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Managed Fund Since 2024
Fixed Income
Putnam VT High Yield Fund
- Income-focused. The portfolio managers strive for a higher level of income than most bonds offer by investing in higher-yielding, lower-rated corporate bonds.
- Focus on performance. The managers can invest across a range of industries and companies, and can adjust the fund's holdings to capitalize on market opportunities.
- Leading research. The fund's managers, supported by Putnam's fixed income research division, analyze a range of bonds to build a diversified portfolio.
Popular Documents
Total Net Assets
$139.03M
As of 12/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks high current income with capital growth as a secondary goal when consistent with achieving high current income. The portfolio managers invest in higher-yielding, lower-rated corporate bonds across a range of industries and companies.
- Benchmark
- JPMorgan Developed High Yield Index
- Fund Inception Date
- 02/01/1988
- Share Class Inception Date
- 02/01/1988
Identifiers
- Ticker
- —
- Fund Number
- 5404
- CUSIP Code
- 746896307
- Bloomberg Code
- VPHYIAV US
Top Sectors
As of 12/31/2025 - Notional Exposure % of Total (Updated Monthly)
Consumer Cyclicals22.48% | |
Financial12.44% | |
Basic Materials10.86% | |
Health Care9.15% | |
Capital Goods8.77% |
Additional Fund Info
- Asset Class
- Fixed Income
- Morningstar Category
4 - High Yield Bond
- Lipper Classification
- N/A
- Investment Style
- High Yield
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.
Franklin Templeton Fixed Income
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Managed Fund Since 2005
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Managed Fund Since 2024
Latest Insights
January 8, 2026
January 6, 2026
December 22, 2025
December 18, 2025
Portfolio
Assets
As of11/30/2025 (Updated Monthly)
- Total Net Assets
- $136.42 Million
Positions
As of 11/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 382
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Weighted Average Life
- Fund
- 3.53 Years
- Fund
- 2.76 Years
Geographic Allocation
As of 12/31/2025 - Market Value % of Total (Updated Monthly)
| Geography | Fund | Benchmark |
|---|---|---|
United States | 81.86% | 82.38% |
France | 3.74% | 1.01% |
Canada | 1.84% | 3.75% |
United Kingdom | 1.67% | 2.13% |
Italy | 1.11% | 0.45% |
Bermuda | 1.07% | 0.37% |
Luxembourg | 1.07% | 1.53% |
Israel | 0.93% | 0.58% |
Netherlands | 0.92% | 0.67% |
Mexico | 0.91% | 0.11% |
Spain | 0.81% | 0.26% |
Ireland | 0.71% | 1.01% |
Denmark | 0.67% | 0.25% |
Germany | 0.62% | 0.64% |
Jersey Islands | 0.47% | 0.10% |
Singapore | 0.37% | 0.15% |
Cayman Islands | 0.31% | 0.46% |
Japan | 0.30% | 1.44% |
Belgium | 0.29% | 0.10% |
Jamaica | 0.15% | — |
Australia | 0.14% | 0.68% |
European Community | 0.00% | — |
Holdings
As of 11/30/2025 (Updated Monthly)
Cash and Equivalents
RR DONNELLEY & SONS P/P 144A 09.5000 08/01/2029
OPAL BIDCO P/P 144A 06.5000 03/31/2032
GRIFOLS S.A. REGS 03.8750 10/15/2028
FIRSTCASH INC P/P 144A 06.8750 03/01/2032
PHH ESCROW ISS LCC/P P/P 144A 09.8750 11/01/2029
KEDRION SPA P/P 144A 06.5000 09/01/2029
CCO HOLDINGS LLC P/P 144A 04.7500 03/01/2030
JANE STREET GRP/JSG P/P 144A 06.1250 11/01/2032
SINCLAIR TELEVISION P/P 144A 08.1250 02/15/2033
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 04-2986135
For information on tax years prior to 2008, please contact us2025 tax information will be available in early February
These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Data not currently available.
Documents
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Financial Statements and Other Information - Putnam VT High Yield Fund | |||
| Annual Report - Putnam VT High Yield Fund - Class IA | |||
| Semi-Annual Report - Putnam VT High Yield Fund - Class IA | |||
| Semi-Annual Financial Statements and Other Information - Putnam VT High Yield Fund | |||
| Prospectus - Putnam VT High Yield Fund | |||
| Summary Prospectus - Putnam VT High Yield Fund | |||
| Statement Of Additional Information - Putnam Variable Trust | |||
| Fiscal Q1 Holdings - Putnam VT High Yield Fund | |||
| Fiscal Q3 Holdings - PUTNAM VARIABLE TRUST |
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.
VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed income securities issued in developed countries. Source: JP Morgan.
Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.