# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006466
**Filing Date:** 2025-11
**Character Count:** 61625
**Document Hash:** 45c92a574f3a392c4dde716f996ae39d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006466.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006466

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251511838

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

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

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

## Series and Classes Contracts Data

### Putnam VT Research Fund (Series ID: S000003887)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $123453292.75

**Total Liabilities:** $1004628.94

**Net Assets:** $122448663.81

**Cash Not Reported:** $27334.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010870 | 2.39%                | 1.80%                | 4.27%                |
| Class ID C000010869 | 2.42%                | 1.81%                | 4.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $503607.89               | $2372026.26                                |
| Month 2  | $321702.34               | $1941769.06                                |
| Month 3  | $1741553.58              | $3509497.61                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5894.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $27.36        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                             | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2531 | NS      | $711818.44    | 0.58%             |  |  |  | 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      | $436.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                          | BlackRock, Inc.                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       627 | NS      | $731000.49    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                        | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     16170 | NS      | $1823167.50   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20325 | NS      | $4941007.50   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                            | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     14505 | NS      | $1494885.30   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                          | CME Group, Inc.                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1269 | NS      | $342871.11    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                                  | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      7666 | NS      | $919153.40    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                             | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     46801 | NS      | $8732130.58   | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                         | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     24787 | NS      | $5442481.59   | 4.44%             |  |  |  | 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      | $-184.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                   | Northrop Grumman Corp.                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1051 | NS      | $640395.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.       | BJ's Wholesale Club Holdings, Inc.         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1922 | NS      | $179226.50    | 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      | $206.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                          | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2160 | NS      | $1648080.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp.                            | Danaher Corp.                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1043 | NS      | $206785.18    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-656.72      | -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      | $-773.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp.                              | Intel Corp.                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     28031 | NS      | $940440.05    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                  | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      5244 | NS      | $511971.72    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                         | GE Vernova, Inc.                           | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       883 | NS      | $542956.70    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                              | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     25245 | NS      | $6428134.35   | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                     | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      7834 | NS      | $591388.66    | 0.48%             |  |  |  | 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      | $-2010.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Airlines Co.                   | Southwest Airlines Co.                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      8748 | NS      | $279148.68    | 0.23%             |  |  |  | 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      | $4417.80      | 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      | $-0.14        | -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      | $-63.66       | -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      | $4017.25      | 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      | $1597.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                    | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |       525 | NS      | $366450.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                     | Allstate Corp. (The)                       | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      5332 | NS      | $1144513.80   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC          | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |    687775 | NS      | $687775.00    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4750 | NS      | $880745.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                        | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4557 | NS      | $382469.01    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                         | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3375 | NS      | $1919733.75   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                               | AT&T, Inc.                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     26118 | NS      | $737572.32    | 0.60%             |  |  |  | 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      | $4215.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla, Inc.                              | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      7232 | NS      | $3216215.04   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                    | Assured Guaranty Ltd.                      | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |      1309 | NS      | $110806.85    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                   | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      3150 | NS      | $589585.50    | 0.48%             |  |  |  | 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      | $0.04         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies plc                   | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |        95 | NS      | $40086.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology, Inc.                 | Marvell Technology, Inc.                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18535 | NS      | $1558237.45   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp.                   | US Foods Holding Corp.                     | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      1338 | NS      | $102517.56    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Southwest Airlines Co.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    154720 | NC      | $2093.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential plc                           | Prudential plc                             | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |     28597 | NS      | $400350.03    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp. (The)                  | Progressive Corp. (The)                    | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1569 | NS      | $387464.55    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore plc                             | Glencore plc                               | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |    101127 | NS      | $465753.34    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                   | Home Depot, Inc. (The)                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2111 | NS      | $855356.09    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |      2526 | NS      | $589886.64    | 0.48%             |  |  |  | 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      | $-1696.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CRH plc                                  | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |       274 | NS      | $32852.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial, Inc.               | Corebridge Financial, Inc.                 | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      5710 | NS      | $183005.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                   | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1139 | NS      | $480612.44    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                     | Barrick Mining Corp.                       | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      4421 | NS      | $144876.17    | 0.12%             |  |  |  | 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        |      1144 | NS      | $229863.92    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.             | Chipotle Mexican Grill, Inc., Class A      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6584 | NS      | $258026.96    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4457.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROBLOX Corp.                             | ROBLOX Corp., Class A                      | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4411 | NS      | $611011.72    | 0.50%             |  |  |  | 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      | $-39.25       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bio-Rad Laboratories, Inc.               | Bio-Rad Laboratories, Inc., Class A        | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      2013 | NS      | $564425.07    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-430.73      | -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      | $3382.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co. (The)                       | Southern Co. (The)                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      3345 | NS      | $317005.65    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                          | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     15228 | NS      | $1545642.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                   | BP plc                                     | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |     43106 | NS      | $247499.69    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy, Inc.                     | Cenovus Energy, Inc.                       | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     37093 | NS      | $629810.73    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                            | Corteva, Inc.                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      6251 | NS      | $422755.13    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq, Inc.                             | Nasdaq, Inc.                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      2355 | NS      | $208299.75    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co.                       | Levi Strauss & Co., Class A                | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |      7145 | NS      | $166478.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                     | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      7896 | NS      | $721931.28    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp.                            | Fortive Corp.                              | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     10687 | NS      | $523556.13    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.          | Live Nation Entertainment, Inc.            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      4970 | NS      | $812098.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Broadcom, Inc.                           | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13756 | NS      | $4538241.96   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                           | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1142 | NS      | $882240.68    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                      | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2799 | NS      | $374898.06    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                     | Meta Platforms, Inc., Class A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5236 | NS      | $3845213.68   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                            | Medtronic plc                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      2460 | NS      | $234290.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.              | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      5817 | NS      | $1236577.86   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                   | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       595 | NS      | $550749.85    | 0.45%             |  |  |  | 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      | $1034.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon plc                                  | Aon plc, Class A                           | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | IE        |       963 | NS      | $343386.54    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.        | Philip Morris International, Inc.          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4909 | NS      | $796239.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.              | Palantir Technologies, Inc., Class A       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      8769 | NS      | $1599640.98   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.                   | Keurig Dr Pepper, Inc.                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      8565 | NS      | $218493.15    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                  | Arch Capital Group Ltd.                    | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |      4124 | NS      | $374170.52    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                        | Xcel Energy, Inc.                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      1852 | NS      | $149363.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                   | Antero Resources Corp.                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      4477 | NS      | $150248.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6.85        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                            | Netflix, Inc.                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       620 | NS      | $743330.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                | PPL Corp.                                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      9893 | NS      | $367623.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom, Inc.                             | Dexcom, Inc.                               | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      2333 | NS      | $156987.57    | 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      | $0.43         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                      | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     34082 | NS      | $2331890.44   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                          | Starbucks Corp.                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      2208 | NS      | $186796.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                            | PepsiCo, Inc.                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1241 | NS      | $174286.04    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4097 | NS      | $1292316.71   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                 | Berkshire Hathaway, Inc., Class B          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2816 | NS      | $1415715.84   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                     | PPG Industries, Inc.                       | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      2941 | NS      | $309128.51    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $199977.69    | 0.16%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.           | Apollo Global Management, Inc.             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      4509 | NS      | $600914.43    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.               | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       436 | NS      | $143474.52    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.             | Vertex Pharmaceuticals, Inc.               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       424 | NS      | $166055.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                     | Analog Devices, Inc.                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      7742 | NS      | $1902209.40   | 1.55%             |  |  |  | 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      | $2428.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TPG, Inc.                                | TPG, Inc., Class A                         | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     10245 | NS      | $588575.25    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                        | Cigna Group (The)                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       714 | NS      | $205810.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc          | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |      3062 | NS      | $722815.72    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                             | Target Corp.                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2610 | NS      | $234117.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                           | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6930 | NS      | $655508.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)               | Charles Schwab Corp. (The)                 | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      6659 | NS      | $635734.73    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                | Shell plc                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     16406 | NS      | $584726.88    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Pure Storage, Inc.                       | Pure Storage, Inc., Class A                | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     11443 | NS      | $959037.83    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                             | Vistra Corp.                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       374 | NS      | $73274.08     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-388.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ingersoll Rand, Inc.                     | Ingersoll Rand, Inc.                       | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      3974 | NS      | $328331.88    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                             | Ameren Corp.                               | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      5820 | NS      | $607491.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                      | Coca-Cola Co. (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     18514 | NS      | $1227848.48   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                  | DuPont de Nemours, Inc.                    | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      6641 | NS      | $517333.90    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                     | TJX Cos., Inc. (The)                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      4046 | NS      | $584808.84    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower, Inc.                          | Welltower, Inc.                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      3494 | NS      | $622421.16    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                           | AppLovin Corp., Class A                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       535 | NS      | $384418.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5665 | NS      | $870427.25    | 0.71%             |  |  |  | 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      | $-13.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                       | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   1562168 | NS      | $1562168.38   | 1.28%             |  |  |  | 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      | $-5125.45     | -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      | $201.27       | 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      | $474.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                    | Walt Disney Co. (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      9789 | NS      | $1120840.50   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                             | Humana, Inc.                               | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       236 | NS      | $61400.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | S&P 500 E-Mini Index                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $4655.14      | 0.00%             |  |  |  | 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      | $3655.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     18552 | NS      | $9609008.40   | 7.85%             |  |  |  | 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      | $4051.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis, Inc.                           | Prologis, Inc.                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4586 | NS      | $525188.72    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                               | NIKE, Inc., Class B                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       643 | NS      | $44836.39     | 0.04%             |  |  |  | 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      | $15.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Connections, Inc.                  | Waste Connections, Inc.                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      1685 | NS      | $296223.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International, Inc.            | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4644 | NS      | $977562.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                | RTX Corp.                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      4540 | NS      | $759678.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                     | HCA Healthcare, Inc.                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       348 | NS      | $148317.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                               | Unum Group                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      1721 | NS      | $133859.38    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.                 | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       916 | NS      | $409662.68    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.             | Mondelez International, Inc., Class A      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      4044 | NS      | $252628.68    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                             | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      4571 | NS      | $1058369.34   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                      | Union Pacific Corp.                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2675 | NS      | $632289.75    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.          | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1099 | NS      | $617934.73    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                     | United Rentals, Inc.                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       794 | NS      | $758000.04    | 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      | $-9.42        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Copart, Inc.                             | Copart, Inc.                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      5306 | NS      | $238610.82    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.       | American International Group, Inc.         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      8848 | NS      | $694921.92    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                    | Gilead Sciences, Inc.                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3262 | NS      | $362082.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                 | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3019 | NS      | $1042460.70   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                       | General Motors Co.                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      4662 | NS      | $284242.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.           | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2765 | NS      | $1341080.30   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                              | FedEx Corp.                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      4201 | NS      | $990637.81    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                               | Visa, Inc., Class A                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2444 | NS      | $834332.72    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                         | McDonald's Corp.                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1431 | NS      | $434866.59    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                            | On Holding AG, Class A                     | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |      5138 | NS      | $217594.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.             | Charter Communications, Inc., Class A      | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       733 | NS      | $201651.97    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                         | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3341 | NS      | $251877.99    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                           | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       920 | NS      | $153051.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                         | NRG Energy, Inc.                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3683 | NS      | $596461.85    | 0.49%             |  |  |  | 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      | $-817.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Toast, Inc.                              | Toast, Inc., Class A                       | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      5337 | NS      | $194853.87    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                     | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      5895 | NS      | $1133726.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                            | Cencora, Inc.                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       542 | NS      | $169391.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy, Inc.                 | CenterPoint Energy, Inc.                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      3493 | NS      | $135528.40    | 0.11%             |  |  |  | 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      | $446.45       | 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      | $-23.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-425.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cintas Corp.                             | Cintas Corp.                               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1093 | NS      | $224349.18    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                | Linde plc                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |       201 | NS      | $95475.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer