Putnam VT High Yield Fund
The fund's portfolio
3/31/25 (Unaudited)


CORPORATE BONDS AND NOTES (86.1%)(a)
        Principal amount Value
Advertising and marketing services (0.8%)
Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 7.875%, 4/1/30 $285,000 $279,697
Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 7.75%, 4/15/28 315,000 271,149
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 5.00%, 8/15/27 115,000 113,106
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 4.625%, 3/15/30 525,000 480,548
1,144,500
Automotive (0.7%)
Carvana Co. 144A company guaranty sr. sub. notes 9.00%, 6/1/31(PIK) 195,000 216,843
Carvana Co. 144A company guaranty sr. sub. notes 9.00%, 12/1/28(PIK) 300,796 310,096
IHO Verwaltungs, GmbH 144A sr. notes 7.75%, 11/15/30 (Germany) 255,000 251,509
IHO Verwaltungs, GmbH 144A sr. sub. notes 8.00%, 11/15/32 (Germany) 230,000 224,434
1,002,882
Broadcasting (1.8%)
Banijay Entertainment SASU 144A sr. notes 8.125%, 5/1/29 (France) 690,000 710,341
Gray Media, Inc. 144A company guaranty sr. unsec. unsub. notes 5.375%, 11/15/31 140,000 87,574
Nexstar Media, Inc. 144A company guaranty sr. unsec. notes 4.75%, 11/1/28 240,000 224,978
Sinclair Television Group, Inc. 144A sr. notes 8.125%, 2/15/33 895,000 883,749
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31 350,000 300,297
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28 380,000 354,866
2,561,805
Building materials (2.8%)
American Builders & Contractors Supply Co., Inc. 144A sr. notes 4.00%, 1/15/28 165,000 157,922
American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 3.875%, 11/15/29 295,000 270,812
BCPE Ulysses Intermediate, Inc. 144A sr. unsec. notes 7.75%, 4/1/27(PIK) 220,000 207,097
Camelot Return Merger Sub, Inc. 144A sr. notes 8.75%, 8/1/28 350,000 288,754
EMRLD Borrower LP/Emerald Co-Issuer, Inc. company guaranty sr. bonds Ser. REGS, 6.375%, 12/15/30 EUR 110,000 122,601
Foundation Building Materials, Inc. 144A company guaranty sr. unsec. notes 6.00%, 3/1/29 $425,000 347,401
LBM Acquisition, LLC 144A company guaranty sr. unsec. notes 6.25%, 1/15/29 320,000 272,889
Miter Brands Acquisition Holdco, Inc./MIWD Borrower, LLC 144A company guaranty sr. notes 6.75%, 4/1/32 385,000 381,825
MIWD Holdco II, LLC/MIWD Finance Corp. 144A company guaranty sr. unsec. notes 5.50%, 2/1/30 495,000 446,165
Standard Industries, Inc. sr. unsec. notes Ser. REGS, 2.25%, 11/21/26 EUR 100,000 105,281
Standard Industries, Inc. 144A sr. unsec. bonds 3.375%, 1/15/31 $35,000 30,460
Standard Industries, Inc. 144A sr. unsec. notes 4.375%, 7/15/30 630,000 581,817
White Cap Buyer, LLC 144A sr. unsec. notes 6.875%, 10/15/28 685,000 658,174
3,871,198
Capital goods (8.4%)
Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. notes 7.50%, 2/15/33 (Ireland) 125,000 117,155
Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. unsub. notes 8.25%, 4/15/31 (Ireland) 560,000 543,265
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC sr. unsec. notes Ser. REGS, 3.00%, 9/1/29 EUR 100,000 90,797
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC 144A sr. unsec. notes 4.00%, 9/1/29 $280,000 238,806
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 144A sr. unsec. notes 5.25%, 8/15/27 (Ireland) 295,000 136,557
Axon Enterprise, Inc. 144A sr. unsec. notes 6.25%, 3/15/33 210,000 212,685
Axon Enterprise, Inc. 144A sr. unsec. notes 6.125%, 3/15/30 270,000 273,166
Benteler International AG 144A company guaranty sr. notes 10.50%, 5/15/28 (Austria) 540,000 567,716
Boeing Co. (The) sr. unsec. bonds 5.705%, 5/1/40 150,000 145,904
Boeing Co. (The) sr. unsec. notes 3.20%, 3/1/29 160,000 150,291
Boeing Co. (The) sr. unsec. unsub. notes 6.388%, 5/1/31 315,000 335,840
Bombardier, Inc. 144A sr. unsec. notes 7.875%, 4/15/27 (Canada) 69,000 69,305
Bombardier, Inc. 144A sr. unsec. notes 7.50%, 2/1/29 (Canada) 175,000 179,623
Bombardier, Inc. 144A sr. unsec. notes 7.25%, 7/1/31 (Canada) 130,000 130,605
Bombardier, Inc. 144A sr. unsec. notes 7.00%, 6/1/32 (Canada) 105,000 104,677
Bombardier, Inc. 144A sr. unsec. unsub. notes 8.75%, 11/15/30 (Canada) 260,000 274,443
Chart Industries, Inc. 144A company guaranty sr. notes 7.50%, 1/1/30 335,000 347,863
Chart Industries, Inc. 144A company guaranty sr. unsec. notes 9.50%, 1/1/31 130,000 138,879
Clarios Global LP 144A sr. notes 6.75%, 5/15/28 215,000 218,188
Clean Harbors, Inc. 144A company guaranty sr. unsec. unsub. notes 6.375%, 2/1/31 275,000 278,235
Dornoch Debt Merger Sub, Inc. 144A sr. unsec. notes 6.625%, 10/15/29 390,000 297,049
Efesto Bidco SpA/Efesto US, LLC 144A sr. notes Ser. XR, 7.50%, 2/15/32 (Italy) 540,000 527,226
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 (Canada) 240,000 231,160
GFL Environmental, Inc. 144A sr. notes 6.75%, 1/15/31 (Canada) 115,000 118,687
Graham Packaging Co., Inc. 144A company guaranty sr. unsec. sub. notes 7.125%, 8/15/28 385,000 376,326
Madison IAQ, LLC 144A sr. unsec. notes 5.875%, 6/30/29 540,000 510,654
Manitowoc Co., Inc. (The) 144A company guaranty notes 9.25%, 10/1/31 265,000 272,735
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 144A company guaranty sr. unsec. notes 8.50%, 5/15/27 235,000 235,496
Ritchie Bros Holdings, Inc. 144A company guaranty sr. notes 6.75%, 3/15/28 115,000 117,593
Ritchie Bros Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 7.75%, 3/15/31 395,000 413,879
Sensata Technologies BV 144A company guaranty sr. unsec. unsub. notes 5.875%, 9/1/30 490,000 473,448
Spirit AeroSystems, Inc. company guaranty sr. unsec. unsub. notes 4.60%, 6/15/28 275,000 264,020
Spirit AeroSystems, Inc. 144A company guaranty sr. notes 9.75%, 11/15/30 550,000 607,802
Spirit AeroSystems, Inc. 144A sr. unsub. notes 9.375%, 11/30/29 115,000 122,823
Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29 235,000 224,479
Terex Corp. 144A sr. unsec. notes 6.25%, 10/15/32 280,000 271,920
TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.875%, 5/1/29 470,000 446,824
TransDigm, Inc. 144A company guaranty sr. notes 7.125%, 12/1/31 70,000 72,106
TransDigm, Inc. 144A company guaranty sr. notes 6.00%, perpetual maturity 440,000 433,568
TransDigm, Inc. 144A sr. notes 6.875%, 12/15/30 290,000 296,625
TransDigm, Inc. 144A sr. notes 6.625%, 3/1/32 60,000 60,840
Waste Pro USA, Inc. 144A sr. unsec. notes 7.00%, 2/1/33 170,000 170,999
WESCO Distribution, Inc. 144A company guaranty sr. unsec. notes 6.625%, 3/15/32 410,000 416,425
WESCO Distribution, Inc. 144A company guaranty sr. unsec. notes 6.375%, 3/15/29 90,000 91,157
WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 6.375%, 3/15/33 165,000 165,972
11,773,813
Chemicals (3.0%)
Avient Corp. 144A sr. unsec. notes 6.25%, 11/1/31 150,000 148,716
Avient Corp. 144A sr. unsec. unsub. notes 7.125%, 8/1/30 275,000 280,724
Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29 440,000 402,749
Celanese US Holdings, LLC company guaranty sr. unsec. bonds 6.629%, 7/15/32 (Germany) 440,000 452,158
Cerdia Finanz GmbH 144A sr. notes 9.375%, 10/3/31 (Germany) 335,000 343,579
Herens Holdco SARL 144A company guaranty sr. notes 4.75%, 5/15/28 (Luxembourg) 320,000 288,270
Olympus Water US Holding Corp. sr. notes Ser. REGS, 3.875%, 10/1/28 EUR 155,000 160,299
Olympus Water US Holding Corp. 144A sr. notes 9.75%, 11/15/28 $220,000 228,682
Rain Carbon, Inc. 144A sr. notes 12.25%, 9/1/29 325,000 345,652
SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28 395,000 376,063
SCIH Salt Holdings, Inc. 144A sr. unsec. notes 6.625%, 5/1/29 305,000 293,357
SCIL IV, LLC/SCIL USA Holdings, LLC 144A sr. notes 5.375%, 11/1/26 240,000 236,311
Vibrantz Technologies, Inc. 144A sr. unsec. notes 9.00%, 2/15/30 520,000 424,383
WR Grace Holdings, LLC 144A sr. unsec. notes 5.625%, 8/15/29 235,000 202,577
4,183,520
Coal (0.1%)
Coronado Finance Pty, Ltd. 144A company guaranty sr. sub. notes 9.25%, 10/1/29 (Australia) 125,000 115,895
115,895
Commercial and consumer services (2.1%)
Allied Universal Holdco, LLC/Allied Universal Finance Corp. 144A sr. notes 7.875%, 2/15/31 480,000 486,514
Allied Universal Holdco, LLC/Allied Universal Finance Corp. 144A sr. unsec. notes 6.00%, 6/1/29 340,000 312,727
Boost Newco Borrower, LLC 144A sr. notes 7.50%, 1/15/31 365,000 380,215
Iron Mountain, Inc. 144A company guaranty sr. unsec. sub. notes 6.25%, 1/15/33 745,000 738,352
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty notes 6.25%, 1/15/28 450,000 450,684
Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26 475,000 466,905
Veritiv Operating Co. 144A company guaranty sr. notes 10.50%, 11/30/30 155,000 164,312
2,999,709
Communication services (6.3%)
Altice Financing SA 144A company guaranty sr. notes 5.00%, 1/15/28 (Luxembourg) 205,000 154,103
Altice France SA 144A company guaranty sr. notes 5.50%, 10/15/29 (France) 205,000 162,729
Altice France SA 144A company guaranty sr. notes 5.50%, 1/15/28 (France) 400,000 320,144
Altice France SA 144A company guaranty sr. notes 5.125%, 7/15/29 (France) 280,000 219,731
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29 675,000 653,710
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30 1,010,000 937,665
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 4.75%, 2/1/32 875,000 777,954
Connect Finco SARL/Connect US Finco, LLC 144A sr. notes 9.00%, 9/15/29 (Luxembourg) 710,000 648,215
CSC Holdings, LLC 144A company guaranty sr. unsec. notes 11.75%, 1/31/29 755,000 732,703
CSC Holdings, LLC 144A company guaranty sr. unsec. notes 5.375%, 2/1/28 680,000 580,805
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 10.00%, 2/15/31 310,000 297,926
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27 155,000 150,347
DISH DBS Corp. 144A company guaranty sr. notes 5.25%, 12/1/26 165,000 151,770
EchoStar Corp. company guaranty sr. sub. notes Ser. ., 10.75%, 11/30/29 385,000 404,886
Frontier Communications Holdings, LLC 144A company guaranty sr. notes 8.75%, 5/15/30 295,000 310,994
Frontier Communications Holdings, LLC 144A company guaranty sr. notes 5.875%, 10/15/27 260,000 259,927
Iliad Holding SASU 144A sr. notes 7.00%, 4/15/32 (France) 295,000 295,759
Level 3 Financing, Inc. 144A company guaranty sr. notes 10.50%, 5/15/30 395,000 425,215
Virgin Media Finance PLC 144A sr. unsec. bonds 5.00%, 7/15/30 (United Kingdom) 475,000 407,973
Virgin Media Secured Finance PLC 144A company guaranty sr. sub. notes 4.50%, 8/15/30 (United Kingdom) 245,000 215,823
VZ Secured Financing BV 144A sr. notes 5.00%, 1/15/32 (Netherlands) 240,000 208,820
Zegona Finance PLC 144A sr. notes 8.625%, 7/15/29 (United Kingdom) 515,000 546,469
8,863,668
Construction (1.7%)
Arcosa, Inc. 144A company guaranty sr. unsec. notes 6.875%, 8/15/32 165,000 167,417
Beacon Roofing Supply, Inc. 144A sr. unsec. unsub. notes 4.125%, 5/15/29 255,000 256,890
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32 135,000 135,499
Builders FirstSource, Inc. 144A sr. unsec. bonds 6.375%, 3/1/34 195,000 193,744
