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        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <other otherDesc="Inhouse Asset ID" value="1022256"/>
        </identifiers>
        <balance>375800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84995000"/>
        <valUSD>5319805.84000000</valUSD>
        <pctVal>3.041007813701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc., Class C</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
          <other otherDesc="Inhouse Asset ID" value="614215"/>
        </identifiers>
        <balance>35765.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6344353.35000000</valUSD>
        <pctVal>3.626678997411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bolsa Mexicana de Valores SAB de CV</name>
        <lei>894500CS2D6RLGW61A19</lei>
        <title>Bolsa Mexicana de Valores SAB de CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01BM1B0000"/>
          <other otherDesc="Inhouse Asset ID" value="434110"/>
        </identifiers>
        <balance>1909744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.76450000"/>
        <valUSD>4375277.50000000</valUSD>
        <pctVal>2.501078698130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Otoki Corp.</name>
        <lei>N/A</lei>
        <title>Otoki Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7007310006"/>
          <other otherDesc="Inhouse Asset ID" value="373555"/>
        </identifiers>
        <balance>10634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.60000000"/>
        <valUSD>3099229.91000000</valUSD>
        <pctVal>1.771640292189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sonova Holding AG</name>
        <lei>5299004A0QNX7FBNHS61</lei>
        <title>Sonova Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0012549785"/>
          <other otherDesc="Inhouse Asset ID" value="206946"/>
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        <balance>9639.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79345000"/>
        <valUSD>2874595.50000000</valUSD>
        <pctVal>1.643230531272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <other otherDesc="Inhouse Asset ID" value="47226"/>
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        <balance>198000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.21200000"/>
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        <pctVal>4.139083941347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cogeco Communications, Inc.</name>
        <lei>549300XHH6LJM6IAXV57</lei>
        <title>Cogeco Communications, Inc.</title>
        <cusip>19239C106</cusip>
        <identifiers>
          <isin value="CA19239C1068"/>
          <other otherDesc="Inhouse Asset ID" value="218108"/>
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        <balance>119246.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>6221720.80000000</valUSD>
        <pctVal>3.556577464764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rightmove plc</name>
        <lei>2138001JXGCFKBXYB828</lei>
        <title>Rightmove plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BGDT3G23"/>
          <other otherDesc="Inhouse Asset ID" value="363961"/>
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        <balance>448181.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
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        <pctVal>2.772935666404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000BAY0017"/>
          <other otherDesc="Inhouse Asset ID" value="54437"/>
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        <balance>95674.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>2882398.36000000</valUSD>
        <pctVal>1.647690949367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Putnam Cash Collateral Pool LLC</name>
        <lei>5493005HRIV7IFMKD774</lei>
        <title>Putnam Cash Collateral Pool LLC</title>
        <cusip>99311N9A5</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="1181681"/>
        </identifiers>
        <balance>1944432.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1944432.00000000</valUSD>
        <pctVal>1.111512916646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1944432.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tokyo Electron Ltd.</name>
        <lei>549300H5LSF8DP3RIJ34</lei>
        <title>Tokyo Electron Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3571400005"/>
          <other otherDesc="Inhouse Asset ID" value="25093"/>
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        <balance>29100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
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        <pctVal>3.185700782221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <other otherDesc="Inhouse Asset ID" value="208348"/>
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        <balance>190851.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.76000000"/>
        <valUSD>4455504.84000000</valUSD>
        <pctVal>2.546939764332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hikari Tsushin, Inc.</name>
        <lei>3538001SOIIV8U3OXH94</lei>
        <title>Hikari Tsushin, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3783420007"/>
          <other otherDesc="Inhouse Asset ID" value="286067"/>
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        <balance>13900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>4104203.19000000</valUSD>
        <pctVal>2.346122085126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Stock Exchange Group plc</name>
        <lei>213800QAUUUP6I445N30</lei>
        <title>London Stock Exchange Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0SWJX34"/>
          <other otherDesc="Inhouse Asset ID" value="204375"/>
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        <balance>31718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>4638669.26000000</valUSD>
        <pctVal>2.651643666911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASML Holding NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010273215"/>
          <other otherDesc="Inhouse Asset ID" value="63128"/>
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        <balance>5297.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ITOCHU Corp.</name>
        <lei>J48DJYXDTLHM30UMYI18</lei>
        <title>ITOCHU Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3143600009"/>
          <other otherDesc="Inhouse Asset ID" value="205021"/>
