# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-002440
**Filing Date:** 2025-10
**Character Count:** 71547
**Document Hash:** 2cb9b32976b080309eb46327914d9eff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002440.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0002071691-25-002440

**CONFORMED SUBMISSION TYPE**: N-MFP3

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**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):** 2025-09-30

**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:** 12 days

- **WAL:** 66 days

- **Total Value of Portfolio Securities:** $82438941.19

- **Amortized Cost of Portfolio Securities:** $82434528.83

- **Cash:** $21341.09

- **Total Other Assets:** $139412.56

- **Total Liabilities:** $1666791.74

- **Net Assets of Series:** $80928490.74

- **Number of Shares Outstanding (Series):** 80921504.9500

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2025-09-02 | $67352372.08              | $68174195.83               | 81.2800%                  | 82.2800%                   |
| 2025-09-03 | $67178191.64              | $68000111.64               | 80.7700%                  | 81.7600%                   |
| 2025-09-04 | $67729000.51              | $68551016.76               | 81.4600%                  | 82.4500%                   |
| 2025-09-05 | $67697797.99              | $68519910.49               | 81.4500%                  | 82.4400%                   |
| 2025-09-08 | $67609168.75              | $68431570.00               | 81.4300%                  | 82.4200%                   |
| 2025-09-09 | $67585736.53              | $68408234.03               | 80.4600%                  | 81.4400%                   |
| 2025-09-10 | $66759403.29              | $67581997.04               | 79.2000%                  | 80.1800%                   |
| 2025-09-11 | $66945950.08              | $67768640.08               | 79.3200%                  | 80.2900%                   |
| 2025-09-12 | $67068665.40              | $67891451.65               | 79.5700%                  | 80.5500%                   |
| 2025-09-15 | $67024816.58              | $67847891.58               | 79.2600%                  | 80.2300%                   |
| 2025-09-16 | $65617710.21              | $66440881.46               | 79.2100%                  | 80.2000%                   |
| 2025-09-17 | $65551750.29              | $66375017.79               | 78.9400%                  | 79.9300%                   |
| 2025-09-18 | $65714102.41              | $66537466.16               | 79.2300%                  | 80.2200%                   |
| 2025-09-19 | $65695683.19              | $66519143.19               | 79.2200%                  | 80.2200%                   |
| 2025-09-22 | $65706690.26              | $66530439.01               | 79.2200%                  | 80.2100%                   |
| 2025-09-23 | $65557735.87              | $66381580.87               | 79.1800%                  | 80.1800%                   |
| 2025-09-24 | $65505031.96              | $66328973.21               | 79.1200%                  | 80.1200%                   |
| 2025-09-25 | $65461156.23              | $66285193.73               | 79.1100%                  | 80.1000%                   |
| 2025-09-26 | $65264913.01              | $66089046.76               | 78.9900%                  | 79.9900%                   |
| 2025-09-29 | $65375192.91              | $66199615.41               | 79.1100%                  | 80.1100%                   |
| 2025-09-30 | $65361346.54              | $66185865.29               | 79.1300%                  | 80.1300%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-09-02 | 4.3700%             |
| 2025-09-03 | 4.3700%             |
| 2025-09-04 | 4.3800%             |
| 2025-09-05 | 4.3800%             |
| 2025-09-08 | 4.4100%             |
| 2025-09-09 | 4.4100%             |
| 2025-09-10 | 4.4200%             |
| 2025-09-11 | 4.4200%             |
| 2025-09-12 | 4.4200%             |
| 2025-09-15 | 4.4400%             |
| 2025-09-16 | 4.4500%             |
| 2025-09-17 | 4.4500%             |
| 2025-09-18 | 4.4200%             |
| 2025-09-19 | 4.3900%             |
| 2025-09-22 | 4.2800%             |
| 2025-09-23 | 4.2400%             |
| 2025-09-24 | 4.2100%             |
| 2025-09-25 | 4.2100%             |
| 2025-09-26 | 4.2100%             |
| 2025-09-29 | 4.2200%             |
| 2025-09-30 | 4.2400%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-09-02 | 1.0000                      |
|  |  |
| 2025-09-03 | 1.0000                      |
|  |  |
| 2025-09-04 | 1.0000                      |
|  |  |
| 2025-09-05 | 1.0000                      |
|  |  |
| 2025-09-08 | 1.0000                      |
|  |  |
| 2025-09-09 | 1.0000                      |
|  |  |
| 2025-09-10 | 1.0000                      |
|  |  |
| 2025-09-11 | 1.0000                      |
|  |  |
| 2025-09-12 | 1.0000                      |
|  |  |
| 2025-09-15 | 1.0000                      |
|  |  |
| 2025-09-16 | 1.0000                      |
|  |  |
| 2025-09-17 | 1.0000                      |
|  |  |
| 2025-09-18 | 1.0000                      |
|  |  |
| 2025-09-19 | 1.0000                      |
|  |  |
| 2025-09-22 | 1.0000                      |
|  |  |
| 2025-09-23 | 1.0000                      |
|  |  |
| 2025-09-24 | 1.0000                      |
|  |  |
| 2025-09-25 | 1.0000                      |
|  |  |
| 2025-09-26 | 1.0000                      |
|  |  |
| 2025-09-29 | 1.0000                      |
|  |  |
| 2025-09-30 | 1.0000                      |
|  |  |

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

### Class: Class IB

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $39148720.80

- **Number of Shares Outstanding:** 39146492.6900

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-09-02 | 1.0000          |
|  |  |
| 2025-09-03 | 1.0000          |
|  |  |
| 2025-09-04 | 1.0000          |
|  |  |
| 2025-09-05 | 1.0000          |
|  |  |
| 2025-09-08 | 1.0000          |
|  |  |
| 2025-09-09 | 1.0000          |
|  |  |
| 2025-09-10 | 1.0000          |
|  |  |
| 2025-09-11 | 1.0000          |
|  |  |
| 2025-09-12 | 1.0000          |
|  |  |
| 2025-09-15 | 1.0000          |
|  |  |
| 2025-09-16 | 1.0000          |
|  |  |
| 2025-09-17 | 1.0000          |
|  |  |
| 2025-09-18 | 1.0000          |
|  |  |
| 2025-09-19 | 1.0000          |
|  |  |
| 2025-09-22 | 1.0000          |
|  |  |
| 2025-09-23 | 1.0000          |
|  |  |
| 2025-09-24 | 1.0000          |
|  |  |
| 2025-09-25 | 1.0000          |
|  |  |
| 2025-09-26 | 1.0000          |
|  |  |
| 2025-09-29 | 1.0000          |
|  |  |
| 2025-09-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-09-02 | $124063.41                | $4706.36                |
| 2025-09-03 | $209686.66                | $15323.25               |
| 2025-09-04 | $0.00                     | $8382.99                |
| 2025-09-05 | $0.00                     | $61941.04               |
| 2025-09-08 | $351.05                   | $1177.30                |
| 2025-09-09 | $0.00                     | $7894.50                |
| 2025-09-10 | $0.00                     | $24509.58               |
| 2025-09-11 | $0.00                     | $5933.73                |
| 2025-09-12 | $3031.55                  | $57203.87               |
| 2025-09-15 | $314213.00                | $7192.78                |
| 2025-09-16 | $0.00                     | $56302.13               |
| 2025-09-17 | $0.00                     | $111403.20              |
| 2025-09-18 | $1813.06                  | $3731.38                |
| 2025-09-19 | $1879.46                  | $669.95                 |
| 2025-09-22 | $0.00                     | $24039.51               |
| 2025-09-23 | $144.05                   | $37245.20               |
| 2025-09-24 | $46559.89                 | $3978.99                |
| 2025-09-25 | $191.06                   | $368.58                 |
| 2025-09-26 | $0.00                     | $27561.56               |
| 2025-09-29 | $0.00                     | $16587.58               |
| 2025-09-30 | $0.00                     | $12748.31               |

**Total Gross Subscriptions (Month):** $701933.19

**Total Gross Redemptions (Month):** $488901.79

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-09-02 | 3.7000%           |
| 2025-09-03 | 3.7000%           |
| 2025-09-04 | 3.7100%           |
| 2025-09-05 | 3.7200%           |
| 2025-09-08 | 3.7500%           |
| 2025-09-09 | 3.7500%           |
| 2025-09-10 | 3.7600%           |
| 2025-09-11 | 3.7600%           |
| 2025-09-12 | 3.7600%           |
| 2025-09-15 | 3.7800%           |
| 2025-09-16 | 3.7800%           |
| 2025-09-17 | 3.7800%           |
| 2025-09-18 | 3.7600%           |
| 2025-09-19 | 3.7200%           |
| 2025-09-22 | 3.6000%           |
| 2025-09-23 | 3.5700%           |
| 2025-09-24 | 3.5400%           |
| 2025-09-25 | 3.5400%           |
| 2025-09-26 | 3.5400%           |
| 2025-09-29 | 3.5500%           |
| 2025-09-30 | 3.5700%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 95.9800%         | 0.0000%              |

### Class: Class IA

- **Minimum Initial Investment:** $500.00

- **Net Assets of Class:** $41779769.94

- **Number of Shares Outstanding:** 41775012.2600

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-09-02 | 1.0000          |
|  |  |
| 2025-09-03 | 1.0000          |
|  |  |
| 2025-09-04 | 1.0000          |
|  |  |
| 2025-09-05 | 1.0000          |
|  |  |
| 2025-09-08 | 1.0000          |
|  |  |
| 2025-09-09 | 1.0000          |
|  |  |
| 2025-09-10 | 1.0000          |
|  |  |
| 2025-09-11 | 1.0000          |
|  |  |
| 2025-09-12 | 1.0000          |
|  |  |
| 2025-09-15 | 1.0000          |
|  |  |
| 2025-09-16 | 1.0000          |
|  |  |
| 2025-09-17 | 1.0000          |
|  |  |
| 2025-09-18 | 1.0000          |
|  |  |
| 2025-09-19 | 1.0000          |
|  |  |
| 2025-09-22 | 1.0000          |
|  |  |
| 2025-09-23 | 1.0000          |
|  |  |
| 2025-09-24 | 1.0000          |
|  |  |
| 2025-09-25 | 1.0000          |
|  |  |
| 2025-09-26 | 1.0000          |
|  |  |
| 2025-09-29 | 1.0000          |
|  |  |
| 2025-09-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-09-02 | $245902.76                | $277396.53              |
| 2025-09-03 | $375016.74                | $26687.34               |
| 2025-09-04 | $70.67                    | $30801.89               |
| 2025-09-05 | $287.66                   | $51780.40               |
| 2025-09-08 | $1195.11                  | $31740.03               |
| 2025-09-09 | $84200.13                 | $53.64                  |
| 2025-09-10 | $295129.25                | $102485.49              |
| 2025-09-11 | $231576.78                | $121720.11              |
| 2025-09-12 | $0.00                     | $5841.93                |
| 2025-09-15 | $3503.55                  | $829024.54              |
| 2025-09-16 | $4019.93                  | $21546.53               |
| 2025-09-17 | $267916.33                | $2078.38                |
| 2025-09-18 | $0.00                     | $5348.12                |
| 2025-09-19 | $609.49                   | $13276.33               |
| 2025-09-22 | $0.00                     | $122605.47              |
| 2025-09-23 | $455.00                   | $23511.92               |
| 2025-09-24 | $385.22                   | $94343.85               |
| 2025-09-25 | $47696.98                 | $251352.85              |
| 2025-09-26 | $115416.77                | $60.10                  |
| 2025-09-29 | $10493.77                 | $15247.38               |
| 2025-09-30 | $1201.67                  | $1271400.64             |

**Total Gross Subscriptions (Month):** $1685077.81

**Total Gross Redemptions (Month):** $3298303.47

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-09-02 | 3.9500%           |
| 2025-09-03 | 3.9500%           |
| 2025-09-04 | 3.9600%           |
| 2025-09-05 | 3.9700%           |
| 2025-09-08 | 4.0000%           |
| 2025-09-09 | 4.0000%           |
| 2025-09-10 | 4.0100%           |
| 2025-09-11 | 4.0100%           |
| 2025-09-12 | 4.0100%           |
| 2025-09-15 | 4.0300%           |
| 2025-09-16 | 4.0300%           |
| 2025-09-17 | 4.0300%           |
| 2025-09-18 | 4.0100%           |
| 2025-09-19 | 3.9700%           |
| 2025-09-22 | 3.8500%           |
| 2025-09-23 | 3.8200%           |
| 2025-09-24 | 3.7900%           |
| 2025-09-25 | 3.7900%           |
| 2025-09-26 | 3.7900%           |
| 2025-09-29 | 3.8000%           |
| 2025-09-30 | 3.8200%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 92.6400%         | 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: 3133ERTE1, C.4 - ISIN: US3133ERTE18, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $265159.12
- **C.18.a - Value (excl. sponsor support):** $265159.12
- **C.19 - Percentage of Net Assets:** 0.3300%
- **C.17 - Yield as of Reporting Date:** 4.2400%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2026-09-16
- **C.13 - Final Legal Maturity Date:** 2026-09-16
- **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 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: 3133ER7B1, C.4 - ISIN: US3133ER7B16, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $950170.90
- **C.18.a - Value (excl. sponsor support):** $950170.90
- **C.19 - Percentage of Net Assets:** 1.1700%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 3: 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: ZS3BW9G
- **C.18 - Value (incl. sponsor support):** $21206000.00
- **C.18.a - Value (excl. sponsor support):** $21206000.00
- **C.19 - Percentage of Net Assets:** 26.2000%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2025-10-01
- **C.13 - Final Legal Maturity Date:** 2025-10-01
- **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 Home Loan Mortgage Corp.         | 2054-04-01      | 5.5000%  | N/A     | $2048512.00        | $1828492.51        | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-09-20      | 6.0000%  | N/A     | $12407380.00       | $12835153.37       | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2045-08-15      | 4.0000%  | N/A     | $36000.00          | $13607.74          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2051-12-01      | 2.0000%  | N/A     | $2006584.00        | $1302147.05        | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2037-01-15      | 6.0000%  | N/A     | $1266596.00        | $5304.05           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2048-01-15      | 4.0000%  | N/A     | $50000.00          | $23195.39          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2041-05-20      | 5.0000%  | N/A     | $400000.00         | $42978.42          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2039-09-15      | 5.0000%  | N/A     | $802583.00         | $39005.07          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2038-05-20      | 5.5000%  | N/A     | $500000.00         | $6237.04           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2031-06-20      | 6.0000%  | N/A     | $3015794.00        | $5961.97           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2027-12-20      | 2.5000%  | N/A     | $255000.00         | $6409.19           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2045-07-15      | 4.0000%  | N/A     | $161000.00         | $8102.03           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2041-12-15      | 3.1000%  | N/A     | $469665.00         | $185393.70         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2040-11-15      | 4.0000%  | N/A     | $1500000.00        | $53495.20          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-05-01      | 4.0000%  | N/A     | $183560.00         | $152545.04         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2039-04-20      | 5.5000%  | N/A     | $999000.00         | $767436.64         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2049-05-20      | 4.0000%  | N/A     | $64000.00          | $15736.90          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2047-08-20      | 3.0000%  | N/A     | $272000.00         | $37080.25          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2053-12-01      | 3.5000%  | N/A     | $46000.00          | $38815.18          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2040-04-15      | 5.0000%  | N/A     | $194705.00         | $10915.64          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2041-05-20      | 5.0000%  | N/A     | $250000.00         | $35311.02          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-10-01      | 5.0000%  | N/A     | $68309.00          | $62309.13          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2053-02-20      | 5.0000%  | N/A     | $179000.00         | $140731.92         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2045-12-15      | 3.0000%  | N/A     | $466797.00         | $212153.87         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2057-04-15      | 2.5400%  | N/A     | $1747027.00        | $1436562.83        | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2057-10-15      | 4.1500%  | N/A     | $2185000.00        | $2044591.79        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2052-07-01      | 2.5000%  | N/A     | $417275.00         | $320447.27         | Agency Mortgage-Backed Securities |

### Security 4: Royal Bank of Canada

- **C.1 - Title:** Royal Bank of Canada
- **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: ES7IP3U3RHIGC71XBU11, C.5 - Other ID: ZS3BWFT
- **C.18 - Value (incl. sponsor support):** $9975626.95
- **C.18.a - Value (excl. sponsor support):** $9975626.95
- **C.19 - Percentage of Net Assets:** 12.3300%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2025-10-01
- **C.13 - Final Legal Maturity Date:** 2025-10-01
- **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 | 2027-10-15      | 3.8750%  | N/A     | $242819.77         | $248383.47         | U.S. Treasuries (including strips) |
| United States Treasury | 2027-02-28      | 1.8750%  | N/A     | $3962483.84        | $3871041.07        | U.S. Treasuries (including strips) |
| United States Treasury | 2027-06-30      | 3.7500%  | N/A     | $4383472.65        | $4433049.72        | U.S. Treasuries (including strips) |
| United States Treasury | 2050-05-15      | 1.2500%  | N/A     | $3178395.22        | $1577235.72        | U.S. Treasuries (including strips) |
| United States Treasury | 2045-08-15      | 2.8750%  | N/A     | $61007.46          | $46619.57          | U.S. Treasuries (including strips) |

### Security 5: 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):** $450011.24
- **C.18.a - Value (excl. sponsor support):** $450011.24
- **C.19 - Percentage of Net Assets:** 0.5600%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 6: 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: ZS3BWFW
- **C.18 - Value (incl. sponsor support):** $1301168.73
- **C.18.a - Value (excl. sponsor support):** $1301168.73
- **C.19 - Percentage of Net Assets:** 1.6100%
- **C.17 - Yield as of Reporting Date:** 4.2000%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2025-10-01
- **C.13 - Final Legal Maturity Date:** 2025-10-01
- **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 | 2041-02-15      | 1.8750%  | N/A     | $1879369.08        | $1327347.17        | U.S. Treasuries (including strips) |

### Security 7: 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):** $450225.86
- **C.18.a - Value (excl. sponsor support):** $450225.86
- **C.19 - Percentage of Net Assets:** 0.5600%
- **C.17 - Yield as of Reporting Date:** 4.2700%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 8: 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: 3135G1AB7, C.4 - ISIN: US3135G1AB74, C.3 - LEI: B1V7KEBTPIMZEU4LTD58
- **C.18 - Value (incl. sponsor support):** $900609.66
- **C.18.a - Value (excl. sponsor support):** $900609.66
- **C.19 - Percentage of Net Assets:** 1.1100%
- **C.17 - Yield as of Reporting Date:** 4.2700%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2026-12-11
- **C.13 - Final Legal Maturity Date:** 2026-12-11
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 9: U.S. Treasury 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):** $791620.59
- **C.18.a - Value (excl. sponsor support):** $791620.59
- **C.19 - Percentage of Net Assets:** 0.9800%
- **C.17 - Yield as of Reporting Date:** 4.0200%
- **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 10: 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):** $899978.24
- **C.18.a - Value (excl. sponsor support):** $899978.24
- **C.19 - Percentage of Net Assets:** 1.1100%
- **C.17 - Yield as of Reporting Date:** 4.2500%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 11: 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):** $933356.31
- **C.18.a - Value (excl. sponsor support):** $933356.31
- **C.19 - Percentage of Net Assets:** 1.1500%
- **C.17 - Yield as of Reporting Date:** 4.0200%
- **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 12: 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):** $844356.71
- **C.18.a - Value (excl. sponsor support):** $844356.71
- **C.19 - Percentage of Net Assets:** 1.0400%
- **C.17 - Yield as of Reporting Date:** 4.0500%
- **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 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: 3133ETDK0, C.4 - ISIN: US3133ETDK08, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $1100294.26
- **C.18.a - Value (excl. sponsor support):** $1100294.26
- **C.19 - Percentage of Net Assets:** 1.3600%
- **C.17 - Yield as of Reporting Date:** 4.2800%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 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: 3133ETSZ1, C.4 - ISIN: US3133ETSZ12, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $934981.89
- **C.18.a - Value (excl. sponsor support):** $934981.89
- **C.19 - Percentage of Net Assets:** 1.1600%
- **C.17 - Yield as of Reporting Date:** 4.2600%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2026-10-13
- **C.13 - Final Legal Maturity Date:** 2026-10-13
- **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 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: 3130B7LG7, C.4 - ISIN: US3130B7LG72, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $935277.13
- **C.18.a - Value (excl. sponsor support):** $935277.13
- **C.19 - Percentage of Net Assets:** 1.1600%
- **C.17 - Yield as of Reporting Date:** 4.2600%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2026-11-27
- **C.13 - Final Legal Maturity Date:** 2026-11-27
- **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 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):** $950092.48
- **C.18.a - Value (excl. sponsor support):** $950092.48
- **C.19 - Percentage of Net Assets:** 1.1700%
- **C.17 - Yield as of Reporting Date:** 4.2800%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 17: 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):** $824445.87
- **C.18.a - Value (excl. sponsor support):** $824445.87
- **C.19 - Percentage of Net Assets:** 1.0200%
- **C.17 - Yield as of Reporting Date:** 4.2000%
- **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? Yes, C.23 Categorized at Level 3? No

### Security 18: 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: 3130B7JF2, C.4 - ISIN: US3130B7JF28, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $940605.73
- **C.18.a - Value (excl. sponsor support):** $940605.73
- **C.19 - Percentage of Net Assets:** 1.1600%
- **C.17 - Yield as of Reporting Date:** 3.9900%
- **C.11 - Maturity Date (WAM):** 2026-09-18
- **C.12 - Maturity Date (WAL):** 2026-09-18
- **C.13 - Final Legal Maturity Date:** 2026-09-18
- **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: 3133EREL1, C.4 - ISIN: US3133EREL16, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $950260.21
- **C.18.a - Value (excl. sponsor support):** $950260.21
- **C.19 - Percentage of Net Assets:** 1.1700%
- **C.17 - Yield as of Reporting Date:** 4.2600%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 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 coupon-paying notes)
- **Identifiers:** C.3 - CUSIP: 3133ETQP5, C.4 - ISIN: US3133ETQP57, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $999970.56
- **C.18.a - Value (excl. sponsor support):** $999970.56
- **C.19 - Percentage of Net Assets:** 1.2400%
- **C.17 - Yield as of Reporting Date:** 4.2600%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 21: 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):** $950638.59
- **C.18.a - Value (excl. sponsor support):** $950638.59
- **C.19 - Percentage of Net Assets:** 1.1800%
- **C.17 - Yield as of Reporting Date:** 4.2900%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 22: 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):** $1049985.24
- **C.18.a - Value (excl. sponsor support):** $1049985.24
- **C.19 - Percentage of Net Assets:** 1.3000%
- **C.17 - Yield as of Reporting Date:** 4.2500%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 23: 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: MP6I5ZYZBEU3UXPYFY54, C.5 - Other ID: ZS3BWG9
- **C.18 - Value (incl. sponsor support):** $26023374.70
- **C.18.a - Value (excl. sponsor support):** $26023374.70
- **C.19 - Percentage of Net Assets:** 32.1600%
- **C.17 - Yield as of Reporting Date:** 4.2200%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2025-10-01
- **C.13 - Final Legal Maturity Date:** 2025-10-01
- **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 | 2052-03-01      | 3.0000%  | N/A     | $825765.05         | $695767.04         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2051-06-01      | 2.0000%  | N/A     | $537816.41         | $327086.47         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-12-01      | 2.5000%  | N/A     | $15483.91          | $10873.80          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-07-01      | 3.0000%  | N/A     | $30494.45          | $18456.18          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 4.0000%  | N/A     | $1071241.46        | $824836.92         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-05-01      | 3.0000%  | N/A     | $84807.58          | $66643.88          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-02-01      | 6.0000%  | N/A     | $150081.57         | $137646.79         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2042-04-01      | 3.0100%  | N/A     | $44989.99          | $34042.56          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2042-09-01      | 3.5000%  | N/A     | $344337.82         | $45678.10          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 5.5000%  | N/A     | $23034.11          | $19846.42          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2042-01-01      | 3.5000%  | N/A     | $8540052.66        | $609545.87         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-11-01      | 2.0000%  | N/A     | $3192778.00        | $1854559.99        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-06-01      | 6.0000%  | N/A     | $44750.32          | $36573.76          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-10-01      | 6.0000%  | N/A     | $985455.93         | $659863.84         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-04-01      | 2.5000%  | N/A     | $8046.77           | $5289.08           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2049-02-01      | 3.0000%  | N/A     | $1202084.22        | $940669.28         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-05-01      | 6.5000%  | N/A     | $236009.11         | $227455.16         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-09-01      | 5.0000%  | N/A     | $4563753.92        | $3597370.46        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2044-09-01      | 4.0000%  | N/A     | $2580269.52        | $272458.55         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2043-04-01      | 3.5000%  | N/A     | $260233.75         | $49169.54          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-10-01      | 6.5000%  | N/A     | $198637.46         | $176225.16         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-09-01      | 7.0000%  | N/A     | $411961.12         | $425522.83         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2051-08-01      | 2.5000%  | N/A     | $4293.86           | $2719.00           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-06-01      | 3.5000%  | N/A     | $8804.58           | $3827.81           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-05-01      | 3.5000%  | N/A     | $619783.10         | $61475.68          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2028-05-01      | 5.1600%  | N/A     | $108985.89         | $110952.51         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-12-01      | 2.0000%  | N/A     | $90757.73          | $56585.20          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-03-01      | 3.5000%  | N/A     | $649803.67         | $110100.84         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2039-06-01      | 4.0000%  | N/A     | $203849.77         | $8420.32           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-02-01      | 2.0000%  | N/A     | $3159279.33        | $1785304.38        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 5.5000%  | N/A     | $9983.26           | $8885.66           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-08-01      | 3.5000%  | N/A     | $47709.52          | $32739.82          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2051-08-01      | 4.0000%  | N/A     | $8674.46           | $5730.88           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-12-01      | 5.0000%  | N/A     | $1188732.14        | $996027.26         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-05-01      | 6.5000%  | N/A     | $205688.41         | $112024.71         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2038-08-01      | 5.0000%  | N/A     | $76421.20          | $60994.17          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-06-01      | 5.0000%  | N/A     | $3636.55           | $3134.52           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-09-01      | 3.5000%  | N/A     | $2655644.44        | $308175.05         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-07-01      | 3.5000%  | N/A     | $5378.16           | $4168.39           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-07-01      | 7.0000%  | N/A     | $48953.96          | $40624.98          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-02-01      | 3.5000%  | N/A     | $1441145.34        | $941074.30         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-11-01      | 5.5000%  | N/A     | $151478.59         | $128782.36         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-04-01      | 6.0000%  | N/A     | $980710.65         | $789641.41         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-06-01      | 6.0000%  | N/A     | $443010.83         | $365350.17         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-02-01      | 6.0000%  | N/A     | $112386.80         | $109610.49         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-08-01      | 3.0000%  | N/A     | $78937.57          | $19082.38          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-09-01      | 6.0000%  | N/A     | $44474.47          | $36861.99          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-06-01      | 3.5000%  | N/A     | $2385.48           | $1795.42           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2043-04-01      | 3.5000%  | N/A     | $1707363.77        | $345726.00         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-12-01      | 7.5000%  | N/A     | $82447.17          | $59796.78          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-03-01      | 2.9300%  | N/A     | $106699.13         | $79169.13          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-12-01      | 3.5000%  | N/A     | $115848.95         | $45164.07          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-12-01      | 6.0000%  | N/A     | $167745.46         | $121750.77         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2035-01-01      | 2.5000%  | N/A     | $65058.44          | $11970.84          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-10-01      | 5.0000%  | N/A     | $2168614.56        | $1714694.19        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-03-01      | 3.0000%  | N/A     | $21686.15          | $4806.12           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-06-01      | 3.5000%  | N/A     | $27758.27          | $6118.86           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2044-12-01      | 3.5000%  | N/A     | $165794.75         | $16475.07          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-10-01      | 6.0000%  | N/A     | $622637.34         | $642762.44         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2041-02-01      | 4.5000%  | N/A     | $6505.84           | $1225.21           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2031-11-01      | 2.0000%  | N/A     | $32529.22          | $5386.80           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2028-04-01      | 2.5000%  | N/A     | $285172.81         | $10863.83          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-06-01      | 3.5000%  | N/A     | $12361.10          | $1990.69           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2063-06-01      | 3.5000%  | N/A     | $284990.30         | $223117.51         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2045-05-01      | 3.5000%  | N/A     | $1074782.72        | $180367.95         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-11-01      | 6.5000%  | N/A     | $207699.15         | $158223.55         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-08-01      | 2.5000%  | N/A     | $211656.78         | $125134.87         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-11-01      | 6.0000%  | N/A     | $13320.45          | $11638.04          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-03-01      | 5.0000%  | N/A     | $2026533.87        | $509044.09         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-03-01      | 5.0000%  | N/A     | $293215.34         | $270433.68         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-09-01      | 3.0000%  | N/A     | $10626.21          | $3701.55           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-02-01      | 7.0000%  | N/A     | $51539.55          | $36336.34          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-05-01      | 5.0000%  | N/A     | $79945.63          | $68708.26          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-06-01      | 6.0000%  | N/A     | $416997.86         | $436839.09         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2053-03-01      | 2.5000%  | N/A     | $11251.51          | $9007.96           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-11-01      | 5.5000%  | N/A     | $81539.91          | $65028.79          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-07-01      | 4.5000%  | N/A     | $4628.73           | $3108.11           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2036-10-01      | 2.0900%  | N/A     | $70696.83          | $57203.82          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-12-01      | 5.0000%  | N/A     | $104963.20         | $101269.13         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2049-05-01      | 4.0700%  | N/A     | $247222.06         | $205317.91         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2046-07-01      | 3.5000%  | N/A     | $123611.03         | $28315.88          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-02-01      | 4.0000%  | N/A     | $425771.56         | $159491.67         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2035-10-01      | 3.0000%  | N/A     | $51574.60          | $22261.40          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-01-01      | 5.5000%  | N/A     | $58226.61          | $49126.51          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2054-06-01      | 6.0000%  | N/A     | $109421.00         | $110989.48         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2050-07-01      | 4.5000%  | N/A     | $1181983.07        | $297467.90         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2049-12-01      | 3.5000%  | N/A     | $36996.56          | $6378.36           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-10-01      | 5.0000%  | N/A     | $2194779.50        | $1601848.00        | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-06-01      | 5.5000%  | N/A     | $48831.30          | $46169.70          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2042-07-01      | 3.5000%  | N/A     | $126217.01         | $4694.80           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2033-09-01      | 4.0000%  | N/A     | $83318.17          | $15150.71          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-03-01      | 6.0000%  | N/A     | $226087.96         | $231991.58         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2036-09-01      | 2.0000%  | N/A     | $1386042.41        | $752653.63         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-02-01      | 5.5000%  | N/A     | $391739.92         | $278238.76         | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-06-01      | 5.0000%  | N/A     | $92004.08          | $75488.01          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2035-12-01      | 1.6100%  | N/A     | $2487.62           | $1954.46           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-11-01      | 6.5000%  | N/A     | $235748.53         | $189467.03         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-07-01      | 4.5000%  | N/A     | $14696.61          | $3213.04           | Agency Mortgage-Backed Securities |

### Security 24: 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):** $950186.74
- **C.18.a - Value (excl. sponsor support):** $950186.74
- **C.19 - Percentage of Net Assets:** 1.1700%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **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 25: 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):** $849275.37
- **C.18.a - Value (excl. sponsor support):** $849275.37
- **C.19 - Percentage of Net Assets:** 1.0500%
- **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 26: 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: ZS3BWG2
- **C.18 - Value (incl. sponsor support):** $4318535.65
- **C.18.a - Value (excl. sponsor support):** $4318535.65
- **C.19 - Percentage of Net Assets:** 5.3400%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2025-10-01
- **C.13 - Final Legal Maturity Date:** 2025-10-01
- **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    | 2055-08-01      | 5.2930%  | N/A     | $69238.48          | $69847.15          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-08-20      | 4.7500%  | N/A     | $222453.01         | $223357.37         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2034-09-01      | 3.7000%  | N/A     | $104960.77         | $79483.13          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2054-03-01      | 5.0000%  | N/A     | $61662.91          | $56085.75          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-07-20      | 5.5000%  | N/A     | $60821.31          | $61583.28          | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-03-20      | 7.0000%  | N/A     | $120155.26         | $127113.30         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2051-12-20      | 2.5000%  | N/A     | $2089864.35        | $1312065.21        | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2047-12-20      | 4.9040%  | N/A     | $292838.43         | $78464.54          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2055-02-01      | 5.5000%  | N/A     | $22330.79          | $21982.19          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2036-02-01      | 2.5000%  | N/A     | $174141.48         | $87660.74          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2055-01-01      | 5.0000%  | N/A     | $22477.47          | $21452.26          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2052-07-01      | 3.5000%  | N/A     | $18433.22          | $14542.63          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.         | 2043-12-01      | 4.5000%  | N/A     | $30056.82          | $2939.57           | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-09-20      | 5.5000%  | N/A     | $976108.33         | $994420.67         | Agency Mortgage-Backed Securities |
| Government National Mortgage Association | 2055-07-20      | 5.5000%  | N/A     | $1190953.15        | $1199843.49        | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association    | 2045-12-01      | 4.0000%  | N/A     | $379507.55         | $54065.09          | Agency Mortgage-Backed Securities |

