# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012197
**Filing Date:** 2026-5
**Character Count:** 79780
**Document Hash:** fb5f9c29dcf3e6f6c1a6f50562fab226
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012197.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012197

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 261024552

**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 International Value Fund (Series ID: S000003878)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010851 | Class IA Shares |  |
| C000010852 | 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 International Value Fund

- **b. EDGAR series identifier (if any):** S000003878

- **c. LEI of Series:** TNUK5E0XNNLQBFCQD252

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

- **a. Date of fiscal year-end:** 2026-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $286460434.02

**Total Liabilities:** $2254523.54

**Net Assets:** $284205910.48

**Cash Not Reported:** $46095.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010851 | 5.52%                | 4.47%                | -6.83%               |
| Class ID C000010852 | 5.55%                | 4.42%                | -6.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4996.55                 | $13956075.69                               |
| Month 2  | $346631.78               | $11408726.46                               |
| Month 3  | $853385.85               | $-21321017.57                              |

**Designated Index Information**

- **Index Name:** MSCI EAFE VALUE INDEX

- **Index Identifier:** BM0767

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Partners Group Holding AG                     | Partners Group Holding AG                                 | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      2662 | NS      | $2869212.48   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-19597.84    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-896.80      | -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      | $5593.78      | 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      | $-11441.54    | -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      | $3965.31      | 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      | $-2827.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |      8186 | NS      | $5169797.09   | 1.82%             |  |  |  | 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      | $-44791.71    | -0.02%            |  |  |  | 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      | $-5087.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mirvac Group                                  | Mirvac Group                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1255758 | NS      | $1551568.49   | 0.55%             |  |  |  | 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      | $31984.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-17789.58    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3423.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                  | ING Groep NV                                              | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    358017 | NS      | $9292932.97   | 3.27%             |  |  |  | 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      | $18241.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1070.17     | -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      | $24719.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                              | Sony Group Corp.                                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    118300 | NS      | $2465695.74   | 0.87%             |  |  |  | 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      | $1942.57      | 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      | $3766.74      | 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      | $-78652.12    | -0.03%            |  |  |  | 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      | $7592.69      | 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      | $243.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                     | Sanofi SA                                                 | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     52901 | NS      | $5108640.51   | 1.80%             |  |  |  | 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      | $30126.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3825.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MatsukiyoCocokara & Co.                       | MatsukiyoCocokara & Co.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    141400 | NS      | $2250568.04   | 0.79%             |  |  |  | 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      | $19359.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6809.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group plc                             | Compass Group plc                                         | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |     55377 | NS      | $1545069.72   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group plc                            | Vodafone Group plc                                        | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   1889668 | NS      | $2850284.22   | 1.00%             |  |  |  | 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      | $-11576.63    | -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      | $5068.75      | 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      | $-1363.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                     | Argenx SE                                                 | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |      2747 | NS      | $1993605.27   | 0.70%             |  |  |  | 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      | $3893.49      | 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      | $-5693.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays plc                                  | Barclays plc                                              | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |   1499836 | NS      | $7849367.25   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                | BNP Paribas SA                                            | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     80688 | NS      | $7686631.10   | 2.70%             |  |  |  | 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      | $5467.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Franc                                   | Swiss Franc                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CH        |        -0 | OU      | $-0.18        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA                 | Industria de Diseno Textil SA                             | CUSIP: N/A<br>LEI: 549300TTCXZOGZM2EY83       | Long             | EC               | CORP              | ES        |     47064 | NS      | $2739538.58   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                        | Cie de Saint-Gobain SA                                    | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |     35237 | NS      | $2917427.58   | 1.03%             |  |  |  | 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      | $10410.26     | 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      | $-30331.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                              | Deutsche Post AG                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |     51667 | NS      | $2723208.95   | 0.96%             |  |  |  | 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      | $101856.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever plc                                  | Unilever plc                                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     80104 | NS      | $4522640.64   | 1.59%             |  |  |  | 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      | $4313.15      | 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      | $-13644.08    | -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      | $-983.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                     | Thales SA                                                 | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     11031 | NS      | $3234787.59   | 1.14%             |  |  |  | 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      | $10484.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential plc                                | Prudential plc                                            | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |    244092 | NS      | $3393639.31   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                      | U.S. Treasury Bills                                       | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $498892.47    | 0.18%             | 2026-04-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2821.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Glencore plc                                  | Glencore plc                                              | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |    749888 | NS      | $5679557.28   | 2.00%             |  |  |  | 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      | $-41842.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1459.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                      | Bayer AG                                                  | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     77980 | NS      | $3608776.46   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                      | QBE Insurance Group Ltd.                                  | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |    372838 | NS      | $5501881.06   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                     | Airbus SE                                                 | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |     15624 | NS      | $2954076.05   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                        | AXA SA                                                    | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |    136040 | NS      | $6251250.52   | 2.20%             |  |  |  | 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      | $4147.28      | 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      | $25286.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $15960.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd.                            | Telstra Group Ltd.                                        | CUSIP: N/A<br>LEI: 894500WRW54CVN62K416       | Long             | EC               | CORP              | AU        |   1036781 | NS      | $3827390.35   | 1.35%             |  |  |  | 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      | $-1677.14     | -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      | $-2255.92     | -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      | $-363.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings, Inc.                         | Resona Holdings, Inc.                                     | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    291000 | NS      | $3319654.45   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                     | Alstom SA                                                 | CUSIP: N/A<br>LEI: 96950032TUYMW11FB530       | Long             | EC               | CORP              | FR        |    189845 | NS      | $5429230.73   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                      | Enel SpA                                                  | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    504854 | NS      | $5519482.81   | 1.94%             |  |  |  | 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      | $213.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                              | Novo Nordisk A/S, Class B                                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     57356 | NS      | $2098913.94   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands plc                           | Imperial Brands plc                                       | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     90607 | NS      | $3673915.93   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Danish Krone                                  | Danish Krone                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | DK        |        -0 | OU      | $-0.02        | -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      | $-1109.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tesco plc                                     | Tesco plc                                                 | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    706157 | NS      | $4438218.82   | 1.56%             |  |  |  | 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      | $447.42       | 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      | $-8639.92     | -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      | $-100.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy, Inc.                          | Cenovus Energy, Inc.                                      | CUSIP: 15135U109<br>LEI: 254900LJGL2N2XEMD470 | Long             | EC               | CORP              | CA        |    269401 | NS      | $7149942.43   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LANXESS AG                                    | LANXESS AG                                                | CUSIP: N/A<br>LEI: 529900PTLRE72EMYIJ77       | Long             | EC               | CORP              | DE        |     64315 | NS      | $1421943.33   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Yen                                           | Yen                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |   4860000 | OU      | $30622.85     | 0.01%             |  |  |  | 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      | $-81959.87    | -0.03%            |  |  |  | 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      | $-501.42      | -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      | $10782.25     | 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      | $2222.76      | 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      | $3612.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp.                                    | Hoya Corp.                                                | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     31300 | NS      | $5426181.58   | 1.91%             |  |  |  | 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      | $-2050.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Dollar                               | Canadian Dollar                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |     44632 | OU      | $32084.06     | 0.01%             |  |  |  | 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      | $-1863.64     | -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      | $-3772.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd.                                      | ABB Ltd.                                                  | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     41602 | NS      | $3382574.04   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group plc               | London Stock Exchange Group plc                           | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |     20699 | NS      | $2444298.65   | 0.86%             |  |  |  | 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      | $-753.72      | -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      | $-5020.14     | -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      | $660.09       | 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      | $-12728.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sunbelt Rentals Holdings, Inc.                | Sunbelt Rentals Holdings, Inc.                            | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |     23858 | NS      | $1521934.17   | 0.54%             |  |  |  | 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      | $-151.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd.                           | Qantas Airways Ltd.                                       | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    576216 | NS      | $3384837.77   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                  | ITOCHU Corp.                                              | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    262700 | NS      | $3341673.12   | 1.18%             |  |  |  | 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      | $-1212.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | MSCI EAFE Index                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $38083.44     | 0.01%             |  |  |  | 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      | $-457.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.         | Sumitomo Mitsui Financial Group, Inc.                     | CUSIP: N/A<br>LEI: 35380028MYWPB6AUO129       | Long             | EC               | CORP              | JP        |    194900 | NS      | $6408375.27   | 2.25%             |  |  |  | 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      | $127486.27    | 0.04%             |  |  |  | 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      | $-3212.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                         | STMicroelectronics NV                                     | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | NL        |    100824 | NS      | $3430900.65   | 1.21%             |  |  |  | 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      | $-103032.26   | -0.04%            |  |  |  | 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      | $17622.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| New Taiwan Dollar                             | New Taiwan Dollar                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |         1 | OU      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.          | Mitsubishi UFJ Financial Group, Inc.                      | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    550200 | NS      | $9317050.99   | 3.28%             |  |  |  | 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      | $1504.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis NV                                 | Stellantis NV                                             | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | NL        |    125183 | NS      | $904770.48    | 0.32%             |  |  |  | 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      | $-2230.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CRH plc                                       | CRH plc                                                   | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     50113 | NS      | $5242847.93   | 1.84%             |  |  |  | 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      | $-4895.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp.                                   | Asics Corp.                                               | CUSIP: N/A<br>LEI: 3538002LJMRZ83SU0B85       | Long             | EC               | CORP              | JP        |    145100 | NS      | $3901030.29   | 1.37%             |  |  |  | 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      | $-142.86      | -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      | $-21509.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7520.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                              | Mitsubishi Corp.                                          | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |    240000 | NS      | $8233432.51   | 2.90%             |  |  |  | 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      | $7744.73      | 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      | $-7893.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3956.01      | 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      | $-674.85      | -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      | $-37378.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $24153.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-47150.84    | -0.02%            |  |  |  | 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      | $-74020.48    | -0.03%            |  |  |  | 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      | $-52.66       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp.                                    | KDDI Corp.                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    140200 | NS      | $2387147.64   | 0.84%             |  |  |  | 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      | $-1146.35     | -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      | $1459.45      | 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      | $59433.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd.                       | ANZ Group Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |    158506 | NS      | $3985672.82   | 1.40%             |  |  |  | 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      | $20567.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                       | E.ON SE                                                   | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |    186403 | NS      | $4082499.52   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Australian Dollar                             | Australian Dollar                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | AU        |        -0 | OU      | $-0.04        | -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      | $-32465.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                     | Shell plc                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    340405 | NS      | $15765872.00  | 5.55%             |  |  |  | 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      | $15430.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group plc                                 | AIB Group plc                                             | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |    524364 | NS      | $5597645.40   | 1.97%             |  |  |  | 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      | $-222.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-16383.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Segro plc                                     | Segro plc                                                 | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        |    263453 | NS      | $2258466.94   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp.      | Pan Pacific International Holdings Corp.                  | CUSIP: N/A<br>LEI: 529900QLHJM2E18A5763       | Long             | EC               | CORP              | JP        |    177800 | NS      | $1084625.09   | 0.38%             |  |  |  | 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      | $-51972.82    | -0.02%            |  |  |  | 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      | $19742.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2437.10      | 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      | $10227.56     | 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      | $1546.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Short Term Investment Fund             | Putnam Short Term Investment Fund, Class P                | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   7071584 | NS      | $7071584.50   | 2.49%             |  |  |  | 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      | $-582.52      | -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      | $27372.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1484.19      | 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      | $-14651.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cairn Homes plc                               | Cairn Homes plc                                           | CUSIP: N/A<br>LEI: 635400DPX6WP2KKDOA83       | Long             | EC               | CORP              | IE        |    978963 | NS      | $2407332.66   | 0.85%             |  |  |  | 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      | $25958.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                    | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     17014 | NS      | $4145190.42   | 1.46%             |  |  |  | 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      | $-39857.52    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $13858.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca plc                               | AstraZeneca plc                                           | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     15543 | NS      | $3039278.17   | 1.07%             |  |  |  | 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      | $-22568.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $6120.53      | 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      | $2989.95      | 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      | $-14583.64    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $93.19        | 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      | $39864.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1306.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd.                        | Valterra Platinum Ltd.                                    | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |      3024 | NS      | $248465.38    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg A/S                                 | Carlsberg A/S, Class B                                    | CUSIP: N/A<br>LEI: 5299001O0WJQYB5GYZ19       | Long             | EC               | CORP              | DK        |     30604 | NS      | $3802068.43   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | U.S. Treasury Bills                                       | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1200000 | PA      | $1187356.26   | 0.42%             | 2026-07-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-523.92      | -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      | $-5828.71     | -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      | $-7443.97     | -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      | $-9127.68     | -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      | $-15009.28    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9167.37      | 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      | $45384.87     | 0.02%             |  |  |  | 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      | $-76942.49    | -0.03%            |  |  |  | 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      | $452.17       | 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      | $-4955.68     | -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      | $412.47       | 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      | $-15959.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5680.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Yamazaki Baking Co. Ltd.                      | Yamazaki Baking Co. Ltd.                                  | CUSIP: 984632109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    118000 | NS      | $2637660.64   | 0.93%             |  |  |  | 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      | $6420.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                  | CaixaBank SA                                              | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |    496828 | NS      | $5955804.40   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                           | Deutsche Telekom AG                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    125422 | NS      | $4681158.79   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Won                                           | Won                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | KR        |       -13 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American plc                            | Anglo American plc                                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |     33435 | NS      | $1435551.60   | 0.51%             |  |  |  | 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      | $-20346.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $12911.99     | 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      | $126.37       | 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      | $-167.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd.                     | Asahi Group Holdings Ltd.                                 | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    203500 | NS      | $2031872.23   | 0.71%             |  |  |  | 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      | $-11024.27    | -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      | $-557.46      | -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      | $-142016.21   | -0.05%            |  |  |  | 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      | $-2220.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MINEBEA MITSUMI, Inc.                         | Minebea Mitsumi, Inc.                                     | CUSIP: N/A<br>LEI: 353800CCB0CZ75YZ4010       | Long             | EC               | CORP              | JP        |    119200 | NS      | $1979326.46   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                             | HSBC Holdings plc                                         | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    642384 | NS      | $10549611.29  | 3.71%             |  |  |  | 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      | $2222.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                          | EURO                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |       115 | OU      | $133.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pound Sterling                                | Pound Sterling                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |    125652 | OU      | $166313.46    | 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      | $-23030.22    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2800.33      | 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      | $-6211.66     | -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      | $-22539.26    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-22511.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-47461.34    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson Enterprises, Inc.                    | Ferguson Enterprises, Inc.                                | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     12100 | NS      | $2817461.19   | 0.99%             |  |  |  | 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      | $-22277.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                              | ASR Nederland NV                                          | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               | CORP              | NL        |     70310 | NS      | $4840622.20   | 1.70%             |  |  |  | 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      | $11772.66     | 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      | $10825.01     | 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      | $3068.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer