ADT, Inc.

NPORT-P false 0000822671 XXXXXXXX S000003880 C000010855 C000010856 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 Federal Street Boston 02110 617-292-1000 Putnam VT Core Equity Fund S000003880 4G7DKLYVENKNDL7R6F33 2025-12-31 2025-12-31 N 180876722.73 2594868.49 178281854.24 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 0.00000000 N ADT, Inc. N/A ADT, Inc. 00090Q103 40128.00000000 NS USD 323832.96000000 0.181641009613 Long EC CORP US N 1 N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc. 00206R102 47869.00000000 NS USD 1189065.96000000 0.666958488326 Long EC CORP US N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 7264.00000000 NS USD 1659751.36000000 0.930970438396 Long EC CORP US N 1 N N N Adobe, Inc. FU4LY2G4933NH2E1CP29 Adobe, Inc. 00724F101 1481.00000000 NS USD 518335.19000000 0.290739173770 Long EC CORP US N 1 N N N Advanced Micro Devices, Inc. R2I72C950HOYXII45366 Advanced Micro Devices, Inc. 007903107 825.00000000 NS USD 176682.00000000 0.099102626430 Long EC CORP US N 1 N N N Alphabet, Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc., Class C 02079K107 31313.00000000 NS USD 9826019.40000000 5.511508415641 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 29807.00000000 NS USD 6880051.74000000 3.859086932503 Long EC CORP US N 1 N N N Ameriprise Financial, Inc. 6ZLKQF7QB6JAEKQS5388 Ameriprise Financial, Inc. 03076C106 2641.00000000 NS USD 1294987.94000000 0.726371141651 Long EC CORP US N 1 N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 Amgen, Inc. 031162100 1693.00000000 NS USD 554135.83000000 0.310820095719 Long EC CORP US N 1 N N N Antero Resources Corp. APVBKPOULHUX7YZLKU17 Antero Resources Corp. 03674X106 20796.00000000 NS USD 716630.16000000 0.401964722127 Long EC CORP US N 1 N N N Apollo Global Management, Inc. 254900LMFT1CY9IYB476 Apollo Global Management, Inc. 03769M106 11697.00000000 NS USD 1693257.72000000 0.949764476714 Long EC CORP US N 1 N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 41356.00000000 NS USD 11243042.16000000 6.306330056936 Long EC CORP US N 1 N N N Armada Hoffler Properties, Inc. 549300WQRSIV6XZT9313 Armada Hoffler Properties, Inc. 04208T108 52121.00000000 NS USD 345041.02000000 0.193536813643 Long EC CORP US N 1 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 AstraZeneca plc 046353108 5501.00000000 NS USD 505706.93000000 0.283655861756 Long EC CORP GB N 1 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 48592.00000000 NS USD 2672560.00000000 1.499064507373 Long EC CORP US N 1 N N N Bank of New York Mellon Corp. (The) WFLLPEPC7FZXENRZV188 Bank of New York Mellon Corp. (The) 064058100 16295.00000000 NS USD 1891686.55000000 1.061065108428 Long EC CORP US N 1 N N N Becton Dickinson & Co. ICE2EP6D98PQUILVRZ91 Becton Dickinson & Co. 075887109 1359.00000000 NS USD 263741.13000000 0.147934926481 Long EC CORP US N 1 N N N Berkshire Hathaway, Inc. 5493000C01ZX7D35SD85 Berkshire Hathaway, Inc., Class B 084670702 6291.00000000 NS USD 3162171.15000000 1.773692091929 Long EC CORP US N 1 N N N Best Buy Co., Inc. HL5XPTVRV0O8TUN5LL90 Best Buy Co., Inc. 086516101 7283.00000000 NS USD 487451.19000000 0.273416042298 Long EC CORP US N 1 N N N Bio-Rad Laboratories, Inc. 549300ZC1GPV35XYDK53 Bio-Rad Laboratories, Inc., Class A 090572207 1171.00000000 NS USD 354801.29000000 0.199011442590 Long EC CORP US N 1 N N N BlackRock, Inc. 529900VBK42Y5HHRMD23 BlackRock, Inc. 09290D101 1014.00000000 NS USD 1085324.76000000 0.608769055396 Long EC CORP US N 1 N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 Boeing Co. (The) 097023105 4997.00000000 NS USD 1084948.64000000 0.608558086085 Long EC CORP US N 1 N N N BXP, Inc. 549300OF70FSEUQBT254 BXP, Inc. 101121101 1073.00000000 NS USD 72406.04000000 0.040613241492 Long EC CORP US N 1 N N N Broadcom, Inc. 549300WV6GIDOZJTV909 Broadcom, Inc. 11135F101 13788.00000000 NS USD 4772026.80000000 2.676675548581 Long EC CORP US N 1 N N N Putnam Cash Collateral Pool LLC 5493005HRIV7IFMKD774 Putnam Cash Collateral Pool LLC 99311N9A5 2267600.00000000 NS USD 2267600.00000000 1.271918563819 Long STIV PF US N 2 N N CBRE Group, Inc. 52990016II9MJ2OSWA10 CBRE Group, Inc., Class A 12504L109 11150.00000000 NS USD 1792808.50000000 1.005603462922 Long EC CORP US N 1 N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650100 7990.00000000 NS USD 634086.40000000 0.355665136366 Long EC CORP US N 1 N N N Casey's General Stores, Inc. 549300CAFWSI86V66Q65 Casey's General Stores, Inc. 147528103 828.00000000 NS USD 457643.88000000 0.256696836563 Long EC CORP US N 1 N N N Charter Communications, Inc. 0J0XRGZE3PBRFEZ7MV65 Charter Communications, Inc., Class A 16119P108 2105.00000000 NS USD 439418.75000000 0.246474186547 Long EC CORP US N 1 N N N Cisco Systems, Inc. 549300LKFJ962MZ46593 Cisco Systems, Inc. 17275R102 26988.00000000 NS USD 2078885.64000000 1.166066871394 Long EC CORP US N 1 N N N Cintas Corp. N/A Cintas Corp. 172908105 1617.00000000 NS USD 304109.19000000 0.170577758065 Long EC CORP US N 1 N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967424 22423.00000000 NS USD 2616539.87000000 1.467642279778 Long EC CORP US N 1 N N N Coca-Cola Co. (The) UWJKFUJFZ02DKWI3RY53 Coca-Cola Co. (The) 191216100 26032.00000000 NS USD 1819897.12000000 1.020797729392 Long EC CORP US N 1 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825C104 12183.00000000 NS USD 1140450.63000000 0.639689683990 Long EC CORP US N 1 N N N Constellation Energy Corp. 549300F8Y20RYGNGV346 Constellation Energy Corp. 21037T109 1940.00000000 NS USD 685343.80000000 0.384415903077 Long EC CORP US N 1 N N N Corebridge Financial, Inc. 549300XY1661QCIA7J65 Corebridge Financial, Inc. 21871X109 19099.00000000 NS USD 576216.83000000 0.323205540157 Long EC CORP US N 1 N N N CoStar Group, Inc. 984500Q1D53D08E2E698 CoStar Group, Inc. 22160N109 4944.00000000 NS USD 332434.56000000 0.186465729458 Long EC CORP US N 1 N N N Deere & Co. PWFTNG3EI0Y73OXWDH08 Deere & Co. 244199105 1081.00000000 NS USD 503281.17000000 0.282295229733 Long EC CORP US N 1 N N N Walt Disney Co. (The) 549300GZKULIZ0WOW665 Walt Disney Co. (The) 254687106 10171.00000000 NS USD 1157154.67000000 0.649059140052 Long EC CORP US N 1 N N N DuPont de Nemours, Inc. 5493004JF0SDFLM8GD76 DuPont de Nemours, Inc. 26614N102 8153.00000000 NS USD 327750.60000000 0.183838451421 Long EC CORP US N 1 N N N Eastman Chemical Co. FDPVHDGJ1IQZFK9KH630 Eastman Chemical Co. 277432100 4252.00000000 NS USD 271405.16000000 0.152233754330 Long EC CORP US N 1 N N N eBay, Inc. OML71K8X303XQONU6T67 eBay, Inc. 278642103 4544.00000000 NS USD 395782.40000000 0.221998139792 Long EC CORP US N 1 N N N Electronic Arts, Inc. 549300O7A67PUEYKDL45 Electronic Arts, Inc. 285512109 2835.00000000 NS USD 579275.55000000 0.324921205508 Long EC CORP US N 1 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp. 30231G102 15866.00000000 NS USD 1909314.44000000 1.070952760806 Long EC CORP US N 1 N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 Meta Platforms, Inc., Class A 30303M102 7559.00000000 NS USD 4989620.31000000 2.798725832906 Long EC CORP US N 1 N N N Fair Isaac Corp. RI6HET5SJUEY30V1PS26 Fair Isaac Corp. 303250104 129.00000000 NS USD 218089.98000000 0.122328759104 Long EC CORP US N 1 N N N FedEx Corp. 549300E707U7WNPZN687 FedEx Corp. 31428X106 2511.00000000 NS USD 725327.46000000 0.406843121018 Long EC CORP US N 1 N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 Fifth Third Bancorp 316773100 10188.00000000 NS USD 476900.28000000 0.267497935801 Long EC CORP US N 1 N N N First Watch Restaurant Group, Inc. N/A First Watch Restaurant Group, Inc. 33748L101 8245.00000000 NS USD 124334.60000000 0.069740468277 Long EC CORP US N 1 N N N Five Star Bancorp 5493008ZRBIHKWC0JA73 Five Star Bancorp 33830T103 8584.00000000 NS USD 307135.52000000 0.172275255554 Long EC CORP US N 1 N N N Floor & Decor Holdings, Inc. 549300M5FR3N688XGQ36 Floor & Decor Holdings, Inc., Class A 339750101 899.00000000 NS USD 54740.11000000 0.030704252114 Long EC CORP US N 1 N N N Freeport-McMoRan, Inc. 549300IRDTHJQ1PVET45 Freeport-McMoRan, Inc. 35671D857 18774.00000000 NS USD 953531.46000000 0.534844930834 Long EC CORP US N 1 N N N Gaming and Leisure Properties, Inc. 5493006GWRDBCZYWTM57 Gaming and Leisure Properties, Inc. 36467J108 24699.00000000 NS USD 1103798.31000000 0.619131046569 Long EC CORP US N 1 N N N Gartner, Inc. PP55B5R38BFB8O8HH686 Gartner, Inc. 366651107 1520.00000000 NS USD 383465.60000000 0.215089528676 Long EC CORP US N 1 N N N General Motors Co. 54930070NSV60J38I987 General Motors Co. 37045V100 9063.00000000 NS USD 737003.16000000 0.413392133002 Long EC CORP US N 1 N N N GoDaddy, Inc. 549300J8H1TB0I2CB447 GoDaddy, Inc., Class A 380237107 2755.00000000 NS USD 341840.40000000 0.191741555222 Long EC CORP US N 1 N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141G104 3719.00000000 NS USD 3269001.00000000 1.833613978234 Long EC CORP US N 1 N N N Graham Holdings Co. 529900BOSCEEEMAFQJ29 Graham Holdings Co., Class B 384637104 228.00000000 NS USD 250480.80000000 0.140497080349 Long EC CORP US N 1 N N N Guardian Pharmacy Services, Inc. N/A Guardian Pharmacy Services, Inc., Class A 40145W101 15255.00000000 NS USD 459022.95000000 0.257470370137 Long EC CORP US N 1 N N N HCA Healthcare, Inc. 529900PH4ZGUH2MNEU89 HCA Healthcare, Inc. 40412C101 797.00000000 NS USD 372087.42000000 0.208707398510 Long EC CORP US N 1 N N N Hershey Co. (The) 21X2CX66SU2BR6QTAD08 Hershey Co. (The) 427866108 1465.00000000 NS USD 266600.70000000 0.149538886689 Long EC CORP US N 1 N N N Highwoods Properties, Inc. ZIIGTYKL9T0X3HLTDX53 Highwoods Properties, Inc. 431284108 11230.00000000 NS USD 289958.60000000 0.162640556570 Long EC CORP US N 1 N N N Hilton Worldwide Holdings, Inc. 549300HVGPK36ICB0B89 Hilton Worldwide Holdings, Inc. 43300A203 4164.00000000 NS USD 1196109.00000000 0.670908996935 Long EC CORP US N 1 N N N Home Depot, Inc. (The) QEKMOTMBBKA8I816DO57 Home Depot, Inc. (The) 437076102 1734.00000000 NS USD 596669.40000000 0.334677582608 Long EC CORP US N 1 N N N Honeywell International, Inc. ISRPG12PN4EIEOEMW547 Honeywell International, Inc. 438516106 4106.00000000 NS USD 801039.54000000 0.449310752019 Long EC CORP US N 1 N N N Humana, Inc. 529900YLDW34GJAO4J06 Humana, Inc. 444859102 1312.00000000 NS USD 336042.56000000 0.188489491223 Long EC CORP US N 1 N N N Intel Corp. KNX4USFCNGPY45LOCE31 Intel Corp. 458140100 7227.00000000 NS USD 266676.30000000 0.149581291453 Long EC CORP US N 1 N N N International Business Machines Corp. VGRQXHF3J8VDLUA7XE92 International Business Machines Corp. 459200101 3760.00000000 NS USD 1113749.60000000 0.624712820464 Long EC CORP US N 1 N N N iShares Expanded Tech-Software Sector ETF 54930072GM1ADLZJ5373 iShares Expanded Tech-Software Sector ETF 464287515 11007.00000000 NS USD 1163329.83000000 0.652522846455 Long RF US N 1 N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46625H100 9580.00000000 NS USD 3086867.60000000 1.731453609319 Long EC CORP US N 1 N N N Jefferies Financial Group, Inc. 549300HOF34RGOJ5YL07 Jefferies Financial Group, Inc. 47233W109 2998.00000000 NS USD 185786.06000000 0.104209180901 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 7599.00000000 NS USD 1572613.05000000 0.882093725524 Long EC CORP US N 1 N N N N/A N/A Southwest Airlines Co. N/A -497547.50000000 NC USD -27204.99000000 -0.01525953951 N/A DE GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Call Written Southwest Airlines Co. Southwest Airlines Co. 1.00000000 42.50000000 USD 2026-03-20 XXXX -10581.05000000 N N N KKR & Co., Inc. 54930013V5I303TF9571 KKR & Co., Inc. 48251W104 3419.00000000 NS USD 435854.12000000 0.244474751431 Long EC CORP US N 1 N N N N/A N/A Gaming and Leisure Properties, Inc. N/A -111150.00000000 NC USD -3158.46000000 -0.00177161047 N/A DE US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Call Written Gaming and Leisure Properties, Inc. Gaming and Leisure Properties, Inc. 1.00000000 45.00000000 USD 2026-04-17 XXXX -639.06000000 N N N N/A N/A Tesla, Inc. N/A -379680.00000000 NC USD -8190.84000000 -0.00459432062 N/A DE US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Call Written Tesla, Inc. Tesla, Inc. 1.00000000 560.00000000 USD 2026-03-20 XXXX 13609.57000000 N N N N/A N/A Vail Resorts, Inc. N/A -27825.00000000 NC USD -164.63000000 -0.00009234254 N/A DE US N 2 JP MORGAN CHASE BANK NA 7H6GLXDRUGQFU57RNE97 Call Written Vail Resorts, Inc. Vail Resorts, Inc. 1.00000000 175.00000000 USD 2026-04-17 XXXX 784.60000000 N N N Keurig Dr. Pepper, Inc. DYTQ8KRTKO7Y2BVU5K74 Keurig Dr. Pepper, Inc. 49271V100 14958.00000000 NS USD 418973.58000000 0.235006294827 Long EC CORP US N 1 N N N Kimberly-Clark Corp. MP3J6QPYPGN75NVW2S34 Kimberly-Clark Corp. 494368103 3506.00000000 NS USD 353720.34000000 0.198405127379 Long EC CORP US N 1 N N N Kroger Co. (The) 6CPEOKI6OYJ13Q6O7870 Kroger Co. (The) 501044101 9959.00000000 NS USD 622238.32000000 0.349019434789 Long EC CORP US N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 Lam Research Corp. 512807306 16685.00000000 NS USD 2856138.30000000 1.602035334541 Long EC CORP US N 1 N N N Eli Lilly & Co. FRDRIPF3EKNDJ2CQJL29 Eli Lilly & Co. 532457108 2629.00000000 NS USD 2825333.72000000 1.584756750508 Long EC CORP US N 1 N N N Lowe's Cos., Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661107 6593.00000000 NS USD 1589967.88000000 0.891828215932 Long EC CORP US N 1 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 Mastercard, Inc., Class A 57636Q104 5887.00000000 NS USD 3360770.56000000 1.885088403599 Long EC CORP US N 1 N N N McDonald's Corp. UE2136O97NLB5BYP9H04 McDonald's Corp. 580135101 3422.00000000 NS USD 1045865.86000000 0.586636180366 Long EC CORP US N 1 N N N McKesson Corp. 549300WZWOM80UCFSF54 McKesson Corp. 58155Q103 1922.00000000 NS USD 1576597.38000000 0.884328574391 Long EC CORP US N 1 N N N Medline, Inc. 984500FAN6J1P8566D43 Medline, Inc., Class A 58507V107 795.00000000 NS USD 33390.00000000 0.018728770879 Long EC CORP US N 1 N N Merck & Co., Inc. 4YV9Y5M8S0BRK1RP0397 Merck & Co., Inc. 58933Y105 11893.00000000 NS USD 1251857.18000000 0.702178685170 Long EC CORP US N 1 N N N Microsoft Corp. INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 22261.00000000 NS USD 10765864.82000000 6.038676715526 Long EC CORP US N 1 N N N Molson Coors Beverage Co. 54930073LBBH6ZCBE225 Molson Coors Beverage Co., Class B 60871R209 13146.00000000 NS USD 613655.28000000 0.344205125426 Long EC CORP US N 1 N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 3586.00000000 NS USD 636622.58000000 0.357087704025 Long EC CORP US N 1 N N N NRG Energy, Inc. 5E2UPK5SW04M13XY7I38 NRG Energy, Inc. 629377508 10193.00000000 NS USD 1623133.32000000 0.910431028956 Long EC CORP US N 1 N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110L106 6792.00000000 NS USD 636817.92000000 0.357197272103 Long EC CORP US N 1 N N N New York Times Co. (The) 529900J1WEMMIW7BOH57 New York Times Co. (The), Class A 650111107 6627.00000000 NS USD 460046.34000000 0.258044399392 Long EC CORP US N 1 N N N NextEra Energy, Inc. 254900RHL9MEUS5NKX63 NextEra Energy, Inc. 65339F101 10084.00000000 NS USD 809543.52000000 0.454080715870 Long EC CORP US N 1 N N N Northrop Grumman Corp. RIMU48P07456QXSO0R61 Northrop Grumman Corp. 666807102 1159.00000000 NS USD 660873.39000000 0.370690215679 Long EC CORP US N 1 N N N Nucor Corp. 549300GGJCRSI2TIEJ46 Nucor Corp. 670346105 5323.00000000 NS USD 868234.53000000 0.487001065644 Long EC CORP US N 1 N N N NVIDIA Corp. 549300S4KLFTLO7GSQ80 NVIDIA Corp. 67066G104 67848.00000000 NS USD 12653652.00000000 7.097554629965 Long EC CORP US N 1 N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389X105 5548.00000000 NS USD 1081360.68000000 0.606545564948 Long EC CORP US N 1 N N N Otis Worldwide Corp. 549300ZLBKR8VSU25153 Otis Worldwide Corp. 68902V107 17286.00000000 NS USD 1509932.10000000 0.846935380180 Long EC CORP US N 1 N N N Owens Corning JO5M6676RDJIZ2U8X907 Owens Corning 690742101 1675.00000000 NS USD 187449.25000000 0.105142080106 Long EC CORP US N 1 N N N PG&E Corp. 8YQ2GSDWYZXO2EDN3511 PG&E Corp. 69331C108 85597.00000000 NS USD 1375543.79000000 0.771555689648 Long EC CORP US N 1 N N N Palantir Technologies, Inc. 549300UVN46B3BBDHO85 Palantir Technologies, Inc., Class A 69608A108 2198.00000000 NS USD 390694.50000000 0.219144287939 Long EC CORP US N 1 N N N PayPal Holdings, Inc. 5493005X2GO78EFZ3E94 PayPal Holdings, Inc. 70450Y103 2563.00000000 NS USD 149627.94000000 0.083927744995 Long EC CORP US N 1 N N N Permian Resources Corp. 529900NXUJPOKU7OJ511 Permian Resources Corp., Class A 71424F105 34716.00000000 NS USD 487065.48000000 0.273199693864 Long EC CORP US N 1 N N N Procter & Gamble Co. (The) 2572IBTT8CCZW6AU4141 Procter & Gamble Co. (The) 742718109 8581.00000000 NS USD 1229743.11000000 0.689774691452 Long EC CORP US N 1 N N N PulteGroup, Inc. N/A PulteGroup, Inc. 745867101 10534.00000000 NS USD 1235216.84000000 0.692844959048 Long EC CORP US N 1 N N N Putnam Short Term Investment Fund 549300S9JYWEMKQCLW53 Putnam Short Term Investment Fund, Class P 74676P664 9994.68000000 NS USD 9994.68000000 0.005606111761 Long RF US N 1 N N N Qnity Electronics, Inc. 254900RSUG4J9TFFZX53 Qnity Electronics, Inc. 74743L100 3231.00000000 NS USD 263811.15000000 0.147974201370 Long EC CORP US N 1 N N N QUALCOMM, Inc. H1J8DDZKZP6H7RWC0H53 QUALCOMM, Inc. 747525103 5505.00000000 NS USD 941630.25000000 0.528169428130 Long EC CORP US N 1 N N N Raymond James Financial, Inc. RGUZHJ05YTITL6D76949 Raymond James Financial, Inc. 754730109 11228.00000000 NS USD 1803104.52000000 1.011378599177 Long EC CORP US N 1 N N N RTX Corp. I07WOS4YJ0N7YRFE7309 RTX Corp. 75513E101 4485.00000000 NS USD 822549.00000000 0.461375614196 Long EC CORP US N 1 N N N Regeneron Pharmaceuticals, Inc. 549300RCBFWIRX3HYQ56 Regeneron Pharmaceuticals, Inc. 75886F107 1188.00000000 NS USD 916981.56000000 0.514343741772 Long EC CORP US N 1 N N N Salesforce, Inc. RCGZFPDMRW58VJ54VR07 Salesforce, Inc. 79466L302 4419.00000000 NS USD 1170637.29000000 0.656621670775 Long EC CORP US N 1 N N N State Street Industrial Select Sector SPDR ETF 549300HQI51T8KP6U325 State Street Industrial Select Sector SPDR ETF 81369Y704 8331.00000000 NS USD 1292304.72000000 0.724866097847 Long RF US N 1 N N Snap-on, Inc. HHWAT5TDOYZMM26KKQ73 Snap-on, Inc. 833034101 726.00000000 NS USD 250179.60000000 0.140328134383 Long EC CORP US N 1 N N N Solstice Advanced Materials, Inc. 2138004GZ4H9TW6HK435 Solstice Advanced Materials, Inc. 83443Q103 1027.00000000 NS USD 49891.66000000 0.027984710060 Long EC CORP US N 1 N N N Southwest Airlines Co. UDTZ87G0STFETI6HGH41 Southwest Airlines Co. 844741108 37726.00000000 NS USD 1559215.58000000 0.874578956252 Long EC CORP US N 1 N N N Starwood Property Trust, Inc. BUGSFQZERKRBFWIG5267 Starwood Property Trust, Inc. 85571B105 28363.00000000 NS USD 510817.63000000 0.286522502347 Long EC CORP US N 1 N N N TPG, Inc. 549300NLO4R8MX77XJ02 TPG, Inc., Class A 872657101 6859.00000000 NS USD 437878.56000000 0.245610279221 Long EC CORP US N 1 N N N Target Corp. 8WDDFXB5T1Z6J0XC1L66 Target Corp. 87612E106 5521.00000000 NS USD 539677.75000000 0.302710420138 Long EC CORP US N 1 N N N Tenet Healthcare Corp. 0W9AIBT6U6ADJ2I8HK17 Tenet Healthcare Corp. 88033G407 4377.00000000 NS USD 869797.44000000 0.487877716836 Long EC CORP US N 1 N N N Tesla, Inc. 54930043XZGB27CTOV49 Tesla, Inc. 88160R101 8478.00000000 NS USD 3812726.16000000 2.138594629416 Long EC CORP US N 1 N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific, Inc. 883556102 1413.00000000 NS USD 818762.85000000 0.459251926389 Long EC CORP US N 1 N N N UMB Financial Corp. 549300MGEH3N3CUCV828 UMB Financial Corp. 902788108 7641.00000000 NS USD 879020.64000000 0.493051098075 Long EC CORP US N 1 N N N Union Pacific Corp. 549300LMMRSZZCZ8CL11 Union Pacific Corp. 907818108 7400.00000000 NS USD 1711768.00000000 0.960147070097 Long EC CORP US N 1 N N N United Rentals, Inc. 5323X5O7RN0NKFCDRY08 United Rentals, Inc. 911363109 1080.00000000 NS USD 874065.60000000 0.490271768669 Long EC CORP US N 1 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Bills 912797SG3 200000.00000000 PA USD 199647.07000000 0.111983954200 Long STIV UST US N 2 2026-01-20 None 0.00000000 N N N N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 3867.00000000 NS USD 1276535.37000000 0.716020918360 Long EC CORP US N 1 N N N Vail Resorts, Inc. 529900PSZHRNU9HKH870 Vail Resorts, Inc. 91879Q109 2267.00000000 NS USD 301057.60000000 0.168866091999 Long EC CORP US N 1 N N N Vertex Pharmaceuticals, Inc. 54930015RAQRRZ5ZGJ91 Vertex Pharmaceuticals, Inc. 92532F100 360.00000000 NS USD 163209.60000000 0.091545828203 Long EC CORP US N 1 N N N Walmart, Inc. Y87794H0US1R65VBXU25 Walmart, Inc. 931142103 21606.00000000 NS USD 2407124.46000000 1.350179170090 Long EC CORP US N 1 N N N Nyxoah SA 5493002O1ESKZ18OXR80 Nyxoah SA N/A 3804.00000000 NS USD 17498.40000000 0.009815020196 Long EC CORP BE N 1 N N N Universal Music Group NV 724500GJBUL3D9TW9Y18 Universal Music Group NV N/A 24180.00000000 NS 630368.65000000 0.353579814775 Long EC CORP NL N 2 N N N Amcor plc 549300GSODGFCDQ3DI89 Amcor plc N/A 48473.00000000 NS USD 404264.82000000 0.226756010432 Long EC CORP JE N 1 N N N Arch Capital Group Ltd. 549300AYR4P8AFKDCE43 Arch Capital Group Ltd. N/A 11382.00000000 NS USD 1091761.44000000 0.612379450872 Long EC CORP BM N 1 N N N Assured Guaranty Ltd. 549300BBOQUJEPH87M14 Assured Guaranty Ltd. N/A 4482.00000000 NS USD 402797.34000000 0.225932886842 Long EC CORP BM N 1 N N N Medtronic plc 549300GX3ZBSQWUXY261 Medtronic plc N/A 6272.00000000 NS USD 602488.32000000 0.337941470582 Long EC CORP IE N 1 N N N Royalty Pharma plc 549300FGFN7VOK8BZR03 Royalty Pharma plc, Class A N/A 6495.00000000 NS USD 250966.80000000 0.140769682405 Long EC CORP GB N 1 N N N Viking Holdings Ltd. N/A Viking Holdings Ltd. N/A 15275.00000000 NS USD 1090787.75000000 0.611833298823 Long EC CORP BM N 1 N N N 2026-01-30 Putnam Variable Trust Monica Krogh Monica Krogh Assistant Treasurer