CP Atlas Buyer, Inc. 144A sr. unsec. notes 7.00%, 12/1/28 230,000 182,110
Quikrete Holdings, Inc. 144A sr. notes 6.375%, 3/1/32 265,000 266,899
Quikrete Holdings, Inc. 144A sr. unsec. notes 6.75%, 3/1/33 135,000 134,509
Smyrna Ready Mix Concrete, LLC 144A sr. notes 8.875%, 11/15/31 350,000 362,977
Smyrna Ready Mix Concrete, LLC 144A sr. notes 6.00%, 11/1/28 225,000 218,547
Standard Building Solutions, Inc./NY 144A sr. unsec. notes 6.50%, 8/15/32 435,000 435,373
2,353,965
Consumer staples (4.7%)
1011778 BC ULC/New Red Finance, Inc. 144A bonds 4.00%, 10/15/30 (Canada) 400,000 362,348
1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. sub. notes 6.125%, 6/15/29 (Canada) 145,000 146,057
Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 435,000 427,398
CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29 330,000 308,977
Chobani Holdco, LLC 144A sr. unsec. notes 8.75%, 10/1/29(PIK) 135,000 147,077
Chobani, LLC/Chobani Finance Corp., Inc. 144A sr. unsec. notes 7.625%, 7/1/29 380,000 390,903
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US, LLC 144A company guaranty sr. notes 6.625%, 7/15/30 245,000 251,119
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US, LLC 144A company guaranty sr. notes 4.75%, 1/15/29 310,000 300,364
Energizer Gamma Acquisition BV company guaranty sr. unsec. notes Ser. REGS, 3.50%, 6/30/29 EUR 280,000 282,494
Energizer Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 4.375%, 3/31/29 $160,000 149,156
EquipmentShare.com, Inc. 144A notes 9.00%, 5/15/28 340,000 352,673
EquipmentShare.com, Inc. 144A notes 8.625%, 5/15/32 245,000 252,845
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. unsec. notes 6.75%, 1/15/30 515,000 445,803
Gates Corp./DE 144A company guaranty sr. unsec. notes 6.875%, 7/1/29 50,000 50,929
Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 6.625%, 6/15/29 205,000 205,854
Opal Bidco SAS 144A sr. notes 6.50%, 3/31/32 (France) 885,000 885,000
United Rentals North America, Inc. 144A company guaranty sr. unsec. notes 6.125%, 3/15/34 305,000 305,572
US Foods, Inc. 144A company guaranty sr. unsec. notes 7.25%, 1/15/32 120,000 124,889
US Foods, Inc. 144A sr. unsec. notes 5.75%, 4/15/33 280,000 273,088
VM Consolidated, Inc. 144A company guaranty sr. unsec. notes 5.50%, 4/15/29 180,000 170,951
Wayfair, LLC 144A company guaranty sr. sub. notes 7.75%, 9/15/30 370,000 358,139
Wayfair, LLC 144A company guaranty sr. sub. notes 7.25%, 10/31/29 375,000 360,039
6,551,675
Energy (oil field) (0.9%)
Aris Water Holdings, LLC 144A company guaranty sr. unsec. sub. notes 7.25%, 4/1/30 415,000 420,026
Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 8.875%, 8/15/31 580,000 504,186
Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/15/27 280,000 276,469
1,200,681
Entertainment (2.6%)
Churchill Downs, Inc. 144A company guaranty sr. unsec. notes 6.75%, 5/1/31 60,000 60,548
Churchill Downs, Inc. 144A sr. unsec. notes 5.75%, 4/1/30 315,000 308,371
Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28 330,000 320,528
Live Nation Entertainment, Inc. 144A sr. notes 6.50%, 5/15/27 160,000 161,730
NCL Corp., Ltd. 144A company guaranty sr. notes 8.125%, 1/15/29 150,000 157,883
NCL Corp., Ltd. 144A sr. unsec. notes 6.75%, 2/1/32 255,000 252,067
NCL Corp., Ltd. 144A sr. unsec. unsub. notes 7.75%, 2/15/29 215,000 224,211
Pinewood Finco PLC 144A notes 6.00%, 3/27/30 (United Kingdom) GBP 310,000 395,598
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.25%, 3/15/32 $75,000 75,731
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.00%, 2/1/33 620,000 620,094
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.625%, 9/30/31 270,000 265,311
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.50%, 8/31/26 210,000 210,142
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 4.25%, 7/1/26 75,000 73,908
Six Flags Entertainment Corp. 144A company guaranty sr. unsec. notes 7.25%, 5/15/31 425,000 426,903
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc. 144A company guaranty sr. notes 6.625%, 5/1/32 165,000 166,500
3,719,525
Financials (9.6%)
Acrisure, LLC/Acrisure Finance, Inc. 144A sr. notes 7.50%, 11/6/30 435,000 442,854
Acrisure, LLC/Acrisure Finance, Inc. 144A sr. unsec. notes 8.50%, 6/15/29 435,000 453,501
AerCap Ireland Capital DAC/AerCap Global Aviation Trust jr. sub. bonds 6.95%, 3/10/55 (Ireland) 175,000 179,185
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. notes 7.00%, 1/15/31 560,000 562,161
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 7.375%, 10/1/32 130,000 130,733
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 5.875%, 11/1/29 530,000 512,772
Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 370,000 412,490
Apollo Commercial Real Estate Finance, Inc. 144A company guaranty sr. notes 4.625%, 6/15/29 405,000 367,661
Aretec Group, Inc. 144A company guaranty sr. sub. notes 10.00%, 8/15/30 130,000 139,730
Dresdner Funding Trust I 144A jr. unsec. sub. notes 8.151%, 6/30/31 150,000 164,578
Encore Capital Group, Inc. 144A company guaranty sr. notes 9.25%, 4/1/29 205,000 214,957
Encore Capital Group, Inc. 144A company guaranty sr. notes 8.50%, 5/15/30 610,000 629,588
Freedom Mortgage Corp. 144A sr. unsec. notes 12.25%, 10/1/30 320,000 352,855
Freedom Mortgage Holdings, LLC 144A sr. unsec. notes 8.375%, 4/1/32 595,000 581,877
GGAM Finance, Ltd. 144A company guaranty sr. unsec. notes 8.00%, 2/15/27 (Ireland) 130,000 133,296
HUB International, Ltd. 144A sr. notes 7.25%, 6/15/30 340,000 350,430
Jane Street Group/JSG Finance, Inc. 144A sr. notes 6.125%, 11/1/32 905,000 891,138
Jefferson Capital Holdings, LLC 144A sr. unsec. notes 9.50%, 2/15/29 470,000 500,630
Jones Deslauriers Insurance Management, Inc. 144A sr. notes 8.50%, 3/15/30 (Canada) 170,000 178,704
Jones Deslauriers Insurance Management, Inc. 144A sr. unsec. notes 10.50%, 12/15/30 (Canada) 380,000 407,297
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27(R) 285,000 277,776
Macquarie Airfinance Holdings, Ltd. 144A sr. unsec. notes 6.50%, 3/26/31 (United Kingdom) 70,000 72,955
Macquarie Airfinance Holdings, Ltd. 144A sr. unsec. notes 6.40%, 3/26/29 (United Kingdom) 45,000 46,565
MPT Operating Partnership LP/MPT Finance Corp. 144A company guaranty sr. notes 8.50%, 2/15/32 845,000 861,439
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 7.125%, 2/1/32 380,000 395,063
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31 665,000 665,378
OneMain Finance Corp. company guaranty sr. unsec. notes 7.50%, 5/15/31 355,000 361,514
OneMain Finance Corp. company guaranty sr. unsec. sub. notes 7.125%, 11/15/31 355,000 357,412
OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29 185,000 176,148
PHH Escrow Issuer, LLC/PHH Corp. 144A sr. unsec. notes 9.875%, 11/1/29 820,000 792,136
PRA Group, Inc. 144A company guaranty sr. unsec. notes 8.875%, 1/31/30 875,000 913,608
RHP Hotel Properties LP/RHP Finance Corp. 144A company guaranty sr. unsec. sub. notes 7.25%, 7/15/28 110,000 112,717
RHP Hotel Properties LP/RHP Finance Corp. 144A company guaranty sr. unsec. sub. notes 6.50%, 4/1/32 415,000 414,586
Societe Generale SA 144A jr. unsec. sub. FRN 4.75%, perpetual maturity (France) 255,000 247,723
Societe Generale SA 144A jr. unsec. sub. notes 5.375%, perpetual maturity (France) 260,000 228,530
XHR LP 144A company guaranty sr. unsec. notes 6.625%, 5/15/30 125,000 122,874
13,652,861
Forest products and packaging (2.3%)
Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30 575,000 544,348
Clydesdale Acquisition Holdings, Inc. 144A company guaranty sr. notes 6.75%, 4/15/32 425,000 428,284
Graphic Packaging International, LLC company guaranty sr. unsec. unsub. notes Ser. REGS, 2.625%, 2/1/29 EUR 215,000 218,638
Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. LLC Co-Issuer 144A sr. notes 6.00%, 9/15/28 (Canada) $820,000 798,569
Mauser Packaging Solutions Holding Co. 144A company guaranty notes 9.25%, 4/15/27 465,000 439,203
Mauser Packaging Solutions Holding Co. 144A sr. bonds 7.875%, 4/15/27 350,000 343,438
Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada) 275,000 236,043
Mercer International, Inc. 144A sr. unsec. notes 12.875%, 10/1/28 (Canada) 220,000 233,057
3,241,580
Gaming and lottery (3.7%)
Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31 545,000 503,076
Caesars Entertainment, Inc. 144A company guaranty sr. notes 6.50%, 2/15/32 65,000 64,837
Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30 520,000 527,448
Caesars Entertainment, Inc. 144A sr. unsec. notes 6.00%, 10/15/32 180,000 168,250
Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29 635,000 584,157
Great Canadian Gaming Corp. 144A sr. notes 8.75%, 11/15/29 (Canada) 420,000 422,398
Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.50%, 9/1/31 70,000 71,764
Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29 540,000 547,828
Penn Entertainment, Inc. 144A sr. unsec. notes 5.625%, 1/15/27 290,000 287,795
Penn Entertainment, Inc. 144A sr. unsec. notes 4.125%, 7/1/29 100,000 88,901
Scientific Games Holdings LP/Scientific Games US FinCo., Inc. 144A sr. unsec. notes 6.625%, 3/1/30 360,000 339,884
Station Casinos, LLC 144A company guaranty sr. unsec. sub. notes 6.625%, 3/15/32 250,000 248,174
Station Casinos, LLC 144A sr. unsec. bonds 4.625%, 12/1/31 320,000 287,797
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. bonds 5.125%, 10/1/29 435,000 417,742
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. unsub. notes 7.125%, 2/15/31 565,000 585,049
5,145,100
Health care (7.6%)
1261229 BC, Ltd. 144A sr. notes 10.00%, 4/15/32 (Canada) 205,000 203,965
AthenaHealth Group, Inc. 144A sr. unsec. notes 6.50%, 2/15/30 440,000 413,110
Bausch & Lomb Escrow Corp. 144A sr. notes 8.375%, 10/1/28 (Canada) 235,000 244,106
Bausch Health Cos., Inc. 144A company guaranty sr. notes 6.125%, 2/1/27 225,000 228,291
CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 10.875%, 1/15/32 510,000 503,075
CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27 380,000 363,174
CHS/Community Health Systems, Inc. 144A company guaranty sr. unsec. sub. notes 6.875%, 4/1/28 240,000 159,126
CHS/Community Health Systems, Inc. 144A sr. notes 5.25%, 5/15/30 855,000 706,426
Concentra Escrow Issuer Corp. 144A sr. unsec. notes 6.875%, 7/15/32 335,000 341,283
CVS Health Corp. jr. unsec. sub. bonds 7.00%, 3/10/55 295,000 298,065
CVS Health Corp. jr. unsec. sub. bonds 6.75%, 12/10/54 180,000 179,657
DaVita Inc. 144A company guaranty sr. unsec. notes 6.875%, 9/1/32 890,000 895,700
Endo Finance Holdings, Inc. 144A sr. notes 8.50%, 4/15/31 185,000 193,099
Grifols SA company guaranty sr. unsec. notes 3.875%, 10/15/28 (Spain) EUR 965,000 962,079
Insulet Corp. 144A sr. unsec. notes 6.50%, 4/1/33 $120,000 122,059
Kedrion SpA 144A company guaranty sr. notes 6.50%, 9/1/29 (Italy) 1,000,000 948,996
Medline Borrower LP 144A sr. notes 3.875%, 4/1/29 395,000 369,490
Medline Borrower LP 144A sr. unsec. notes 5.25%, 10/1/29 90,000 86,424
Tenet Healthcare Corp. company guaranty sr. notes 5.125%, 11/1/27 370,000 364,857
Tenet Healthcare Corp. company guaranty sr. notes 4.25%, 6/1/29 230,000 216,911
Tenet Healthcare Corp. company guaranty sr. unsec. notes 6.125%, 10/1/28 45,000 44,822
Tenet Healthcare Corp. company guaranty sr. unsub. notes 6.125%, 6/15/30 935,000 931,846
Teva Pharmaceutical Finance Netherlands II BV company guaranty sr. unsec. unsub. notes 4.375%, 5/9/30 (Israel) EUR 225,000 243,252
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.75%, 3/1/28 (Israel) $525,000 538,886
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 8.125%, 9/15/31 (Israel) 270,000 301,261
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 7.875%, 9/15/29 (Israel) 200,000 215,373
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 5.125%, 5/9/29 (Israel) 580,000 567,198
10,642,531
Homebuilding (1.1%)
Anywhere Real Estate Group, LLC/Anywhere Co-Issuer Corp. 144A company guaranty notes 7.00%, 4/15/30 253,800 225,974
LGI Homes, Inc. 144A company guaranty sr. unsec. notes 8.75%, 12/15/28 460,000 479,689
Taylor Morrison Communities, Inc. 144A company guaranty sr. unsec. notes 5.875%, 6/15/27 140,000 140,021
Taylor Morrison Communities, Inc. 144A sr. unsec. bonds 5.125%, 8/1/30 290,000 278,951
Taylor Morrison Communities, Inc. 144A sr. unsec. notes 5.75%, 1/15/28 155,000 154,770
Weekley Homes, LLC/Weekley Finance Corp. 144A sr. unsec. notes 4.875%, 9/15/28 305,000 289,730
1,569,135
Lodging/Tourism (1.2%)
Carnival Corp. 144A company guaranty sr. notes 7.00%, 8/15/29 105,000 109,917
Carnival Corp. 144A company guaranty sr. unsec. sub. notes 6.125%, 2/15/33 200,000 197,238
Carnival Corp. 144A company guaranty sr. unsec. unsub. notes 6.00%, 5/1/29 150,000 149,043
Carnival Corp. 144A sr. unsec. notes 5.75%, 3/15/30 250,000 249,182
Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27 395,000 395,495
Viking Cruises, Ltd. 144A sr. unsec. notes 9.125%, 7/15/31 395,000 422,257
Viking Cruises, Ltd. 144A sr. unsec. notes 7.00%, 2/15/29 160,000 160,641
1,683,773
Metals (3.9%)
ArcelorMittal SA sr. unsec. unsub. notes 7.00%, 10/15/39 (France) 525,000 573,447
ATI, Inc. sr. unsec. notes 7.25%, 8/15/30 335,000 345,561
ATI, Inc. sr. unsec. notes 5.125%, 10/1/31 240,000 225,734
ATI, Inc. sr. unsec. notes 4.875%, 10/1/29 90,000 85,792
ATI, Inc. sr. unsec. sub. notes 5.875%, 12/1/27 435,000 432,339
Big River Steel, LLC/BRS Finance Corp. 144A sr. notes 6.625%, 1/31/29 256,000 256,561
Cleveland-Cliffs, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/1/33 350,000 336,206
Cleveland-Cliffs, Inc. 144A company guaranty sr. unsec. notes 7.00%, 3/15/32 320,000 307,462
Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32 165,000 149,484
Commercial Metals Co. sr. unsec. notes 4.125%, 1/15/30 130,000 121,794
Constellium SE company guaranty sr. unsec. unsub. notes Ser. REGS, 3.125%, 7/15/29 (France) EUR 150,000 151,922
Constellium SE 144A company guaranty sr. unsec. unsub. notes 6.375%, 8/15/32 (France) $415,000 405,650
FMG Resources August 2006 Pty, Ltd. 144A sr. unsec. notes 6.125%, 4/15/32 (Australia) 540,000 533,083
HudBay Minerals, Inc. 144A company guaranty sr. unsec. notes 6.125%, 4/1/29 (Canada) 375,000 373,411
Novelis Corp. 144A company guaranty sr. unsec. bonds 3.875%, 8/15/31 240,000 208,883
Novelis Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/30/30 300,000 304,488
Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30 140,000 130,667
TMS International Corp./DE 144A sr. unsec. notes 6.25%, 4/15/29 370,000 344,880
United States Steel Corp. sr. unsec. sub. bonds 6.65%, 6/1/37 175,000 172,129
5,459,493
Oil and gas (9.5%)
Chord Energy Corp. 144A company guaranty sr. unsec. notes 6.75%, 3/15/33 505,000 502,812
Civitas Resources, Inc. 144A company guaranty sr. unsec. notes 8.375%, 7/1/28 305,000 315,137
Civitas Resources, Inc. 144A company guaranty sr. unsec. unsub. notes 8.75%, 7/1/31 345,000 354,727
Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28 635,000 645,974
Encino Acquisition Partners Holdings, LLC 144A sr. unsec. notes 8.75%, 5/1/31 285,000 303,047
Expand Energy Corp. company guaranty sr. unsec. bonds 4.75%, 2/1/32 85,000 80,474
Harbour Energy PLC 144A company guaranty sr. unsec. notes 5.50%, 10/15/26 (United Kingdom) 440,000 440,581
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.50%, 10/15/30 335,000 328,334
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.125%, 6/15/28 345,000 339,938
Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 6.50%, 6/1/29 180,000 183,734
Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 5.875%, 3/1/28 225,000 226,193
Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30 740,000 732,829
Kraken Oil & Gas Partners, LLC 144A sr. unsec. notes 7.625%, 8/15/29 570,000 557,081
Matador Resources Co. 144A company guaranty sr. unsec. notes 6.25%, 4/15/33 580,000 567,199
Matador Resources Co. 144A sr. unsec. notes 6.50%, 4/15/32 455,000 451,291
Occidental Petroleum Corp. sr. unsec. sub. bonds 6.20%, 3/15/40 890,000 881,215
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.125%, 1/15/26 (Canada) 147,000 147,234
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada) 230,000 224,920
Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29 510,000 479,416
Seadrill Finance, Ltd. 144A company guaranty notes 8.375%, 8/1/30 (Bermuda) 555,000 555,145
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. 144A sr. unsec. notes 7.875%, 11/1/28 505,000 520,126
SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26 90,000 90,040
SM Energy Co. 144A sr. unsec. notes 7.00%, 8/1/32 370,000 363,485
Sunoco LP 144A sr. unsec. notes 6.25%, 7/1/33 420,000 420,730
Transocean Aquila, Ltd. 144A company guaranty sr. notes 8.00%, 9/30/28 77,462 79,059
Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27 123,375 122,710
Transocean Titan Financing, Ltd. 144A company guaranty sr. notes 8.375%, 2/1/28 (Cayman Islands) 316,667 323,720
Transocean, Inc. company guaranty sr. unsec. unsub. bonds 6.80%, 3/15/38 485,000 372,197
Transocean, Inc. 144A company guaranty sr. notes 8.75%, 2/15/30 100,000 103,922
Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 6.25%, 1/15/30 65,000 66,016
Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 3.875%, 8/15/29 130,000 120,437
Venture Global LNG, Inc. 144A jr. unsec. sub. bonds 9.00%, 9/30/54 400,000 379,912
Venture Global LNG, Inc. 144A sr. notes 9.875%, 2/1/32 315,000 334,754
Venture Global LNG, Inc. 144A sr. notes 9.50%, 2/1/29 340,000 364,798
Venture Global LNG, Inc. 144A sr. notes 8.375%, 6/1/31 480,000 487,155
Venture Global LNG, Inc. 144A sr. notes 8.125%, 6/1/28 170,000 173,818
Viper Energy, Inc. 144A sr. unsec. sub. notes 7.375%, 11/1/31 585,000 612,400
Viper Energy, Inc. 144A sr. unsec. sub. notes 5.375%, 11/1/27 50,000 49,573
13,302,133
Publishing (1.5%)
McGraw-Hill Education, Inc. 144A sr. notes 7.375%, 9/1/31 465,000 468,035
McGraw-Hill Education, Inc. 144A sr. unsec. notes 8.00%, 8/1/29 485,000 477,557
News Corp. 144A sr. unsec. notes 3.875%, 5/15/29 455,000 429,353
RR Donnelley & Sons Co. 144A sr. notes 9.50%, 8/1/29 760,000 753,552
2,128,497
Retail (1.6%)
Bath & Body Works, Inc. company guaranty sr. unsec. sub. bonds 6.875%, 11/1/35 675,000 684,497
Crocs, Inc. 144A company guaranty sr. unsec. notes 4.25%, 3/15/29 240,000 223,350
FirstCash, Inc. 144A sr. unsec. notes 6.875%, 3/1/32 (Mexico) 860,000 871,785
PetSmart, Inc./PetSmart Finance Corp. 144A company guaranty sr. unsec. notes 7.75%, 2/15/29 370,000 340,072
Specialty Building Products Holdings, LLC/ SBP Finance Corp. 144A sr. notes 7.75%, 10/15/29 180,000 166,453
2,286,157
Technology (3.6%)
Cloud Software Group, Inc. 144A notes 9.00%, 9/30/29 220,000 219,571
Cloud Software Group, Inc. 144A sr. notes. 6.50%, 3/31/29 375,000 364,802
CommScope, LLC 144A company guaranty sr. unsec. notes 7.125%, 7/1/28 750,000 664,396
Fortress Intermediate 3, Inc. 144A sr. notes 7.50%, 6/1/31 315,000 317,944
Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 245,000 226,188
Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29 225,000 213,861
McAfee Corp. 144A sr. unsec. notes 7.375%, 2/15/30 950,000 841,630
ON Semiconductor Corp. 144A company guaranty sr. unsec. notes 3.875%, 9/1/28 80,000 74,976
Rocket Software, Inc. 144A sr. unsec. notes 6.50%, 2/15/29 345,000 325,589
Seagate HDD Cayman company guaranty sr. unsec. notes 3.125%, 7/15/29 (Cayman Islands) 140,000 125,882
Snap, Inc. 144A company guaranty sr. unsec. notes 6.875%, 3/1/33 925,000 925,765
TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29 565,000 521,229
UKG, Inc. 144A sr. notes 6.875%, 2/1/31 295,000 299,476
5,121,309
Textiles (0.7%)
Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 9.00%, perpetual maturity 545,000 574,875
Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31 480,000 422,860
997,735
Transportation (1.0%)
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.75%, 4/20/29 325,000 318,296
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.50%, 4/20/26 135,417 135,149
OneSky Flight, LLC 144A sr. unsec. notes 8.875%, 12/15/29 330,000 333,841
United Airlines, Inc. 144A company guaranty sr. notes 4.625%, 4/15/29 130,000 123,115
Watco Cos., LLC/Watco Finance Corp. 144A sr. unsec. notes 7.125%, 8/1/32 505,000 508,284
1,418,685
Utilities and power (2.9%)
California Buyer, Ltd./Atlantica Sustainable Infrastructure PLC 144A sr. unsec. notes 6.375%, 2/15/32 (United Kingdom) 405,000 393,159
Calpine Corp. 144A sr. unsec. notes 5.00%, 2/1/31 310,000 296,213
Electricite De France SA 144A jr. unsec. sub. FRB 9.125%, perpetual maturity (France) 200,000 225,441
Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity 630,000 623,870
NRG Energy, Inc. 144A company guaranty sr. notes 7.00%, 3/15/33 110,000 118,677
NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 6.25%, 11/1/34 390,000 384,263
NRG Energy, Inc. 144A jr. unsec. sub. FRB 10.25%, perpetual maturity 345,000 380,906
PG&E Corp. jr. unsec. sub. bonds 7.375%, 3/15/55 230,000 226,631
PG&E Corp. sr. sub. notes 5.25%, 7/1/30 95,000 91,301
Vistra Corp. 144A jr. unsec. sub. FRN 8.00%, 10/15/51 150,000 154,438
Vistra Corp. 144A jr. unsec. sub. FRN 7.00%, perpetual maturity 290,000 293,900
Vistra Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29 135,000 130,745
Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 6.875%, 4/15/32 240,000 244,822
Vistra Operations Co., LLC 144A sr. unsec. notes 7.75%, 10/15/31 485,000 508,345
4,072,711
Total corporate bonds and notes (cost $121,751,089) $121,064,536








SENIOR LOANS (7.2%)(a)(c)
        Principal amount Value
Basic materials (1.5%)
CP Atlas Buyer, Inc. bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 3.75%), 8.175%, 11/23/27 $302,204 $280,634
