180 | OU      | $8180.35      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                          | American Tower Corp.                                   | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6246 | NS      | $1077934.68   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy, Inc.                      | CenterPoint Energy, Inc.                               | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      7173 | NS      | $309586.68    | 0.26%             |  |  |  | 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      | $261.11       | 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      | $125.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cintas Corp.                                  | Cintas Corp.                                           | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1378 | NS      | $233074.92    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                     | Linde plc                                              | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |       363 | NS      | $179960.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer