UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: (811-05346)

Exact name of registrant as specified in charter: Putnam Variable Trust

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600

Registrant’s telephone number, including area code: (617) 292-1000

Date of fiscal year end: December 31, 2012

Date of reporting period: January 1, 2012 — December 31, 2012

Item 1. Report to Stockholders:

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

Message from the Trustees

Dear Shareholder:

With the uncertainty around the U.S. “fiscal cliff” diminished, investors now have some measure of clarity heading into 2013. Of course, challenges remain, including the upcoming debate over the debt ceiling at the end of March. Still, the significant risks — the fiscal cliff, a “hard landing” in China, and the dissolution of the European Union — have abated in the past few months.

Clarity and greater certainty are positive developments for investors. Markets worldwide are starting to recognize that macroeconomic data are beginning to stabilize and even exhibit nascent signs of growth. As the investment climate slowly improves, it is important for you to rely on the expertise of your financial advisor, who can help you work toward your financial goals.

We would like to take this opportunity to announce the arrival of two new Trustees, Liaquat Ahamed and Katinka Domotorffy, CFA, to your fund’s Board of Trustees. Mr. Ahamed, who in 2010 won the Pulitzer Prize for History with his book, Lords of Finance: The Bankers Who Broke the World, also serves on the Board of Aspen Insurance and the Board of the Rohatyn Group, an emerging-market fund complex that manages money for institutional investors.

Ms. Domotorffy, who until year-end 2011 was a Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management, currently serves as a member of the Anne Ray Charitable Trust’s Investment Committee, Margaret A. Cargill Philanthropies, and director for Reach Out and Read of Greater New York, an organization dedicated to promoting early childhood literacy.

We would also like to extend a welcome to new shareholders of the fund and to thank all of our investors for your continued confidence in Putnam.

Performance summary (as of 12/31/12)

Investment objective

Long-term return consistent with preservation of capital

Net asset value December 31, 2012

Class IA: $16.01  Class IB: $16.10 

Total return at net asset value

				Barclays
			Russell 3000	U.S. Aggregate
(as of 12/31/12)	Class IA shares*	Class IB shares†	Index	Bond Index
1 year	14.58%	14.20%	16.42%	4.22%
5 years	18.94	17.58	10.65	33.49
Annualized	3.53	3.29	2.04	5.95
10 years	98.26	94.34	109.59	65.75
Annualized	7.08	6.87	7.68	5.18
Life	496.97	474.35	903.49	454.27
Annualized	7.43	7.27	9.70	7.11

For a portion of the periods, the fund had expense limitations, without which returns would have been lower.

* Class inception date: February 1, 1988.

† Class inception date: April 30, 1998.

Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. All total return figures are at net asset value and exclude contract charges and expenses, which are added to the variable annuity contracts to determine total return at unit value. Had these charges and expenses been reflected, performance would have been lower. Performance of class IB shares before their inception is derived from the historical performance of class IA shares, adjusted to reflect the higher operating expenses applicable to such shares. For more recent performance, contact your variable annuity provider who can provide you with performance that reflects the charges and expenses at your contract level.

Allocations are represented as a percentage of the fund’s net assets as of 12/31/12. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

Putnam VT Global Asset Allocation Fund  1 

Report from your fund’s management

What was the global market environment like for the year ended December 31, 2012?

For most of 2012, the investment environment was overshadowed by three major macroeconomic risks: the ongoing sovereign debt crisis in the eurozone, fears of a potential “hard landing” as the Chinese economy slowed, and concerns about a possible double-dip recession in the United States if serious fiscal policy issues were not adequately addressed. Global equity and fixed-income markets rose and fell with headline news on these macroeconomic risks. Markets faced significant headwinds at various times and benefited from more optimism when these risk factors showed signs of improvement. By the final quarter of 2012, with investors feeling generally more sanguine about these macroeconomic risks abating, most global asset classes were producing positive results for the full year.

How did Putnam VT Global Asset Allocation Fund perform in these conditions?

Against this shifting backdrop, the fund’s class IA shares tendered a solid gain at net asset value. This robust performance can be attributed to several sources. Our allocation to U.S. high-yield securities contributed significantly, as this and other “risk” segments of the market outperformed government bonds. Although we did have an allocation to government bonds, we favored high-yield bonds over the government sector because we believed they offered an unusual combination of attractive yield spreads over government bonds, as well as solid corporate credit fundamentals. Within the fund’s equity allocation, stock selection also added to our overall performance, with solid results across a variety of holdings, including large and small caps, and growth and value styles. Our holdings in U.S. stocks did somewhat better than those in international markets. We gradually raised our equity weighting during the year from modestly below-normal levels as we became more comfortable taking equity risk. At period-end, our view is that stocks offer more attractive risk-adjusted return prospects over the medium term than do large portions of the bond market, especially Treasuries and interest-rate sensitive mortgage-based securities.

What role do derivatives play in the portfolio?

We use a variety of derivatives to establish exposures in the fund. We use forward currency contracts as part of our currency hedging efforts. In addition, we purchase and write options to hedge pricing risk and prepayment risk, generate income, and enhance returns. We use futures contracts to allow some of the fund’s cash to become exposed to equity markets. This gives us flexibility to manage exposure to market risk. With total return swaps, we manage or hedge exposures to countries and sectors, and we employ interest-rate swaps to hedge interest-rate and prepayment risk. Credit default swaps enable us to hedge credit and market risk or to gain exposure to specific securities or groups of securities.

What is your near-term outlook for 2013?

As we step into 2013, the market environment is much different than it was one year ago. Investors enter the new year with far fewer worries: The liquidity crisis in Europe has begun to stabilize, China’s economy appears to be bouncing back, and the U.S. economy’s slow growth now appears likely to continue, in our view. As investors have seemingly become more convinced of these improvements, risk assets have responded with positive results. For that forward momentum to continue, however, we believe there must be continuing fundamental improvements along those lines. Our analysis at this stage suggests, as we have mentioned, that equities should offer more attractive risk-reward characteristics than most bond categories and that the fund should see greater diversification benefits in 2013 from continuing to spread stock investments across different sectors and regions of the world.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future.

Consider these risks before investing: International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund may invest a portion of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. Our allocation of assets among permitted asset categories may hurt performance. Derivatives also involve the risk, in the case of many over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk, which means the prices of the fund’s bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Unlike bonds, funds that invest in bonds have ongoing fees and expenses. The prices of stocks and bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific company or industry. Current and future portfolio holdings are subject to risk.

2  Putnam VT Global Asset Allocation Fund 

Your fund’s management

Putnam VT Global Asset Allocation Fund is managed by members of Putnam’s Global Asset Allocation team.

Your fund’s management may also manage other accounts advised by Putnam Management or an affiliate, including retail mutual fund counterparts to the funds in Putnam Variable Trust.

Note that subsequent to the period ended December 31, 2012, Portfolio Manager Jeffrey L. Knight, CFA, left Putnam and will no longer be a manager on this fund.

A word about derivatives

Derivatives employed by the fund’s managers generally serve one of two main purposes: to implement an investment strategy that may be difficult or more expensive through traditional securities, or to hedge risk associated with a particular position. Derivatives may not appreciate in value, lose money, amplify traditional market risks through the creation of leverage, and be less liquid than traditional securities. Because derivatives typically represent contractual agreements between two financial institutions, derivatives entail “counterparty risk,” which is the risk that the other party is unable or unwilling to pay. Putnam monitors the counterparty risks we assume. For example, Putnam may enter into collateral agreements that require the counterparties to post collateral on a regular basis to cover their obligations to the fund.

Putnam VT Global Asset Allocation Fund  3 

Understanding your fund’s expenses

As an investor in a variable annuity product that invests in a registered investment company, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, which are not shown in this section and would result in higher total expenses. Charges and expenses at the insurance company separate account level are not reflected. For more information, see your fund’s prospectus or talk to your financial representative.

Review your fund’s expenses

The first two columns in the following table show the expenses you would have paid on a $1,000 investment in your fund from July 1, 2012, to December 31, 2012. They also show how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses. To estimate the ongoing expenses you paid over the period, divide your account value by $1,000, then multiply the result by the number in the first line for the class of shares you own.

Compare your fund’s expenses with those of other funds

The two right-hand columns of the table show your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All shareholder reports of mutual funds and funds serving as variable annuity vehicles will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

	Expenses and value for a		Expenses and value for a
	$1,000 investment, assuming		$1,000 investment, assuming a
	actual returns for the 6 months		hypothetical 5% annualized return
	ended 12/31/12		for the 6 months ended 12/31/12
	Class IA	Class IB	Class IA	Class IB
Expenses paid
per $1,000*	$4.58	$5.88	$4.47	$5.74
Ending value
(after expenses)	$1,072.30	$1,070.50	$1,020.71	$1,019.46
Annualized
expense ratio†	0.88%	1.13%	0.88%	1.13%

*Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 12/31/12. The expense ratio may differ for each share class. Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.

†For the fund’s most recent fiscal half year; may differ from expense ratios based on one-year data in the financial highlights.

4  Putnam VT Global Asset Allocation Fund 

Report of Independent Registered Public Accounting Firm

To the Trustees of Putnam Variable Trust and Shareholders of
Putnam VT Global Asset Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam VT Global Asset Allocation Fund (the “fund”) at December 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at December 31, 2012 by correspondence with the custodian, brokers, and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 13, 2013

Putnam VT Global Asset Allocation Fund  5 

The fund’s portfolio 12/31/12

COMMON STOCKS (49.7%)*	Shares	Value
Basic materials (2.8%)
Agrium, Inc. (Canada)	123	$12,289
American Vanguard Corp. S	699	21,718
Andersons, Inc. (The)	57	2,445
Archer Daniels-Midland Co.	340	9,313
Arkema (France)	1,037	109,035
Assa Abloy AB Class B (Sweden)	1,874	70,566
AuRico Gold, Inc. (Canada) †	2,700	22,231
Barrick Gold Corp. (Canada)	655	22,929
BASF SE (Germany)	3,214	302,088
Bemis Co., Inc.	2,300	76,958
BHP Billiton PLC (United Kingdom)	2,409	84,651
BHP Billiton, Ltd. (Australia)	4,136	161,524
Black Earth Farming, Ltd. SDR (Jersey) †	606	825
Buckeye Technologies, Inc.	1,187	34,079
Cambrex Corp. †	3,771	42,914
Carpenter Technology Corp.	920	47,500
CF Industries Holdings, Inc.	1,171	237,900
Chicago Bridge & Iron Co., NV	2,700	125,145
China Shanshui Cement Group, Ltd. (China)	22,000	16,499
Cliffs Natural Resources, Inc. S	1,802	69,485
Cresud S.A.C.I.F. y A. ADR (Argentina) †	247	2,055
Cytec Industries, Inc.	1,100	75,713
Domtar Corp. (Canada)	800	66,816
Eagle Materials, Inc.	842	49,257
Eastman Chemical Co.	2,800	190,540
Evraz PLC (United Kingdom)	24,883	109,830
First Resources, Ltd. (Singapore)	7,000	11,661
Fortescue Metals Group, Ltd. (Australia)	4,042	20,054
Fortune Brands Home & Security, Inc. †	4,100	119,802
Georgia Gulf Corp.	408	16,842
Goldcorp, Inc. (Canada)	1,667	61,287
Golden Agri-Resources, Ltd. (Singapore)	34,000	18,303
GrainCorp, Ltd. (Australia)	716	9,228
Horsehead Holding Corp. †	2,290	23,381
Huntsman Corp.	4,200	66,780
Incitec Pivot, Ltd. (Australia)	2,057	6,990
Innophos Holdings, Inc. S	1,156	53,754
Innospec, Inc.	1,140	39,319
Intrepid Potash, Inc. S	177	3,768
K&S AG (Germany)	442	20,435
KapStone Paper and Packaging Corp.	1,361	30,201
Koninklijke DSM NV (Netherlands)	1,337	80,533
Koppers Holdings, Inc.	846	32,275
Kraton Performance Polymers, Inc. †	585	14,058
Kronos Worldwide, Inc. S	1,891	36,875
KWS Saat AG (Germany)	13	4,179
L.B. Foster Co. Class A	460	19,982
Landec Corp. †	2,131	20,223
Lanxess AG (Germany)	617	53,961
Linde AG (Germany)	482	84,056
LSB Industries, Inc. †	3,267	115,717
LyondellBasell Industries NV Class A	5,300	302,577
Minerals Technologies, Inc.	460	18,363
Monsanto Co.	7,651	724,167

COMMON STOCKS (49.7%)* cont.	Shares	Value
Basic materials cont.
Mosaic Co. (The)	131	$7,419
Newcrest Mining, Ltd. (Australia)	452	10,553
Nitto Denko Corp. (Japan)	1,900	93,481
NN, Inc. † S	3,048	27,920
Nufarm, Ltd. (Australia)	1,026	6,229
OM Group, Inc. †	1,000	22,200
Packaging Corp. of America	2,100	80,787
PolyOne Corp. S	3,161	64,548
Potash Corp. of Saskatchewan, Inc. (Canada)	366	14,893
PPG Industries, Inc.	2,500	338,375
PT Astra Agro Lestari Tbk (Indonesia)	1,500	3,077
PT Indocement Tunggal Prakarsa Tbk (Indonesia)	11,000	25,699
Rio Tinto PLC (United Kingdom)	2,721	158,559
Rio Tinto, Ltd. (Australia)	2,369	164,892
Sealed Air Corp. S	3,995	69,952
Sherwin-Williams Co. (The) S	1,500	230,730
SLC Agricola SA (Brazil)	272	2,637
Sociedad Quimica y Minera de Chile SA ADR (Chile)	212	12,220
Syngenta AG (Switzerland)	338	136,343
Teck Resources, Ltd. Class B (Canada)	700	25,440
Trex Co., Inc. †	1,254	46,686
Tronox, Ltd. Class A S	1,725	31,481
Valspar Corp.	1,900	118,560
Vilmorin & Cie (France)	29	3,587
voestalpine AG (Austria)	2,134	78,471
W.R. Grace & Co. †	2,473	166,260
Xstrata PLC (United Kingdom)	2,239	39,823
Yara International ASA (Norway)	198	9,828
		5,963,726
Capital goods (3.3%)
ABB, Ltd. (Switzerland)	3,983	82,703
Aecom Technology Corp. †	3,300	78,540
AGCO Corp. †	298	14,638
Aisin Seiki Co., Ltd. (Japan)	800	24,950
Alliant Techsystems, Inc.	568	35,193
Altra Holdings, Inc.	2,313	51,002
American Axle & Manufacturing Holdings, Inc. †	1,556	17,427
Applied Industrial Technologies, Inc. S	1,256	52,765
Avery Dennison Corp.	2,900	101,268
AZZ, Inc.	766	29,437
Ball Corp.	3,100	138,725
Beijing Enterprises Water Group, Ltd. (Hong Kong)	64,000	16,642
Boeing Co. (The)	12,300	926,928
Canon, Inc. (Japan)	500	19,611
Chart Industries, Inc. †	1,056	70,404
Chase Corp.	1,228	22,841
China Communications Construction Co., Ltd. (China)	38,000	37,315
Chiyoda Corp. (Japan)	1,000	14,319
CNH Global NV	227	9,146
Cummins, Inc.	3,800	411,730
Daelim Industrial Co., Ltd. (South Korea)	185	15,198
Daikin Industries, Ltd. (Japan)	600	20,616
Deere & Co.	179	15,469
Delphi Automotive PLC (United Kingdom) †	7,900	302,175
Dongfang Electric Corp., Ltd. (China)	16,200	33,303
DXP Enterprises, Inc. †	631	30,963
Embraer SA ADR (Brazil)	500	14,255

6  Putnam VT Global Asset Allocation Fund 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Capital goods cont.
European Aeronautic Defense and Space Co. NV (France)	2,873	$112,602
Finning International, Inc. (Canada)	800	19,761
Franklin Electric Co., Inc. S	879	54,647
FreightCar America, Inc.	1,225	27,465
Fuji Electric Co., Ltd. (Japan)	28,000	69,075
Gardner Denver, Inc.	1,400	95,900
Generac Holdings, Inc.	1,421	48,755
General Dynamics Corp.	6,200	429,474
Global Power Equipment Group, Inc.	788	13,514
Great Lakes Dredge & Dock Corp. S	8,906	79,531
Greenbrier Companies, Inc. † S	2,891	46,747
Hyflux, Ltd. (Singapore)	11,000	11,571
Hyster-Yale Materials Holdings, Inc.	228	11,126
Hyster-Yale Materials Holdings, Inc. Class B F	228	11,126
IHI Corp. (Japan)	15,000	38,556
Ingersoll-Rand PLC	6,300	302,148
Invensys PLC (United Kingdom)	13,024	70,760
Jaiprakash Associates, Ltd. (India)	11,177	20,159
JGC Corp. (Japan)	2,000	62,304
KBR, Inc.	4,000	119,680
Leggett & Platt, Inc. S	4,200	114,324
Lindsay Corp.	110	8,813
Lockheed Martin Corp.	5,018	463,111
McDermott International, Inc. † S	10,174	112,117
Metso Corp. OYJ (Finland)	302	13,156
Mitsubishi Electric Corp. (Japan)	7,000	59,580
Mori Seiki Co., Ltd. (Japan)	2,100	18,356
NACCO Industries, Inc. Class A	228	13,837
Northrop Grumman Corp.	5,100	344,658
NSK, Ltd. (Japan)	4,000	28,505
Raytheon Co.	6,641	382,256
Rolls-Royce Holdings PLC (United Kingdom)	2,154	31,035
Safran SA (France)	740	32,290
Schindler Holding AG (Switzerland)	530	76,554
Singapore Technologies Engineering, Ltd. (Singapore)	10,000	31,566
Smith & Wesson Holding Corp. † S	2,167	18,289
Standard Motor Products, Inc.	2,160	47,995
Standex International Corp.	654	33,544
Staples, Inc. S	16,600	189,240
Sturm Ruger & Co., Inc.	523	23,744
Terex Corp. † S	3,200	89,952
Tetra Tech, Inc. †	839	22,192
TriMas Corp. †	2,578	72,081
Valmont Industries, Inc.	452	61,721
Vinci SA (France)	2,502	119,076
WABCO Holdings, Inc. †	1,800	117,342
		6,757,798
Communication services (2.4%)
Allot Communications, Ltd. (Israel) †	806	14,363
Aruba Networks, Inc. †	1,284	26,643
AT&T, Inc.	12,631	425,791
BCE, Inc. (Canada)	823	35,271
British Sky Broadcasting Group PLC (United Kingdom)	4,793	59,874
BroadSoft, Inc. †	516	18,746
BT Group PLC (United Kingdom)	17,008	64,112
CalAmp Corp. †	2,304	19,169
Cincinnati Bell, Inc. † S	4,220	23,126

COMMON STOCKS (49.7%)* cont.	Shares	Value
Communication services cont.
Comcast Corp. Class A	31,400	$1,173,732
Comtech Telecommunications Corp.	569	14,441
Deutsche Telekom AG (Germany)	5,008	56,897
DISH Network Corp. Class A	5,100	185,640
EchoStar Corp. Class A †	5,638	192,932
France Telecom SA (France)	5,085	56,945
HSN, Inc.	934	51,445
IAC/InterActiveCorp.	5,300	250,690
InterDigital, Inc.	319	13,111
InterXion Holding NV (Netherlands) † S	2,437	57,903
Kabel Deutschland Holding AG (Germany)	834	62,365
Loral Space & Communications, Inc.	636	34,764
MetroPCS Communications, Inc. †	10,200	101,388
NeuStar, Inc. Class A †	1,299	54,467
Nippon Telegraph & Telephone (NTT) Corp. (Japan)	300	12,602
NTELOS Holdings Corp.	752	9,859
NTT DoCoMo, Inc. (Japan)	50	71,807
ShoreTel, Inc. †	5,188	21,997
TDC A/S (Denmark)	1,779	12,607
Tele2 AB Class B (Sweden)	3,112	56,440
Telefonica SA (Spain)	4,860	65,993
Telenor ASA (Norway)	2,921	59,345
Telstra Corp., Ltd. (Australia)	16,981	77,357
tw telecom, inc. †	4,700	119,709
USA Mobility, Inc.	1,764	20,604
Verizon Communications, Inc.	29,921	1,294,682
Virgin Media, Inc. (United Kingdom)	500	18,375
Vodafone Group PLC (United Kingdom)	68,799	173,020
Ziggo NV (Netherlands)	643	20,781
		5,028,993
Conglomerates (0.9%)
AMETEK, Inc. S	5,500	206,635
Danaher Corp.	10,600	592,540
General Electric Co.	26,045	546,685
Marubeni Corp. (Japan)	4,000	28,664
Mitsui & Co., Ltd. (Japan)	6,000	89,762
Siemens AG (Germany)	1,561	169,664
Tyco International, Ltd.	11,195	327,454
		1,961,404
Consumer cyclicals (6.0%)
ADT Corp. (The)	5,250	244,073
Advance Auto Parts, Inc.	2,000	144,700
Aeon Co., Ltd. (Japan)	4,600	52,581
Aggreko PLC (United Kingdom)	414	11,873
American Eagle Outfitters, Inc.	5,600	114,856
Babcock International Group PLC (United Kingdom)	3,585	55,635
Bayerische Motoren Werke (BMW) AG (Germany)	118	11,380
Beazer Homes USA, Inc. † S	4,829	81,562
Bed Bath & Beyond, Inc. † S	4,900	273,959
Belo Corp. Class A S	10,934	83,864
Big Lots, Inc. † S	3,913	111,364
Bridgestone Corp. (Japan)	1,100	28,513
Brilliance China Automotive Holdings, Inc. (China) †	16,000	20,023
Brunswick Corp.	539	15,680
Buckle, Inc. (The)	535	23,882
Bunzl PLC (United Kingdom)	3,681	60,103
Bureau Veritas SA (France)	509	56,592

Putnam VT Global Asset Allocation Fund  7 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Consumer cyclicals cont.
Cabela’s, Inc. †	1,005	$41,959
Carmike Cinemas, Inc. †	1,714	25,710
Cash America International, Inc.	327	12,972
Chico’s FAS, Inc.	5,400	99,684
Christian Dior SA (France)	894	154,560
Cie Financiere Richemont SA (Switzerland)	1,230	98,355
Cie Generale des Etablissements Michelin (France)	797	75,558
Coach, Inc.	5,955	330,562
Compass Group PLC (United Kingdom)	10,739	127,008
Conn’s, Inc. †	1,338	41,050
Continental AG (Germany)	185	21,405
Cooper Tire & Rubber Co.	4,188	106,208
Corporate Executive Board Co. (The)	402	19,079
Crocs, Inc. †	973	14,001
Daihatsu Motor Co., Ltd. (Japan)	3,000	59,339
Daimler AG (Registered Shares) (Germany)	1,144	62,514
Deckers Outdoor Corp. †	337	13,571
Deluxe Corp. S	2,119	68,317
Demand Media, Inc. †	1,175	10,916
Destination Maternity Corp. S	2,537	54,698
Dillards, Inc. Class A	1,000	83,770
DreamWorks Animation SKG, Inc. Class A †	942	15,609
Elders, Ltd. (Australia) †	6,143	747
Expedia, Inc. S	2,450	150,553
Experian Group, Ltd. (United Kingdom)	3,368	54,418
Fiat Industrial SpA (Italy)	9,488	104,031
Finish Line, Inc. (The) Class A	1,883	35,645
Foot Locker, Inc.	4,200	134,904
Foschini Group, Ltd. (The) (South Africa)	1,161	19,334
Francesca’s Holdings Corp. † S	915	23,753
Fuji Heavy Industries, Ltd. (Japan)	5,000	62,956
G&K Services, Inc. Class A	703	24,007
GameStop Corp. Class A S	2,404	60,316
Gannett Co., Inc. S	7,000	126,070
Gap, Inc. (The)	7,000	217,280
Genesco, Inc. †	273	15,015
Global Cash Access Holdings, Inc. †	3,097	24,280
Global Mediacom Tbk PT (Indonesia)	103,500	25,828
Green Dot Corp. Class A †	1,874	22,863
Haier Electronics Group Co., Ltd. (China) †	27,000	39,699
HMS Holdings Corp. †	848	21,980
Home Depot, Inc. (The)	18,300	1,131,855
Indofood Agri Resources, Ltd. (Singapore)	1,000	1,102
Isuzu Motors, Ltd. (Japan)	20,000	119,137
Jarden Corp. S	2,300	118,910
KAR Auction Services, Inc.	1,861	37,667
Kingfisher PLC (United Kingdom)	14,188	65,533
La-Z-Boy, Inc.	4,079	57,718
LeapFrog Enterprises, Inc. † S	3,600	31,068
Lear Corp.	2,900	135,836
Localiza Rent a Car SA (Brazil)	500	9,158
Lowe’s Cos., Inc.	20,000	710,400
LS Corp. (South Korea)	103	9,126
Lumber Liquidators Holdings, Inc. †	290	15,321
Macy’s, Inc.	8,500	331,670
Maruti Suzuki India, Ltd. (India)	869	23,823

COMMON STOCKS (49.7%)* cont.	Shares	Value
Consumer cyclicals cont.
MAXIMUS, Inc.	274	$17,322
McGraw-Hill Cos., Inc. (The)	5,800	317,086
MGM China Holdings, Ltd. (Hong Kong)	34,400	63,222
Millennial Media, Inc. †	882	11,051
Mitsubishi Motors Corp. (Japan) †	51,000	52,718
Namco Bandai Holdings, Inc. (Japan)	3,200	41,501
News Corp. Class A	641	16,371
Next PLC (United Kingdom)	2,035	125,602
Nissan Motor Co., Ltd. (Japan)	13,700	130,033
Nu Skin Enterprises, Inc. Class A	917	33,975
O’Reilly Automotive, Inc. †	2,700	241,434
OPAP SA (Greece)	4,662	33,395
Pearson PLC (United Kingdom)	1,591	31,103
PetSmart, Inc.	2,700	184,518
Pier 1 Imports, Inc.	750	15,000
PPR SA (France)	79	14,724
Priceline.com, Inc. †	900	559,080
PulteGroup, Inc. †	9,300	168,888
Randstad Holding NV (Netherlands)	595	21,964
Rent-A-Center, Inc.	397	13,641
Ryland Group, Inc. (The) S	1,035	37,778
Scania AB Class B (Sweden)	2,997	62,332
Scholastic Corp.	574	16,967
Select Comfort Corp. †	902	23,605
Sinclair Broadcast Group, Inc. Class A S	4,458	56,260
Six Flags Entertainment Corp.	532	32,558
SJM Holdings, Ltd. (Hong Kong)	36,000	84,717
Sonic Automotive, Inc. Class A S	6,496	135,701
Standard Parking Corp. †	2,298	50,533
Suzuki Motor Corp. (Japan)	3,900	101,953
Swire Pacific, Ltd. Class A (Hong Kong)	8,000	99,415
Tempur-Pedic International, Inc. †	1,121	35,300
TJX Cos., Inc. (The)	13,100	556,095
Total Systems Services, Inc.	10,800	231,336
Town Sports International Holdings, Inc.	2,751	29,298
Trump Entertainment Resorts, Inc. †	34	136
TUI Travel PLC (United Kingdom)	6,511	30,300
URS Corp.	2,100	82,446
Valeo SA (France)	920	46,650
ValueClick, Inc. † S	1,768	34,317
Vertis Holdings, Inc. † F	115	1
Volkswagen AG (Preference) (Germany)	469	106,700
VOXX International Corp. † S	4,259	28,663
Wal-Mart Stores, Inc.	17,197	1,173,351
WPP PLC (United Kingdom)	5,864	85,247
Wyndham Worldwide Corp.	3,600	191,556
Wynn Resorts, Ltd.	1,900	213,731
		12,529,062
Consumer staples (4.3%)
AFC Enterprises †	4,365	114,057
Ajinomoto Co., Inc. (Japan)	5,000	66,156
Anheuser-Busch InBev NV (Belgium)	1,910	166,912
Apollo Group, Inc. Class A †	1,291	27,008
Associated British Foods PLC (United Kingdom)	4,246	108,078
Avis Budget Group, Inc. †	5,052	100,131
Barrett Business Services, Inc.	993	37,823
Beacon Roofing Supply, Inc. †	1,458	48,522

8  Putnam VT Global Asset Allocation Fund 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Consumer staples cont.
BRF — Brasil Foods SA ADR (Brazil)	343	$7,241
Brinker International, Inc. S	1,875	58,106
British American Tobacco (BAT) PLC (United Kingdom)	3,146	159,408
Bunge, Ltd.	139	10,104
Calbee, Inc. (Japan)	800	56,311
Chaoda Modern Agriculture Holdings, Ltd. (China) † F	10,000	645
Cheesecake Factory, Inc. (The)	365	11,943
Chiquita Brands International, Inc. †	120	990
Coca-Cola Co. (The)	4,800	174,000
Cola-Cola Amatil, Ltd. (Australia)	1,685	23,690
Constellation Brands, Inc. Class A †	3,100	109,709
Core-Mark Holding Co., Inc.	689	32,624
CVS Caremark Corp.	14,600	705,910
DeNA Co., Ltd. (Japan)	1,100	36,169
Diageo PLC (United Kingdom)	2,081	60,583
Distribuidora Internacional de Alimentacion SA (Spain)	8,656	55,620
Domino’s Pizza, Inc.	365	15,896
Fomento Economico Mexicano SAB de CV ADR (Mexico)	300	30,210
General Mills, Inc.	8,700	351,567
Geo Group, Inc. (The)	1,418	39,988
Glanbia PLC (Ireland)	430	4,810
Heineken Holding NV (Netherlands)	1,434	78,550
Imperial Tobacco Group PLC (United Kingdom)	255	9,847
Ingredion, Inc.	143	9,213
IOI Corp. Bhd (Malaysia)	3,700	6,170
Itron, Inc. †	987	43,971
Japan Tobacco, Inc. (Japan)	5,700	160,693
JM Smucker Co. (The)	1,900	163,856
Kao Corp. (Japan)	2,700	70,347
Kerry Group PLC Class A (Ireland)	1,370	72,721
Koninklijke Ahold NV (Netherlands)	4,803	63,797
Kraft Foods Group, Inc. †	7,900	359,213
Kuala Lumpur Kepong Bhd (Malaysia)	900	7,081
Lawson, Inc. (Japan)	500	33,987
Liberty Interactive Corp. Class A †	12,700	249,936
Lorillard, Inc.	2,000	233,340
Magnit OJSC GDR (Russia)	666	26,968
Maple Leaf Foods, Inc. (Canada)	278	3,345
Molson Coors Brewing Co. Class B	2,600	111,254
Nestle SA (Switzerland)	4,912	320,135
Olam International, Ltd. (Singapore) † F	1,878	607
Olam International, Ltd. (Singapore)	6,000	7,695
On Assignment, Inc. †	1,245	25,249
OpenTable, Inc. †	333	16,250
Papa John’s International, Inc. †	482	26,481
Pernod-Ricard SA (France)	583	68,553
Philip Morris International, Inc.	16,361	1,368,434
Prestige Brands Holdings, Inc. †	1,689	33,831
Procter & Gamble Co. (The)	23,024	1,563,099
PT Perusahaan Perkebunan London Sumatra Indonesia
Tbk (Indonesia)	13,500	3,275
Rakuten, Inc. (Japan)	3,900	30,415
Robert Half International, Inc.	3,800	120,916
Ruby Tuesday, Inc. †	3,387	26,622
SABMiller PLC (United Kingdom)	1,869	87,970
Smithfield Foods, Inc. †	156	3,365

COMMON STOCKS (49.7%)* cont.	Shares	Value
Consumer staples cont.
Spartan Stores, Inc. S	1,240	$19,046
Suedzucker AG (Germany)	1,741	71,239
Tate & Lyle PLC (United Kingdom)	488	6,051
Tesco PLC (United Kingdom)	4,574	25,126
Toyota Tsusho Corp. (Japan)	4,100	101,229
TrueBlue, Inc. †	345	5,434
Tyson Foods, Inc. Class A	274	5,316
Unilever PLC (United Kingdom)	1,539	58,417
United Natural Foods, Inc. †	687	36,816
USANA Health Sciences, Inc. †	309	10,175
Walgreen Co.	11,100	410,811
Wilmar International, Ltd. (Singapore)	2,000	5,528
Wolseley PLC (United Kingdom)	378	17,958
Woolworths, Ltd. (Australia)	2,888	88,269
		8,882,812
Energy (4.6%)
Alpha Natural Resources, Inc. † S	6,100	59,414
BG Group PLC (United Kingdom)	4,938	82,802
BP PLC (United Kingdom)	20,694	143,384
Cabot Oil & Gas Corp.	3,900	193,986
Caltex Australia, Ltd. (Australia)	4,304	86,743
Canadian Natural Resources, Ltd. (Canada)	1,100	31,672
Chevron Corp.	4,501	486,738
ConocoPhillips	16,648	965,418
CVR Energy, Inc. (Escrow)	1,984	—
Deepocean Group (Shell) (acquired 06/09/11,
cost $19,306) (Norway) ‡	1,329	19,935
Delek US Holdings, Inc.	1,878	47,551
ENI SpA (Italy)	7,853	193,730
EPL Oil & Gas, Inc. †	2,102	47,400
Exxon Mobil Corp.	16,304	1,411,111
Ezion Holdings, Ltd. (Singapore)	20,000	27,908
Halliburton Co.	1,000	34,690
Helix Energy Solutions Group, Inc. †	4,084	84,294
Helmerich & Payne, Inc.	2,100	117,621
HollyFrontier Corp.	4,000	186,200
Inpex Corp. (Japan)	8	42,695
Key Energy Services, Inc. †	4,069	28,280
Kodiak Oil & Gas Corp. †	3,279	29,019
Marathon Petroleum Corp.	5,650	355,950
Occidental Petroleum Corp.	10,995	842,327
Oceaneering International, Inc.	2,300	123,717
Oil States International, Inc. †	1,300	93,002
ONEOK, Inc.	4,500	192,375
Peabody Energy Corp.	5,600	149,016
Petrofac, Ltd. (United Kingdom)	5,767	156,244
Phillips 66	9,324	495,104
Repsol SA (Spain) †	2,465	1,503
Repsol YPF SA (Spain)	2,465	50,623
Rosetta Resources, Inc. † S	490	22,226
Royal Dutch Shell PLC Class A (United Kingdom)	4,951	174,941
Royal Dutch Shell PLC Class A (United Kingdom)	4,432	152,382
Royal Dutch Shell PLC Class B (United Kingdom)	3,638	128,757
Schlumberger, Ltd.	15,900	1,101,711
Statoil ASA (Norway)	2,125	53,325
Stone Energy Corp. † S	1,422	29,179
Suncor Energy, Inc. (Canada)	2,200	72,345

Putnam VT Global Asset Allocation Fund  9 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Energy cont.
Swift Energy Co. † S	1,824	$28,071
Technip SA (France)	316	36,381
Tesoro Corp.	5,001	220,294
Total SA (France)	2,142	110,865
Tullow Oil PLC (United Kingdom)	1,637	33,336
Unit Corp. †	688	30,994
Vaalco Energy, Inc. † S	7,642	66,103
Valero Energy Corp.	9,400	320,728
W&T Offshore, Inc.	1,379	22,105
Western Refining, Inc. S	2,139	60,298
		9,444,493
Financials (8.7%)
3i Group PLC (United Kingdom)	10,878	38,027
ACE, Ltd.	718	57,296
AG Mortgage Investment Trust, Inc. R	711	16,694
Ageas (Belgium)	2,141	63,878
Agree Realty Corp. R	1,196	32,041
AIA Group, Ltd. (Hong Kong)	36,600	145,867
Alleghany Corp. †	600	201,252
Allianz SE (Germany)	1,187	164,443
Allied World Assurance Co. Holdings AG	2,277	179,428
American Capital Agency Corp. R	5,500	159,170
American Equity Investment Life Holding Co. S	2,812	34,335
American Financial Group, Inc.	3,444	136,107
American International Group, Inc. †	17,300	610,690
Amtrust Financial Services, Inc. S	746	21,403
Aon PLC S	9,100	505,960
Apollo Commercial Real Estate Finance, Inc. R S	1,445	23,452
Apollo Residential Mortgage, Inc.	1,338	27,014
Arlington Asset Investment Corp. Class A	817	16,969
ARMOUR Residential REIT, Inc. R	3,812	24,664
Ashford Hospitality Trust, Inc. R	4,485	47,137
Ashmore Group PLC (United Kingdom)	5,782	33,433
Associated Banc-Corp.	7,000	91,840
Australia & New Zealand Banking Group, Ltd. (Australia)	4,654	121,846
AvalonBay Communities, Inc. R	1,500	203,385
AXA SA (France)	7,255	131,228
Axis Capital Holdings, Ltd.	4,200	145,488
Banco Bilbao Vizcaya Argentaria SA (BBVA) (Spain)	4,390	40,302
Banco Latinoamericano de Exportaciones SA Class E
(Panama) S	2,681	57,802
Banco Santander Central Hispano SA (Spain)	11,030	88,936
Barclays PLC (United Kingdom)	61,249	264,497
Berkshire Hathaway, Inc. Class B †	2,600	233,220
BM&F Bovespa SA (Brazil)	3,300	22,564
BNP Paribas SA (France)	2,229	125,642
BofI Holding, Inc. † S	2,086	58,137
British Land Company PLC (United Kingdom) R	4,648	43,211
Cardinal Financial Corp.	2,336	38,007
CBL & Associates Properties, Inc. R	4,596	97,481
Chimera Investment Corp. R	29,087	75,917
China Construction Bank Corp. (China)	16,000	13,040
CIT Group, Inc. †	6,400	247,296
Citigroup, Inc.	495	19,582
Citizens & Northern Corp.	1,505	28,445
Citizens Republic Bancorp, Inc. †	1,336	25,344
City National Corp. S	2,000	99,040

COMMON STOCKS (49.7%)* cont.	Shares	Value
Financials cont.
CNO Financial Group, Inc.	5,239	$48,880
Commonwealth Bank of Australia (Australia)	2,593	168,435
CoreLogic, Inc. †	8,000	215,360
Credit Acceptance Corp. †	158	16,065
Credit Agricole SA (France) †	7,647	62,087
Credit Suisse Group (Switzerland)	1,595	40,021
DBS Group Holdings, Ltd. (Singapore)	5,000	61,207
Deutsche Bank AG (Germany)	1,867	81,341
Dexus Property Group (Australia)	87,020	92,268
Discover Financial Services	9,900	381,645
Dynex Capital, Inc. R	3,328	31,416
East West Bancorp, Inc. S	1,910	41,046
Eaton Vance Corp. S	4,400	140,140
EPR Properties R	475	21,902
Federal Realty Investment Trust R	1,100	114,422
Fidelity National Financial, Inc. Class A	8,000	188,400
Fifth Third Bancorp S	26,300	399,497
Financial Institutions, Inc.	1,558	29,026
First Community Bancshares Inc.	1,476	23,572
First Industrial Realty Trust † R	1,433	20,177
Flushing Financial Corp. S	2,725	41,802
Genworth Financial, Inc. Class A †	32,837	246,606
Glimcher Realty Trust R	2,800	31,052
Goldman Sachs Group, Inc. (The)	7,100	905,676
Grupo Financiero Banorte SAB de CV (Mexico)	4,400	28,412
Hanmi Financial Corp. †	3,082	41,884
Hatteras Financial Corp. R	2,100	52,101
Health Care REIT, Inc. R	3,800	232,902
Heartland Financial USA, Inc.	1,046	27,353
HFF, Inc. Class A S	4,937	73,561
Home Loan Servicing Solutions, Ltd. (Cayman Islands)	414	7,825
Hongkong Land Holdings, Ltd. (Hong Kong)	3,000	21,098
Housing Development Finance Corp., Ltd. (HDFC) (India) †	2,615	39,889
HSBC Holdings, PLC (United Kingdom)	27,330	289,065
ING Groep NV GDR (Netherlands) †	11,299	108,049
Insurance Australia Group, Ltd. (Australia)	21,453	105,504
Invesco Mortgage Capital, Inc. R	1,148	22,627
Investors Real Estate Trust R S	3,247	28,346
Jones Lang LaSalle, Inc. S	656	55,065
Joyo Bank, Ltd. (The) (Japan)	12,000	56,708
JPMorgan Chase & Co.	35,543	1,562,826
KKR & Co. LP	1,200	18,276
Lexington Realty Trust R	8,846	92,441
LTC Properties, Inc. R	1,681	59,154
Macquarie Group, Ltd. (Australia)	638	23,728
Maiden Holdings, Ltd. (Bermuda)	2,577	23,683
MainSource Financial Group, Inc.	2,315	29,331
MFA Financial, Inc. R	3,826	31,029
Mission West Properties R	2,225	20,270
Mitsubishi Estate Co., Ltd. (Japan)	3,000	71,719
Mitsubishi UFJ Financial Group (MUFG), Inc. (Japan)	45,000	242,151
Mitsui Fudosan Co., Ltd. (Japan)	1,000	24,431
Nasdaq OMX Group, Inc. (The)	5,300	132,553
National Bank of Canada (Canada)	534	41,466
National Financial Partners Corp. † S	1,262	21,631
National Health Investors, Inc. R	1,497	84,625

10  Putnam VT Global Asset Allocation Fund 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Financials cont.
Nationstar Mortgage Holdings, Inc. † S	1,677	$51,953
Nelnet, Inc. Class A	1,391	41,438
Northern Trust Corp.	5,100	255,816
Ocwen Financial Corp. †	1,639	56,693
One Liberty Properties, Inc. R	1,569	31,835
Oriental Financial Group (Puerto Rico)	1,406	18,770
ORIX Corp. (Japan)	1,580	178,285
PartnerRe, Ltd.	2,344	188,669
Peoples Bancorp, Inc.	1,437	29,358
Persimmon PLC (United Kingdom)	2,326	30,718
PNC Financial Services Group, Inc.	9,200	536,452
Popular, Inc. (Puerto Rico) †	5,712	118,752
Portfolio Recovery Associates, Inc. † S	308	32,913
Protective Life Corp.	4,704	134,440
Prudential PLC (United Kingdom)	15,163	211,574
PS Business Parks, Inc. R	1,051	68,294
Public Storage R	2,000	289,920
Realogy Holdings Corp. †	153	6,420
Regus PLC (United Kingdom)	20,710	37,373
Republic Bancorp, Inc. Class A S	934	19,735
Resona Holdings, Inc. (Japan)	11,300	51,232
Royal Bank of Scotland PLC (The) (United Kingdom) †	4,921	26,504
Sberbank of Russia ADR (Russia)	6,178	76,794
SCOR SE (France)	868	23,405
Simon Property Group, Inc. R	3,800	600,742
Societe Generale SA (France) †	916	34,455
Sovran Self Storage, Inc. R	1,069	66,385
St. Joe Co. (The) †	5,600	129,248
Standard Chartered PLC (United Kingdom)	3,101	78,606
Standard Life PLC (United Kingdom)	11,269	60,191
Starwood Property Trust, Inc. R	893	20,503
State Street Corp.	9,000	423,090
Stockland (Units) (Australia) R	18,911	69,721
Sun Hung Kai Properties, Ltd. (Hong Kong)	3,000	45,280
Svenska Handelsbanken AB Class A (Sweden)	2,211	79,220
Swedbank AB Class A (Sweden)	5,775	113,643
Symetra Financial Corp.	2,551	33,112
Synovus Financial Corp.	35,400	86,730
Tanger Factory Outlet Centers R	1,900	64,980
Tokyu Land Corp. (Japan)	19,000	138,894
Toronto-Dominion Bank (The) (Canada) S	2,500	210,825
UBS AG (Switzerland)	7,586	119,299
UniCredit SpA (Italy) †	9,299	45,919
Unitech, Ltd. (India) †	38,652	24,006
United Overseas Bank, Ltd. (Singapore)	1,000	16,378
Universal Health Realty Income Trust R	392	19,839
Urstadt Biddle Properties, Inc. Class A R	1,253	24,659
Validus Holdings, Ltd. S	4,105	141,951
Virginia Commerce Bancorp, Inc. †	3,751	33,571
Virtus Investment Partners, Inc. †	245	29,630
Visa, Inc. Class A	200	30,316
Vornado Realty Trust R	2,800	224,224
WageWorks, Inc. †	1,030	18,334
Walker & Dunlop, Inc. †	2,351	39,168
Walter Investment Management Corp. † S	2,075	89,267
Washington Banking Co.	1,805	24,584

COMMON STOCKS (49.7%)* cont.	Shares	Value
Financials cont.
Wells Fargo & Co.	7,585	$259,255
Westfield Group (Australia)	5,079	56,044
Westpac Banking Corp. (Australia)	2,841	77,668
Wheelock and Co., Ltd. (Hong Kong)	12,000	61,068
World Acceptance Corp. †	341	25,425
		18,016,829
Health care (5.8%)
ABIOMED, Inc. †	1,212	16,314
Affymax, Inc. † S	801	15,219
Air Methods Corp.	651	24,015
Alere, Inc. †	1,882	34,817
Alfresa Holdings Corp. (Japan)	900	35,171
Amedisys, Inc. † S	374	4,215
AmerisourceBergen Corp.	7,600	328,168
Amgen, Inc.	8,700	750,984
AmSurg Corp. †	1,064	31,931
Astellas Pharma, Inc. (Japan)	2,000	89,843
AstraZeneca PLC (United Kingdom)	2,336	110,435
athenahealth, Inc. †	422	30,996
Bayer AG (Germany)	2,594	246,333
Bio-Reference Labs, Inc. †	573	16,439
BioMarin Pharmaceuticals, Inc. † S	493	24,280
Bristol-Myers Squibb Co.	19,700	642,023
Celgene Corp. †	5,600	440,832
Centene Corp. †	317	12,997
Chindex International, Inc. †	400	4,200
CIGNA Corp.	8,200	438,372
Coloplast A/S Class B (Denmark)	1,722	84,396
Community Health Systems, Inc.	783	24,069
Computer Programs & Systems, Inc.	271	13,642
Conmed Corp. S	2,141	59,841
Covidien PLC	431	24,886
Cubist Pharmaceuticals, Inc. † S	1,336	56,192
Cyberonics, Inc. †	332	17,440
Elan Corp. PLC ADR (Ireland) †	2,647	27,026
Elekta AB Class B (Sweden)	779	12,285
Eli Lilly & Co.	12,063	594,947
Endo Health Solutions, Inc. †	1,231	32,338
Fresenius SE & Co. KGgA (Germany)	685	78,839
Gilead Sciences, Inc. †	8,800	646,360
GlaxoSmithKline PLC (United Kingdom)	5,180	112,466
Greatbatch, Inc. †	2,633	61,191
Grifols SA ADR (Spain) †	1,556	40,357
Haemonetics Corp. † S	772	31,528
HCA Holdings, Inc.	5,800	174,986
Health Net, Inc. †	916	22,259
HealthSouth Corp. † S	1,343	28,351
Hi-Tech Pharmacal Co., Inc.	481	16,825
Impax Laboratories, Inc. †	2,146	43,972
Jazz Pharmaceuticals PLC † S	2,622	139,490
Johnson & Johnson S	5,710	400,271
Kindred Healthcare, Inc. † S	3,067	33,185
Lexicon Pharmaceuticals, Inc. †	4,467	9,917
Magellan Health Services, Inc. †	384	18,816
McKesson Corp.	6,100	591,456
MedAssets, Inc. †	2,800	46,956
Medicines Co. (The) †	2,116	50,721

Putnam VT Global Asset Allocation Fund  11 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Health care cont.
Merck & Co., Inc.	2,818	$115,369
Merck KGaA (Germany)	287	37,866
Mitsubishi Tanabe Pharma Corp. (Japan)	1,300	16,950
Novartis AG (Switzerland)	1,708	108,136
Novo Nordisk A/S Class B (Denmark)	846	138,169
Obagi Medical Products, Inc. †	5,651	76,797
Omega Healthcare Investors, Inc. R S	2,610	62,249
Omnicare, Inc. S	1,916	69,168
OraSure Technologies, Inc. †	2,905	20,858
Orion OYJ Class B (Finland)	2,118	62,252
Otsuka Holdings Company, Ltd. (Japan)	3,400	95,455
PDL BioPharma, Inc. S	5,798	40,876
Pfizer, Inc.	63,323	1,588,141
Pharmacyclics, Inc. †	185	10,712
PharMerica Corp. †	1,894	26,971
Providence Service Corp. (The) †	2,087	35,458
Quality Systems, Inc.	375	6,510
Questcor Pharmaceuticals, Inc.	354	9,459
Roche Holding AG-Genusschein (Switzerland)	1,015	206,781
RTI Biologics, Inc. †	4,838	20,658
Salix Pharmaceuticals, Ltd. †	2,034	82,336
Sanofi (France)	3,229	306,223
Shanghai Fosun Pharmaceutical Group Co., Ltd. (China) †	16,000	24,357
Shire PLC (United Kingdom)	1,143	35,105
Spectrum Pharmaceuticals, Inc. S	2,042	22,850
St. Jude Medical, Inc.	9,500	343,330
STAAR Surgical Co. †	6,349	38,729
Steris Corp.	718	24,936
Suzuken Co., Ltd. (Japan)	1,000	28,180
Teva Pharmaceutical Industries, Ltd. ADR (Israel)	963	35,958
Trinity Biotech PLC ADR (Ireland)	1,260	18,169
Triple-S Management Corp. Class B (Puerto Rico) †	793	14,647
United Therapeutics Corp. † S	1,705	91,081
Ventas, Inc. R	4,200	271,824
ViroPharma, Inc. † S	2,112	48,069
Warner Chilcott PLC Class A	8,174	98,415
WellCare Health Plans, Inc. †	1,454	70,795
WellPoint, Inc.	8,900	542,188
Zimmer Holdings, Inc.	5,200	346,632
		11,985,251
Technology (8.8%)
Acacia Research Corp. †	444	11,389
Accenture PLC Class A	12,300	817,950
Actuate Corp. †	8,010	44,856
Acxiom Corp. †	2,728	47,631
Amadeus IT Holding SA Class A (Spain)	1,011	25,370
Anixter International, Inc.	438	28,023
AOL, Inc. †	7,100	210,231
Apple, Inc.	12,004	6,398,492
ASML Holding NV (Netherlands)	899	58,201
ASML Holding NV ADR (Netherlands) S	658	42,382
Aspen Technology, Inc. †	1,061	29,326
Avnet, Inc. †	3,700	113,257
BMC Software, Inc. †	7,100	281,586
Bottomline Technologies, Inc. † S	1,299	34,281
Broadcom Corp. Class A †	7,800	259,038
Brocade Communications Systems, Inc. †	19,015	101,350

COMMON STOCKS (49.7%)* cont.	Shares	Value
Technology cont.
Cirrus Logic, Inc. †	677	$19,613
Cisco Systems, Inc.	50,300	988,395
Commvault Systems, Inc. †	548	38,201
Cornerstone OnDemand, Inc. †	644	19,017
CSG Systems International, Inc. †	600	10,908
Cypress Semiconductor Corp. †	7,300	79,132
EMC Corp. †	22,600	571,780
EnerSys †	1,721	64,761
Entegris, Inc. †	7,746	71,108
Entropic Communications, Inc. †	4,169	22,054
F5 Networks, Inc. †	100	9,715
Fair Isaac Corp.	2,289	96,207
FEI Co.	681	37,768
First Solar, Inc. † S	809	24,982
Gemalto NV (Netherlands)	871	78,857
GenMark Diagnostics, Inc. †	931	8,379
Google, Inc. Class A †	1,257	891,678
Hollysys Automation Technologies, Ltd. (China) †	1,700	20,179
IBM Corp.	2,472	473,512
Infoblox, Inc. †	1,293	23,235
InnerWorkings, Inc. †	1,958	26,981
Integrated Silicon Solutions, Inc. †	4,607	41,463
IntraLinks Holdings, Inc. †	5,596	34,527
Ixia †	997	16,929
Konica Minolta Holdings, Inc. (Japan)	7,500	54,034
L-3 Communications Holdings, Inc.	2,400	183,888
Lam Research Corp. †	3,900	140,907
Lexmark International, Inc. Class A	3,300	76,527
LivePerson, Inc. †	1,508	19,815
Manhattan Associates, Inc. †	692	41,755
Marvell Technology Group, Ltd.	12,900	93,654
Mentor Graphics Corp. † S	3,675	62,549
Microsemi Corp. †	1,310	27,562
Microsoft Corp.	47,111	1,259,277
MTS Systems Corp.	712	36,262
Murata Manufacturing Co., Ltd. (Japan)	900	53,081
NEC Corp. (Japan) †	51,000	107,389
Netscout Systems, Inc. †	1,278	33,215
NTT Data Corp. (Japan)	11	34,393
NVIDIA Corp.	12,400	152,396
NXP Semiconductor NV † S	400	10,548
Omnivision Technologies, Inc. † S	2,153	30,314
Oracle Corp.	43,682	1,455,484
Oracle Corp. Japan (Japan)	1,300	54,181
Parametric Technology Corp. †	1,222	27,507
Pegatron Corp. (Taiwan) †	25,000	32,527
Perficient, Inc. † S	1,912	22,523
Pericom Semiconductor Corp. †	2,995	24,050
Photronics, Inc. † S	3,817	22,749
Plantronics, Inc.	643	23,707
Procera Networks, Inc. †	1,662	30,830
QLIK Technologies, Inc. †	952	20,677
RealPage, Inc. †	1,250	26,963
RF Micro Devices, Inc. †	3,562	15,958
Riverbed Technology, Inc. †	6,148	121,239
Rockwell Automation, Inc.	3,100	260,369

12  Putnam VT Global Asset Allocation Fund 

COMMON STOCKS (49.7%)* cont.	Shares	Value
Technology cont.
Rovi Corp. †	1,880	$29,008
Rudolph Technologies, Inc. †	1,949	26,214
Safeguard Scientifics, Inc. †	1,308	19,293
Samsung Electronics Co., Ltd. (South Korea)	34	48,662
SAP AG (Germany)	762	61,041
Sartorius AG zero % (Preference) (Germany)	200	17,747
Semtech Corp. † S	1,374	39,777
Silicon Graphics International Corp. †	1,073	10,977
Silicon Image, Inc. †	3,710	18,402
SK Hynix, Inc. (South Korea) †	1,540	37,362
Skyworks Solutions, Inc. †	959	19,468
Softbank Corp. (Japan)	2,200	80,502
Sourcefire, Inc. † S	485	22,902
SS&C Technologies Holdings, Inc. †	1,083	25,039
Stratasys, Ltd. †	298	23,885
Symantec Corp. †	22,000	413,820
Tangoe, Inc. †	1,004	11,917
Telefonaktiebolaget LM Ericsson Class B (Sweden)	1,007	10,129
Tencent Holdings, Ltd. (China)	600	19,527
Teradyne, Inc. † S	7,940	134,107
TIBCO Software, Inc. †	1,409	31,012
Tyler Technologies, Inc. †	550	26,642
Ultimate Software Group, Inc. †	488	46,072
Ultra Clean Holdings, Inc. †	3,306	16,232
Unisys Corp. †	490	8,477
VASCO Data Security International, Inc. †	5,871	47,907
VeriFone Systems, Inc. †	373	11,071
VMware, Inc. Class A †	300	28,242
Western Digital Corp.	4,200	178,458
Yelp, Inc. †	957	18,039
		18,211,005
Transportation (0.6%)
Aegean Marine Petroleum Network, Inc. (Greece) S	5,656	29,864
Alaska Air Group, Inc. †	480	20,683
Central Japan Railway Co. (Japan)	1,500	121,704
ComfortDelgro Corp., Ltd. (Singapore)	33,000	48,366
Delta Air Lines, Inc. †	19,900	236,213
Deutsche Lufthansa AG (Germany)	3,497	65,731
Deutsche Post AG (Germany)	1,829	40,105
Hankyu Hanshin Holdings, Inc. (Japan)	13,000	67,113
International Consolidated Airlines Group SA (Spain) †	14,335	42,365
Japan Airlines Co., Ltd. (Japan) †	900	38,522
Jaypee Infratech, Ltd. (India) †	4,238	3,995
Quality Distribution, Inc. †	2,749	16,494
SkyWest, Inc.	2,027	25,256
Southwest Airlines Co.	18,400	188,416
Swift Transportation Co. † S	4,716	43,010
Universal Truckload Services, Inc.	173	3,157
US Airways Group, Inc. †	1,694	22,869
Wabtec Corp.	1,300	113,802
XPO Logistics, Inc. † S	1,536	26,696
		1,154,361
Utilities and power (1.5%)
AES Corp. (The)	14,961	160,083
American Electric Power Co., Inc. S	8,800	375,584
American Water Works Co., Inc.	4,000	148,520
Centrica PLC (United Kingdom)	11,869	64,477
Chubu Electric Power Co., Inc. (Japan)	1,500	20,015

COMMON STOCKS (49.7%)* cont.	Shares	Value
Utilities and power cont.
Cia Energetica de Minas Gerais (Preference) (Brazil)	1,300	$14,349
CMS Energy Corp. S	5,900	143,842
DTE Energy Co.	3,500	210,175
Dynegy, Inc. † S	1,707	32,655
Electric Power Development Co., Ltd. (Japan)	1,300	30,817
Electricite de France SA (EDF) (France)	3,471	65,054
Enel SpA (Italy)	17,476	72,707
Energias de Portugal (EDP) SA (Portugal)	7,986	24,005
Entergy Corp.	3,700	235,875
GDF Suez (France)	2,974	61,276
Kinder Morgan, Inc.	8,500	300,305
OGE Energy Corp.	2,300	129,513
Origin Energy, Ltd. (Australia)	4,589	56,159
PG&E Corp.	8,000	321,440
PPL Corp.	11,000	314,930
Red Electrica Corporacion SA (Spain)	1,654	81,720
Tokyo Gas Co., Ltd. (Japan)	11,000	50,292
UGI Corp.	2,900	94,859
United Utilities Group PLC (United Kingdom)	8,123	89,136
		3,097,788
Total common stocks (cost $92,867,432)		$103,033,522
CORPORATE BONDS AND NOTES (18.7%)*	Principal amount	Value
Basic materials (1.4%)
Agrium, Inc. sr. unsec. notes 3.15s, 2022 (Canada)	$5,000	$4,957
Ainsworth Lumber Co., Ltd. 144A sr. notes 7 1/2s,
2017 (Canada)	15,000	15,750
Airgas, Inc. sr. unsec. unsub. notes 3 1/4s, 2015	100,000	106,212
Allegheny Technologies, Inc. sr. unsec.
unsub. notes 9 3/8s, 2019	20,000	25,446
Allegheny Technologies, Inc. sr. unsec.
unsub. notes 5.95s, 2021	15,000	16,617
ArcelorMittal sr. unsec. unsub. 10.35s, 2019 (France)	100,000	120,783
Ashland, Inc. 144A sr. unsec. notes 4 3/4s, 2022	15,000	15,600
Atkore International, Inc. company
guaranty sr. notes 9 7/8s, 2018	70,000	74,375
Boise Cascade LLC/Boise Cascade Finance Corp.
144A sr. unsec. notes 6 3/8s, 2020 (United Kingdom)	5,000	5,150
Celanese US Holdings, LLC company guaranty sr. unsec.
unsub. notes 4 5/8s, 2022 (Germany)	20,000	21,000
Celanese US Holdings, LLC sr. notes 5 7/8s, 2021
(Germany)	50,000	56,000
CF Industries, Inc. company guaranty sr. unsec.
unsub. notes 7 1/8s, 2020	65,000	81,805
CF Industries, Inc. company guaranty sr. unsec.
unsub. notes 6 7/8s, 2018	50,000	61,081
Compass Minerals International, Inc. company
guaranty sr. unsec. notes 8s, 2019	45,000	48,600
Dow Chemical Co. (The) sr. unsec.
unsub. notes 8.55s, 2019	50,000	67,504
E.I. du Pont de Nemours & Co. sr. notes 3 5/8s, 2021	95,000	104,360
Eastman Chemical Co. sr. unsec. notes 4.8s, 2042	145,000	155,104
Eastman Chemical Co. sr. unsec. notes 3.6s, 2022	100,000	104,732
Eastman Chemical Co. sr. unsec. unsub. notes 2.4s, 2017	35,000	36,164
Edgen Murray Corp. 144A company
guaranty sr. notes 8 3/4s, 2020	20,000	20,200
Eldorado Gold Corp. 144A sr. unsec. notes 6 1/8s,
2020 (Canada)	10,000	10,200

Putnam VT Global Asset Allocation Fund  13 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Basic materials cont.
Ferro Corp. sr. unsec. notes 7 7/8s, 2018	$60,000	$54,150
FMG Resources August 2006 Pty, Ltd. 144A company
guaranty sr. unsec. notes 6 3/8s, 2016 (Australia)	25,000	25,875
FMG Resources August 2006 Pty, Ltd. 144A
sr. notes 8 1/4s, 2019 (Australia)	30,000	31,950
FMG Resources August 2006 Pty, Ltd. 144A
sr. notes 6 7/8s, 2018 (Australia)	55,000	56,513
FMG Resources August 2006 Pty, Ltd. 144A
sr. unsec. notes 6 7/8s, 2022 (Australia)	25,000	25,625
HD Supply, Inc. company guaranty sr. unsec.
sub. notes 13 1/2s, 2015 ‡‡	30,000	30,750
HD Supply, Inc. 144A company guaranty sr. unsec.
notes 11 1/2s, 2020	50,000	56,313
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance,
ULC company guaranty sr. notes 8 7/8s, 2018	30,000	30,825
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance,
ULC company guaranty sr. notes 6 5/8s, 2020	15,000	15,263
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance,
ULC company guaranty sr. notes FRN 4.81s, 2014	15,000	14,063
Huntsman International, LLC company
guaranty sr. unsec. sub. notes 8 5/8s, 2021	25,000	28,563
Huntsman International, LLC company
guaranty sr. unsec. sub. notes 8 5/8s, 2020	45,000	50,963
Huntsman International, LLC 144A company
guaranty sr. unsec. unsub. notes 4 7/8s, 2020	20,000	20,225
IAMGOLD Corp. 144A company guaranty sr. unsec.
notes 6 3/4s, 2020 (Canada)	40,000	39,000
Inmet Mining Corp. 144A company
guaranty sr. unsec. notes 7 1/2s, 2021 (Canada)	10,000	10,400
International Paper Co. sr. unsec. notes 7.95s, 2018	175,000	226,245
JM Huber Corp. 144A sr. unsec. notes 9 7/8s, 2019	45,000	49,950
Louisiana-Pacific Corp. company
guaranty sr. unsec. unsub. notes 7 1/2s, 2020	20,000	22,600
Lubrizol Corp. (The) sr. unsec. notes 8 7/8s, 2019	50,000	69,767
LyondellBasell Industries NV sr. unsec.
unsub. notes 5s, 2019	200,000	221,000
Methanex Corp. sr. unsec. unsub. notes 3 1/4s,
2019 (Canada)	6,000	6,044
Momentive Performance Materials, Inc. 144A
company guaranty sr. notes 10s, 2020	15,000	14,775
MPM Escrow LLC/MPM Finance Escrow Corp. 144A
sr. notes 8 7/8s, 2020	15,000	15,150
New Gold, Inc. 144A company guaranty sr. unsec.
unsub. notes 7s, 2020 (Canada)	25,000	26,688
New Gold, Inc. 144A sr. unsec. notes 6 1/4s,
2022 (Canada)	10,000	10,350
Novelis, Inc. company guaranty sr. unsec.
notes 8 3/4s, 2020	35,000	39,025
Nufarm Australia Ltd. 144A company
guaranty sr. notes 6 3/8s, 2019 (Australia)	15,000	15,788
PQ Corp. 144A sr. notes 8 3/4s, 2018	25,000	26,250
Rio Tinto Finance USA, Ltd. company
guaranty sr. unsec. notes 9s, 2019 (Australia)	62,000	85,159
Rock-Tenn Co. 144A sr. unsec. notes 4.9s, 2022	37,000	39,985
Rock-Tenn Co. 144A sr. unsec. notes 4.45s, 2019	38,000	40,997
Roofing Supply Group, LLC/Roofing Supply
Finance, Inc. 144A company guaranty sr. unsec.
notes 10s, 2020	30,000	33,600
Ryerson, Inc./Joseph T Ryerson & Son, Inc. 144A
company guaranty sr. notes 9s, 2017	30,000	30,600
Sealed Air Corp. 144A sr. unsec. notes 6 1/2s, 2020	5,000	5,400

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Basic materials cont.
Smurfit Kappa Treasury company guaranty
sr. unsec. unsub. debs 7 1/2s, 2025 (Ireland)	$5,000	$5,238
Steel Dynamics, Inc. 144A company
guaranty sr. unsec. notes 6 3/8s, 2022	5,000	5,300
Steel Dynamics, Inc. 144A company
guaranty sr. unsec. notes 6 1/8s, 2019	10,000	10,600
Taminco Acquisition Corp. 144A sr. unsec.
notes 9 1/8s, 2017 (Belgium) ‡‡	15,000	14,813
Taminco Global Chemical Corp. 144A
sr. notes 9 3/4s, 2020 (Belgium)	45,000	49,275
Tronox Finance, LLC 144A company
guaranty sr. unsec. notes 6 3/8s, 2020	45,000	45,450
Verso Paper Holdings, LLC/Verso Paper, Inc.
company guaranty sr. notes 11 3/4s, 2019	5,000	3,550
Verso Paper Holdings, LLC/Verso Paper, Inc.
company guaranty sr. notes 8 3/4s, 2019	10,000	3,800
Xstrata Finance Canada, Ltd. 144A company guaranty
sr. unsec. unsub. bonds 5.8s, 2016 (Canada)	35,000	39,512
		2,799,029
Capital goods (0.8%)
ADS Waste Holdings, Inc. 144A sr. notes 8 1/4s, 2020	5,000	5,250
American Axle & Manufacturing, Inc. company
guaranty sr. unsec. notes 7 3/4s, 2019	65,000	71,013
B/E Aerospace, Inc. sr. unsec.
unsub. notes 6 7/8s, 2020	10,000	11,125
B/E Aerospace, Inc. sr. unsec.
unsub. notes 5 1/4s, 2022	30,000	31,800
Ball Corp. company guaranty sr. unsec. notes 5s, 2022	5,000	5,350
Berry Plastics Corp. company
guaranty notes 9 1/2s, 2018	25,000	27,500
Berry Plastics Corp. company
guaranty unsub. notes 9 3/4s, 2021	40,000	46,100
Berry Plastics Holding Corp. company
guaranty sr. unsec. sub. notes 10 1/4s, 2016	20,000	20,575
BOE Merger Corp. 144A sr. unsec. notes 9 1/2s, 2017 ‡‡	15,000	15,000
Boeing Capital Corp. sr. unsec.
unsub. notes 4.7s, 2019	40,000	47,267
Bombardier, Inc. 144A sr. unsec. notes 7 3/4s,
2020 (Canada)	20,000	22,700
Briggs & Stratton Corp. company
guaranty sr. unsec. notes 6 7/8s, 2020	40,000	45,250
Consolidated Container Co. LLC/Consolidated
Container Capital, Inc. 144A company
guaranty sr. unsec. notes 10 1/8s, 2020	10,000	10,700
Deere & Co. sr. unsec. unsub. notes 2.6s, 2022	85,000	86,071
Dematic SA/DH Services Luxembourg Sarl 144A
company guaranty sr. unsec. notes 7 3/4s, 2020
(Luxembourg)	30,000	30,000
Exide Technologies sr. notes 8 5/8s, 2018	30,000	25,425
General Dynamics Corp. company
guaranty sr. unsec. unsub. notes 3.6s, 2042	60,000	57,824
General Dynamics Corp. company
guaranty sr. unsec. unsub. notes 2 1/4s, 2022	30,000	29,470
GrafTech International, Ltd. 144A company
guaranty sr. unsec. notes 6 3/8s, 2020	10,000	10,363
Kratos Defense & Security Solutions, Inc. company
guaranty sr. notes 10s, 2017	65,000	71,338
Legrand SA unsec. unsub. debs. 8 1/2s, 2025 (France)	159,000	209,961
Manitowoc Co., Inc. (The) company
guaranty sr. unsec. notes 5 7/8s, 2022	10,000	10,063
Meritor, Inc. company guaranty sr. unsec.
notes 8 1/8s, 2015	10,000	10,525

14  Putnam VT Global Asset Allocation Fund 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Capital goods cont.
Pittsburgh Glass Works, LLC 144A
sr. notes 8 1/2s, 2016	$65,000	$59,800
Polypore International, Inc. company
guaranty sr. unsec. notes 7 1/2s, 2017	45,000	49,050
Raytheon Co. sr. unsec. notes 4 7/8s, 2040	20,000	22,977
Reynolds Group Issuer, Inc. company
guaranty sr. unsec. unsub. notes 9 7/8s, 2019	100,000	107,500
Reynolds Group Issuer, Inc. 144A company
guaranty sr. notes 5 3/4s, 2020	20,000	20,650
Staples, Inc. sr. unsec. notes 9 3/4s, 2014	70,000	76,104
Tenneco, Inc. company guaranty sr. unsec.
unsub. notes 7 3/4s, 2018	20,000	21,700
Tenneco, Inc. company
guaranty sr. unsub. notes 6 7/8s, 2020	35,000	38,106
Terex Corp. company guaranty sr. unsec.
unsub. notes 6s, 2021	45,000	47,250
Thermadyne Holdings Corp. company
guaranty sr. notes 9s, 2017	65,000	69,225
Thermon Industries, Inc. company
guaranty sr. notes 9 1/2s, 2017	29,000	32,190
TransDigm, Inc. company guaranty unsec.
sub. notes 7 3/4s, 2018	45,000	49,781
United Technologies Corp. sr. unsec.
notes 5 3/8s, 2017	107,000	127,287
United Technologies Corp. sr. unsec.
unsub. notes 4 1/2s, 2042	30,000	33,335
United Technologies Corp. sr. unsec.
unsub. notes 3.1s, 2022	15,000	15,885
		1,671,510
Communication services (2.1%)
Adelphia Communications Corp. escrow
bonds zero %, 2012	55,000	358
AMC Networks, Inc. company guaranty sr. unsec.
unsub. notes 4 3/4s, 2022	10,000	10,038
American Tower Corp. sr. unsec. notes 7s, 2017 R	75,000	89,689
AT&T, Inc. sr. unsec. unsub. notes 6.3s, 2038	63,000	80,780
AT&T, Inc. sr. unsec. unsub. notes 3s, 2022	50,000	52,001
AT&T, Inc. 144A sr. unsec. unsub. notes 4.35s, 2045	120,000	120,540
Bresnan Broadband Holdings, LLC 144A company
guaranty sr. unsec. unsub. notes 8s, 2018	25,000	27,125
Cablevision Systems Corp. sr. unsec.
unsub. notes 8 5/8s, 2017	80,000	93,300
Cablevision Systems Corp. sr. unsec.
unsub. notes 8s, 2020	15,000	16,894
Cablevision Systems Corp. sr. unsec.
unsub. notes 7 3/4s, 2018	20,000	22,250
CCO Holdings, LLC/CCO Holdings Capital Corp.
company guaranty sr. unsec. notes 7 7/8s, 2018	20,000	21,525
CCO Holdings, LLC/CCO Holdings Capital Corp.
company guaranty sr. unsec. notes 6 1/2s, 2021	30,000	32,363
CCO Holdings, LLC/CCO Holdings Capital Corp.
company guaranty sr. unsec. notes 5 1/4s, 2022	10,000	10,175
CCO Holdings, LLC/CCO Holdings Capital Corp. company
guaranty sr. unsec. unsub. notes 7 3/8s, 2020	25,000	27,750
CCO Holdings, LLC/CCO Holdings Capital Corp. company
guaranty sr. unsec. unsub. notes 6 5/8s, 2022	25,000	27,313
CCO Holdings, LLC/CCO Holdings Capital Corp. company
guaranty sr. unsec. unsub. notes 5 1/8s, 2023	15,000	15,000
CCO Holdings, LLC/CCO Holdings Capital Corp.
company guaranty sr. unsub. notes 7s, 2019	40,000	43,200

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Communication services cont.
Cequel Communications Escrow Capital Corp. 144A
sr. unsec. notes 6 3/8s, 2020	$10,000	$10,413
Cincinnati Bell, Inc. company guaranty sr. unsec.
sub. notes 8 3/4s, 2018	25,000	25,813
Cincinnati Bell, Inc. company guaranty sr. unsec.
sub. notes 8 1/4s, 2017	15,000	16,163
Clearwire Communications, LLC/Clearwire
Finance, Inc. 144A company
guaranty sr. notes 12s, 2015	60,000	64,500
Comcast Corp. company guaranty sr. unsec.
unsub. notes 6.95s, 2037	131,000	177,645
Corning, Inc. sr. unsec. unsub. notes 5 3/4s, 2040	40,000	47,686
Cricket Communications, Inc. company
guaranty sr. unsec. notes 7 3/4s, 2020	50,000	51,000
Crown Castle International Corp. sr. unsec.
notes 7 1/8s, 2019	15,000	16,575
Crown Castle International Corp. 144A sr. unsec.
notes 5 1/4s, 2023	30,000	32,100
Crown Castle Towers, LLC 144A company
guaranty sr. notes 4.883s, 2020	15,000	16,925
CSC Holdings, LLC 144A sr. unsec.
unsub. notes 6 3/4s, 2021	25,000	27,719
Deutsche Telekom International Finance BV company
guaranty 8 3/4s, 2030 (Netherlands)	73,000	109,372
DISH DBS Corp. company guaranty 6 5/8s, 2014	5,000	5,375
DISH DBS Corp. company guaranty sr. unsec.
notes 7 7/8s, 2019	85,000	100,725
DISH DBS Corp. company guaranty sr. unsec.
notes 6 3/4s, 2021	40,000	45,600
Equinix, Inc. sr. unsec. notes 7s, 2021	25,000	27,750
France Telecom sr. unsec. unsub. notes 4 1/8s,
2021 (France)	46,000	50,689
Frontier Communications Corp. sr. unsec.
notes 9 1/4s, 2021	15,000	17,588
Frontier Communications Corp. sr. unsec.
notes 8 1/2s, 2020	55,000	63,250
Frontier Communications Corp. sr. unsec.
notes 8 1/4s, 2017	30,000	34,650
Hughes Satellite Systems Corp. company
guaranty sr. notes 6 1/2s, 2019	45,000	49,613
Hughes Satellite Systems Corp. company
guaranty sr. unsec. notes 7 5/8s, 2021	50,000	56,875
Intelsat Jackson Holdings SA company
guaranty sr. unsec. notes 7 1/2s, 2021 (Bermuda)	35,000	38,588
Intelsat Jackson Holdings SA 144A company
guaranty sr. unsec. notes 7 1/4s, 2020 (Bermuda)	25,000	27,125
Intelsat Jackson Holdings SA 144A sr. unsec.
notes 6 5/8s, 2022 (Bermuda)	15,000	15,488
Intelsat Luxembourg SA company
guaranty sr. unsec. notes 11 1/2s, 2017
(Luxembourg) ‡‡	111,562	118,535
Intelsat Luxembourg SA company
guaranty sr. unsec. notes 11 1/4s, 2017
(Luxembourg)	205,000	216,788
Koninklijke (Royal) KPN NV sr. unsec.
unsub. bonds 8 3/8s, 2030 (Netherlands)	30,000	39,591
Level 3 Financing, Inc. company
guaranty sr. unsec. unsub. notes 9 3/8s, 2019	30,000	33,525
Level 3 Financing, Inc. company
guaranty sr. unsec. unsub. notes 8 5/8s, 2020	35,000	38,850

Putnam VT Global Asset Allocation Fund  15 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Communication services cont.
Level 3 Financing, Inc. company
guaranty sr. unsec. unsub. notes 8 1/8s, 2019	$10,000	$10,900
Level 3 Financing, Inc. 144A company
guaranty sr. unsec. unsub. notes 7s, 2020	35,000	36,575
Mediacom, LLC/Mediacom Capital Corp. sr. unsec.
notes 9 1/8s, 2019	35,000	38,763
Mediacom, LLC/Mediacom Capital Corp. sr. unsec.
unsub. notes 7 1/4s, 2022	20,000	21,500
MetroPCS Wireless, Inc. company
guaranty sr. unsec. notes 7 7/8s, 2018	70,000	75,863
NII Capital Corp. company guaranty sr. unsec.
unsub. notes 10s, 2016	75,000	69,750
NII Capital Corp. company guaranty sr. unsec.
unsub. notes 8 7/8s, 2019	10,000	7,950
NII Capital Corp. company guaranty sr. unsec.
unsub. notes 7 5/8s, 2021	40,000	29,900
PAETEC Holding Corp. company
guaranty sr. notes 8 7/8s, 2017	45,000	48,263
PAETEC Holding Corp. company guaranty sr. unsec.
notes 9 7/8s, 2018	40,000	45,800
Quebecor Media, Inc. 144A sr. unsec.
notes 5 3/4s, 2023 (Canada)	25,000	26,344
Qwest Corp. sr. unsec. notes 6 3/4s, 2021	115,000	134,155
Qwest Corp. sr. unsec. unsub. notes 7 1/4s, 2025	25,000	28,968
SBA Telecommunications, Inc. company
guaranty sr. unsec. notes 8 1/4s, 2019	3,000	3,353
SBA Telecommunications, Inc. 144A company
guaranty sr. unsec. unsub. notes 5 3/4s, 2020	10,000	10,625
SBA Tower Trust 144A notes 2.933s, 2017	125,000	129,913
Sprint Capital Corp. company guaranty 6 7/8s, 2028	190,000	197,600
Sprint Nextel Corp. sr. notes 8 3/8s, 2017	40,000	46,500
Sprint Nextel Corp. sr. unsec. notes 6s, 2016	55,000	59,813
Sprint Nextel Corp. sr. unsec.
unsub. notes 9 1/8s, 2017	35,000	41,213
Sprint Nextel Corp. sr. unsec. unsub. notes 7s, 2020	25,000	27,313
Sprint Nextel Corp. 144A company
guaranty sr. unsec. notes 9s, 2018	80,000	98,800
Time Warner Cable, Inc. company
guaranty sr. unsec. unsub. notes 8 1/4s, 2014	120,000	130,005
Time Warner Cable, Inc. company
guaranty sr. unsec. unsub. notes 6 3/4s, 2039	25,000	31,709
Time Warner Cable, Inc. company
guaranty sr. unsec. unsub. notes 4 1/2s, 2042	90,000	87,772
TW Telecom Holdings, Inc. 144A company
guaranty sr. unsec. notes 5 3/8s, 2022	10,000	10,475
Verizon Communications, Inc. sr. unsec.
notes 2.45s, 2022	175,000	175,413
Verizon Communications, Inc. sr. unsec.
unsub. notes 8 3/4s, 2018	58,000	80,563
Verizon New Jersey, Inc. debs. 8s, 2022	45,000	60,917
Verizon Pennsylvania, Inc. debs. 8.35s, 2030	50,000	68,421
Videotron Ltee company guaranty sr. unsec.
unsub. notes 5s, 2022 (Canada)	40,000	41,950
Wind Acquisition Finance SA 144A
sr. notes 11 3/4s, 2017 (Luxembourg)	100,000	104,750
Windstream Corp. company guaranty sr. unsec.
unsub. notes 8 1/8s, 2018	15,000	16,388
Windstream Corp. company guaranty sr. unsec.
unsub. notes 8 1/8s, 2013	5,000	5,188

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Communication services cont.
Windstream Corp. company guaranty sr. unsec.
unsub. notes 7 7/8s, 2017	$65,000	$73,125
Windstream Corp. company guaranty sr. unsec.
unsub. notes 7 3/4s, 2021	30,000	32,400
		4,375,754
Consumer cyclicals (3.0%)
Academy, Ltd./Academy Finance Corp. 144A company
guaranty sr. unsec. notes 9 1/4s, 2019	5,000	5,550
ADT Corp. (The) 144A company guaranty sr. unsec.
notes 4 7/8s, 2042	62,000	59,119
ADT Corp. (The) 144A company guaranty sr. unsec.
notes 3 1/2s, 2022	88,000	85,564
Advance Auto Parts, Inc. company
guaranty sr. unsec. notes 5 3/4s, 2020	133,000	143,305
Affinion Group Holdings, Inc. company
guaranty sr. unsec. notes 11 5/8s, 2015	40,000	25,800
Affinion Group, Inc. company guaranty sr. unsec.
notes 7 7/8s, 2018	50,000	38,125
Affinion Group, Inc. company guaranty sr. unsec.
sub. notes 11 1/2s, 2015	45,000	36,563
AMC Entertainment, Inc. company
guaranty sr. sub. notes 9 3/4s, 2020	40,000	46,200
American Casino & Entertainment Properties LLC
sr. notes 11s, 2014	50,000	51,375
American Media, Inc. 144A notes 13 1/2s, 2018	3,167	2,787
ARAMARK Holdings Corp. 144A sr. unsec.
notes 8 5/8s, 2016 ‡‡	15,000	15,356
Ashtead Capital, Inc. 144A company
guaranty sr. notes 6 1/2s, 2022	15,000	16,200
Autonation, Inc. company guaranty sr. unsec.
notes 6 3/4s, 2018	15,000	16,950
Autonation, Inc. company guaranty sr. unsec.
unsub. notes 5 1/2s, 2020	15,000	16,088
Beazer Homes USA, Inc. company
guaranty sr. unsec. notes 6 7/8s, 2015	30,000	30,075
Beazer Homes USA, Inc. company
guaranty sr. unsec. unsub. notes 9 1/8s, 2018	5,000	5,213
Beazer Homes USA, Inc. sr. unsec. notes company
guaranty 8 1/8s, 2016	20,000	21,300
Beazer Homes USA, Inc. 144A company
guaranty sr. notes 6 5/8s, 2018	20,000	21,150
Bon-Ton Department Stores, Inc. (The) 144A
company guaranty sr. notes 10 5/8s, 2017	50,000	48,625
Building Materials Corp. 144A company
guaranty sr. notes 7 1/2s, 2020	40,000	44,150
Building Materials Corp. 144A sr. notes 7s, 2020	15,000	16,350
Building Materials Corp. 144A sr. notes 6 7/8s, 2018	20,000	21,600
Building Materials Corp. 144A sr. notes 6 3/4s, 2021	15,000	16,575
Burlington Coat Factory Warehouse Corp. company
guaranty sr. unsec. notes 10s, 2019	35,000	37,800
Caesars Entertainment Operating Co., Inc. company
guaranty sr. notes 10s, 2018	25,000	16,563
Caesars Entertainment Operating Co., Inc.
sr. notes 11 1/4s, 2017	185,000	198,181
Carmike Cinemas, Inc. company
guaranty notes 7 3/8s, 2019	15,000	16,200
CBS Corp. sr. unsec. unsub. notes 4 1/2s, 2021	70,000	78,898
CCM Merger, Inc. 144A company guaranty sr. unsec.
notes 9 1/8s, 2019	30,000	30,150

16  Putnam VT Global Asset Allocation Fund 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Consumer cyclicals cont.
Cedar Fair LP/Canada’s Wonderland Co./Magnum
Management Corp. company guaranty sr. unsec.
notes 9 1/8s, 2018	$5,000	$5,625
Cenveo Corp. company guaranty sr. notes 8 7/8s, 2018	35,000	33,250
Choice Hotels International, Inc. company
guaranty sr. unsec. unsub. notes 5 3/4s, 2022	15,000	16,613
Choice Hotels International, Inc. company
guaranty sr. unsec. unsub. notes 5.7s, 2020	55,000	59,675
Cinemark USA, Inc. company guaranty sr. unsec.
notes 8 5/8s, 2019	15,000	16,613
Cinemark USA, Inc. company guaranty sr. unsec.
sub. notes 7 3/8s, 2021	15,000	16,575
CityCenter Holdings LLC/CityCenter Finance Corp.
company guaranty 10 3/4s, 2017 ‡‡	70,827	76,847
Clear Channel Communications, Inc. company
guaranty sr. notes 9s, 2021	45,000	40,163
Clear Channel Communications, Inc. 144A company
guaranty sr. notes 9s, 2019	60,000	54,900
Clear Channel Worldwide Holdings, Inc. company
guaranty sr. unsec. notes 7 5/8s, 2020	65,000	65,488
Cumulus Media Holdings, Inc. company
guaranty sr. unsec. unsub. notes 7 3/4s, 2019	55,000	54,038
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc.
company guaranty sr. unsec. notes 6.35s, 2040	10,000	11,480
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc.
company guaranty sr. unsec. unsub. notes 5 7/8s, 2019	40,000	47,278
Entercom Radio, LLC company guaranty sr. unsec.
sub. notes 10 1/2s, 2019	40,000	44,000
Expedia, Inc. company guaranty sr. unsec.
unsub. notes 5.95s, 2020	90,000	100,134
FelCor Lodging LP company guaranty sr.
notes 10s, 2014 R	61,000	70,455
FelCor Lodging LP company
guaranty sr. notes 6 3/4s, 2019 R	60,000	63,750
FelCor Lodging LP 144A sr. notes 5 5/8s, 2023 R	10,000	9,950
Ford Motor Co. sr. unsec. unsub. bonds 7.7s, 2097	24,000	27,240
Ford Motor Co. sr. unsec. unsub. notes 7.4s, 2046	40,000	49,150
Ford Motor Credit Co., LLC sr. unsec. notes 8 1/8s, 2020	300,000	383,020
Gray Television, Inc. 144A company
guaranty sr. unsec. notes 7 1/2s, 2020	25,000	25,563
Great Canadian Gaming Corp. 144A company
guaranty sr. unsec. notes 6 5/8s, 2022 (Canada)	CAD 55,000	57,095
Hanesbrands, Inc. company guaranty sr. unsec.
notes 6 3/8s, 2020	$35,000	38,500
Home Depot, Inc. (The) sr. unsec.
unsub. notes 5.4s, 2016	65,000	74,257
Host Hotels & Resorts LP company
guaranty sr. unsec. unsub. notes 4 3/4s, 2023 R	10,000	10,650
Igloo Holdings Corp. 144A sr. unsec.
unsub. notes 8 1/4s, 2017 ‡‡	45,000	44,438
Interactive Data Corp. company
guaranty sr. unsec. notes 10 1/4s, 2018	50,000	56,250
Isle of Capri Casinos, Inc. company
guaranty sr. unsec. sub. notes 8 7/8s, 2020	25,000	27,250
Isle of Capri Casinos, Inc. company
guaranty sr. unsec. unsub. notes 7 3/4s, 2019	35,000	37,713
Jeld-Wen Escrow Corp. 144A sr. notes 12 1/4s, 2017	60,000	69,300
Jo-Ann Stores Holdings, Inc. 144A
sr. notes 9 3/4s, 2019 ‡‡	15,000	15,131
Johnson Controls, Inc. sr. unsec. notes 5.7s, 2041	10,000	12,042

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Consumer cyclicals cont.
K Hovnanian Enterprises, Inc. 144A company
guaranty notes 9 1/8s, 2020	$10,000	$10,750
K Hovnanian Enterprises, Inc. 144A
sr. notes 7 1/4s, 2020	25,000	27,094
Lamar Media Corp. company
guaranty sr. sub. notes 7 7/8s, 2018	10,000	11,050
Lamar Media Corp. company
guaranty sr. sub. notes 5 7/8s, 2022	30,000	32,550
Lender Processing Services, Inc. company
guaranty sr. unsec. unsub. notes 5 3/4s, 2023	40,000	41,400
Lennar Corp. 144A company guaranty sr. unsec.
notes 4 3/4s, 2022	15,000	14,700
Liberty Interactive, LLC debs. 8 1/4s, 2030	50,000	54,500
Limited Brands, Inc. company guaranty sr. unsec.
notes 6 5/8s, 2021	40,000	46,000
Limited Brands, Inc. sr. notes 5 5/8s, 2022	15,000	16,388
M/I Homes, Inc. company guaranty sr. unsec.
notes 8 5/8s, 2018	70,000	77,000
Macy’s Retail Holdings, Inc. company
guaranty sr. unsec. notes 5.9s, 2016	19,000	22,327
Macy’s Retail Holdings, Inc. company
guaranty sr. unsec. notes 5 1/8s, 2042	45,000	48,507
Macy’s Retail Holdings, Inc. company
guaranty sr. unsec. notes 4.3s, 2043	95,000	92,435
Macy’s Retail Holdings, Inc. company
guaranty sr. unsec. notes 3 7/8s, 2022	20,000	21,294
Marriott International, Inc. sr. unsec. unsub
notes 3s, 2019	135,000	139,299
Mashantucket Western Pequot Tribe 144A
bonds Ser. A, 8 1/2s, 2015 †	40,000	2,400
Masonite International Corp., 144A company
guaranty sr. notes 8 1/4s, 2021 (Canada)	45,000	48,150
MGM Resorts International company
guaranty sr. unsec. notes 7 5/8s, 2017	35,000	37,450
MGM Resorts International company
guaranty sr. unsec. notes 6 7/8s, 2016	15,000	15,863
MGM Resorts International company
guaranty sr. unsec. unsub. notes 7 3/4s, 2022	20,000	21,300
MGM Resorts International company
guaranty sr. unsec. unsub. notes 6 5/8s, 2021	10,000	9,975
MGM Resorts International 144A company
guaranty sr. unsec. notes 8 5/8s, 2019	20,000	22,300
MGM Resorts International 144A company
guaranty sr. unsec. notes 6 3/4s, 2020	25,000	25,531
Michaels Stores, Inc. company guaranty 11 3/8s, 2016	30,000	31,350
MTR Gaming Group, Inc. company
guaranty notes 11 1/2s, 2019 ‡‡	106,052	112,415
Navistar International Corp. sr. notes 8 1/4s, 2021	49,000	47,285
Needle Merger Sub Corp. 144A sr. unsec.
notes 8 1/8s, 2019	45,000	45,788
New Academy Finance Co., LLC/New Academy
Finance Corp. 144A sr. unsec. notes 8s, 2018 ‡‡	35,000	35,525
News America Holdings, Inc. company
guaranty sr. unsec. debs. 7 3/4s, 2024	50,000	62,944
News America Holdings, Inc. debs. 7 3/4s, 2045	85,000	120,138
Nielsen Finance, LLC/Nielsen Finance Co. company
guaranty sr. unsec. notes 7 3/4s, 2018 (Netherlands)	10,000	11,175
Nielsen Finance, LLC/Nielsen Finance Co. 144A
sr. unsec. notes 4 1/2s, 2020 (Netherlands)	15,000	14,925
Nortek, Inc. company guaranty sr. unsec.
notes 10s, 2018	50,000	55,625

Putnam VT Global Asset Allocation Fund  17 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Consumer cyclicals cont.
Nortek, Inc. company guaranty sr. unsec.
notes 8 1/2s, 2021	$10,000	$11,100
Owens Corning company guaranty sr. unsec.
notes 9s, 2019	19,000	23,798
Penske Automotive Group, Inc. 144A company
guaranty sr. sub. notes 5 3/4s, 2022	30,000	30,900
PETCO Animal Supplies, Inc. 144A company
guaranty sr. notes 9 1/4s, 2018	25,000	27,719
Petco Holdings, Inc. 144A sr. notes 8 1/2s, 2017 ‡‡	20,000	20,650
Pinnacle Entertainment, Inc. company
guaranty sr. unsec. notes 8 5/8s, 2017	5,000	5,369
Pulte Group, Inc. company guaranty sr. unsec.
notes 7 5/8s, 2017	50,000	58,500
Pulte Group, Inc. company guaranty sr. unsec.
unsub. notes 7 7/8s, 2032	30,000	32,625
QVC Inc. 144A sr. notes 7 3/8s, 2020	25,000	27,816
Realogy Corp. company guaranty sr. unsec.
sub. notes 12 3/8s, 2015	20,000	20,600
Realogy Corp. company guaranty sr. unsec.
unsub. notes 11 1/2s, 2017	60,000	64,950
Realogy Corp. 144A company guaranty sr.
notes 9s, 2020	10,000	11,250
Realogy Corp. 144A company
guaranty sr. notes 7 7/8s, 2019	15,000	16,350
Realogy Corp. 144A company
guaranty sr. notes 7 5/8s, 2020	10,000	11,325
Regal Entertainment Group company
guaranty sr. unsec. notes 9 1/8s, 2018	50,000	55,750
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh
Finance Corp. 144A sr. notes 9 1/2s, 2019	35,000	37,975
ROC Finance, LLC/ROC Finance 1 Corp. 144A
notes 12 1/8s, 2018	50,000	57,750
Rural/Metro Corp. 144A sr. unsec. notes
10 1/8s, 2019	50,000	48,250
Sabre Holdings Corp. sr. unsec.
unsub. notes 8.35s, 2016	55,000	58,575
Sabre, Inc. 144A sr. notes 8 1/2s, 2019	35,000	37,188
Scotts Miracle-Gro Co. (The) company
guaranty sr. unsec. unsub. notes 6 5/8s, 2020	20,000	21,950
Sealy Mattress Co. 144A company
guaranty sr. notes 10 7/8s, 2016	18,000	19,080
Sinclair Television Group, Inc. 144A
sr. notes 6 1/8s, 2022	15,000	15,919
Sirius XM Radio, Inc. 144A sr. unsec.
notes 5 1/4s, 2022	10,000	10,125
Six Flags Entertainment Corp. 144A company
guaranty sr. unsec. unsub. notes 5 1/4s, 2021	25,000	25,000
Spectrum Brands Escrow Corp. 144A sr. unsec.
notes 6 3/8s, 2020	5,000	5,313
Spectrum Brands Holdings, Inc. company
guaranty sr. notes 9 1/2s, 2018	45,000	51,075
Spectrum Brands Holdings, Inc. 144A
sr. notes 6 3/4s, 2020	35,000	37,450
Stanley Black & Decker, Inc. company
guaranty sr. unsec. unsub. notes 2.9s, 2022	90,000	90,978
SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse
HSP Gaming Finance Corp. 144A notes 8 5/8s, 2016	5,000	5,363
Taylor Morrison Communities, Inc./Monarch
Communities, Inc. 144A company
guaranty sr. unsec. notes 7 3/4s, 2020	10,000	10,638

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Consumer cyclicals cont.
Taylor Morrison Communities, Inc./Monarch
Communities, Inc. 144A sr. notes 7 3/4s, 2020	$55,000	$58,300
Tempur-Pedic International, Inc. 144A company
guaranty sr. unsec. unsub. notes 6 7/8s, 2020	5,000	5,144
Time Warner Entertainment Co., LP debs. 8 3/8s, 2023	5,000	7,067
Time Warner, Inc. company guaranty sr. unsec.
notes 4.7s, 2021	65,000	74,029
Time Warner, Inc. company guaranty sr. unsec.
notes 3.15s, 2015	10,000	10,575
Time Warner, Inc. debs. 9.15s, 2023	40,000	59,069
Toyota Motor Credit Corp. sr. unsec.
unsub. notes 3.3s, 2022	115,000	125,600
Toys R Us Property Co., LLC company
guaranty sr. unsec. notes 10 3/4s, 2017	90,000	96,975
Travelport, LLC company guaranty sr. unsec.
sub. notes 11 7/8s, 2016	10,000	4,625
Travelport, LLC company guaranty sr. unsec.
unsub. notes 9 7/8s, 2014	15,000	13,219
Travelport, LLC 144A sr. notes Ser. B, 6.306s, 2016 ‡‡	4,132	3,388
Travelport, LLC/Travelport, Inc. company
guaranty sr. unsec. notes 9s, 2016	21,000	16,275
Univision Communications, Inc. 144A company
guaranty sr. unsec. notes 8 1/2s, 2021	40,000	41,300
Wal-Mart Stores, Inc. sr. unsec.
unsub. notes 6 1/2s, 2037	142,000	199,680
Wal-Mart Stores, Inc. sr. unsec. unsub. notes 5s, 2040	10,000	12,100
Walt Disney Co. (The) sr. unsec. notes 2 3/4s, 2021	30,000	31,258
Walt Disney Co. (The) sr. unsec.
unsub. notes 4 3/8s, 2041	10,000	11,046
XM Satellite Radio, Inc. 144A sr. unsec.
notes 7 5/8s, 2018	45,000	50,175
YCC Holdings, LLC/Yankee Finance, Inc. sr. unsec.
notes 10 1/4s, 2016 ‡‡	30,000	30,978
Yonkers Racing Corp. 144A sr. notes 11 3/8s, 2016	82,000	88,560
		6,142,372
Consumer staples (1.4%)
Altria Group, Inc. company guaranty sr. unsec.
notes 9.7s, 2018	17,000	23,799
Altria Group, Inc. company guaranty sr. unsec.
notes 9 1/4s, 2019	2,000	2,782
Altria Group, Inc. company guaranty sr. unsec.
unsub. notes 2.85s, 2022	95,000	93,953
Anheuser-Busch InBev Worldwide, Inc. company
guaranty unsec. unsub. notes 5 3/8s, 2020	60,000	73,022
Avis Budget Car Rental, LLC company
guaranty sr. unsec. unsub. notes 9 3/4s, 2020	15,000	17,325
Avis Budget Car Rental, LLC company
guaranty sr. unsec. unsub. notes 9 5/8s, 2018	5,000	5,575
Avis Budget Car Rental, LLC company
guaranty sr. unsec. unsub. notes 8 1/4s, 2019	10,000	11,050
Bunge Ltd., Finance Corp. company
guaranty sr. unsec. notes 8 1/2s, 2019	4,000	5,147
Bunge Ltd., Finance Corp. company guaranty unsec.
unsub. notes 4.1s, 2016	41,000	43,908
Burger King Corp. company guaranty sr. unsec.
notes 9 7/8s, 2018	30,000	34,350
Cargill, Inc. 144A sr. unsec. notes 4.1s, 2042	65,000	63,529
Carrols Restaurant Group, Inc. 144A company
guaranty sr. notes 11 1/4s, 2018	10,000	10,950
CKE Holdings, Inc. 144A sr. unsec. notes
10 1/2s, 2016 ‡‡	29,468	31,457

18  Putnam VT Global Asset Allocation Fund 

CORPORATE BONDS AND NOTES (18.7%)* cont.		Principal amount	Value
Consumer staples cont.
Claire’s Stores, Inc. company
guaranty sr. notes 8 7/8s, 2019		$30,000	$28,350
Claire’s Stores, Inc. 144A company
guaranty sr. unsec. notes 9 5/8s, 2015		33,413	30,907
Claire’s Stores, Inc. 144A sr. notes 9s, 2019		65,000	69,875
Constellation Brands, Inc. company
guaranty sr. unsec. unsub. notes 7 1/4s, 2016		60,000	69,300
Constellation Brands, Inc. company
guaranty sr. unsec. unsub. notes 6s, 2022		20,000	22,900
Constellation Brands, Inc. company
guaranty sr. unsec. unsub. notes 4 5/8s, 2023		10,000	10,450
Corrections Corporation of America company
guaranty sr. notes 7 3/4s, 2017		95,000	100,938
Costco Wholesale Corp. sr. unsec.
unsub. notes 1.7s, 2019		115,000	116,111
Darden Restaurants, Inc. sr. unsec.
unsub. notes 6.8s, 2037		70,000	83,036
Dave & Buster’s, Inc. company guaranty sr. unsec.
unsub. notes 11s, 2018		50,000	56,000
Dean Foods Co. company guaranty sr. unsec.
unsub. notes 9 3/4s, 2018		5,000	5,750
Dean Foods Co. company guaranty sr. unsec.
unsub. notes 7s, 2016		50,000	54,875
Del Monte Corp. company guaranty sr. unsec.
notes 7 5/8s, 2019		15,000	15,638
Delhaize Group company guaranty sr. unsec.
notes 5.7s, 2040 (Belgium)		80,000	74,986
Delhaize Group company guaranty sr. unsec.
notes 4 1/8s, 2019 (Belgium)		25,000	25,806
Delhaize Group company guaranty sr. unsec.
unsub. bonds 5 7/8s, 2014 (Belgium)		50,000	52,384
Diageo Investment Corp. company
guaranty sr. unsec. debs. 8s, 2022		40,000	57,618
DineEquity, Inc. company guaranty sr. unsec.
notes 9 1/2s, 2018		45,000	51,131
Dole Food Co. sr. notes 13 7/8s, 2014		13,000	14,398
Dole Food Co. 144A sr. notes 8s, 2016		35,000	36,400
Elizabeth Arden, Inc. sr. unsec.
unsub. notes 7 3/8s, 2021		40,000	44,700
General Mills, Inc. sr. unsec. notes 5.65s, 2019		25,000	30,495
H.J. Heinz Co. sr. unsec. notes 5.35s, 2013		76,000	77,937
HDTFS, Inc. 144A company
guaranty sr. notes 6 1/4s, 2022		20,000	21,300
HDTFS, Inc. 144A company
guaranty sr. notes 5 7/8s, 2020		15,000	15,675
Hertz Corp. (The) company guaranty sr. unsec.
notes 7 1/2s, 2018		15,000	16,575
Hertz Holdings Netherlands BV 144A
sr. bonds 8 1/2s, 2015 (Netherlands)	EUR	50,000	71,064
JBS USA, LLC/JBS USA Finance, Inc. company
guaranty sr. unsec. notes 11 5/8s, 2014		$55,000	61,463
JBS USA, LLC/JBS USA Finance, Inc. 144A
sr. unsec. notes 8 1/4s, 2020		15,000	15,900
JBS USA, LLC/JBS USA Finance, Inc. 144A
sr. unsec. notes 7 1/4s, 2021		5,000	5,050
Kraft Foods Group, Inc. 144A company
guaranty sr. unsec. unsub. notes 6 1/2s, 2040		70,000	92,271
Kraft Foods Group, Inc. 144A company
guaranty sr. unsec. unsub. notes 5s, 2042		10,000	11,245
Kraft Foods, Inc. sr. unsec. notes 6 1/2s, 2017		4,000	4,886

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Consumer staples cont.
Kroger Co. company guaranty sr. unsec.
unsub. notes 6.4s, 2017	$27,000	$32,590
Landry’s Acquisition Co. 144A sr. unsec.
notes 9 3/8s, 2020	25,000	26,563
Landry’s Holdings II, Inc. 144A sr. unsec.
notes 10 1/4s, 2018	20,000	19,900
Libbey Glass, Inc. company
guaranty sr. notes 6 7/8s, 2020	20,000	21,600
McDonald’s Corp. sr. unsec. bonds 6.3s, 2037	51,000	70,694
McDonald’s Corp. sr. unsec. notes 5.7s, 2039	59,000	77,047
Michael Foods, Inc. company guaranty sr. unsec.
notes 9 3/4s, 2018	20,000	22,100
Molson Coors Brewing Co. company
guaranty sr. unsec. unsub. notes 5s, 2042	65,000	72,843
PepsiCo, Inc. sr. unsec. notes 7.9s, 2018	58,000	78,268
Post Holdings, Inc. 144A sr. unsec. notes 7 3/8s, 2022	20,000	21,913
Prestige Brands, Inc. company guaranty sr. unsec.
notes 8 1/4s, 2018	50,000	55,438
Revlon Consumer Products Corp. company
guaranty notes 9 3/4s, 2015	90,000	94,725
Rite Aid Corp. company guaranty sr. notes 7 1/2s, 2017	40,000	41,100
Rite Aid Corp. company guaranty sr. unsec.
unsub. notes 9 1/2s, 2017	123,000	128,381
Rite Aid Corp. company guaranty sr. unsec.
unsub. notes 9 1/4s, 2020	35,000	37,275
Rite Aid Corp. company
guaranty sr. unsub. notes 8s, 2020	15,000	17,138
Smithfield Foods, Inc. sr. unsec.
unsub. notes 6 5/8s, 2022	30,000	33,150
Tyson Foods, Inc. company guaranty sr. unsec.
unsub. notes 6.6s, 2016	80,000	91,676
United Rentals North America, Inc. company
guaranty sr. unsec. unsub. notes 9 1/4s, 2019	65,000	74,100
United Rentals North America, Inc. company
guaranty sr. unsec. unsub. notes 6 1/8s, 2023	10,000	10,575
UR Financing Escrow Corp. 144A company
guaranty notes 5 3/4s, 2018	10,000	10,775
UR Financing Escrow Corp. 144A sr. unsec.
notes 7 5/8s, 2022	15,000	16,763
West Corp. company guaranty sr. unsec.
notes 8 5/8s, 2018	15,000	15,713
West Corp. company guaranty sr. unsec.
notes 7 7/8s, 2019	25,000	25,875
Wok Acquisition Corp. 144A sr. unsec.
notes 10 1/4s, 2020	10,000	10,675
		2,969,138
Energy (2.2%)
Access Midstream Partners LP/ACMP Finance Corp.
company guaranty sr. unsec. unsub. notes 4 7/8s, 2023	30,000	30,525
Access Midstream Partners, LP/ACMP Finance Corp.
company guaranty sr. unsec. notes 5 7/8s, 2021	15,000	15,938
Access Midstream Partners, LP/ACMP Finance Corp.
company guaranty sr. unsec. unsub. notes 6 1/8s, 2022	15,000	16,163
Alpha Natural Resources, Inc. company
guaranty sr. unsec. notes 6 1/4s, 2021	10,000	9,175
Alpha Natural Resources, Inc. company
guaranty sr. unsec. notes 6s, 2019	30,000	27,825
AmeriGas Finance, LLC/AmeriGas Finance Corp.
company guaranty sr. unsec. notes 7s, 2022	30,000	33,413
Anadarko Finance Co. company guaranty sr. unsec.
unsub. notes Ser. B, 7 1/2s, 2031	85,000	112,461

Putnam VT Global Asset Allocation Fund  19 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Energy cont.
Anadarko Petroleum Corp. sr. notes 5.95s, 2016	$35,000	$40,266
Anadarko Petroleum Corp. sr. unsec.
unsub. notes 6.95s, 2019	30,000	37,915
Apache Corp. sr. unsec. unsub notes 3 1/4s, 2022	60,000	63,588
Apache Corp. sr. unsec. unsub. notes 5.1s, 2040	5,000	5,684
Arch Coal, Inc. company guaranty sr. unsec.
notes 7 1/4s, 2020	5,000	4,638
Arch Coal, Inc. company guaranty sr. unsec.
unsub. notes 7s, 2019	35,000	32,550
Atlas Pipeline Partners LP/Atlas Pipeline
Finance Corp. 144A company
guaranty sr. notes 6 5/8s, 2020	15,000	15,525
Atwood Oceanics, Inc. sr. unsec.
unsub. notes 6 1/2s, 2020	20,000	21,500
Aurora USA Oil & Gas Inc., 144A sr. notes 9 7/8s, 2017	35,000	37,450
BP Capital Markets PLC company
guaranty sr. unsec. unsub. notes 3.2s, 2016
(United Kingdom)	145,000	154,618
Canadian Natural Resources, Ltd. sr. unsec.
unsub. notes 5.7s, 2017 (Canada)	105,000	123,687
Carrizo Oil & Gas, Inc. company
guaranty sr. unsec. notes 8 5/8s, 2018	65,000	70,200
Cenovus Energy, Inc. sr. unsec.
unsub. notes 4.45s, 2042 (Canada)	125,000	130,397
Chaparral Energy, Inc. company
guaranty sr. unsec. notes 9 7/8s, 2020	35,000	39,813
Chaparral Energy, Inc. company
guaranty sr. unsec. notes 8 1/4s, 2021	35,000	37,975
Chesapeake Energy Corp. company
guaranty sr. unsec. unsub. notes 6.775s, 2019	10,000	10,050
Chesapeake Oilfield Operating, LLC/Chesapeake
Oilfield Finance, Inc. 144A company
guaranty sr. unsec. unsub. notes 6 5/8s, 2019	40,000	37,700
Concho Resources, Inc. company
guaranty sr. unsec. notes 6 1/2s, 2022	45,000	49,388
Concho Resources, Inc. company
guaranty sr. unsec. unsub. notes 5 1/2s, 2023	10,000	10,525
Concho Resources, Inc. company
guaranty sr. unsec. unsub. notes 5 1/2s, 2022	20,000	21,100
Connacher Oil and Gas, Ltd. 144A notes 8 1/2s,
2019 (Canada)	15,000	10,200
CONSOL Energy, Inc. company guaranty sr. unsec.
notes 8 1/4s, 2020	90,000	97,425
CONSOL Energy, Inc. company guaranty sr. unsec.
notes 8s, 2017	50,000	54,125
Continental Resources, Inc. company
guaranty sr. unsec. notes 5s, 2022	70,000	75,425
Crosstex Energy LP/Crosstex Energy Finance Corp.
company guaranty sr. unsec. notes 8 7/8s, 2018	55,000	59,400
Crosstex Energy LP/Crosstex Energy Finance Corp.
144A company guaranty sr. unsec. notes 7 1/8s, 2022	15,000	15,638
Denbury Resources, Inc. company
guaranty sr. unsec. sub. notes 8 1/4s, 2020	55,000	62,013
Denbury Resources, Inc. company
guaranty sr. unsec. sub. notes 6 3/8s, 2021	10,000	11,000
EXCO Resources, Inc. company guaranty sr. unsec.
notes 7 1/2s, 2018	95,000	92,150
Ferrellgas LP/Ferrellgas Finance Corp. sr. unsec.
notes 9 1/8s, 2017	20,000	21,650
Ferrellgas LP/Ferrellgas Finance Corp. sr. unsec.
notes 6 1/2s, 2021	25,000	24,750

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Energy cont.
Forbes Energy Services Ltd. company
guaranty sr. unsec. notes 9s, 2019	$30,000	$26,700
FTS International Services, LLC/FTS International
Bonds, Inc. 144A company guaranty sr. unsec.
unsub. notes 8 1/8s, 2018	33,000	34,073
Gazprom Via OAO White Nights Finance BV
notes 10 1/2s, 2014 (Russia)	200,000	219,454
Goodrich Petroleum Corp. company
guaranty sr. unsec. unsub. notes 8 7/8s, 2019	70,000	66,850
Gulfport Energy Corp. 144A company
guaranty sr. unsec. notes 7 3/4s, 2020	35,000	35,963
Halcon Resources Corp. 144A sr. unsec.
notes 8 7/8s, 2021	40,000	42,400
Hercules Off shore, Inc. 144A company
guaranty sr. notes 7 1/8s, 2017	5,000	5,238
Hercules Offshore, Inc. 144A sr. notes 10 1/2s, 2017	40,000	43,100
Hiland Partners LP Hiland Partners
Finance Corp. 144A company
guaranty sr. notes 7 1/4s, 2020	15,000	16,050
Kerr-McGee Corp. company guaranty sr. unsec.
unsub. notes 7 7/8s, 2031	10,000	13,283
Key Energy Services, Inc. company guaranty unsec.
unsub. notes 6 3/4s, 2021	40,000	40,000
Key Energy Services, Inc. 144A company
guaranty sr. unsec. notes 6 3/4s, 2021	10,000	9,950
Kodiak Oil & Gas Corp. company
guaranty sr. unsec. unsub. notes 8 1/8s, 2019	60,000	66,150
Laredo Petroleum, Inc. company
guaranty sr. unsec. notes 7 3/8s, 2022	15,000	16,275
Laredo Petroleum, Inc. company
guaranty sr. unsec. unsub. notes 9 1/2s, 2019	65,000	72,638
Lone Pine Resources Canada, Ltd. company
guaranty sr. unsec. notes 10 3/8s, 2017 (Canada)	20,000	18,800
Marathon Petroleum Corp. sr. unsec.
unsub. notes 6 1/2s, 2041	25,000	31,676
MEG Energy Corp. 144A company guaranty sr. unsec.
notes 6 1/2s, 2021 (Canada)	30,000	31,575
MEG Energy Corp. 144A company guaranty sr. unsec.
notes 6 3/8s, 2023 (Canada)	20,000	20,900
Milagro Oil & Gas, Inc. company
guaranty notes 10 1/2s, 2016	45,000	33,300
Newfield Exploration Co. sr. unsec. notes 5 3/4s, 2022	35,000	38,588
Noble Holding International, Ltd. company
guaranty sr. unsec. notes 6.05s, 2041	85,000	99,347
Northern Oil and Gas, Inc. company
guaranty sr. unsec. notes 8s, 2020	35,000	35,700
Oasis Petroleum, Inc. company guaranty sr. unsec.
notes 6 7/8s, 2023	20,000	21,450
Offshore Group Investment, Ltd. company
guaranty sr. notes 11 1/2s, 2015
(Cayman Islands)	34,000	37,060
Offshore Group Investment, Ltd. 144A company
guaranty sr. notes 7 1/2s, 2019 (Cayman Islands)	40,000	40,400
Peabody Energy Corp. company guaranty sr. unsec.
notes 7 3/8s, 2016	30,000	34,350
Peabody Energy Corp. company guaranty sr. unsec.
unsub. notes 6 1/2s, 2020	5,000	5,363
Peabody Energy Corp. company guaranty sr. unsec.
unsub. notes 6s, 2018	30,000	31,875
PetroBakken Energy, Ltd. 144A sr. unsec.
notes 8 5/8s, 2020 (Canada)	65,000	65,975