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        <balance>148000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Unilever plc</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Unilever plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B10RZP78"/>
          <other otherDesc="Inhouse Asset ID" value="3019"/>
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        <balance>47523.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SK Square Co. Ltd.</name>
        <lei>N/A</lei>
        <title>SK Square Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7402340004"/>
          <other otherDesc="Inhouse Asset ID" value="1176245"/>
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        <balance>28602.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1349.60000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Berkeley Group Holdings plc</name>
        <lei>2138009OQSSLVVHQAL78</lei>
        <title>Berkeley Group Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BP0RGD03"/>
          <other otherDesc="Inhouse Asset ID" value="319338"/>
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        <balance>55481.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AIB Group plc</name>
        <lei>635400AKJBGNS5WNQL34</lei>
        <title>AIB Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BF0L3536"/>
          <other otherDesc="Inhouse Asset ID" value="819604"/>
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        <balance>932619.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tata Consultancy Services Ltd.</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>Tata Consultancy Services Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE467B01029"/>
          <other otherDesc="Inhouse Asset ID" value="312396"/>
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        <balance>75585.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDI</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1456597"/>
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        <balance>26000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-16969.93000000</valUSD>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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            <terminationDt>2030-06-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>289080.94000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>26000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-16969.93000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Putnam Funds Trust</name>
        <lei>549300S9JYWEMKQCLW53</lei>
        <title>Putnam Short Term Investment Fund, Class P</title>
        <cusip>74676P664</cusip>
        <identifiers>
          <isin value="US74676P6640"/>
          <other otherDesc="Inhouse Asset ID" value="1319393"/>
        </identifiers>
        <balance>8225625.13000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8225625.13000000</valUSD>
        <pctVal>4.702087077093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Persimmon plc</name>
        <lei>213800XI72Y57UWN6F31</lei>
        <title>Persimmon plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006825383"/>
          <other otherDesc="Inhouse Asset ID" value="10532"/>
        </identifiers>
        <balance>190559.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>3390119.07000000</valUSD>
        <pctVal>1.937923843710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Music Group NV</name>
        <lei>724500GJBUL3D9TW9Y18</lei>
        <title>Universal Music Group NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0015000IY2"/>
          <other otherDesc="Inhouse Asset ID" value="1164543"/>
        </identifiers>
        <balance>224474.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>7282062.61000000</valUSD>
        <pctVal>4.162710061777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1872683.21000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Japan Material Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Japan Material Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3389680004"/>
          <other otherDesc="Inhouse Asset ID" value="590033"/>
        </identifiers>
        <balance>317000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>3239269.67000000</valUSD>
        <pctVal>1.851692462737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <other otherDesc="Inhouse Asset ID" value="34472"/>
        </identifiers>
        <balance>21199.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>2950247.19000000</valUSD>
        <pctVal>1.686475978067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Admiral Group plc</name>
        <lei>213800FGVM7Z9EJB2685</lei>
        <title>Admiral Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B02J6398"/>
          <other otherDesc="Inhouse Asset ID" value="319099"/>
        </identifiers>
        <balance>153074.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>6874031.31000000</valUSD>
        <pctVal>3.929463509393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Global Ltd.</name>
        <lei>213800HRMKKTYH7SKA24</lei>
        <title>Liberty Global Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG611881019"/>
          <other otherDesc="Inhouse Asset ID" value="1312194"/>
        </identifiers>
        <balance>374536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3749105.36000000</valUSD>
        <pctVal>2.143134361864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prosus NV</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0013654783"/>
          <other otherDesc="Inhouse Asset ID" value="1007420"/>
        </identifiers>
        <balance>47677.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>2674989.84000000</valUSD>
        <pctVal>1.529128176792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
          <other otherDesc="Inhouse Asset ID" value="34468"/>
        </identifiers>
        <balance>88118.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.60000000"/>
        <valUSD>3232601.22000000</valUSD>
        <pctVal>1.847880517496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Constellation Software, Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>Constellation Software, Inc.</title>
        <cusip>21037X100</cusip>
        <identifiers>
          <isin value="CA21037X1006"/>
          <other otherDesc="Inhouse Asset ID" value="373347"/>
        </identifiers>
        <balance>2003.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>7344504.94000000</valUSD>
        <pctVal>4.198404524911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
