# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-185449
**Filing Date:** 2025-8
**Character Count:** 61759
**Document Hash:** 9766b88c3efd5a1e51e114bc7446ac7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-185449.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001752724-25-185449

**CONFORMED SUBMISSION TYPE**: N-MFP3

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**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):** 2025-07-31

**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:** 11 days

- **WAL:** 51 days

- **Total Value of Portfolio Securities:** $83953218.68

- **Amortized Cost of Portfolio Securities:** $83954505.91

- **Cash:** $0.00

- **Total Other Assets:** $195895.29

- **Total Liabilities:** $444137.49

- **Net Assets of Series:** $83706263.71

- **Number of Shares Outstanding (Series):** 83702389.4900

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-07-01 | $71283783.60              | $72680202.02               | 84.3800%                  | 86.0300%                   |
| 2025-07-02 | $71766910.98              | $73163490.38               | 84.6700%                  | 86.3100%                   |
| 2025-07-03 | $71969371.14              | $73366111.53               | 84.9800%                  | 86.6300%                   |
| 2025-07-07 | $72452104.59              | $73399488.92               | 85.5100%                  | 86.6300%                   |
| 2025-07-08 | $72444571.26              | $73392064.58               | 85.5000%                  | 86.6200%                   |
| 2025-07-09 | $72336184.49              | $73283786.80               | 85.4600%                  | 86.5800%                   |
| 2025-07-10 | $72153123.83              | $73100835.12               | 85.4600%                  | 86.5800%                   |
| 2025-07-11 | $72147031.11              | $73094851.39               | 85.4500%                  | 86.5800%                   |
| 2025-07-14 | $72168604.86              | $73116752.10               | 85.4400%                  | 86.5700%                   |
| 2025-07-15 | $72171928.79              | $73120185.01               | 84.2200%                  | 85.3300%                   |
| 2025-07-16 | $72408821.27              | $73357186.48               | 84.5000%                  | 85.6000%                   |
| 2025-07-17 | $72252349.74              | $73200823.93               | 84.4800%                  | 85.5800%                   |
| 2025-07-18 | $72192416.08              | $73140999.26               | 84.4600%                  | 85.5700%                   |
| 2025-07-21 | $71186177.46              | $72135087.60               | 84.2700%                  | 85.3900%                   |
| 2025-07-22 | $71190060.73              | $72139079.86               | 84.2300%                  | 85.3500%                   |
| 2025-07-23 | $70713503.58              | $71662631.69               | 84.0000%                  | 85.1200%                   |
| 2025-07-24 | $70848348.96              | $71797586.06               | 84.1600%                  | 85.2800%                   |
| 2025-07-25 | $70803278.98              | $71752625.06               | 84.2000%                  | 85.3200%                   |
| 2025-07-28 | $70823048.97              | $71772722.01               | 84.1900%                  | 85.3200%                   |
| 2025-07-29 | $70687325.44              | $71637107.47               | 84.1000%                  | 85.2300%                   |
| 2025-07-30 | $70762199.84              | $71712090.85               | 84.0800%                  | 85.2100%                   |
| 2025-07-31 | $71746355.16              | $71746355.16               | 85.2600%                  | 85.2600%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-07-01 | 4.4700%             |
| 2025-07-02 | 4.4600%             |
| 2025-07-03 | 4.4400%             |
| 2025-07-07 | 4.3800%             |
| 2025-07-08 | 4.3700%             |
| 2025-07-09 | 4.3600%             |
| 2025-07-10 | 4.3600%             |
| 2025-07-11 | 4.3500%             |
| 2025-07-14 | 4.3400%             |
| 2025-07-15 | 4.3500%             |
| 2025-07-16 | 4.3500%             |
| 2025-07-17 | 4.3500%             |
| 2025-07-18 | 4.3500%             |
| 2025-07-21 | 4.3500%             |
| 2025-07-22 | 4.3400%             |
| 2025-07-23 | 4.3300%             |
| 2025-07-24 | 4.3200%             |
| 2025-07-25 | 4.3300%             |
| 2025-07-28 | 4.3600%             |
| 2025-07-29 | 4.3600%             |
| 2025-07-30 | 4.3700%             |
| 2025-07-31 | 4.3800%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-07-01 | 1.0000                      |
|  |  |
| 2025-07-02 | 1.0000                      |
|  |  |
| 2025-07-03 | 1.0000                      |
|  |  |
| 2025-07-07 | 1.0000                      |
|  |  |
| 2025-07-08 | 1.0000                      |
|  |  |
| 2025-07-09 | 1.0000                      |
|  |  |
| 2025-07-10 | 1.0000                      |
|  |  |
| 2025-07-11 | 1.0000                      |
|  |  |
| 2025-07-14 | 1.0000                      |
|  |  |
| 2025-07-15 | 1.0000                      |
|  |  |
| 2025-07-16 | 1.0000                      |
|  |  |
| 2025-07-17 | 1.0000                      |
|  |  |
| 2025-07-18 | 1.0000                      |
|  |  |
| 2025-07-21 | 1.0000                      |
|  |  |
| 2025-07-22 | 1.0000                      |
|  |  |
| 2025-07-23 | 1.0000                      |
|  |  |
| 2025-07-24 | 1.0000                      |
|  |  |
| 2025-07-25 | 1.0000                      |
|  |  |
| 2025-07-28 | 1.0000                      |
|  |  |
| 2025-07-29 | 1.0000                      |
|  |  |
| 2025-07-30 | 1.0000                      |
|  |  |
| 2025-07-31 | 1.0000                      |
|  |  |

