NPORT-P false 0000822671 XXXXXXXX S000003878 C000010851 C000010852 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 Federal Street Boston 02110 617-292-1000 Putnam VT International Value Fund S000003878 TNUK5E0XNNLQBFCQD252 2025-12-31 2025-09-30 N 297006966.11 4189956.60 292817009.51 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 324875.73000000 N MSCI EAFE VALUE INDEX BM0767 Partners Group Holding AG 549300I3IVVWZWDHI788 N/A 2980.00000000 NS 3899064.00000000 1.331570186624 Long EC CORP CH N 2 N N N N/A N/A N/A 1.00000000 NC N/A 1172.51000000 0.000400424142 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 146018.94000000 USD 222400.00000000 AUD 2025-10-15 1172.51000000 N N N N/A N/A N/A 1.00000000 NC N/A -858.75000000 -0.00029327189 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 733700.00000000 EUR 864393.76000000 USD 2025-12-17 -858.75000000 N N N N/A N/A N/A 1.00000000 NC N/A -2567.82000000 -0.00087693676 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 255638.94000000 USD 2371000.00000000 SEK 2025-12-17 -2567.82000000 N N N N/A N/A N/A 1.00000000 NC N/A -5016.49000000 -0.00171318258 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 153448.93000000 USD 255900.00000000 NZD 2025-10-15 -5016.49000000 N N N N/A N/A N/A 1.00000000 NC N/A 963.53000000 0.000329055337 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 4730978.25000000 USD 4012500.00000000 EUR 2025-12-17 963.53000000 N N N N/A N/A N/A 1.00000000 NC N/A -356.87000000 -0.00012187475 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 18032800.00000000 DKK 2850735.40000000 USD 2025-12-17 -356.87000000 N N N N/A N/A N/A 1.00000000 NC N/A 6763.22000000 0.002309708719 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 1295198.48000000 USD 9248300.00000000 CNY 2025-11-19 6763.22000000 N N N Muenchener Rueckversicherungs-Gesellschaft AG 529900MUF4C20K50JS49 N/A 9011.00000000 NS 5753291.23000000 1.964807727402 Long EC CORP DE N 2 N N N N/A N/A N/A 1.00000000 NC N/A 2327.88000000 0.000794994800 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 81045200.00000000 JPY 553144.61000000 USD 2025-11-19 2327.88000000 N N N Mirvac Group N/A N/A 1345039.00000000 NS 2019830.93000000 0.689792896041 Long EC CORP AU N 2 N N N United States of America 254900HROIFWPRGM1V77 912797QS9 400000.00000000 PA USD 397231.73000000 0.135658693688 Long STIV UST US N 2 2025-12-04 None 0.00000000 N N N N N N N/A N/A N/A 1.00000000 NC N/A 503.25000000 0.000171865015 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 517529.57000000 USD 4026600.00000000 HKD 2025-11-19 503.25000000 N N N N/A N/A N/A 1.00000000 NC N/A 691.47000000 0.000236144068 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 729500.00000000 NOK 73806.70000000 USD 2025-12-17 691.47000000 N N N N/A N/A N/A 1.00000000 NC N/A 3678.10000000 0.001256108723 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 332500.00000000 GBP 450899.93000000 USD 2025-12-17 3678.10000000 N N N N/A N/A N/A 1.00000000 NC N/A -9338.26000000 -0.00318911118 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 918932.03000000 USD 8521900.00000000 SEK 2025-12-17 -9338.26000000 N N N ING Groep NV 549300NYKK9MWM7GGW15 N/A 412567.00000000 NS 10815755.65000000 3.693691042094 Long EC CORP NL N 2 N N N N/A N/A N/A 1.00000000 NC N/A 14464.98000000 0.004939938436 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 959800.00000000 CAD 704582.06000000 USD 2025-10-15 14464.98000000 N N N Sony Group Corp. 529900R5WX9N2OI2N910 N/A 128300.00000000 NS 3688201.87000000 1.259558615181 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A -4550.51000000 -0.00155404565 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 465772.37000000 USD 592700.00000000 SGD 2025-11-19 -4550.51000000 N N N N/A N/A N/A 1.00000000 NC N/A -2249.85000000 -0.00076834675 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 9103800.00000000 EUR 10733862.70000000 USD 2025-12-17 -2249.85000000 N N N N/A N/A N/A 1.00000000 NC N/A 2302.84000000 0.000786443384 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 870845.38000000 USD 128471900.00000000 JPY 2025-11-19 2302.84000000 N N N N/A N/A N/A 1.00000000 NC N/A -1415.73000000 -0.00048348625 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 2295099.48000000 USD 1809100.00000000 CHF 2025-12-17 -1415.73000000 N N N N/A N/A N/A 1.00000000 NC N/A -245.31000000 -0.00008377587 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 943000.00000000 EUR 1111834.72000000 USD 2025-12-17 -245.31000000 N N N Sanofi SA 549300E9PC51EN656011 N/A 58106.00000000 NS 5502284.04000000 1.879086207870 Long EC CORP FR N 2 N N N United States of America 254900HROIFWPRGM1V77 91282CFM8 130000.00000000 PA USD 130000.00000000 0.044396328006 Long DBT UST US N 2 2027-09-30 Fixed 4.12500000 N N N N N N N/A N/A N/A 1.00000000 NC N/A -613.88000000 -0.00020964629 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 31172.30000000 USD 42500.00000000 CAD 2025-10-15 -613.88000000 N N N MatsukiyoCocokara & Co. N/A N/A 156000.00000000 NS 3168840.65000000 1.082191453052 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A -22933.34000000 -0.00783196988 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 2821533.24000000 USD 2080700.00000000 GBP 2025-12-17 -22933.34000000 N N N Compass Group plc 2138008M6MH9OZ6U2T68 N/A 61042.00000000 NS 2080662.97000000 0.710567659126 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A -231.70000000 -0.00007912791 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 479355.62000000 USD 377900.00000000 CHF 2025-12-17 -231.70000000 N N N Vodafone Group plc 213800TB53ELEUKM7Q61 N/A 2083172.00000000 NS 2422528.36000000 0.827318182114 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 288.25000000 0.000098440319 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 152748.55000000 USD 3167200.00000000 CZK 2025-12-17 288.25000000 N N N N/A N/A N/A 1.00000000 NC N/A 517.02000000 0.000176567611 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 125832.19000000 USD 418500.00000000 ILS 2025-10-15 517.02000000 N N N N/A N/A N/A 1.00000000 NC N/A 368.77000000 0.000125938722 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 320864.07000000 USD 2496900.00000000 HKD 2025-11-19 368.77000000 N N N Argenx SE 7245009C5FZE6G9ODQ71 N/A 3018.00000000 NS 2229848.15000000 0.761515922087 Long EC CORP NL N 2 N N N N/A N/A N/A 1.00000000 NC N/A -8239.53000000 -0.00281388366 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 4911303.92000000 USD 3867200.00000000 CHF 2025-12-17 -8239.53000000 N N N Barclays plc 213800LBQA1Y9L22JB70 N/A 1725796.00000000 NS 8879782.56000000 3.032536455057 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 1320.72000000 0.000451039371 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 1239328.38000000 USD 9643400.00000000 HKD 2025-11-19 1320.72000000 N N N BNP Paribas SA R0MUWSFPU8MPRO8K5P83 N/A 92844.00000000 NS 8491771.99000000 2.900026881706 Long EC CORP FR N 2 N N N N/A N/A N/A 1.00000000 NC N/A 1567.23000000 0.000535225054 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 194136.51000000 USD 295700.00000000 AUD 2025-10-15 1567.23000000 N N N N/A N/A N/A 1.00000000 NC N/A -5244.48000000 -0.00179104349 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 3166700.00000000 EUR 3729245.25000000 USD 2025-12-17 -5244.48000000 N N N N/A N/A N/A 1.00000000 NC N/A 5609.01000000 0.001915534213 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 488979.46000000 USD 1638200.00000000 ILS 2025-10-15 5609.01000000 N N N N/A N/A N/A 1.00000000 NC N/A -4.16000000 -0.00000142068 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 1326600.00000000 EUR 1564455.40000000 USD 2025-12-17 -4.16000000 N N N N/A N/A N/A 1.00000000 NC N/A 1174.33000000 0.000401045691 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 336132.84000000 USD 6980800.00000000 CZK 2025-12-17 1174.33000000 N N N Cie de Saint-Gobain SA NFONVGN05Z0FMN5PEC35 N/A 38844.00000000 NS 4208808.19000000 1.437350991680 Long EC CORP FR N 2 N N N N/A N/A N/A 1.00000000 NC N/A 591.27000000 0.000201924745 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 1320600.00000000 CAD 950131.41000000 USD 2025-10-15 591.27000000 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 N/A 57389.00000000 NS 2564562.09000000 0.875824151845 Long EC CORP DE N 2 N N N N/A N/A N/A 1.00000000 NC N/A -9659.89000000 -0.00329895111 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 260817.55000000 USD 433000.00000000 NZD 2025-10-15 -9659.89000000 N N N N/A N/A N/A 1.00000000 NC N/A 35.12000000 0.000011993838 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 36798.14000000 USD 286300.00000000 HKD 2025-11-19 35.12000000 N N N N/A N/A N/A 1.00000000 NC N/A -1414.09000000 -0.00048292618 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 611743.62000000 USD 89801700.00000000 JPY 2025-11-19 -1414.09000000 N N N Thales SA 529900FNDVTQJOVVPZ19 N/A 12146.00000000 NS 3839524.07000000 1.311236692303 Long EC CORP FR N 2 N N N N/A N/A N/A 1.00000000 NC N/A -6639.10000000 -0.00226732047 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 1953800.00000000 AUD 1286448.35000000 USD 2025-10-15 -6639.10000000 N N N N/A N/A N/A 1.00000000 NC N/A -20914.27000000 -0.00714243685 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 4984076.47000000 USD 730261900.00000000 JPY 2025-11-19 -20914.27000000 N N N N/A N/A N/A 1.00000000 NC N/A -153.66000000 -0.00005247645 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 192700.00000000 CHF 244162.77000000 USD 2025-12-17 -153.66000000 N N N N/A N/A N/A 1.00000000 NC N/A 5420.74000000 0.001851238085 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 359800.00000000 CAD 264124.77000000 USD 2025-10-15 5420.74000000 N N N Prudential plc 5493001Z3ZE83NGK8Y12 N/A 269086.00000000 NS 3767129.08000000 1.286513063672 Long EC CORP GB N 2 N N N Glencore plc 2138002658CPO9NBH955 N/A 838258.00000000 NS 3860704.52000000 1.318470032345 Long EC CORP JE N 2 N N N Bayer AG 549300J4U55H3WP1XT59 N/A 85837.00000000 NS 2857612.60000000 0.975903894648 Long EC CORP DE N 2 N N N N/A N/A N/A 1.00000000 NC N/A 557.95000000 0.000190545624 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 587200.00000000 NOK 59410.95000000 USD 2025-12-17 557.95000000 N N N QBE Insurance Group Ltd. 549300D2FBW76FPUSG65 N/A 404445.00000000 NS 5503793.59000000 1.879601734615 Long EC CORP AU N 2 N N N Airbus SE MINO79WLOO247M1IL051 N/A 17530.00000000 NS 4093710.56000000 1.398043975263 Long EC CORP NL N 2 N N N AXA SA F5WCUMTUM4RKZ1MAIE39 N/A 152067.00000000 NS 7292374.90000000 2.490420523112 Long EC CORP FR N 2 N N N N/A N/A N/A 1.00000000 NC N/A -20833.22000000 -0.00711475745 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 2147459.16000000 USD 21218200.00000000 NOK 2025-12-17 -20833.22000000 N N N Telstra Group Ltd. 894500WRW54CVN62K416 N/A 1123001.00000000 NS 3580266.77000000 1.222697675927 Long EC CORP AU N 2 N N N N/A N/A N/A 1.00000000 NC N/A -766.92000000 -0.00026191101 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 436800.00000000 GBP 586741.34000000 USD 2025-12-17 -766.92000000 N N N N/A N/A N/A 1.00000000 NC N/A -147.58000000 -0.00005040007 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 699600.00000000 DKK 110463.32000000 USD 2025-12-17 -147.58000000 N N N N/A N/A N/A 1.00000000 NC N/A -33.87000000 -0.00001156695 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 169491.79000000 USD 1071800.00000000 DKK 2025-12-17 -33.87000000 N N N N/A N/A N/A 1.00000000 NC N/A -21630.74000000 -0.00738711867 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 2223776.39000000 USD 2829900.00000000 SGD 2025-11-19 -21630.74000000 N N N Resona Holdings, Inc. 52990067JE75XZCYYT81 N/A 317000.00000000 NS 3232543.25000000 1.103946541701 Long EC CORP JP N 2 N N N Alstom SA 96950032TUYMW11FB530 N/A 208974.00000000 NS 5468103.16000000 1.867413088177 Long EC CORP FR N 2 N N N Enel SpA WOCMU6HCI0OJWNPRZS33 N/A 554513.00000000 NS 5254865.09000000 1.794590108953 Long EC CORP IT N 2 N N N N/A N/A N/A 1.00000000 NC N/A -987.56000000 -0.00033726182 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 1613577.44000000 USD 1271900.00000000 CHF 2025-12-17 -987.56000000 N N N Novo Nordisk A/S 549300DAQ1CVT6CXN342 N/A 61991.00000000 NS 3451762.23000000 1.178812062788 Long EC CORP DK N 2 N N N Imperial Brands plc 549300DFVPOB67JL3A42 N/A 99736.00000000 NS 4236930.05000000 1.446954894147 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 7118.40000000 0.002431006317 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 627767.51000000 USD 2102900.00000000 ILS 2025-10-15 7118.40000000 N N N N/A N/A N/A 1.00000000 NC N/A 465.27000000 0.000158894457 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 59900.00000000 CAD 43534.67000000 USD 2025-10-15 465.27000000 N N N N/A N/A N/A 1.00000000 NC N/A 2528.49000000 0.000863505164 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 734620.04000000 USD 1113800.00000000 AUD 2025-10-15 2528.49000000 N N N Tesco plc 2138002P5RNKC5W2JZ46 N/A 777307.00000000 NS 4658937.69000000 1.591074814197 Long EC CORP GB N 2 N N N Coca-Cola Europacific Partners plc 549300LTH67W4GWMRF57 N/A 49859.00000000 NS USD 4507752.19000000 1.539443421522 Long EC CORP GB N 1 N N N N/A N/A N/A 1.00000000 NC N/A -1400.49000000 -0.00047828164 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 3636400.00000000 EUR 4287006.51000000 USD 2025-12-17 -1400.49000000 N N N Cenovus Energy, Inc. 549300F4XPHJ7NOSP309 15135U109 296452.00000000 NS 5033527.89000000 1.719001194098 Long EC CORP CA N 1 N N N LANXESS AG 529900PTLRE72EMYIJ77 N/A 70795.00000000 NS 1762745.06000000 0.601995445192 Long EC CORP DE N 2 N N N N/A N/A N/A 1.00000000 NC N/A -1750.45000000 -0.00059779655 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 418165.38000000 USD 61269800.00000000 JPY 2025-11-19 -1750.45000000 N N N N/A N/A N/A 1.00000000 NC N/A -2767.13000000 -0.00094500316 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 5439600.17000000 USD 4288200.00000000 CHF 2025-12-17 -2767.13000000 N N N N/A N/A N/A 1.00000000 NC N/A -262.10000000 -0.00008950982 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 521732.51000000 USD 411300.00000000 CHF 2025-12-17 -262.10000000 N N N Hoya Corp. 353800X4VR3BHEUCJB42 N/A 34000.00000000 NS 4701192.25000000 1.605505178086 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A -8161.15000000 -0.00278711609 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 1415096.33000000 USD 207011400.00000000 JPY 2025-11-19 -8161.15000000 N N N ABB Ltd. 5493000LKVGOO9PELI61 N/A 45742.00000000 NS 3310043.44000000 1.130413648284 Long EC CORP CH N 2 N N N N/A N/A N/A 1.00000000 NC N/A 3659.24000000 0.001249667840 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 769501.50000000 USD 113760100.00000000 JPY 2025-11-19 3659.24000000 N N N N/A N/A N/A 1.00000000 NC N/A -317.31000000 -0.00010836460 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1391065.96000000 USD 1179300.00000000 EUR 2025-12-17 -317.31000000 N N N N/A N/A N/A 1.00000000 NC N/A -372.36000000 -0.00012716474 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 38113.65000000 USD 48500.00000000 SGD 2025-11-19 -372.36000000 N N N N/A N/A N/A 1.00000000 NC N/A -25.89000000 -0.00000884169 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 2554700.00000000 EUR 3012732.16000000 USD 2025-12-17 -25.89000000 N N N N/A N/A N/A 1.00000000 NC N/A 11406.62000000 0.003895477253 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 790200.00000000 CAD 579577.61000000 USD 2025-10-15 11406.62000000 N N N N/A N/A N/A 1.00000000 NC N/A -2523.58000000 -0.00086182834 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 735300.00000000 AUD 484121.52000000 USD 2025-10-15 -2523.58000000 N N N Qantas Airways Ltd. YLXNW6TI6QSK1H8H0N82 N/A 625068.00000000 NS 4516618.23000000 1.542471264752 Long EC CORP AU N 2 N N N N/A N/A N/A 1.00000000 NC N/A -23888.64000000 -0.00815821459 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 1592522.17000000 USD 2197935400.00000000 KRW 2025-11-19 -23888.64000000 N N N N/A N/A N/A 1.00000000 NC N/A 3007.43000000 0.001027068067 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 105198300.00000000 JPY 717978.63000000 USD 2025-11-19 3007.43000000 N N N ITOCHU Corp. J48DJYXDTLHM30UMYI18 N/A 56900.00000000 NS 3237518.73000000 1.105645718948 Long EC CORP JP N 2 N N N Sumitomo Mitsui Financial Group, Inc. 35380028MYWPB6AUO129 N/A 215600.00000000 NS 6065447.82000000 2.071412391701 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A 22455.29000000 0.007668710925 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 1556200.00000000 CAD 1141396.95000000 USD 2025-10-15 22455.29000000 N N N N/A N/A N/A 1.00000000 NC N/A -10313.18000000 -0.00352205632 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 1014293.62000000 USD 9406200.00000000 SEK 2025-12-17 -10313.18000000 N N N STMicroelectronics NV 213800Z8NOHIKRI42W10 N/A 110983.00000000 NS 3136925.80000000 1.071292205753 Long EC CORP NL N 2 N N N N/A N/A N/A 1.00000000 NC N/A -186.17000000 -0.00006357895 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 90700.00000000 CHF 114808.64000000 USD 2025-12-17 -186.17000000 N N N N/A N/A N/A 1.00000000 NC N/A 1837.49000000 0.000627521605 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 456672.77000000 USD 1518700.00000000 ILS 2025-10-15 1837.49000000 N N N N/A N/A N/A 1.00000000 NC N/A 10480.41000000 0.003579167076 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 1015000.00000000 GBP 1375683.90000000 USD 2025-12-17 10480.41000000 N N N N/A N/A N/A 1.00000000 NC N/A 1195.60000000 0.000408309613 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 1203459.49000000 USD 1021500.00000000 EUR 2025-12-17 1195.60000000 N N N N/A N/A N/A 1.00000000 NC N/A 200.15000000 0.000068353269 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 170328.96000000 USD 1325500.00000000 HKD 2025-11-19 200.15000000 N N N Unilever plc 549300MKFYEKVRWML317 N/A 83373.00000000 NS 4952059.28000000 1.691178831546 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A -11963.90000000 -0.00408579406 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1032894.03000000 USD 150216000.00000000 JPY 2025-11-19 -11963.90000000 N N N Mitsubishi UFJ Financial Group, Inc. 353800V2V8PUY9TK3E06 N/A 609200.00000000 NS 9827235.83000000 3.356101425407 Long EC CORP JP N 2 N N N Stellantis NV 549300LKT9PW7ZIBDF31 N/A 141826.00000000 NS 1316366.69000000 0.449552671889 Long EC CORP NL N 2 N N N CRH plc 549300MIDJNNTH068E74 N/A 58527.00000000 NS 7061197.29000000 2.411471007717 Long EC CORP IE N 2 N N N Asics Corp. 3538002LJMRZ83SU0B85 N/A 153500.00000000 NS 4016710.67000000 1.371747726240 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A -1236.03000000 -0.00042211687 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 724169.24000000 USD 570200.00000000 CHF 2025-12-17 -1236.03000000 N N N N/A N/A N/A 1.00000000 NC N/A 2258.13000000 0.000771174462 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 156400.00000000 CAD 114713.13000000 USD 2025-10-15 2258.13000000 N N N Mitsubishi Corp. KVIPTY4PULAPGC1VVD26 N/A 260000.00000000 NS 6198245.60000000 2.116764190158 Long EC CORP JP N 2 N N N United States of America 254900HROIFWPRGM1V77 912797MS3 100000.00000000 PA USD 99988.84000000 0.034147210289 Long STIV UST US N 2 2025-10-02 None 0.00000000 N N N N N N N/A N/A N/A 1.00000000 NC N/A 10442.64000000 0.003566268236 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 952976000.00000000 KRW 690567.32000000 USD 2025-11-19 10442.64000000 N N N N/A N/A N/A 1.00000000 NC N/A -2560.24000000 -0.00087434811 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 342543.08000000 USD 436900.00000000 SGD 2025-11-19 -2560.24000000 N N N N/A N/A N/A 1.00000000 NC N/A -10231.26000000 -0.00349407980 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 1398031.22000000 USD 1031800.00000000 GBP 2025-12-17 -10231.26000000 N N N N/A N/A N/A 1.00000000 NC N/A 8960.83000000 0.003060214983 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 813000.00000000 GBP 1102468.65000000 USD 2025-12-17 8960.83000000 N N N N/A N/A N/A 1.00000000 NC N/A 4484.52000000 0.001531509391 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 2076500.00000000 CHF 2637193.77000000 USD 2025-12-17 4484.52000000 N N N N/A N/A N/A 1.00000000 NC N/A -1410.32000000 -0.00048163868 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 338835.96000000 USD 49647600.00000000 JPY 2025-11-19 -1410.32000000 N N N N/A N/A N/A 1.00000000 NC N/A 545.62000000 0.000186334803 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 292206.35000000 USD 6058700.00000000 CZK 2025-12-17 545.62000000 N N N KDDI Corp. 5299003FU7V4I45FU310 N/A 151800.00000000 NS 2420986.59000000 0.826791651909 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A -519.29000000 -0.00017734283 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 1049587.25000000 USD 154356100.00000000 JPY 2025-11-19 -519.29000000 N N N N/A N/A N/A 1.00000000 NC N/A 1075.00000000 0.000367123481 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 985202.05000000 USD 7666200.00000000 HKD 2025-11-19 1075.00000000 N N N ANZ Group Holdings Ltd. 9845005D9C6BAA10BK72 N/A 179471.00000000 NS 3940922.02000000 1.345865128052 Long EC CORP AU N 2 N N N E.ON SE Q9MAIUP40P25UFBFG033 N/A 204739.00000000 NS 3856354.34000000 1.316984401436 Long EC CORP DE N 2 N N N JD Sports Fashion plc 213800HROV6Y9MUU8375 N/A 1190122.00000000 NS 1532102.51000000 0.523228658254 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 16770.43000000 0.005727273162 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 1111900.00000000 CAD 816250.72000000 USD 2025-10-15 16770.43000000 N N N N/A N/A N/A 1.00000000 NC N/A -17.84000000 -0.00000609254 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 989450.65000000 USD 839000.00000000 EUR 2025-12-17 -17.84000000 N N N Shell plc 21380068P1DRHMJ8KU70 N/A 374587.00000000 NS 13350669.78000000 4.559390112733 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 8332.96000000 0.002845790964 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 1035971.82000000 USD 1577900.00000000 AUD 2025-10-15 8332.96000000 N N N AIB Group plc 635400AKJBGNS5WNQL34 N/A 603364.00000000 NS 5500714.51000000 1.878550197341 Long EC CORP IE N 2 N N N N/A N/A N/A 1.00000000 NC N/A 2088.39000000 0.000713206518 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 1485009.08000000 USD 1261000.00000000 EUR 2025-12-17 2088.39000000 N N N N/A N/A N/A 1.00000000 NC N/A -4837.20000000 -0.00165195321 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 2855237.84000000 USD 2248200.00000000 CHF 2025-12-17 -4837.20000000 N N N Segro plc 213800XC35KGM9NFC641 N/A 289999.00000000 NS 2562444.32000000 0.875100911756 Long EC CORP GB N 2 N N N Pan Pacific International Holdings Corp. 529900QLHJM2E18A5763 N/A 199500.00000000 NS 1313496.61000000 0.448572510250 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A -97.65000000 -0.00003334847 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 992670.75000000 USD 6277900.00000000 DKK 2025-12-17 -97.65000000 N N N N/A N/A N/A 1.00000000 NC N/A 13497.23000000 0.004609441925 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 1247874300.00000000 KRW 904086.40000000 USD 2025-11-19 13497.23000000 N N N N/A N/A N/A 1.00000000 NC N/A 28380.33000000 0.009692172612 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 2744200.00000000 GBP 3719406.35000000 USD 2025-12-17 28380.33000000 N N N N/A N/A N/A 1.00000000 NC N/A 2853.96000000 0.000974656494 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 278500.00000000 GBP 377444.28000000 USD 2025-12-17 2853.96000000 N N N N/A N/A N/A 1.00000000 NC N/A 16515.66000000 0.005640266604 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 1498300.00000000 GBP 2031771.21000000 USD 2025-12-17 16515.66000000 N N N N/A N/A N/A 1.00000000 NC N/A 9842.36000000 0.003361266483 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 754706.02000000 USD 1155200.00000000 AUD 2025-10-15 9842.36000000 N N N N/A N/A N/A 1.00000000 NC N/A -3851.90000000 -0.00131546319 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 2796945.32000000 USD 2203000.00000000 CHF 2025-12-17 -3851.90000000 N N N Putnam Funds Trust 549300S9JYWEMKQCLW53 74676P664 12021836.39000000 NS USD 12021836.39000000 4.105579935440 Long RF US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -3509.88000000 -0.00119865987 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 460012.41000000 USD 339400.00000000 GBP 2025-12-17 -3509.88000000 N N N N/A N/A N/A 1.00000000 NC N/A -3384.47000000 -0.00115583107 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 360832.26000000 USD 3566400.00000000 NOK 2025-12-17 -3384.47000000 N N N Cairn Homes plc 635400DPX6WP2KKDOA83 N/A 1079208.00000000 NS 2427656.60000000 0.829069528461 Long EC CORP IE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 22533.48000000 0.007695413609 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 2179900.00000000 GBP 2954560.16000000 USD 2025-12-17 22533.48000000 N N N Siemens AG W38RGI023J3WT1HWRP32 N/A 18709.00000000 NS 5051018.98000000 1.724974580012 Long EC CORP DE N 2 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 N/A 17073.00000000 NS 2615602.63000000 0.893255017656 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 1366.55000000 0.000466690784 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 1400800.00000000 NOK 141763.83000000 USD 2025-12-17 1366.55000000 N N N N/A N/A N/A 1.00000000 NC N/A -9.31000000 -0.00000317946 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 1113032.78000000 USD 943800.00000000 EUR 2025-12-17 -9.31000000 N N N N/A N/A N/A 1.00000000 NC N/A -768.68000000 -0.00026251207 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 437800.00000000 GBP 588084.61000000 USD 2025-12-17 -768.68000000 N N N N/A N/A N/A 1.00000000 NC N/A -2454.10000000 -0.00083810021 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 464700.00000000 AUD 305099.25000000 USD 2025-10-15 -2454.10000000 N N N N/A N/A N/A 1.00000000 NC N/A -8098.47000000 -0.00276571023 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 687526.66000000 USD 6365500.00000000 SEK 2025-12-17 -8098.47000000 N N N N/A N/A N/A 1.00000000 NC N/A -4326.91000000 -0.00147768396 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 300000.00000000 AUD 194222.70000000 USD 2025-10-15 -4326.91000000 N N N N/A N/A N/A 1.00000000 NC N/A 2425.76000000 0.000828421820 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 16240700.00000000 CZK 787164.54000000 USD 2025-12-17 2425.76000000 N N N Ashtead Group plc 2138007UTBN8X9K1A235 N/A 26295.00000000 NS 1763379.54000000 0.602212126594 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 439.98000000 0.000150257664 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 29200.00000000 CAD 21435.42000000 USD 2025-10-15 439.98000000 N N N N/A N/A N/A 1.00000000 NC N/A -17189.04000000 -0.00587023275 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 1483435.84000000 USD 215738300.00000000 JPY 2025-11-19 -17189.04000000 N N N N/A N/A N/A 1.00000000 NC N/A 62605.74000000 0.021380499754 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 5676500.00000000 GBP 7697657.56000000 USD 2025-12-17 62605.74000000 N N N N/A N/A N/A 1.00000000 NC N/A -46.47000000 -0.00001586997 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 5554668.03000000 USD 4710100.00000000 EUR 2025-12-17 -46.47000000 N N N Valterra Platinum Ltd. 529900RORCZ0E5S5FX81 N/A 3959.00000000 NS 282196.33000000 0.096372929452 Long EC CORP ZA N 1 N N N N/A N/A N/A 1.00000000 NC N/A 4689.17000000 0.001601399456 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 129173600.00000000 JPY 882606.43000000 USD 2025-11-19 4689.17000000 N N N N/A N/A N/A 1.00000000 NC N/A 754.53000000 0.000257679702 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 1037500.00000000 AUD 687405.27000000 USD 2025-10-15 754.53000000 N N N Yamazaki Baking Co. Ltd. N/A 984632109 128500.00000000 NS 2860777.77000000 0.976984832536 Long EC CORP JP N 2 N N N Sony Financial Group, Inc. 353800O7BDSU41WOZA60 N/A 128300.00000000 NS 142280.83000000 0.048590356905 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A -17839.47000000 -0.00609236124 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 1512111.86000000 USD 13999700.00000000 SEK 2025-12-17 -17839.47000000 N N N CaixaBank SA 7CUNS533WID6K7DGFI87 N/A 581351.00000000 NS 6140180.22000000 2.096934269725 Long EC CORP ES N 2 N N N N/A N/A N/A 1.00000000 NC N/A -8231.73000000 -0.00281121988 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 697575.70000000 USD 6458400.00000000 SEK 2025-12-17 -8231.73000000 N N N Deutsche Telekom AG 549300V9QSIG4WX4GJ96 N/A 138262.00000000 NS 4710512.99000000 1.608688306011 Long EC CORP DE N 2 N N N N/A N/A N/A 1.00000000 NC N/A 7804.94000000 0.002665466740 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 672397.62000000 USD 2253000.00000000 ILS 2025-10-15 7804.94000000 N N N Anglo American plc 549300S9XF92D1X8ME43 N/A 37295.00000000 NS 1406295.04000000 0.480264122071 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A -507.81000000 -0.00017342230 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 665436.24000000 USD 5168400.00000000 HKD 2025-11-19 -507.81000000 N N N N/A N/A N/A 1.00000000 NC N/A 10374.33000000 0.003542939673 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 686800.00000000 CAD 504198.47000000 USD 2025-10-15 10374.33000000 N N N N/A N/A N/A 1.00000000 NC N/A 3696.67000000 0.001262450568 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 130049200.00000000 JPY 887564.87000000 USD 2025-11-19 3696.67000000 N N N N/A N/A N/A 1.00000000 NC N/A -11530.19000000 -0.00393767767 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 1132130.41000000 USD 10498800.00000000 SEK 2025-12-17 -11530.19000000 N N N N/A N/A N/A 1.00000000 NC N/A -923.23000000 -0.00031529247 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 788800.00000000 EUR 929308.71000000 USD 2025-12-17 -923.23000000 N N N Asahi Group Holdings Ltd. 353800KAJ02XNHLCJW79 N/A 224100.00000000 NS 2686719.96000000 0.917542312345 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A 1975.96000000 0.000674810525 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 2175367.46000000 USD 16924200.00000000 HKD 2025-11-19 1975.96000000 N N N N/A N/A N/A 1.00000000 NC N/A -17751.92000000 -0.00606246202 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 1533362.44000000 USD 223001500.00000000 JPY 2025-11-19 -17751.92000000 N N N Minebea Mitsumi, Inc. 353800CCB0CZ75YZ4010 N/A 129200.00000000 NS 2427769.52000000 0.829108091795 Long EC CORP JP N 2 N N N N/A N/A N/A 1.00000000 NC N/A 11444.65000000 0.003908464887 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 616038.31000000 USD 948100.00000000 AUD 2025-10-15 11444.65000000 N N N HSBC Holdings plc MLU0ZO3ML4LN2LL2TL39 N/A 740267.00000000 NS 10447477.17000000 3.567920179050 Long EC CORP GB N 2 N N N N/A N/A N/A 1.00000000 NC N/A 11158.35000000 0.003810690512 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 283036700.00000000 JPY 1934792.94000000 USD 2025-11-19 11158.35000000 N N N N/A N/A N/A 1.00000000 NC N/A 51.44000000 0.000017567285 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 114900.00000000 CAD 82667.04000000 USD 2025-10-15 51.44000000 N N N N/A N/A N/A 1.00000000 NC N/A 980.37000000 0.000334806369 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 226000.00000000 CAD 163479.29000000 USD 2025-10-15 980.37000000 N N N N/A N/A N/A 1.00000000 NC N/A 2800.89000000 0.000956532547 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 999648.53000000 USD 745300.00000000 GBP 2025-12-17 2800.89000000 N N N N/A N/A N/A 1.00000000 NC N/A 17799.10000000 0.006078574475 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 1795000.00000000 GBP 2432124.48000000 USD 2025-12-17 17799.10000000 N N N Ferguson Enterprises, Inc. 2138003JYQMRP3SLX189 31488V107 13338.00000000 NS 2995541.18000000 1.023007913718 Long EC CORP US N 2 N N N N/A N/A N/A 1.00000000 NC N/A -7443.36000000 -0.00254198347 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 994008.35000000 USD 1267800.00000000 SGD 2025-11-19 -7443.36000000 N N N ASR Nederland NV 7245000G0HS48PZWUD53 N/A 77504.00000000 NS 5274095.35000000 1.801157439188 Long EC CORP NL N 2 N N N N/A N/A N/A 1.00000000 NC N/A 3187.72000000 0.001088638943 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 776282.75000000 USD 2581800.00000000 ILS 2025-10-15 3187.72000000 N N N 2025-10-30 Putnam Variable Trust Monica Krogh Monica Krogh Assistant Treasurer XXXX