Putnam VT Mortgage Securities Fund
The fund's portfolio
3/31/25 (Unaudited)


U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (160.5%)(a)
        Principal amount Value
U.S. Government Guaranteed Mortgage Obligations (48.9%)
Government National Mortgage Association Pass-Through Certificates
6.50%, with due dates from 4/15/28 to 7/20/36 $11,711 $12,333
6.00%, TBA, 4/1/55 1,000,000 1,015,047
6.00%, with due dates from 4/15/28 to 11/20/38 30,016 31,277
5.50%, TBA, 4/1/55 1,000,000 1,002,211
5.50%, 4/20/38 42,042 43,198
5.00%, TBA, 4/1/55 4,000,000 3,934,793
4.50%, TBA, 4/1/55 1,000,000 959,531
4.50%, 5/20/48 54,281 52,583
4.00%, TBA, 4/1/55 1,000,000 936,202
3.50%, TBA, 4/1/55 1,000,000 915,083
3.00%, TBA, 4/1/55 1,000,000 885,860
2.50%, TBA, 4/1/55 2,000,000 1,706,153
2.00%, TBA, 4/1/55 2,000,000 1,636,030
13,130,301
U.S. Government Agency Mortgage Obligations (111.6%)
Federal Home Loan Mortgage Corporation Pass-Through Certificates
7.50%, with due dates from 9/1/30 to 7/1/31 4,508 4,617
7.00%, with due dates from 11/1/26 to 4/1/32 23,487 24,527
Federal National Mortgage Association Pass-Through Certificates
7.50%, with due dates from 9/1/30 to 11/1/30 1,955 1,996
7.00%, with due dates from 8/1/33 to 12/1/35 95,291 99,540
6.50%, 9/1/36 5,367 5,592
Uniform Mortgage-Backed Securities
6.00%, TBA, 4/1/55 3,000,000 3,047,395
5.50%, TBA, 4/1/55 7,000,000 6,991,789
5.00%, TBA, 4/1/55 1,000,000 980,207
4.00%, TBA, 4/1/55 2,000,000 1,863,737
3.50%, TBA, 4/1/55 3,000,000 2,705,874
3.00%, TBA, 4/1/55 2,000,000 1,733,595
2.50%, TBA, 4/1/55 6,000,000 4,990,021
2.50%, TBA, 4/1/40 1,000,000 925,347
2.00%, TBA, 4/1/55 6,000,000 4,769,341
2.00%, TBA, 4/1/40 1,000,000 903,936
1.50%, TBA, 4/1/40 1,000,000 877,608
29,925,122
Total U.S. government and agency mortgage obligations (cost $42,992,403) $43,055,423








MORTGAGE-BACKED SECURITIES (87.1%)(a)
        Principal amount Value
Agency collateralized mortgage obligations (32.2%)
Federal Home Loan Mortgage Corporation
REMICs IFB Ser. 3408, Class EK, ((-4.024 x US 30 Day Average SOFR) + 25.33%), 7.834%, 4/15/37 $8,095 $9,288
REMICs IFB Ser. 3065, Class DC, ((-3 x US 30 Day Average SOFR) + 19.52%), 6.471%, 3/15/35 51,301 52,766
Strips FRB Ser. 406, Class F30, (US 30 Day Average SOFR + 1.15%), 5.49%, 10/25/53 76,643 77,192
REMICs FRB Ser. 5391, Class FC, (US 30 Day Average SOFR + 1.10%), 5.44%, 3/25/54 34,329 34,527
REMICs Ser. 4018, Class DI, IO, 4.50%, 7/15/41 22,471 513
REMICs Ser. 4953, Class AI, IO, 4.00%, 2/25/50 625,761 127,737
REMICs Ser. 23-5349, Class IB, IO, 4.00%, 12/15/46 261,529 54,101
REMICs Ser. 5050, Class IM, IO, 3.50%, 10/25/50 483,478 96,088
REMICs Ser. 4136, Class IQ, IO, 3.50%, 11/15/42 163,600 17,284
Strips Ser. 304, Class C37, IO, 3.50%, 12/15/27 11,275 254
REMICs Ser. 5071, Class IV, IO, 3.00%, 12/25/50 961,393 153,524
REMICs IFB Ser. 5003, Class DS, IO, ((-1 x US 30 Day Average SOFR) + 5.99%), 1.646%, 8/25/50 537,760 70,192
REMICs IFB Ser. 4915, Class SD, IO, ((-1 x US 30 Day Average SOFR) + 5.94%), 1.596%, 9/25/49 378,860 40,456
REMICs Ser. 3391, PO, zero %, 4/15/37 2,010 1,737
Federal National Mortgage Association
REMICs IFB Ser. 08-24, Class SP, ((-3.667 x US 30 Day Average SOFR) + 22.86%), 6.951%, 2/25/38 4,183 4,226
REMICs Ser. 15-58, Class KI, IO, 6.00%, 3/25/37 224,847 37,894
REMICs Ser. 18-51, Class BI, IO, 5.50%, 7/25/38 154,059 9,658
Trust FRB Ser. 03-W8, Class 3F2, (US 30 Day Average SOFR + 0.46%), 4.804%, 5/25/42 1,366 1,360
REMICs Ser. 20-31, IO, 4.50%, 5/25/50 997,491 188,259
REMICs Ser. 12-104, Class HI, IO, 4.00%, 9/25/27 27,622 622
REMICs Ser. 21-25, Class IJ, IO, 3.50%, 5/25/51 398,489 79,183
REMICs Ser. 20-62, Class MI, IO, 3.50%, 5/25/49 963,723 175,215
REMICs Ser. 23-49, Class IB, IO, 3.50%, 3/25/47 522,520 82,115
REMICs Ser. 20-96, IO, 3.00%, 1/25/51 734,902 120,922
REMICs Ser. 23-49, Class IA, IO, 3.00%, 8/25/46 478,297 61,174
REMICS IFB Ser. 23-58, Class SP, IO, ((-1 x US 30 Day Average SOFR) + 6.90%), 2.56%, 12/25/53 2,311,967 181,654
REMICs Ser. 21-12, Class NI, IO, 2.50%, 3/25/51 642,395 106,164
REMICs Ser. 21-3, Class IB, IO, 2.50%, 2/25/51 658,363 108,476
REMICs IFB Ser. 11-123, Class KS, IO, ((-1 x US 30 Day Average SOFR) + 6.49%), 2.146%, 10/25/41 11,783 853
REMICs IFB Ser. 18-20, Class SB, IO, ((-1 x US 30 Day Average SOFR) + 6.14%), 1.796%, 3/25/48 278,522 26,722
REMICs Ser. 08-53, Class DO, PO, zero %, 7/25/38 10,027 8,645
Government National Mortgage Association
Ser. 16-75, Class LI, IO, 6.00%, 1/20/40 122,063 18,247
Ser. 24-4, Class IG, IO, 5.00%, 12/20/52 1,050,135 182,513
Ser. 22-125, Class CI, IO, 5.00%, 6/20/52 559,420 109,902
Ser. 15-89, Class LI, IO, 5.00%, 12/20/44 234,595 43,509
Ser. 14-76, IO, 5.00%, 5/20/44 130,328 27,354
Ser. 13-51, Class QI, IO, 5.00%, 2/20/43 89,974 9,945
Ser. 13-6, Class OI, IO, 5.00%, 1/20/43 42,115 8,609
IFB Ser. 23-66, Class PS, IO, ((-2.5 x US 30 Day Average SOFR) + 15.38%), 4.514%, 5/20/53 176,791 185,206
Ser. 21-89, Class IL, IO, 4.50%, 5/20/51 588,406 135,781
Ser. 13-34, Class HI, IO, 4.50%, 3/20/43 140,598 24,302
Ser. 13-39, Class IJ, IO, 4.50%, 3/20/43 391,987 61,733
Ser. 09-121, Class CI, IO, 4.50%, 12/16/39 191,085 32,354
Ser. 21-214, Class AI, IO, 4.00%, 12/20/51 1,101,718 222,344
Ser. 15-53, Class MI, IO, 4.00%, 4/16/45 162,528 30,604
Ser. 12-38, Class MI, IO, 4.00%, 3/20/42 525,717 93,746
Ser. 14-182, Class BI, IO, 4.00%, 1/20/39 186,051 11,700
Ser. 21-197, Class BI, IO, 3.50%, 11/20/51 649,928 82,158
Ser. 21-177, Class IG, IO, 3.50%, 10/20/51 1,214,313 187,221
Ser. 20-175, Class JI, IO, 3.50%, 11/20/50 1,351,289 246,327
Ser. 12-136, IO, 3.50%, 11/20/42 210,782 28,458
Ser. 14-102, Class IG, IO, 3.50%, 3/16/41 16,165 384
Ser. 15-52, Class KI, IO, 3.50%, 11/20/40 59,875 3,011
Ser. 16-H18, Class QI, IO, 3.319%, 6/20/66(WAC) 367,664 19,350
FRB Ser. 16-H19, Class AI, IO, 3.258%, 9/20/66(WAC) 581,546 25,760
Ser. 16-H23, Class NI, IO, 3.022%, 10/20/66(WAC) 579,945 24,607
Ser. 21-176, Class GI, IO, 3.00%, 10/20/51 755,385 115,957
Ser. 21-188, Class IW, IO, 3.00%, 10/20/51 538,600 82,068
Ser. 21-116, Class EI, IO, 3.00%, 7/20/51 1,773,372 205,723
Ser. 21-76, Class NI, IO, 3.00%, 8/20/50 1,089,974 187,672
Ser. 14-174, Class AI, IO, 3.00%, 11/16/29 80,489 2,448
Ser. 15-H20, Class CI, IO, 2.991%, 8/20/65(WAC) 513,095 24,062
FRB Ser. 15-H16, Class XI, IO, 2.978%, 7/20/65(WAC) 228,966 12,377
Ser. 15-H14, Class AI, IO, 2.957%, 6/20/65(WAC) 468,332 21,839
Ser. 15-H22, Class AI, IO, 2.789%, 9/20/65(WAC) 606,341 28,126
Ser. 16-H24, Class JI, IO, 2.788%, 11/20/66(WAC) 195,109 11,158
Ser. 15-H13, Class AI, IO, 2.663%, 6/20/65(WAC) 340,877 16,262
Ser. 16-H13, Class IK, IO, 2.66%, 6/20/66(WAC) 305,757 26,961
IFB Ser. 23-20, Class SP, IO, ((-1 x US 30 Day Average SOFR) + 7.00%), 2.656%, 2/20/53 2,513,863 185,131
IFB Ser. 24-4, Class ES, IO, ((-1 x US 30 Day Average SOFR) + 6.95%), 2.606%, 1/20/54 2,460,843 189,357
IFB Ser. 23-173, Class ES, IO, ((-1 x US 30 Day Average SOFR) + 6.95%), 2.606%, 11/20/53 1,824,233 111,790
Ser. 17-H03, Class KI, IO, 2.597%, 1/20/67(WAC) 509,831 39,349
IFB Ser. 23-7, Class AS, IO, ((-1 x US 30 Day Average SOFR) + 6.90%), 2.556%, 1/20/53 2,039,871 142,810
Ser. 17-H04, Class BI, IO, 2.53%, 2/20/67(WAC) 353,589 14,538
Ser. 21-7, Class MI, IO, 2.50%, 1/20/51 934,035 139,145
Ser. 21-8, Class IP, IO, 2.50%, 1/20/51 1,113,463 161,465
Ser. 20-162, Class UI, IO, 2.50%, 10/20/50 829,527 117,931
Ser. 20-138, Class IB, IO, 2.50%, 9/20/50 989,991 141,018
Ser. 20-123, Class NI, IO, 2.50%, 8/20/50 568,242 83,744
Ser. 16-H27, Class GI, IO, 2.373%, 12/20/66(WAC) 690,696 39,180
Ser. 16-H06, Class DI, IO, 2.364%, 7/20/65(WAC) 312,597 10,116
Ser. 16-H24, Class BI, IO, 2.33%, 11/20/66(WAC) 1,218,373 45,878
Ser. 17-H06, Class MI, IO, 2.268%, 2/20/67(WAC) 516,451 21,985
IFB Ser. 13-182, Class SP, IO, ((-1 x CME Term SOFR 1 Month) + 6.59%), 2.266%, 12/20/43 103,243 13,381
Ser. 16-H07, Class PI, IO, 2.246%, 3/20/66(WAC) 754,746 43,911
Ser. 14-H21, Class AI, IO, 2.194%, 10/20/64(WAC) 567,426 19,824
IFB Ser. 11-156, Class SK, IO, ((-1 x CME Term SOFR 1 Month) + 6.49%), 2.166%, 4/20/38 1,323,560 181,117
Ser. 16-H24, IO, 2.125%, 9/20/66(WAC) 387,338 25,658
Ser. 15-H10, Class HI, IO, 2.085%, 4/20/65(WAC) 611,347 30,712
IFB Ser. 24-11, Class S, IO, ((-1 x US 30 Day Average SOFR) + 6.40%), 2.056%, 1/20/54 2,885,732 169,577
Ser. 16-H03, Class AI, IO, 1.996%, 1/20/66(WAC) 525,007 19,242
Ser. 17-H08, Class GI, IO, 1.962%, 2/20/67(WAC) 410,527 36,404
Ser. 15-H23, Class TI, IO, 1.962%, 9/20/65(WAC) 364,573 10,972
IFB Ser. 23-13, Class SL, IO, ((-1 x US 30 Day Average SOFR) + 6.25%), 1.906%, 1/20/53 1,095,683 84,111
IFB Ser. 21-98, Class SK, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.866%, 6/20/51 760,026 110,119
IFB Ser. 20-112, Class MS, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.866%, 8/20/50 1,255,499 183,652
Ser. 16-H10, Class AI, IO, 1.846%, 4/20/66(WAC) 427,960 10,378
IFB Ser. 23-56, Class AS, IO, ((-1 x US 30 Day Average SOFR) + 6.16%), 1.816%, 4/20/53 3,479,483 248,118
IFB Ser. 13-87, Class SA, IO, ((-1 x CME Term SOFR 1 Month) + 6.09%), 1.766%, 6/20/43 480,085 50,754
IFB Ser. 19-158, Class AS, IO, ((-1 x CME Term SOFR 1 Month) + 6.04%), 1.716%, 9/16/43 463,100 46,178
IFB Ser. 23-181, Class DS, IO, ((-1 x US 30 Day Average SOFR) + 6.00%), 1.656%, 11/20/53 3,466,958 191,448
IFB Ser. 23-101, Class HS, IO, ((-1 x US 30 Day Average SOFR) + 6.00%), 1.656%, 7/20/53 3,977,596 233,954
IFB Ser. 23-82, Class ES, IO, ((-1 x US 30 Day Average SOFR) + 6.00%), 1.656%, 6/20/53 2,687,954 132,556
IFB Ser. 23-19, Class S, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.616%, 11/20/49 1,870,775 219,422
IFB Ser. 19-125, Class SG, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.616%, 10/20/49 559,953 66,829
IFB Ser. 19-110, Class SQ, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.616%, 9/20/49 565,331 65,027
Ser. 15-H04, Class AI, IO, 1.613%, 12/20/64(WAC) 358,210 10,698
Ser. 17-H08, Class NI, IO, 1.578%, 3/20/67(WAC) 346,310 11,363
IFB Ser. 19-121, Class SD, IO, ((-1 x CME Term SOFR 1 Month) + 5.89%), 1.566%, 10/20/49 226,926 25,975
IFB Ser. 20-47, Class SA, IO, ((-1 x CME Term SOFR 1 Month) + 5.89%), 1.566%, 5/20/44 390,165 42,269
IFB Ser. 23-40, Class SP, IO, ((-1 x US 30 Day Average SOFR) + 5.65%), 1.306%, 3/20/53 2,289,498 93,560
IFB Ser. 22-209, Class SG, IO, ((-1 x US 30 Day Average SOFR) + 5.60%), 1.256%, 12/20/52 4,381,899 308,949
Ser. 17-H09, IO, 1.221%, 4/20/67(WAC) 386,399 12,051
Ser. 17-H10, Class MI, IO, 1.197%, 4/20/67(WAC) 390,793 12,133
8,632,358
Commercial mortgage-backed securities (29.7%)
BANK
FRB Ser. 20-BN26, Class XA, IO, 1.196%, 3/15/63(WAC) 970,596 43,038
FRB Ser. 24-BNK48, Class XA, IO, 1.148%, 10/15/57(WAC) 779,144 66,132
BANK 144A Ser. 18-BN11, Class D, 3.00%, 3/15/61 59,000 43,972
Bank5 FRB Ser. 24-5YR10, Class XA, 1.191%, 10/15/57(WAC) 1,182,585 54,585
Barclays Commercial Mortgage Trust 144A
Ser. 19-C4, Class E, 3.25%, 8/15/52 111,000 55,060
FRB Ser. 19-C5, Class F, 2.574%, 11/15/52(WAC) 80,000 45,224
BBCMS Mortgage Trust
FRB Ser. 24-5C29, Class XA, IO, 1.60%, 9/15/57(WAC) 1,468,031 90,518
FRB Ser. 25-C32, Class XA, IO, 1.13%, 2/15/62(WAC) 999,786 87,162
BDS, Ltd. 144A FRB Ser. 21-FL9, Class A, (CME Term SOFR 1 Month + 1.18%), 5.501%, 11/16/38 (Cayman Islands) 42,313 42,378
Benchmark Mortgage Trust
FRB Ser. 18-B1, Class C, 4.204%, 1/15/51(WAC) 49,000 42,508
FRB Ser. 24-V10, Class XA, IO, 1.306%, 9/15/57(WAC) 1,157,964 57,934
Ser. 19-B15, Class XA, IO, 0.802%, 12/15/72(WAC) 1,084,241 30,973
Benchmark Mortgage Trust 144A
FRB Ser. 18-B3, Class D, 3.053%, 4/10/51(WAC) 77,000 51,304
Ser. 19-B11, Class D, 3.00%, 5/15/52 115,000 56,214
Ser. 18-B1, Class E, 3.00%, 1/15/51(WAC) 108,000 52,920
Ser. 19-B13, Class D, 2.50%, 8/15/57 105,000 57,485
BWAY Mortgage Trust 144A FRB Ser. 22-26BW, Class F, 4.866%, 2/10/44(WAC) 138,000 80,570
CD Commercial Mortgage Trust
FRB Ser. 17-CD3, Class C, 4.539%, 2/10/50(WAC) 134,000 56,981
Ser. 17-CD3, Class B, 3.984%, 2/10/50(WAC) 60,000 40,584
Ser. 17-CD4, Class B, 3.947%, 5/10/50(WAC) 109,000 102,023
CD Commercial Mortgage Trust 144A
Ser. 17-CD3, Class D, 3.25%, 2/10/50 140,000 30,496
Ser. 19-CD8, Class D, 3.00%, 8/15/57 84,000 49,117
Citigroup Commercial Mortgage Trust FRB Ser. 15-P1, Class C, 4.387%, 9/15/48(WAC) 68,000 65,527
Citigroup Commercial Mortgage Trust 144A
FRB Ser. 13-GC17, Class D, 5.076%, 11/10/46(WAC) 89,272 87,128
FRB Ser. 15-GC27, Class D, 4.529%, 2/10/48(WAC) 137,475 131,946
COMM Mortgage Trust
FRB Ser. 14-CR16, Class C, 4.751%, 4/10/47(WAC) 119,000 111,973
FRB Ser. 14-CR17, Class C, 4.723%, 5/10/47(WAC) 148,000 136,077
FRB Ser. 13-CR13, Class C, 4.646%, 11/10/46(WAC) 15,655 14,550
FRB Ser. 15-CR23, Class C, 4.492%, 5/10/48(WAC) 72,000 68,725
Ser. 14-CR17, Class B, 4.377%, 5/10/47 53,660 52,476
Ser. 13-CR12, Class AM, 4.30%, 10/10/46 103,862 97,743
Ser. 14-UBS5, Class AM, 4.193%, 9/10/47(WAC) 45,519 44,968
Ser. 15-DC1, Class B, 4.035%, 2/10/48(WAC) 85,000 82,089
Ser. 14-UBS3, Class AM, 4.012%, 6/10/47 68,128 65,145
FRB Ser. 15-CR26, Class D, 3.463%, 10/10/48(WAC) 85,000 69,852
COMM Mortgage Trust 144A
FRB Ser. 13-LC13, Class D, 5.372%, 8/10/46(WAC) 100,976 86,731
FRB Ser. 14-CR17, Class D, 4.787%, 5/10/47(WAC) 144,000 117,982
FRB Ser. 15-LC19, Class E, 4.216%, 2/10/48(WAC) 115,000 90,575
Ser. 12-CR4, Class B, 3.703%, 10/15/45 123,000 88,696
Ser. 17-COR2, Class D, 3.00%, 9/10/50 113,000 98,080
FRB Ser. 18-COR3, Class D, 2.814%, 5/10/51(WAC) 40,000 14,453
CSAIL Commercial Mortgage Trust
FRB Ser. 15-C3, Class C, 4.362%, 8/15/48(WAC) 56,000 49,608
FRB Ser. 15-C2, Class C, 4.237%, 6/15/57(WAC) 50,000 46,283
FRB Ser. 15-C2, Class D, 4.237%, 6/15/57(WAC) 55,000 43,175
Ser. 15-C1, Class B, 3.96%, 4/15/50(WAC) 88,000 84,126
FRB Ser. 15-C1, Class C, 3.96%, 4/15/50(WAC) 124,000 113,001
CSAIL Commercial Mortgage Trust 144A Ser. 19-C17, Class D, 2.50%, 9/15/52 138,000 67,546
DBUBS Mortgage Trust 144A FRB Ser. 11-LC3A, Class D, 5.288%, 8/10/44(WAC) 115,492 111,120
Federal Home Loan Mortgage Corporation Multifamily Structured Credit Risk FRB Ser. 21-MN1, Class M2, 8.09%, 1/25/51 85,000 88,547
Federal Home Loan Mortgage Corporation 144A
Multifamily Structured Credit Risk FRB Ser. 21-MN3, Class M2, 8.34%, 11/25/51 148,000 154,245
Multifamily Structired Credit Risk FRB Ser. 21-MN1, Class M1, 6.34%, 1/25/51 51,603 51,434
Government National Mortgage Association FRB Ser. 24-32, IO, 0.705%, 6/16/63 826,595 43,042
GS Mortgage Securities Trust
FRB Ser. 14-GC24, Class B, 4.417%, 9/10/47(WAC) 100,000 93,533
Ser. 14-GC22, Class AS, 4.113%, 6/10/47 111,000 103,053
GS Mortgage Securities Trust 144A
FRB Ser. 14-GC24, Class D, 4.438%, 9/10/47(WAC) 123,000 51,034
FRB Ser. 13-GC13, Class D, 3.878%, 7/10/46(WAC) 105,000 74,982
Ser. 17-GS5, Class D, 3.509%, 3/10/50(WAC) 61,000 13,534
JPMBB Commercial Mortgage Securities Trust
FRB Ser. 14-C22, Class C, 4.51%, 9/15/47(WAC) 73,000 66,778
FRB Ser. 14-C18, Class B, 4.484%, 2/15/47(WAC) 50,252 48,637
FRB Ser. 14-C25, Class B, 4.347%, 11/15/47(WAC) 95,000 88,558
FRB Ser. 13-C12, Class D, 3.86%, 7/15/45(WAC) 87,000 80,094
JPMBB Commercial Mortgage Securities Trust 144A FRB Ser. C14, Class D, 3.935%, 8/15/46(WAC) 116,000 89,499
JPMDB Commercial Mortgage Securities Trust
FRB Ser. 18-C8, Class C, 4.757%, 6/15/51(WAC) 53,000 46,621
Ser. 17-C5, Class C, 4.512%, 3/15/50(WAC) 46,000 30,559
JPMDB Commercial Mortgage Securities Trust 144A FRB Ser. 16-C2, Class D, 3.322%, 6/15/49(WAC) 157,000 73,116
JPMorgan Chase Commercial Mortgage Securities Trust
FRB Ser. 13-LC11, Class D, 4.287%, 4/15/46(WAC) 62,000 15,202
FRB Ser. 13-C10, Class C, 4.076%, 12/15/47(WAC) 28,412 26,810
Ser. 13-LC11, Class B, 3.499%, 4/15/46 31,865 29,992
JPMorgan Chase Commercial Mortgage Securities Trust 144A
FRB Ser. 11-C3, Class D, 5.533%, 2/15/46(WAC) 145,000 129,162
FRB Ser. 12-LC9, Class D, 3.577%, 12/15/47(WAC) 100,000 94,889
LSTAR Commercial Mortgage Trust 144A Ser. 17-5, Class A5, 3.549%, 3/10/50 60,000 58,134
Morgan Stanley Bank of America Merrill Lynch Trust
FRB Ser. 13-C12, Class C, 4.749%, 10/15/46(WAC) 15,662 14,709
FRB Ser. 15-C25, Class C, 4.538%, 10/15/48(WAC) 122,000 115,501
FRB Ser. 15-C24, Class C, 4.318%, 5/15/48(WAC) 104,000 100,391
FRB Ser. 14-C16, Class B, 4.225%, 6/15/47(WAC) 12,214 12,080
FRB Ser. 15-C22, Class C, 4.202%, 4/15/48(WAC) 98,000 84,846
FRB Ser. 17-C34, Class C, 4.171%, 11/15/52(WAC) 60,000 51,217
Ser. 14-C19, Class C, 4.00%, 12/15/47 31,235 30,248
FRB Ser. 13-C10, Class B, 3.98%, 7/15/46(WAC) 73,955 69,150
FRB Ser. 13-C9, Class C, 3.716%, 5/15/46(WAC) 58,000 53,347
Ser. 13-C9, Class B, 3.708%, 5/15/46(WAC) 79,688 75,999
Morgan Stanley Bank of America Merrill Lynch Trust 144A
FRB Ser. 12-C5, Class E, 4.568%, 8/15/45(WAC) 63,000 61,516
FRB Ser. 15-C24, Class E, 4.318%, 5/15/48(WAC) 82,000 68,078
FRB Ser. 15-C23, Class D, 4.137%, 7/15/50(WAC) 69,000 66,481
FRB Ser. 12-C6, Class E, 4.064%, 11/15/45(WAC) 124,000 49,165
FRB Ser. 13-C10, Class F, 3.98%, 7/15/46(WAC) 141,000 10,871
Ser. 15-C24, Class D, 3.257%, 5/15/48 63,000 56,194
Morgan Stanley Capital I Trust
FRB Ser. 18-H3, Class C, 4.854%, 7/15/51(WAC) 88,000 82,043
FRB Ser. 15-MS1, Class C, 4.018%, 5/15/48(WAC) 94,000 85,089
FRB Ser. 16-UB11, Class C, 3.691%, 8/15/49(WAC) 126,000 120,877
Morgan Stanley Capital I Trust 144A FRB Ser. 11-C3, Class E, 4.943%, 7/15/49(WAC) 41,645 40,838
Multifamily Connecticut Avenue Securities Trust 144A FRB Ser. 19-01, Class M10, 7.704%, 10/25/49 239,476 243,727
Ready Capital Mortgage Financing, LLC 144A FRB Ser. 22-FL9, Class A, 6.787%, 6/25/37 25,934 25,975
UBS Commercial Mortgage Trust
FRB Ser. 18-C13, Class C, 4.975%, 10/15/51(WAC) 54,000 49,091
FRB Ser. 18-C11, Class C, 4.876%, 6/15/51(WAC) 66,000 59,949
FRB Ser. 17-C3, Class C, 4.38%, 8/15/50(WAC) 94,000 87,702
UBS Commercial Mortgage Trust 144A
FRB Ser. 12-C1, Class E, 5.00%, 5/10/45(WAC) 74,969 70,727
FRB Ser. 18-C11, Class D, 3.00%, 6/15/51(WAC) 136,000 77,383
Wells Fargo Commercial Mortgage Trust
FRB Ser. 16-NXS5, Class D, 4.975%, 1/15/59(WAC) 51,000 43,959
FRB Ser. 18-C46, Class C, 4.95%, 8/15/51(WAC) 51,000 46,769
FRB Ser. 15-SG1, Class B, 4.464%, 9/15/48(WAC) 72,000 69,126
FRB Ser. 15-C29, Class D, 4.245%, 6/15/48(WAC) 99,000 94,444
FRB Ser. 20-C57, Class C, 4.023%, 8/15/53(WAC) 23,000 20,581
Ser. 15-C31, Class D, 3.852%, 11/15/48 104,000 91,389
FRB Ser. 13-LC12, Class B, 3.822%, 7/15/46(WAC) 53,417 51,468
Ser. 16-BNK1, Class C, 3.071%, 8/15/49(WAC) 65,000 46,631
Wells Fargo Commercial Mortgage Trust 144A
FRB Ser. 15-C31, Class E, 4.591%, 11/15/48(WAC) 118,000 84,656
FRB Ser. 15-C30, Class D, 4.507%, 9/15/58(WAC) 98,000 95,444
Ser. 17-RB1, Class D, 3.401%, 3/15/50 61,000 32,389
Ser. 16-C33, Class D, 3.123%, 3/15/59 122,000 107,386
Ser. 20-C55, Class D, 2.50%, 2/15/53 100,000 63,462
WF-RBS Commercial Mortgage Trust
FRB Ser. 12-C10, Class C, 4.311%, 12/15/45(WAC) 57,000 47,933
FRB Ser. 14-C23, Class B, 4.293%, 10/15/57(WAC) 50,000 46,712
Ser. 14-C21, Class C, 4.234%, 8/15/47(WAC) 90,000 85,726
FRB Ser. 14-C21, Class B, 4.213%, 8/15/47(WAC) 89,562 86,644
FRB Ser. 13-C11, Class C, 3.75%, 3/15/45(WAC) 74,000 70,469
WFRBS Commercial Mortgage Trust FRB Ser. 13-C15, Class C, 4.206%, 8/15/46(WAC) 88,000 73,835
7,950,425
Residential mortgage-backed securities (non-agency) (25.2%)
A&D Mortgage Trust 144A
Ser. 23-NQM4, Class A1, 7.472%, 9/25/68 186,245 190,105
Ser. 23-NQM5, Class A1, 7.049%, 11/25/68 114,168 116,056
Ser. 24-NQM1, Class A1, 6.195%, 2/25/69 108,577 109,448
Ser. 23-NQM2, Class A1, 6.132%, 5/25/68 102,498 103,000
American Home Mortgage Investment Trust FRB Ser. 07-1, Class GA1C, (CME Term SOFR 1 Month + 0.30%), 4.625%, 5/25/47 358,927 212,001
Bayview Financial Mortgage Pass-Through Trust Ser. 06-C, Class 1A3, 6.528%, 11/28/36 107,520 104,997
BRAVO Residential Funding Trust 144A Ser. 24-NQM2, Class A1, stepped-coupon 6.285% (7.285%, 2/1/28), 2/25/64(STP) 116,068 117,080
Carrington Mortgage Loan Trust FRB Ser. 06-NC2, Class A4, (CME Term SOFR 1 Month + 0.59%), 4.915%, 6/25/36 293,443 284,380
Chevy Chase Funding, LLC Mortgage-Backed Certificates 144A FRB Ser. 06-4A, Class A2, (CME Term SOFR 1 Month + 0.29%), 4.615%, 11/25/47 112,069 99,235
COLT Mortgage Loan Trust 144A Ser. 23-3, Class A1, 7.18%, 9/25/68 152,202 154,481
Countrywide Alternative Loan Trust FRB Ser. 06-OA19, Class A1, (CME Term SOFR 1 Month + 0.29%), 4.614%, 2/20/47 143,485 115,364
Countrywide Asset-Backed Certificates FRB Ser. 07-10, Class 1A1, (CME Term SOFR 1 Month + 0.29%), 4.615%, 6/25/47 170,489 161,022
Cross Mortgage Trust 144A Ser. 24-H1, Class A1, stepped-coupon 6.085% (7.085%, 1/1/28), 12/25/68(STP) 193,322 194,428
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 15-HQA1, Class B, (US 30 Day Average SOFR + 8.91%), 13.254%, 3/25/28 246,715 251,292
Seasoned Credit Risk Transfer Trust Ser. 19-3, Class M, 4.75%, 10/25/58(WAC) 42,960 41,911
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Trust FRB Ser. 19-HQA1, Class B2, (US 30 Day Average SOFR + 12.36%), 16.704%, 2/25/49 222,000 271,151
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA5, Class B2, (US 30 Day Average SOFR + 11.50%), 15.84%, 10/25/50 56,000 77,207
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B2, (US 30 Day Average SOFR + 11.11%), 15.454%, 10/25/48 413,000 515,658
Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class B2, (US 30 Day Average SOFR + 10.86%), 15.204%, 1/25/49 32,000 39,754
Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class B2, (US 30 Day Average SOFR + 10.61%), 14.954%, 3/25/49 114,000 136,265
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA4, Class B2, (US 30 Day Average SOFR + 10.11%), 14.454%, 8/25/50 65,000 86,792
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B2, (US 30 Day Average SOFR + 10.11%), 14.454%, 7/25/50 64,000 85,225
Structured Agency Credit Risk Trust REMICs FRB Ser. 22-DNA3, Class B2, (US 30 Day Average SOFR + 9.75%), 14.09%, 4/25/42 50,000 56,246
Structured Agency Credit Risk Trust FRB Ser. 19-FTR1, Class B2, (US 30 Day Average SOFR + 8.46%), 12.804%, 1/25/48 200,000 237,496
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B2, (US 30 Day Average SOFR + 7.86%), 12.204%, 9/25/48 431,000 496,475
Seasoned Credit Risk Transfer Trust Ser. 19-2, Class M, 4.75%, 8/25/58(WAC) 69,000 66,556
Seasoned Credit Risk Transfer Trust Ser. 17-3, Class M2, 4.75%, 7/25/56(WAC) 132,455 129,461
Seasoned Credit Risk Transfer Trust FRB Ser. 18-3, Class 3, 4.75%, 8/25/57(WAC) 70,000 67,620
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C03, Class 1B, (US 30 Day Average SOFR + 11.86%), 16.204%, 10/25/28 154,343 170,361
Connecticut Avenue Securities FRB Ser. 16-C04, Class 1B, (US 30 Day Average SOFR + 10.36%), 14.704%, 1/25/29 195,793 214,801
Federal National Mortgage Association 144A
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2B1, (US 30 Day Average SOFR + 4.50%), 8.84%, 1/25/42 35,000 36,616
Connecticut Avenue Securities Trust FRB Ser. 19-R05, Class 1B1, (US 30 Day Average SOFR + 4.21%), 8.554%, 7/25/39 61,698 63,648
Connecticut Avenue Securities Trust FRB Ser. 19-R03, Class 1B1, (US 30 Day Average SOFR + 4.21%), 8.554%, 9/25/31 48,856 51,605
Connecticut Avenue Securities Trust FRB Ser. 20-SBT1, Class 1M2, (US 30 Day Average SOFR + 3.76%), 8.104%, 2/25/40 79,000 82,595
Connecticut Avenue Securities Trust FRB Ser. 20-R02, Class 2B1, (US 30 Day Average SOFR + 3.11%), 7.454%, 1/25/40 35,000 35,845
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2M2, (US 30 Day Average SOFR + 3.00%), 7.34%, 1/25/42 292,000 298,073
JPMorgan Alternative Loan Trust FRB Ser. 06-A6, Class 1A1, (CME Term SOFR 1 Month + 0.43%), 4.755%, 11/25/36 54,356 46,452
JPMorgan Mortgage Trust 144A FRB Ser. 24-9, Class A11, (US 30 Day Average SOFR + 1.35%), 5.69%, 2/25/55 168,250 168,829
Morgan Stanley ABS Capital I, Inc. Trust FRB Ser. 04-HE9, Class M2, (CME Term SOFR 1 Month + 1.04%), 5.365%, 11/25/34 1,079 1,045
Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-R4, Class 4B, (CME Term SOFR 1 Month + 0.34%), 3.199%, 2/26/37 53,552 49,088
Morgan Stanley Residential Mortgage Loan Trust 144A
Ser. 24-NQM2, Class A1, stepped-coupon 6.386% (7.386%, 5/1/28), 5/25/69(STP) 182,826 184,918
FRB Ser. 24-4, Class AF, (US 30 Day Average SOFR + 1.35%), 5.69%, 9/25/54 104,334 104,571
PRMI Securitization Trust 144A FRB Ser. 24-CMG1, Class A1, (US 30 Day Average SOFR + 1.45%), 5.802%, 7/25/54 129,498 129,200
Saluda Grade Alternative Mortgage Trust 144A Ser. 24-RTL5, Class A1, stepped-coupon 7.762% (9.262%, 9/1/26), 4/25/30(STP) 170,000 171,420
Structured Asset Mortgage Investments II Trust
FRB Ser. 07-AR7, Class 1A1, (CME Term SOFR 1 Month + 0.96%), 5.285%, 5/25/47 345,361 276,320
FRB Ser. 06-AR7, Class A1BG, (CME Term SOFR 1 Month + 0.23%), 4.555%, 8/25/36 19,715 17,364
Towd Point Mortgage Trust 144A Ser. 19-2, Class A2, 3.75%, 12/25/58(WAC) 102,000 92,176
WaMu Mortgage Pass-Through Certificates Trust FRB Ser. 05-AR8, Class 2AC2, (CME Term SOFR 1 Month + 1.03%), 5.355%, 7/25/45 53,640 51,598
6,767,231
Total mortgage-backed securities (cost $23,771,619) $23,350,014








SHORT-TERM INVESTMENTS (9.4%)(a)
        Principal amount/shares Value
Putnam Short Term Investment Fund Class P 4.53%(AFF) Shares 912,676 $912,676
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.29%(P) Shares 120,000 120,000
U.S. Treasury Bills 4.312%, 4/8/25(SEG) $1,000,000 999,175
U.S. Treasury Bills 4.305%, 4/22/25 500,000 498,762
Total short-term investments (cost $2,530,633) $2,530,613
TOTAL INVESTMENTS
Total investments (cost $69,294,655) $68,936,050








FUTURES CONTRACTS OUTSTANDING at 3/31/25 (Unaudited)
    Number of contracts Notional amount Value Expiration date Unrealized
appreciation/
(depreciation)
U.S. Treasury Note 2 yr (Short) 52 $10,772,938 $10,772,938 Jun-25 $(50,931)
U.S. Treasury Note Ultra 10 yr (Short) 100 11,412,500 11,412,500 Jun-25 (143,917)
Unrealized appreciation —
Unrealized (depreciation) (194,848)
Total $(194,848)








FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 3/31/25 (Unaudited)
  Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/Maturity date Expiration date/strike   Notional/
Contract amount		 Premium receivable/
(payable)		 Unrealized
appreciation/
(depreciation)
Bank of America N.A.
(3.428)/US SOFR/Aug-37 (Purchased) Aug-27/3.428 $1,692,900 $(97,426) $17,560
3.428/US SOFR/Aug-37 (Purchased) Aug-27/3.428 1,692,900 (97,426) (38,356)
Barclays Bank PLC
1.945/US SOFR/Jun-51 (Purchased) Jun-31/1.945 2,252,500 (142,776) (54,697)
(1.945)/US SOFR/Jun-51 (Purchased) Jun-31/1.945 2,252,500 (561,567) 151,406
BNP Paribas
(3.30)/US SOFR/Feb-27 (Written) Feb-26/3.30 11,700,000 25,740 (11,408)
3.85/US SOFR/Feb-27 (Purchased) Feb-26/3.85 7,800,000 (32,370) 13,198
3.65/US SOFR/Jun-35 (Purchased) Jun-25/3.65 4,992,500 (76,510) (18,088)
3.55/US SOFR/May-35 (Purchased) May-25/3.55 4,992,500 (81,503) (46,585)
(3.10)/US SOFR/Jun-35 (Written) Jun-25/3.10 2,496,200 10,983 5,706
(3.00)/US SOFR/May-35 (Written) May-25/3.00 2,496,200 12,481 10,180
(3.80)/US SOFR/Jun-35 (Written) Jun-25/3.80 2,496,200 51,172 7,623
(3.70)/US SOFR/May-35 (Written) May-25/3.70 2,496,200 54,168 25,653
3.8325/US SOFR/Sep-35 (Purchased) Sep-25/3.8325 334,100 (7,968) 674
(3.8325)/US SOFR/Sep-35 (Purchased) Sep-25/3.8325 334,100 (7,968) (1,535)
Citibank, N.A.
(3.39)/US SOFR/Oct-27 (Written) Oct-25/3.39 10,000,000 87,000 34,730
(3.40)/US SOFR/Oct-27 (Purchased) Oct-25/3.40 10,000,000 (88,000) (10,940)
3.45/US SOFR/Mar-37 (Purchased) Mar-27/3.45 2,319,100 (102,968) (28,956)
(3.95)/US SOFR/Mar-37 (Purchased) Mar-27/3.95 2,319,100 (107,954) (11,057)
(4.00)/US SOFR/Dec-30 (Purchased) Dec-25/4.00 1,430,300 (16,162) (3,211)
Goldman Sachs International
3.70/US SOFR/Jul-35 (Purchased) Jul-25/3.70 4,992,500 (59,910) 16,635
(3.85)/US SOFR/Jul-35 (Written) Jul-25/3.85 2,496,200 40,626 (13,425)
(3.15)/US SOFR/Jul-35 (Written) Jul-25/3.15 2,496,200 8,737 142
Mizuho Capital Markets LLC
4.01/US SOFR/Mar-52 (Purchased) Mar-32/4.01 90,000 (10,791) 642
(4.01)/US SOFR/Mar-52 (Purchased) Mar-32/4.01 90,000 (10,791) (200)
Unrealized appreciation 284,149
Unrealized (depreciation) (238,458)
Total $45,691








TBA SALE COMMITMENTS OUTSTANDING at 3/31/25 (proceeds receivable $6,460,703) (Unaudited)
  Agency Principal amount Settlement date Value
Government National Mortgage Association, 5.00%, 4/1/55 $3,000,000 4/21/25 $2,951,095
Uniform Mortgage-Backed Securities, 6.50%, 4/1/55 1,000,000 4/14/25 1,031,276
Uniform Mortgage-Backed Securities, 2.50%, 4/1/55 3,000,000 4/14/25 2,495,010
Total $6,477,381










CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 3/31/25 (Unaudited)
  Notional amount Value   Upfront premium received (paid)   Termi-
nation
date		 Payments made by fund   Payments received by fund Unrealized
appreciation/
(depreciation)
$935,000 $4,105 $(12,265) 3/19/30 3.75% — Annually US SOFR — Annually $(16,402)
646,000 849 (3,101) 3/19/35 3.75% — Annually US SOFR — Annually (2,195)
1,024,000 44,883 81,289 3/19/55 US SOFR — Annually 3.55% — Annually 36,369
26,340,000 60,635 (E) 29,051 6/18/27 3.75% — Annually US SOFR — Annually (31,584)
874,000 5,017 (E) (3,303) 6/18/30 US SOFR — Annually 3.75% — Annually 1,714
881,000 6,831 (E) 787 6/18/35 US SOFR — Annually 3.85% — Annually 7,619
1,637,000 18,480 (E) (15,127) 6/18/55 US SOFR — Annually 3.85% — Annually 3,351
Total $77,331 $(1,128)
(E) Extended effective date.








OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 3/31/25 (Unaudited)
  Swap counterparty/
referenced debt*		 Rating*** Upfront premium received (paid)**   Notional amount Value   Termi-
nation
date		   Payments received by fund Unrealized
appreciation/
(depreciation)
Citigroup Global Markets, Inc.
CMBX NA BB.13 Index B+/P $91,070 $213,000 $75,359 12/16/72 500 bp — Monthly $15,917
CMBX NA BB.6 Index BB-/P 16,692 48,946 11,302 5/11/63 500 bp — Monthly 5,438
CMBX NA BBB-.16 Index BBB-/P 3,182 14,000 2,423 4/17/65 300 bp — Monthly 767
Goldman Sachs International
CMBX NA BB.6 Index BB-/P 3,298 9,687 2,237 5/11/63 500 bp — Monthly 1,071
CMBX NA BBB-.16 Index BBB-/P 1,848 9,000 1,558 4/17/65 300 bp — Monthly 296
JPMorgan Securities LLC
CMBX NA A.13 Index A-/P 81 1,000 68 12/16/72 200 bp — Monthly 13
CMBX NA BB.10 Index CCC+/P 2,006 25,000 12,928 5/11/63 500 bp — Monthly (10,897)
Merrill Lynch International
CMBX NA A.13 Index A-/P 11,339 87,000 5,899 12/16/72 200 bp — Monthly 5,475
CMBX NA A.13 Index A-/P 11,581 87,000 5,899 12/16/72 200 bp — Monthly 5,716
CMBX NA A.15 Index A-/P 65 4,000 253 11/18/64 200 bp — Monthly (187)
CMBX NA BB.6 Index BB-/P 335 1,530 353 5/11/63 500 bp — Monthly (16)
Morgan Stanley & Co. International PLC
CMBX NA BB.13 Index B+/P 23,002 51,000 18,044 12/16/72 500 bp — Monthly 5,007
CMBX NA BB.6 Index CCC-/P 25,456 72,910 16,835 5/11/63 500 bp — Monthly 8,692
CMBX NA BBB-.16 Index BBB-/P 1,591 7,000 1,212 4/17/65 300 bp — Monthly 384
Upfront premium received 191,546 Unrealized appreciation 48,776
Upfront premium (paid) — Unrealized (depreciation) (11,100)
Total $191,546 Total $37,676
* 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 Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.








OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 3/31/25 (Unaudited)
  Swap counterparty/
referenced debt*		 Upfront premium received (paid)**   Notional amount Value   Termi-
nation
date		   Payments (paid) by fund Unrealized
appreciation/
(depreciation)
Citigroup Global Markets, Inc.
CMBX NA BB.10 Index $(32,485) $70,000 $36,197 11/17/59 (500 bp) — Monthly $3,644
CMBX NA BB.10 Index (9,672) 24,000 12,410 11/17/59 (500 bp) — Monthly 2,715
CMBX NA BB.10 Index (9,672) 24,000 12,410 11/17/59 (500 bp) — Monthly 2,715
CMBX NA BB.10 Index (5,239) 13,000 6,722 11/17/59 (500 bp) — Monthly 1,471
CMBX NA BB.8 Index (15,155) 32,526 16,172 10/17/57 (500 bp) — Monthly 985
CMBX NA BBB-.10 Index (13,826) 46,000 8,929 11/17/59 (300 bp) — Monthly (4,924)
CMBX NA BBB-.12 Index (80,881) 285,000 53,438 8/17/61 (300 bp) — Monthly (27,609)
CMBX NA BBB-.8 Index (16,227) 66,999 11,162 10/17/57 (300 bp) — Monthly (5,104)
Goldman Sachs International
CMBX NA BB.8 Index (5,308) 12,081 6,007 10/17/57 (500 bp) — Monthly 687
JPMorgan Securities LLC
CMBX NA A.15 Index (364) 4,000 253 11/18/64 (200 bp) — Monthly (113)
CMBX NA BB.11 Index (5,148) 5,099 1,177 5/11/63 (500 bp) — Monthly (3,976)
Morgan Stanley & Co. International PLC
CMBX NA BB.8 Index (2,635) 5,576 2,772 10/17/57 (500 bp) — Monthly 132
CMBX NA BBB-.10 Index (70,816) 219,000 42,508 11/17/59 (300 bp) — Monthly (28,436)
CMBX NA BBB-.8 Index (16,879) 65,404 10,896 10/17/57 (300 bp) — Monthly (6,022)
Upfront premium received — Unrealized appreciation 12,349
Upfront premium (paid) (284,307) Unrealized (depreciation) (76,184)
Total $(284,307) Total $(63,835)
* 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.










Key to holding's abbreviations
CME Chicago Mercantile Exchange
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.
IFB Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor.
IO Interest Only
PO Principal Only
REMICs Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
TBA To Be Announced Commitments
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 Mortgage Securities 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 $26,822,741.
(STP) The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(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* $2,732,792 $3,464,401 $5,284,517 $10,257 $912,676
Total Short-term investments $2,732,792 $3,464,401 $5,284,517 $10,257 $912,676
* 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.
(SEG) This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $382,655.
At the close of the reporting period, the fund has deposited cash valued at $385,933 in a segregated account to cover margin requirements on open centrally cleared interest rate swap contracts.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(WAC) The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
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, including mortgage backed securities and short-term investments with remaining maturities of 60 days or less, are valued on the basis of valuations provided by an independent pricing service approved by the Trustees or dealers selected by the fund’s investment manager. Such service providers use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
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.
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. Certain securities may be valued on the basis of a price provided by a single source. 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 $78,692 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
Mortgage-backed securities $— $23,350,014 $—
U.S. government and agency mortgage obligations — 43,055,423 —
Short-term investments 120,000 2,410,613 —
Totals by level $120,000 $68,816,050 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Futures contracts $(194,848) $— $—
Forward premium swap option contracts — 45,691 —
TBA sale commitments — (6,477,381) —
Interest rate swap contracts — (78,459) —
Credit default contracts — 66,602 —
Totals by level $(194,848) $(6,443,547) $—
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