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

### Class: Class IB

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $39563034.43

- **Number of Shares Outstanding:** 39562282.8300

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-07-01 | 1.0000          |
|  |  |
| 2025-07-02 | 1.0000          |
|  |  |
| 2025-07-03 | 1.0000          |
|  |  |
| 2025-07-07 | 1.0000          |
|  |  |
| 2025-07-08 | 1.0000          |
|  |  |
| 2025-07-09 | 1.0000          |
|  |  |
| 2025-07-10 | 1.0000          |
|  |  |
| 2025-07-11 | 1.0000          |
|  |  |
| 2025-07-14 | 1.0000          |
|  |  |
| 2025-07-15 | 1.0000          |
|  |  |
| 2025-07-16 | 1.0000          |
|  |  |
| 2025-07-17 | 1.0000          |
|  |  |
| 2025-07-18 | 1.0000          |
|  |  |
| 2025-07-21 | 1.0000          |
|  |  |
| 2025-07-22 | 1.0000          |
|  |  |
| 2025-07-23 | 1.0000          |
|  |  |
| 2025-07-24 | 1.0000          |
|  |  |
| 2025-07-25 | 1.0000          |
|  |  |
| 2025-07-28 | 1.0000          |
|  |  |
| 2025-07-29 | 1.0000          |
|  |  |
| 2025-07-30 | 1.0000          |
|  |  |
| 2025-07-31 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-07-01 | $519757.70                | $870.96                 |
| 2025-07-02 | $0.00                     | $12644.62               |
| 2025-07-03 | $0.00                     | $2642.69                |
| 2025-07-07 | $2476.79                  | $6824.58                |
| 2025-07-08 | $400.50                   | $14049.16               |
| 2025-07-09 | $0.00                     | $47982.98               |
| 2025-07-10 | $0.00                     | $3639.98                |
| 2025-07-11 | $1805.21                  | $4015.41                |
| 2025-07-14 | $9102.64                  | $636.75                 |
| 2025-07-15 | $234401.03                | $1871.72                |
| 2025-07-16 | $0.00                     | $164288.34              |
| 2025-07-17 | $0.00                     | $2006.72                |
| 2025-07-18 | $0.00                     | $2379.72                |
| 2025-07-21 | $2163.05                  | $903.27                 |
| 2025-07-22 | $0.00                     | $2941.27                |
| 2025-07-23 | $174.01                   | $3664.79                |
| 2025-07-24 | $41115.15                 | $607.08                 |
| 2025-07-25 | $0.00                     | $1681.22                |
| 2025-07-28 | $0.00                     | $84289.48               |
| 2025-07-29 | $0.00                     | $3025.17                |
| 2025-07-30 | $0.00                     | $81346.81               |
| 2025-07-31 | $0.00                     | $5792.39                |

**Total Gross Subscriptions (Month):** $811396.08

**Total Gross Redemptions (Month):** $448105.11

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-07-01 | 3.8100%           |
| 2025-07-02 | 3.8000%           |
| 2025-07-03 | 3.7800%           |
| 2025-07-07 | 3.7100%           |
| 2025-07-08 | 3.7000%           |
| 2025-07-09 | 3.6900%           |
| 2025-07-10 | 3.6900%           |
| 2025-07-11 | 3.6800%           |
| 2025-07-14 | 3.6700%           |
| 2025-07-15 | 3.6800%           |
| 2025-07-16 | 3.6800%           |
| 2025-07-17 | 3.6800%           |
| 2025-07-18 | 3.6800%           |
| 2025-07-21 | 3.6800%           |
| 2025-07-22 | 3.6700%           |
| 2025-07-23 | 3.6600%           |
| 2025-07-24 | 3.6500%           |
| 2025-07-25 | 3.6600%           |
| 2025-07-28 | 3.6900%           |
| 2025-07-29 | 3.6900%           |
| 2025-07-30 | 3.7000%           |
| 2025-07-31 | 3.7100%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 96.1200%         | 0.0000%              |

### Class: Class IA

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $44143229.28

- **Number of Shares Outstanding:** 44140106.6600

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-07-01 | 1.0000          |
|  |  |
| 2025-07-02 | 1.0000          |
|  |  |
| 2025-07-03 | 1.0000          |
|  |  |
| 2025-07-07 | 1.0000          |
|  |  |
| 2025-07-08 | 1.0000          |
|  |  |
| 2025-07-09 | 1.0000          |
|  |  |
| 2025-07-10 | 1.0000          |
|  |  |
| 2025-07-11 | 1.0000          |
|  |  |
| 2025-07-14 | 1.0000          |
|  |  |
| 2025-07-15 | 1.0000          |
|  |  |
| 2025-07-16 | 1.0000          |
|  |  |
| 2025-07-17 | 1.0000          |
|  |  |
| 2025-07-18 | 1.0000          |
|  |  |
| 2025-07-21 | 1.0000          |
|  |  |
| 2025-07-22 | 1.0000          |
|  |  |
| 2025-07-23 | 1.0000          |
|  |  |
| 2025-07-24 | 1.0000          |
|  |  |
| 2025-07-25 | 1.0000          |
|  |  |
| 2025-07-28 | 1.0000          |
|  |  |
| 2025-07-29 | 1.0000          |
|  |  |
| 2025-07-30 | 1.0000          |
|  |  |
| 2025-07-31 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-07-01 | $228188.94                | $4425.67                |
| 2025-07-02 | $280793.60                | $74310.78               |
| 2025-07-03 | $2913.60                  | $652.74                 |
| 2025-07-07 | $686.36                   | $10878.93               |
| 2025-07-08 | $6704.95                  | $110065.91              |
| 2025-07-09 | $32067.77                 | $175330.97              |
| 2025-07-10 | $0.00                     | $10978.78               |
| 2025-07-11 | $339.98                   | $2195.51                |
| 2025-07-14 | $1522.08                  | $4635.76                |
| 2025-07-15 | $1075.55                  | $14393.43               |
| 2025-07-16 | $8047.00                  | $8867.02                |
| 2025-07-17 | $113.50                   | $48436.88               |
| 2025-07-18 | $0.00                     | $29447.52               |
| 2025-07-21 | $1216.92                  | $6807.53                |
| 2025-07-22 | $46330.11                 | $527201.96              |
| 2025-07-23 | $184868.00                | $46944.79               |
| 2025-07-24 | $8013.04                  | $101962.80              |
| 2025-07-25 | $256.65                   | $2575.72                |
| 2025-07-28 | $259.96                   | $65224.54               |
| 2025-07-29 | $67848.27                 | $3356.32                |
| 2025-07-30 | $107872.88                | $8106.17                |
| 2025-07-31 | $70839.49                 | $17450.97               |