Herens US Holdco Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.93%), 8.324%, 4/30/28 153,072 141,400
Hexion Holdings Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 7.44%), 11.862%, 3/15/30 285,882 273,375
Klockner-Pentaplast of America, Inc. bank term loan FRN (CME Term SOFR 6 Month + 4.73%), 9.227%, 2/4/26 228,543 208,926
Nouryon USA, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 7.553%, 4/3/28 277,430 277,198
Nouryon USA, LLC bank term loan FRN Ser. B2, (CME Term SOFR 3 Month + 3.25%), 7.554%, 4/3/28 133,318 133,569
Treasure Holdco, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 8.563%, 10/10/31 369,075 368,383
Vibrantz Technologies, Inc. bank term loan FRN (CME Term SOFR 3 Month + 4.25%), 8.689%, 4/23/29 296,601 262,306
W.R. Grace Holdings, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 7.549%, 9/22/28 69,107 68,546
2,014,337
Capital goods (1.0%)
Clarios Global LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 7.075%, 1/14/32 209,713 206,916
DexKo Global, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.75%), 8.189%, 10/4/28 368,354 344,128
Filtration Group Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.00%), 7.325%, 12/26/28 420,027 420,193
Madison IAQ, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 6.762%, 6/15/28 102,577 101,570
TK Elevator US Newco, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 7.737%, 4/15/30 346,382 345,885
1,418,692
Communication services (0.4%)
Connect Finco SARL bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 8.825%, 9/13/29 222,750 196,890
DIRECTV Financing, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 5.25%), 9.802%, 8/2/29 427,759 422,305
619,195
Consumer cyclicals (1.4%)
Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 8.439%, 8/21/28 93,433 92,977
EMRLD Borrower LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 6.799%, 6/18/31 64,675 64,161
Fertitta Entertainment, LLC/NV bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 7.825%, 1/27/29 351,140 346,242
Foundation Building Materials, Inc. bank term loan FRN Ser. B2, (CME Term SOFR 1 Month + 4.00%), 8.552%, 1/27/31 377,143 345,165
Great Canadian Gaming Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 4.75%), 9.053%, 11/1/29 220,067 217,386
LBM Acquisition, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.175%, 5/30/31 173,242 160,422
PetSmart, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.175%, 1/29/28 211,727 208,859
Scientific Games Holdings LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.296%, 4/4/29 183,609 182,767
White Cap Buyer, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 7.575%, 10/19/29 377,604 367,018
1,984,997
Consumer staples (0.5%)
Ascend Learning, LLC bank term loan FRN (CME Term SOFR 1 Month + 5.75%), 10.175%, 11/18/29 108,146 107,983
IRB Holding Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 6.825%, 3/10/28 231,699 230,511
Verde Purchaser, LLC bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 8.299%, 12/2/30 115,874 115,399
VM Consolidated, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 6.575%, 3/27/28 271,625 272,372
726,265
Financials (0.2%)
Apollo Commercial Real Estate Finance, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 7.939%, 3/11/28 234,390 234,097
234,097
Health care (0.8%)
Arsenal AIC Parent, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 6.25%), 10.572%, 9/25/30 (Canada) 220,000 212,025
Bausch + Lomb Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 7.672%, 5/5/27 345,872 345,091
Endo Finance Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 8.325%, 4/23/31 408,945 405,980
Medline Borrower LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 6.575%, 10/23/28 197,890 197,739
1,160,835
Technology (1.0%)
Cloud Software Group, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 7.799%, 3/29/29 274,403 272,220
Fortress Intermediate 3, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.075%, 5/8/31 253,725 253,568
Idera, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 7.791%, 3/2/28 287,825 267,542
Rocket Software, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.25%), 8.575%, 10/5/28 282,150 281,799
UKG, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.30%, 1/31/31 309,851 309,543
1,384,672
Transportation (0.4%)
American Airlines, Inc. bank term loan FRN (CME Term SOFR 1 Month + 2.25%), 6.507%, 6/4/29 183,150 180,792
American Airlines, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 2.25%), 6.543%, 4/20/28 (Cayman Islands) 198,611 196,578
United Airlines, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.00%), 6.297%, 2/24/31 253,395 253,168
630,538
Total senior loans (cost $10,358,297) $10,173,628








CONVERTIBLE BONDS AND NOTES (1.9%)(a)
        Principal amount Value
Anywhere Real Estate Group, LLC/Anywhere Co-Issuer Corp. company guaranty cv. sr. unsec. notes 0.25%, 6/15/26 $274,000 $255,300
Chefs' Warehouse, Inc. (The) cv. sr. unsec. unsub. notes 2.375%, 12/15/28 200,000 278,397
Guidewire Software, Inc. 144A cv. sr. unsec. notes 1.25%, 11/1/29 366,000 382,104
Live Nation Entertainment, Inc. 144A cv. sr. unsec. notes 3.125%, 1/15/29 195,000 271,440
Nabors Industries, Inc. company guaranty cv. sr. unsec. unsub. notes 1.75%, 6/15/29 155,000 104,393
Post Holdings, Inc. company guaranty cv. sr. unsec. unsub. notes 2.50%, 8/15/27 243,000 290,264
Seagate HDD Cayman company guaranty cv. sr. unsec. notes 3.50%, 6/1/28 (Cayman Islands) 260,000 313,528
Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28 280,000 259,175
Welltower OP, LLC 144A company guaranty cv. sr. unsec. notes 2.75%, 5/15/28(R) 208,000 339,560
Wrangler Holdco Corp. 144A company guaranty cv. sr. notes unsec. sub. 6.625%, 4/1/32 155,000 157,969
Total convertible bonds and notes (cost $2,415,818) $2,652,130








CONVERTIBLE PREFERRED STOCKS (1.2%)(a)
        Shares Value
Apollo Global Management, Inc. $3.38 cv. pfd. 3,581 $261,735
Boeing Co. (The) $3.00 cv. pfd. 8,265 494,495
Chart Industries, Inc. $3.38 cv. pfd. 5,389 295,156
Hewlett Packard Enterprise Co. $3.81 cv. pfd. 3,018 144,079
NextEra Energy, Inc. $3.81 cv. pfd. 7,375 352,599
PG&E Corp. $3.00 cv. pfd. 4,512 201,867
Total convertible preferred stocks (cost $1,608,633) $1,749,931








COMMON STOCKS (0.5%)(a)
        Shares Value
GFL Environmental, Inc. (Canada) 4,430 $214,013
Viking Holdings, Ltd. (Bermuda)(NON) 11,800 469,050
Total common stocks (cost $426,906) $683,063








SHORT-TERM INVESTMENTS (3.4%)(a)
        Shares Value
Putnam Short Term Investment Fund Class P 4.53%(AFF) 4,798,828 $4,798,828
Total short-term investments (cost $4,798,828) $4,798,828
TOTAL INVESTMENTS
Total investments (cost $141,359,571) $141,122,116








FORWARD CURRENCY CONTRACTS at 3/31/25 (aggregate face value $2,763,699) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Euro Sell 6/18/25 $289,955 $287,471 $(2,484)
Barclays Bank PLC
Euro Sell 6/18/25 196,778 195,124 (1,654)
Goldman Sachs International
Euro Sell 6/18/25 95,132 94,340 (792)
JPMorgan Chase Bank N.A.
Euro Sell 6/18/25 140,416 139,191 (1,225)
Morgan Stanley & Co. International PLC
British Pound Sell 6/18/25 129,424 128,678 (746)
Euro Sell 6/18/25 289,304 287,328 (1,976)
State Street Bank and Trust Co.
British Pound Sell 6/18/25 271,248 269,212 (2,036)
Euro Sell 6/18/25 1,373,971 1,362,355 (11,616)
Unrealized appreciation —
Unrealized (depreciation) (22,529)
Total $(22,529)
* The exchange currency for all contracts listed is the United States Dollar.










CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 3/31/25 (Unaudited)
  Referenced debt* Rating*** Upfront premium received (paid)**   Notional amount Value  

Termi-
nation
date

   Payments received by fund Unrealized
appreciation
CDX NA HY Series 44 Index B+/P $(133,200) $2,762,000 $142,795 6/20/30 500 bp — Quarterly $9,595
Total $(133,200) $9,595
* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
*** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at March 31, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.










Key to holding's currency abbreviations
EUR Euro
GBP British Pound
Key to holding's abbreviations
bp Basis Points
CME Chicago Mercantile Exchange
DAC Designated Activity Company
FRB Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
FRN Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
REGS Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
SOFR Secured Overnight Financing Rate
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from January 1, 2025 through March 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
Putnam VT High Yield Fund (the fund) is a diversified series of Putnam Variable Trust (the Trust), a Massachusetts business trust registered under the 1940 Act as an open-end management investment company.
The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946.
(a) Percentages indicated are based on net assets of $140,630,948.
(NON) This security is non-income-producing.
(PIK) Income may be received in cash or additional securities at the discretion of the issuer. The rate shown in parenthesis is the rate paid in kind, if applicable.
(AFF) Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
12/31/24		 Purchase cost Sale proceeds Investment income Shares outstanding
and fair
value as of
3/31/25
Short-term investments
Putnam Short Term Investment Fund Class P‡ $4,598,400 $13,382,861 $13,182,433 $65,453 $4,798,828
Total Short-term investments $4,598,400 $13,382,861 $13,182,433 $65,453 $4,798,828
‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period.
At the close of the reporting period, the fund has deposited cash valued at $215,758 in a segregated account to cover margin requirements on open centrally cleared credit default contracts.
(c) Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities.
Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
(R) Real Estate Investment Trust.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the“mid price”, and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund’s investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund’s investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund’s investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $22,529 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.








ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
  Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Capital goods $214,013 $— $—
Consumer cyclicals 469,050 — —
Total common stocks 683,063 — —
Convertible bonds and notes — 2,652,130 —
Convertible preferred stocks 1,749,931 — —
Corporate bonds and notes — 121,064,536 —
Senior loans — 10,173,628 —
Short-term investments — 4,798,828 —
Totals by level $2,432,994 $138,689,122 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(22,529) $—
Credit default contracts — 142,795 —
Totals by level $— $120,266 $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com