### Security 27: 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: 3130B7RC0, C.4 - ISIN: US3130B7RC05, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $899943.80
- **C.18.a - Value (excl. sponsor support):** $899943.80
- **C.19 - Percentage of Net Assets:** 1.1100%
- **C.17 - Yield as of Reporting Date:** 4.2900%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2027-03-16
- **C.13 - Final Legal Maturity Date:** 2027-03-16
- **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 28: 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: ZS3BWDX
- **C.18 - Value (incl. sponsor support):** $792788.66
- **C.18.a - Value (excl. sponsor support):** $792788.66
- **C.19 - Percentage of Net Assets:** 0.9800%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-10-01
- **C.12 - Maturity Date (WAL):** 2025-10-01
- **C.13 - Final Legal Maturity Date:** 2025-10-01
- **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 Home Loan Mortgage Corp.      | 2046-03-01      | 4.0000%  | N/A     | $185007.98         | $22943.06          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2053-03-01      | 4.6640%  | N/A     | $25075.34          | $20084.03          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2033-12-01      | 4.0000%  | N/A     | $21469.28          | $1691.10           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-08-01      | 6.3700%  | N/A     | $86701.21          | $4594.86           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-04-01      | 6.5000%  | N/A     | $15313.98          | $15013.33          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-10-01      | 4.0510%  | N/A     | $5737.37           | $4069.12           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2052-05-01      | 1.9230%  | N/A     | $41854.26          | $35782.29          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2051-01-01      | 6.5230%  | N/A     | $273261.91         | $276542.96         | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2034-09-01      | 4.1600%  | N/A     | $84704.35          | $83093.54          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-12-01      | 4.2800%  | N/A     | $30985.82          | $26816.25          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2033-11-01      | 6.3530%  | N/A     | $73182.02          | $3205.74           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-09-01      | 4.8940%  | N/A     | $112813.19         | $6802.05           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2055-10-01      | 4.9070%  | N/A     | $10053.00          | $10072.22          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2047-04-01      | 6.6980%  | N/A     | $2050.38           | $1941.43           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2032-05-01      | 3.7700%  | N/A     | $96806.95          | $93810.19          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2041-12-01      | 7.0340%  | N/A     | $173254.00         | $3570.94           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2051-08-01      | 1.9710%  | N/A     | $11927.38          | $8997.59           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2055-09-01      | 6.5000%  | N/A     | $6877.15           | $7161.30           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2047-11-01      | 4.0000%  | N/A     | $124804.46         | $35960.77          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2043-03-01      | 3.0000%  | N/A     | $15219.60          | $2677.89           | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2048-07-01      | 4.5000%  | N/A     | $13485.66          | $2436.51           | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2054-09-01      | 6.0000%  | N/A     | $85959.54          | $78902.24          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2052-05-01      | 2.2650%  | N/A     | $21224.53          | $15396.11          | Agency Mortgage-Backed Securities |
| Federal National Mortgage Association | 2029-01-01      | 4.2000%  | N/A     | $45063.81          | $45324.25          | Agency Mortgage-Backed Securities |
| Federal Home Loan Mortgage Corp.      | 2033-09-01      | 7.0000%  | N/A     | $19127.18          | $1849.21           | Agency Mortgage-Backed Securities |

## N-MFP: Signatures

**Registrant:** Putnam Variable Trust

**Date:** 2025-10-06

**By:** /s/Jeff White

**Name of Signing Officer:** Jeff White

**Title of Signing Officer:** Vice President