**Total Gross Subscriptions (Month):** $1049958.65

**Total Gross Redemptions (Month):** $1274250.70

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-07-01 | 4.0600%           |
| 2025-07-02 | 4.0500%           |
| 2025-07-03 | 4.0300%           |
| 2025-07-07 | 3.9600%           |
| 2025-07-08 | 3.9500%           |
| 2025-07-09 | 3.9400%           |
| 2025-07-10 | 3.9400%           |
| 2025-07-11 | 3.9300%           |
| 2025-07-14 | 3.9200%           |
| 2025-07-15 | 3.9300%           |
| 2025-07-16 | 3.9300%           |
| 2025-07-17 | 3.9300%           |
| 2025-07-18 | 3.9300%           |
| 2025-07-21 | 3.9300%           |
| 2025-07-22 | 3.9200%           |
| 2025-07-23 | 3.9100%           |
| 2025-07-24 | 3.9000%           |
| 2025-07-25 | 3.9100%           |
| 2025-07-28 | 3.9400%           |
| 2025-07-29 | 3.9400%           |
| 2025-07-30 | 3.9500%           |
| 2025-07-31 | 3.9600%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 93.2400%         | 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):** $950208.15
- **C.18.a - Value (excl. sponsor support):** $950208.15
- **C.19 - Percentage of Net Assets:** 1.6300%
- **C.17 - Yield as of Reporting Date:** 4.4200%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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):** $450053.16
- **C.18.a - Value (excl. sponsor support):** $450053.16
- **C.19 - Percentage of Net Assets:** 1.6100%
- **C.17 - Yield as of Reporting Date:** 4.4000%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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):** $450285.00
- **C.18.a - Value (excl. sponsor support):** $450285.00
- **C.19 - Percentage of Net Assets:** 9.3700%
- **C.17 - Yield as of Reporting Date:** 4.4600%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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: 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):** $784143.53
- **C.18.a - Value (excl. sponsor support):** $784143.53
- **C.19 - Percentage of Net Assets:** 1.5800%
- **C.17 - Yield as of Reporting Date:** 4.0600%
- **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 5: 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):** $899989.37
- **C.18.a - Value (excl. sponsor support):** $899989.37
- **C.19 - Percentage of Net Assets:** 1.6300%
- **C.17 - Yield as of Reporting Date:** 4.4400%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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 6: 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):** $925389.92
- **C.18.a - Value (excl. sponsor support):** $925389.92
- **C.19 - Percentage of Net Assets:** 39.5800%
- **C.17 - Yield as of Reporting Date:** 4.0500%
- **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 7: 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):** $837918.67
- **C.18.a - Value (excl. sponsor support):** $837918.67
- **C.19 - Percentage of Net Assets:** 0.8500%
- **C.17 - Yield as of Reporting Date:** 4.0800%
- **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 8: Bank of Nova Scotia (The)

- **C.1 - Title:** Bank of Nova Scotia (The)
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: L3I9ZG2KFGXZ61BMYR72, C.5 - Other ID: ZS36CWP
- **C.18 - Value (incl. sponsor support):** $2459601.72
- **C.18.a - Value (excl. sponsor support):** $2459601.72
- **C.19 - Percentage of Net Assets:** 1.6200%
- **C.17 - Yield as of Reporting Date:** 4.3500%
- **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? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

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

- **Is Open?:** No

- **Is Cleared?:** No

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

**Collateral:**
| Issuer Name            | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| United States Treasury | 2051-08-15      | 2.0000%  | N/A     | $531944.21         | $305397.83         | U.S. Treasuries (including strips) |
| United States Treasury | 2033-02-15      | 3.5000%  | N/A     | $34957.09          | $33934.24          | U.S. Treasuries (including strips) |
| United States Treasury | 2030-04-15      | 1.6250%  | N/A     | $377235.26         | $385725.60         | U.S. Treasuries (including strips) |
| United States Treasury | 2029-10-31      | 4.0000%  | N/A     | $309547.03         | $313379.22         | U.S. Treasuries (including strips) |
| United States Treasury | 2028-07-15      | 0.7500%  | N/A     | $1217.50           | $1542.13           | U.S. Treasuries (including strips) |
| United States Treasury | 2032-07-15      | 0.6250%  | N/A     | $1494.21           | $1543.13           | U.S. Treasuries (including strips) |
| United States Treasury | 2040-08-15      | 1.1250%  | N/A     | $2026982.37        | $1243616.20        | U.S. Treasuries (including strips) |
| United States Treasury | 2026-07-15      | 0.1250%  | N/A     | $1156.01           | $1539.23           | U.S. Treasuries (including strips) |
| United States Treasury | 2027-08-15      | 2.2500%  | N/A     | $227574.65         | $222424.56         | U.S. Treasuries (including strips) |

### Security 9: 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):** $1100379.94
- **C.18.a - Value (excl. sponsor support):** $1100379.94
- **C.19 - Percentage of Net Assets:** 1.6300%
- **C.17 - Yield as of Reporting Date:** 4.4700%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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 10: BNP Paribas Securities Corp.

- **C.1 - Title:** BNP Paribas Securities Corp.
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: RCNB6OTYUAMMP879YW96, C.5 - Other ID: ZS36CWQ
- **C.18 - Value (incl. sponsor support):** $5324538.78
- **C.18.a - Value (excl. sponsor support):** $5324538.78
- **C.19 - Percentage of Net Assets:** 1.2600%
- **C.17 - Yield as of Reporting Date:** 4.3700%
- **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? 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    | 2047-07-01      | 4.5000%  | N/A     | $9961.39           | $1906.14           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2049-06-01      | 4.0000%  | N/A     | $10207.35          | $3032.01           | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2051-10-20      | 3.0000%  | N/A     | $51297.64          | $30300.50          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2041-12-15      | 4.0000%  | N/A     | $3619832.44        | $200704.31         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2049-02-01      | 5.0000%  | N/A     | $63519.21          | $14000.19          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2053-03-01      | 4.0000%  | N/A     | $46126.39          | $37555.26          | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.         | 2053-03-01      | 4.7050%  | N/A     | $202990.01         | $168091.06         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2053-08-01      | 5.5000%  | N/A     | $101651.53         | $99409.15          | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.         | 2052-01-01      | 3.0000%  | N/A     | $824116.06         | $529478.46         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2050-12-01      | 2.0000%  | N/A     | $3873.87           | $2006.21           | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2052-06-01      | 5.0000%  | N/A     | $14918.10          | $11458.53          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2054-03-20      | 5.5000%  | N/A     | $79662.81          | $65997.14          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2052-10-01      | 5.0000%  | N/A     | $24788.60          | $18679.30          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2054-11-20      | 5.5000%  | N/A     | $5531.83           | $5404.62           | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2051-11-20      | 2.0000%  | N/A     | $31408.93          | $17700.25          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2053-12-20      | 7.5000%  | N/A     | $90565.12          | $97028.82          | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.         | 2055-07-01      | 5.0460%  | N/A     | $81118.34          | $81615.52          | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.         | 2053-06-01      | 5.0000%  | N/A     | $124322.54         | $123139.94         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2053-09-01      | 6.0000%  | N/A     | $95771.11          | $87970.20          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2053-06-20      | 6.0000%  | N/A     | $1029539.17        | $691268.80         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2030-08-01      | 3.6100%  | N/A     | $17524.66          | $16972.94          | Agency Mortgage-Backed Securities  |
| Federal Home Loan Mortgage Corp.         | 2055-08-01      | 6.0000%  | N/A     | $176906.36         | $180343.83         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2051-01-01      | 6.5260%  | N/A     | $628017.92         | $613310.55         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2053-01-01      | 5.0000%  | N/A     | $139485.00         | $113452.29         | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2053-05-20      | 7.5000%  | N/A     | $67394.44          | $26536.26          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2053-09-15      | 6.5000%  | N/A     | $97440.69          | $98756.32          | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2050-09-01      | 2.0000%  | N/A     | $38747.27          | $23464.84          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2054-09-20      | 7.5000%  | N/A     | $337717.58         | $360588.41         | Agency Mortgage-Backed Securities  |
| Federal National Mortgage Association    | 2055-07-01      | 4.5000%  | N/A     | $30868.00          | $29259.98          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2054-03-20      | 5.0000%  | N/A     | $25113.58          | $24157.42          | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2055-05-20      | 5.5000%  | N/A     | $13234.56          | $13238.28          | Agency Mortgage-Backed Securities  |
| United States Treasury                   | 2026-04-15      | 0.1250%  | N/A     | $415045.49         | $504258.16         | U.S. Treasuries (including strips) |
| Federal Home Loan Mortgage Corp.         | 2040-03-01      | 2.7700%  | N/A     | $1114602.96        | $853627.96         | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2055-01-20      | 5.5000%  | N/A     | $1725.23           | $1701.97           | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2053-07-20      | 6.0000%  | N/A     | $210135.34         | $193585.76         | Agency Mortgage-Backed Securities  |
| Government National Mortgage Association | 2054-03-20      | 5.5000%  | N/A     | $92497.38          | $91694.07          | Agency Mortgage-Backed Securities  |

### Security 11: 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):** $950298.01
- **C.18.a - Value (excl. sponsor support):** $950298.01
- **C.19 - Percentage of Net Assets:** 0.8100%
- **C.17 - Yield as of Reporting Date:** 4.4700%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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 12: Federal Home Loan Mortgage Corp.

- **C.1 - Title:** Federal Home Loan Mortgage Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313397MQ1, C.4 - ISIN: US313397MQ12, C.3 - LEI: S6XOOCT0IEG5ABCC6L87
- **C.18 - Value (incl. sponsor support):** $818482.15
- **C.18.a - Value (excl. sponsor support):** $818482.15
- **C.19 - Percentage of Net Assets:** 7.1200%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-10-06
- **C.12 - Maturity Date (WAL):** 2025-10-06
- **C.13 - Final Legal Maturity Date:** 2025-10-06
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 13: 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):** $950312.38
- **C.18.a - Value (excl. sponsor support):** $950312.38
- **C.19 - Percentage of Net Assets:** 1.4500%
- **C.17 - Yield as of Reporting Date:** 4.4500%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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 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: 3133ETQP5, C.4 - ISIN: US3133ETQP57, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $999991.77
- **C.18.a - Value (excl. sponsor support):** $999991.77
- **C.19 - Percentage of Net Assets:** 1.6300%
- **C.17 - Yield as of Reporting Date:** 4.4500%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **C.12 - Maturity Date (WAL):** 2026-10-21
- **C.13 - Final Legal Maturity Date:** 2026-10-21
- **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):** $950715.65
- **C.18.a - Value (excl. sponsor support):** $950715.65
- **C.19 - Percentage of Net Assets:** 1.2700%
- **C.17 - Yield as of Reporting Date:** 4.4900%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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 coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ETKG1, C.4 - ISIN: US3133ETKG13, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $1049997.08
- **C.18.a - Value (excl. sponsor support):** $1049997.08
- **C.19 - Percentage of Net Assets:** 0.8300%
- **C.17 - Yield as of Reporting Date:** 4.4400%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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: 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: ZS36CH9
- **C.18 - Value (incl. sponsor support):** $23029000.00
- **C.18.a - Value (excl. sponsor support):** $23029000.00
- **C.19 - Percentage of Net Assets:** 6.0800%
- **C.17 - Yield as of Reporting Date:** 4.3700%
- **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? 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 | 2052-09-01      | 5.0000%  | N/A     | $2150000.00        | $1876085.71        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-09-01      | 3.0000%  | N/A     | $225000.00         | $58202.19          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2039-09-01      | 5.5000%  | N/A     | $5130120.00        | $315023.05         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-05-01      | 6.0000%  | N/A     | $2372300.00        | $2428843.82        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2047-12-01      | 4.5000%  | N/A     | $328000.00         | $70236.70          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-10-01      | 4.0000%  | N/A     | $16173856.00       | $14705950.11       | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2045-07-01      | 3.5000%  | N/A     | $400000.00         | $72322.96          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-09-01      | 4.0000%  | N/A     | $200000.00         | $81857.28          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2039-04-01      | 5.0000%  | N/A     | $1380894.00        | $81210.16          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-05-01      | 5.0000%  | N/A     | $1500000.00        | $1474557.75        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2045-02-01      | 4.0000%  | N/A     | $3239000.00        | $144511.03         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2040-03-01      | 5.5000%  | N/A     | $1490782.00        | $92084.94          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2043-04-01      | 3.5000%  | N/A     | $1268676.00        | $161247.97         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-09-01      | 2.0000%  | N/A     | $300000.00         | $130209.45         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-01-01      | 3.0000%  | N/A     | $786544.00         | $134186.05         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2050-07-01      | 2.5000%  | N/A     | $375000.00         | $144165.95         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2040-01-01      | 2.5000%  | N/A     | $999996.00         | $217117.28         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-07-01      | 6.0000%  | N/A     | $1069850.00        | $1090801.94        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2035-08-01      | 3.0000%  | N/A     | $158033.00         | $67045.78          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2033-08-01      | 5.0000%  | N/A     | $1150000.00        | $16388.70          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2047-06-01      | 3.5000%  | N/A     | $178000.00         | $50594.49          | Agency Mortgage-Backed Securities |

### 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: 3133ERBC4, C.4 - ISIN: US3133ERBC44, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $950285.83
- **C.18.a - Value (excl. sponsor support):** $950285.83
- **C.19 - Percentage of Net Assets:** 1.6300%
- **C.17 - Yield as of Reporting Date:** 4.4200%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **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 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 coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ETJQ1, C.4 - ISIN: US3133ETJQ14, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $849291.29
- **C.18.a - Value (excl. sponsor support):** $849291.29
- **C.19 - Percentage of Net Assets:** 1.3100%
- **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 20: 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):** $949888.11
- **C.18.a - Value (excl. sponsor support):** $949888.11
- **C.19 - Percentage of Net Assets:** 1.5900%
- **C.17 - Yield as of Reporting Date:** 4.1300%
- **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? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 21: 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: ZS36CXJ
- **C.18 - Value (incl. sponsor support):** $30745021.56
- **C.18.a - Value (excl. sponsor support):** $30745021.56
- **C.19 - Percentage of Net Assets:** 13.8700%
- **C.17 - Yield as of Reporting Date:** 4.3700%
- **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? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

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

- **Is Open?:** No

- **Is Cleared?:** No

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

**Collateral:**
| Issuer Name                           | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                          |
|:---|:---|:---|:---|:---|:---|:---|
| Federal National Mortgage Association | 2043-04-01      | 3.5000%  | N/A     | $2420574.73        | $486212.98         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-07-01      | 3.0000%  | N/A     | $40890.88          | $23141.57          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-02-01      | 2.0000%  | N/A     | $4516308.88        | $2520469.80        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-01-01      | 6.0000%  | N/A     | $497939.48         | $280946.93         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 7.0000%  | N/A     | $352706.89         | $290700.21         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 6.5000%  | N/A     | $294460.57         | $223874.89         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-10-01      | 2.9600%  | N/A     | $182164.25         | $129950.26         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-01-01      | 6.5000%  | N/A     | $4828.75           | $3220.88           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-03-01      | 5.5000%  | N/A     | $37447.01          | $33181.52          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2046-04-01      | 2.0000%  | N/A     | $950146.11         | $581923.02         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2042-06-01      | 3.0000%  | N/A     | $5595.59           | $3962.17           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-12-01      | 5.0000%  | N/A     | $148809.10         | $144176.84         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2030-02-01      | 2.6800%  | N/A     | $841491.24         | $745436.64         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 4.0000%  | N/A     | $232874.35         | $190072.53         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-10-01      | 3.5000%  | N/A     | $1791865.11        | $369040.71         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-08-01      | 6.0000%  | N/A     | $1326591.11        | $1209901.50        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-03-01      | 5.5000%  | N/A     | $45340.79          | $31233.09          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-12-01      | 5.0000%  | N/A     | $1685296.97        | $1400174.21        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-07-01      | 2.5000%  | N/A     | $7624.83           | $5673.70           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 4.0000%  | N/A     | $1518725.36        | $1165238.12        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-02-01      | 6.0000%  | N/A     | $159333.74         | $154544.78         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2051-08-01      | 2.5000%  | N/A     | $6087.51           | $3822.38           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-03-01      | 5.5000%  | N/A     | $18333.13          | $14822.72          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-06-01      | 6.0000%  | N/A     | $628068.15         | $534131.24         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-01-01      | 6.0000%  | N/A     | $3255820.06        | $3181501.66        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-04-01      | 2.5000%  | N/A     | $543027.92         | $337812.29         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-09-01      | 5.0000%  | N/A     | $6470154.51        | $5075494.13        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 3.5000%  | N/A     | $67454.58          | $46033.36          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-02-01      | 6.0000%  | N/A     | $212774.61         | $193892.03         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-04-01      | 4.5000%  | N/A     | $2348919.65        | $197807.88         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2042-01-01      | 3.5000%  | N/A     | $12107458.36       | $858049.53         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-05-01      | 6.0000%  | N/A     | $702859.72         | $501714.96         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-02-01      | 3.0000%  | N/A     | $633310.06         | $557456.75         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-04-01      | 5.5000%  | N/A     | $1598967.40        | $1426262.93        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-05-01      | 3.5000%  | N/A     | $1523747.86        | $253012.00         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2044-09-01      | 4.0000%  | N/A     | $3658053.24        | $380197.26         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2046-11-01      | 4.0000%  | N/A     | $14757.61          | $3870.95           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2032-10-01      | 2.3000%  | N/A     | $314490.83         | $270355.71         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-02-01      | 3.5000%  | N/A     | $2043149.83        | $1364723.83        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-02-01      | 4.5000%  | N/A     | $803636.74         | $676769.19         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-05-01      | 5.0000%  | N/A     | $113341.03         | $95708.44          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-11-01      | 6.5000%  | N/A     | $334226.92         | $275091.18         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2031-06-01      | 3.8900%  | N/A     | $122980.09         | $119552.96         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-03-01      | 5.0000%  | N/A     | $2873070.61        | $724137.71         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-08-01      | 6.5000%  | N/A     | $254747.10         | $197386.02         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-09-01      | 3.5000%  | N/A     | $3764977.29        | $436055.56         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-01-01      | 2.0000%  | N/A     | $98488.11          | $51081.02          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-12-01      | 2.5000%  | N/A     | $21459.96          | $14743.84          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-01-01      | 5.5000%  | N/A     | $3468235.20        | $3411493.30        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2035-03-01      | 2.5000%  | N/A     | $274061.12         | $93385.03          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-09-01      | 6.5000%  | N/A     | $73038.61          | $74286.54          | Agency Mortgage-Backed Securities |

### Security 22: Banc of America Securities LLC

- **C.1 - Title:** Banc of America Securities LLC
- **C.6 - Investment Category:** U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.3 - LEI: 549300HN4UKV1E2R3U73, C.5 - Other ID: ZS36CXM
- **C.18 - Value (incl. sponsor support):** $7527426.61
- **C.18.a - Value (excl. sponsor support):** $7527426.61
- **C.19 - Percentage of Net Assets:** 0.7400%
- **C.17 - Yield as of Reporting Date:** 4.3700%
- **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? 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 | 2049-10-01      | 3.5000%  | N/A     | $42599.56          | $11081.85          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2049-05-01      | 4.0000%  | N/A     | $736151.91         | $184998.86         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-01-01      | 6.5000%  | N/A     | $609555.22         | $627778.07         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2029-01-01      | 3.0000%  | N/A     | $96162.68          | $4581.80           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-05-01      | 3.0000%  | N/A     | $66839.68          | $31480.90          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2029-02-01      | 6.5000%  | N/A     | $211925.19         | $9807.34           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2040-10-01      | 4.0000%  | N/A     | $100413.24         | $7161.68           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-06-01      | 6.5000%  | N/A     | $176982.86         | $183933.44         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-07-01      | 6.5000%  | N/A     | $72535.62          | $74447.29          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-11-01      | 3.0000%  | N/A     | $16124.90          | $10084.20          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-02-01      | 6.5000%  | N/A     | $15071.70          | $15621.11          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-07-01      | 3.5000%  | N/A     | $3381.64           | $1735.88           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-07-01      | 5.0000%  | N/A     | $51851.85          | $50668.93          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-10-01      | 5.5000%  | N/A     | $1077753.20        | $1070162.94        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2042-02-01      | 2.0000%  | N/A     | $6149.00           | $4006.57           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 5.5000%  | N/A     | $92235.06          | $67068.32          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-10-01      | 6.5000%  | N/A     | $217516.72         | $119496.11         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-05-01      | 6.5000%  | N/A     | $10151.51          | $10530.91          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-07-01      | 6.5000%  | N/A     | $579870.78         | $602070.99         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-02-01      | 6.5000%  | N/A     | $574273.71         | $543360.01         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2050-07-01      | 3.0000%  | N/A     | $165039.28         | $106018.56         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-02-01      | 5.5000%  | N/A     | $237785.19         | $59012.17          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 4.0000%  | N/A     | $148158.78         | $121825.81         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2046-12-01      | 4.0000%  | N/A     | $288378.96         | $32021.31          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-04-01      | 3.0000%  | N/A     | $15266.87          | $2502.30           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-12-01      | 4.5000%  | N/A     | $1637559.54        | $1416727.05        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-02-01      | 3.5000%  | N/A     | $2590507.63        | $2309790.81        | Agency Mortgage-Backed Securities |

## N-MFP: Signatures

**Registrant:** Putnam Variable Trust

**Date:** 2025-08-06

**By:** /s/Jeff White

**Name of Signing Officer:** Jeff White

**Title of Signing Officer:** Vice President