20  Putnam VT Global Asset Allocation Fund 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Energy cont.
Petrohawk Energy Corp. company
guaranty sr. unsec. notes 7 1/4s, 2018	$75,000	$84,671
Petroleos de Venezuela SA sr. unsec. notes 4.9s,
2014 (Venezuela)	340,000	323,071
Plains Exploration & Production Co. company
guaranty sr. unsec. notes 6 3/4s, 2022	60,000	67,350
Quicksilver Resources, Inc. sr. notes 11 3/4s, 2016	60,000	59,250
Range Resources Corp. company
guaranty sr. sub. notes 6 3/4s, 2020	20,000	21,700
Range Resources Corp. company guaranty sr. unsec.
sub. notes 5s, 2022	15,000	15,675
Rosetta Resources, Inc. company
guaranty sr. unsec. notes 9 1/2s, 2018	55,000	61,050
Sabine Pass LNG LP company
guaranty sr. notes 7 1/2s, 2016	100,000	110,250
Sabine Pass LNG LP 144A sr. notes 6 1/2s, 2020	15,000	15,263
Samson Investment Co. 144A sr. unsec.
notes 9 3/4s, 2020	85,000	89,888
SandRidge Energy, Inc. company
guaranty sr. unsec. unsub. notes 7 1/2s, 2021	10,000	10,700
SandRidge Energy, Inc. 144A company
guaranty sr. unsec. unsub. notes 8s, 2018	20,000	21,200
Shelf Drilling Holdings Ltd. 144A
sr. notes 8 5/8s, 2018	35,000	35,875
Shell International Finance BV company guaranty
sr. unsec. notes 3.1s, 2015 (Netherlands)	95,000	100,743
SM Energy Co. sr. unsec. notes 6 5/8s, 2019	20,000	21,100
SM Energy Co. sr. unsec. notes 6 1/2s, 2021	15,000	16,050
SM Energy Co. sr. unsec. unsub. notes 6 1/2s, 2023	5,000	5,350
Spectra Energy Capital, LLC sr. notes 8s, 2019	45,000	59,381
Statoil ASA company guaranty sr. unsec.
notes 5.1s, 2040 (Norway)	40,000	48,194
Suburban Propane Partners LP/Suburban Energy
Finance Corp. sr. unsec. notes 7 3/8s, 2021	31,000	33,713
Trinidad Drilling, Ltd. 144A sr. unsec.
notes 7 7/8s, 2019 (Canada)	10,000	10,625
Unit Corp. company
guaranty sr. sub. notes 6 5/8s, 2021	10,000	10,225
Unit Corp. 144A company
guaranty sr. sub. notes 6 5/8s, 2021	20,000	20,525
Weatherford Bermuda company guaranty sr. unsec.
notes 9 7/8s, 2039	70,000	98,097
Weatherford International, Inc. company
guaranty sr. unsec. unsub. notes 6.8s, 2037	15,000	17,002
Weatherford International, Inc. company
guaranty sr. unsec. unsub. notes 6.35s, 2017	25,000	28,614
Whiting Petroleum Corp. company guaranty 7s, 2014	60,000	62,850
Williams Cos., Inc. (The) notes 7 3/4s, 2031	2,000	2,552
Williams Cos., Inc. (The) sr. unsec.
notes 7 7/8s, 2021	7,000	9,018
WPX Energy, Inc. sr. unsec. unsub. notes 6s, 2022	15,000	16,163
WPX Energy, Inc. sr. unsec. unsub. notes 5 1/4s, 2017	55,000	58,300
		4,502,773
Financials (4.0%)
Abbey National Treasury Service bank
guaranty sr. unsec. unsub. notes FRN 1.893s,
2014 (United Kingdom)	50,000	49,886
ABN Amro Bank NV 144A sr. unsec. notes 4 1/4s,
2017 (Netherlands)	200,000	218,143
ACE Cash Express, Inc. 144A sr. notes 11s, 2019	25,000	23,563
Aflac, Inc. sr. unsec. notes 8 1/2s, 2019	90,000	122,574

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Financials cont.
Aflac, Inc. sr. unsec. notes 6.9s, 2039	$75,000	$99,731
Air Lease Corp. sr. unsec. notes 5 5/8s, 2017	35,000	37,100
Ally Financial, Inc. company
guaranty sr. notes 6 1/4s, 2017	35,000	38,753
Ally Financial, Inc. company guaranty sr. unsec.
unsub. notes 8.3s, 2015	25,000	27,844
Ally Financial, Inc. company guaranty sr. unsec.
unsub. notes 8s, 2020	25,000	30,625
Ally Financial, Inc. company guaranty sr. unsec.
unsub. notes 7 1/2s, 2020	20,000	24,150
Ally Financial, Inc. unsec. sub. notes 8s, 2018	30,000	35,100
American Express Co. 144A sr. unsec. notes 2.65s, 2022	166,000	165,339
American International Group, Inc. jr.
sub. bonds FRB 8.175s, 2058	76,000	98,990
American International Group, Inc. sr. unsec.
Ser. MTN, 5.85s, 2018	149,000	176,209
American International Group, Inc. sr. unsec.
unsub. notes 4 1/4s, 2014	105,000	110,669
Associates Corp. of North America sr. unsec.
notes 6.95s, 2018	135,000	162,621
AXA SA 144A jr. unsec. sub. notes FRN 6.463s,
Perpetual Maturity (France)	85,000	83,300
Bank of America Corp. sr. unsec. notes 5 3/4s, 2017	90,000	104,904
Bank of America Corp. sr. unsec.
unsub. notes 6 1/2s, 2016	50,000	57,738
Bank of Montreal sr. unsec. unsub. bonds 2 1/8s,
2013 (Canada)	65,000	65,551
Bank of New York Mellon Corp. (The) sr. unsec.
unsub. notes 1.969s, 2017	105,000	108,236
Barclays Bank PLC unsec. sub. notes 7 5/8s, 2022
(United Kingdom)	200,000	200,736
Barclays Bank PLC 144A unsec. sub. notes 6.05s,
2017 (United Kingdom)	175,000	193,618
Bear Stearns Cos., Inc. (The) sr. unsec.
notes 7 1/4s, 2018	22,000	27,567
Bear Stearns Cos., LLC (The) sr. unsec.
unsub. notes 5.7s, 2014	40,000	43,467
BNP Paribas SA sr. unsec. notes Ser. MTN, 2 3/8s,
2017 (France)	40,000	40,585
BNP Paribas SA 144A jr. unsec. sub. notes FRN
5.186s, Perpetual Maturity (France)	75,000	72,375
Brookfield Residential Properties, Inc. 144A
company guaranty sr. unsec. notes 6 1/2s,
2020 (Canada)	30,000	30,750
Camden Property Trust sr. unsec. notes 4 7/8s, 2023 R	65,000	73,530
CB Richard Ellis Services, Inc. company
guaranty sr. unsec. notes 6 5/8s, 2020	15,000	16,406
CB Richard Ellis Services, Inc. company
guaranty sr. unsec. sub. notes 11 5/8s, 2017	45,000	49,500
CIT Group, Inc. sr. unsec. notes 5s, 2022	35,000	37,321
CIT Group, Inc. sr. unsec. unsub. notes 5 3/8s, 2020	30,000	32,775
CIT Group, Inc. sr. unsec. unsub. notes 5 1/4s, 2018	35,000	37,450
CIT Group, Inc. sr. unsec. unsub. notes 5s, 2017	20,000	21,200
CIT Group, Inc. 144A company
guaranty notes 6 5/8s, 2018	50,000	56,500
CIT Group, Inc. 144A company
guaranty notes 5 1/2s, 2019	35,000	38,150
Citigroup, Inc. sr. unsec. notes 6 1/8s, 2018	3,000	3,595
Citigroup, Inc. sub. notes 5s, 2014	71,000	74,698

Putnam VT Global Asset Allocation Fund  21 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Financials cont.
Community Choice Financial, Inc. company
guaranty sr. notes 10 3/4s, 2019	$40,000	$38,500
Deutsche Bank AG London sr. unsec. notes 2 3/8s,
2013 (United Kingdom)	5,000	5,002
Duke Realty LP sr. unsec. notes 6 1/2s, 2018 R	57,000	67,583
E*Trade Financial Corp. sr. notes 6 3/4s, 2016	30,000	31,575
E*Trade Financial Corp. sr. unsec.
unsub. notes 6 3/8s, 2019	35,000	35,875
GATX Financial Corp. notes 5.8s, 2016	25,000	27,653
GE Capital Trust I unsec. sub. bonds FRB 6 3/8s, 2067	135,000	142,256
General Electric Capital Corp. sr. unsec. FRN
Ser. MTN, 0.51s, 2016	65,000	64,024
General Electric Capital Corp. sr. unsec.
notes 6 3/4s, 2032	150,000	194,810
General Electric Capital Corp. unsec.
sub. notes 5.3s, 2021	110,000	127,686
Genworth Financial, Inc. sr. unsec.
unsub. notes 7.7s, 2020	95,000	104,881
Goldman Sachs Group, Inc. (The) sr. notes 7 1/2s, 2019	170,000	213,521
Goldman Sachs Group, Inc. (The)
sub. notes 6 3/4s, 2037	24,000	26,823
Hartford Financial Services Group, Inc. (The)
sr. unsec. unsub. notes 5 1/8s, 2022	35,000	40,373
HCP, Inc. sr. unsec. unsub. notes 3.15s, 2022 R	70,000	68,676
Health Care REIT, Inc. sr. unsec.
unsub. notes 3 3/4s, 2023 R	70,000	70,505
Highwood Realty LP sr. unsec. bonds 5.85s, 2017 R	60,000	67,668
HSBC Finance Capital Trust IX FRN 5.911s, 2035	100,000	99,750
HSBC Finance Corp. sr. unsec. sub. notes 6.676s, 2021	146,000	173,210
HSBC USA Capital Trust I 144A jr. bank
guaranty unsec. notes 7.808s, 2026	100,000	101,500
Hub International Ltd. 144A company
guaranty sr. notes 8 1/8s, 2018	15,000	15,413
Icahn Enterprises LP/Icahn Enterprises
Finance Corp. company guaranty sr. unsec.
notes 8s, 2018	95,000	102,006
International Lease Finance Corp. sr. unsec.
notes 6 1/4s, 2019	10,000	10,725
International Lease Finance Corp. sr. unsec.
unsub. notes 5 7/8s, 2022	40,000	42,400
International Lease Finance Corp. sr. unsec.
unsub. notes 4 7/8s, 2015	73,000	75,738
iStar Financial, Inc. sr. unsec. notes 7 1/8s, 2018	25,000	25,625
iStar Financial, Inc. sr. unsec.
unsub. notes Ser. B, 9s, 2017 R	30,000	32,700
JPMorgan Chase & Co. jr. unsec. sub. FRN
notes 7.9s, Perpetual Maturity	90,000	101,971
JPMorgan Chase & Co. sr. notes 6s, 2018	250,000	299,297
Liberty Mutual Group, Inc. 144A company
guaranty jr. unsec. sub. bonds 7.8s, 2037	10,000	11,125
Macquarie Bank Ltd. 144A sr. unsec. notes 3.45s,
2015 (Australia)	35,000	35,959
Merrill Lynch & Co., Inc. sr. unsec. notes 6.4s, 2017	30,000	35,231
Merrill Lynch & Co., Inc. sr. unsec.
notes Ser. MTN, 6 7/8s, 2018	223,000	268,816
MetLife, Inc. sr. unsec. 6 3/4s, 2016	55,000	65,139
MPT Operating Partnership LP/MPT Finance Corp.
company guaranty sr. unsec. notes 6 7/8s, 2021 R	20,000	21,700
MPT Operating Partnership LP/MPT Finance Corp.
company guaranty sr. unsec. unsub. notes 6 3/8s, 2022 R	25,000	26,438

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Financials cont.
National Money Mart Co. company guaranty
sr. unsec. unsub. notes 10 3/8s, 2016 (Canada)	$25,000	$27,625
Nationstar Mortgage, LLC/Nationstar Capital Corp.
144A company guaranty sr. unsec. notes 9 5/8s, 2019	10,000	11,250
Nationwide Financial Services, Inc. notes 5 5/8s, 2015	25,000	26,296
Nationwide Mutual Insurance Co. 144A
notes 8 1/4s, 2031	45,000	55,336
Neuberger Berman Group LLC/Neuberger Berman
Finance Corp. 144A sr. notes 5 7/8s, 2022	25,000	26,500
Neuberger Berman Group LLC/Neuberger Berman
Finance Corp. 144A sr. notes 5 5/8s, 2020	15,000	15,713
Nuveen Investments, Inc. 144A sr. unsec.
notes 9 1/2s, 2020	10,000	9,950
Nuveen Investments, Inc. 144A sr. unsec.
notes 9 1/8s, 2017	25,000	24,563
OneAmerica Financial Partners, Inc. 144A
bonds 7s, 2033	90,000	92,645
PHH Corp. sr. unsec. unsub. notes 9 1/4s, 2016	35,000	40,863
PHH Corp. sr. unsec. unsub. notes 7 3/8s, 2019	25,000	27,750
Primerica, Inc. sr. unsec. unsub. notes 4 3/4s, 2022	63,000	68,963
Progressive Corp. (The) jr. unsec. sub. notes FRN
6.7s, 2037	65,000	70,200
Provident Funding Associates LP/PFG Finance Corp.
144A sr. notes 10 1/4s, 2017	25,000	27,563
Provident Funding Associates LP/PFG Finance Corp.
144A sr. notes 10 1/8s, 2019	25,000	26,375
Prudential Financial, Inc. jr. unsec. sub. FRN
notes 5 5/8s, 2043	95,000	98,325
Prudential Financial, Inc. jr. unsec.
sub. notes FRN 8 7/8s, 2038	30,000	36,375
Rayonier, Inc. company guaranty sr. unsec.
unsub. notes 3 3/4s, 2022 R	30,000	30,683
Residential Capital LLC company guaranty jr.
notes 9 5/8s, 2015 †	50,000	52,500
Royal Bank of Scotland PLC (The) bank
guaranty sr. unsec. unsub. notes 3.95s, 2015
(United Kingdom)	80,000	85,055
Santander Holdings USA, Inc. sr. unsec.
unsub. notes 4 5/8s, 2016	21,000	21,955
Santander Issuances S.A. Unipersonal 144A bank
guaranty unsec. sub. notes 5.911s, 2016 (Spain)	100,000	102,500
Simon Property Group LP sr. unsec.
unsub. notes 5 1/4s, 2016 R	22,000	25,171
Simon Property Group LP sr. unsec.
unsub. notes 3 3/8s, 2022 R	10,000	10,561
SLM Corp. sr. notes Ser. MTN, 8s, 2020	40,000	45,700
SLM Corp. sr. unsec. unsub. notes Ser. MTN,
8.45s, 2018	25,000	29,250
State Street Capital Trust IV company
guaranty jr. unsec. sub. bonds FRB 1.308s, 2037	75,000	57,123
Swiss Re Treasury US Corp. 144A company
guaranty sr. unsec. notes 4 1/4s, 2042	90,000	89,184
Vnesheconombank Via VEB Finance PLC 144A bank
guaranty, sr. unsec. unsub. bonds 6.8s, 2025 (Russia)	300,000	367,500
Vornado Realty LP sr. unsec. unsub. notes 4 1/4s, 2015 R	70,000	73,521
VTB Bank OJSC Via VTB Capital SA
sr. notes 6 1/4s, 2035 (Russia)	100,000	108,000
VTB Bank OJSC Via VTB Capital SA 144A sr. unsec.
notes 6 7/8s, 2018 (Russia)	392,000	442,568
Wachovia Corp. sr. unsec. notes 5 3/4s, 2017	20,000	23,687

22  Putnam VT Global Asset Allocation Fund 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Financials cont.
Westpac Banking Corp. sr. unsec. bonds 3s,
2015 (Australia)	$15,000	$15,909
Westpac Banking Corp. sr. unsec. notes 4 7/8s,
2019 (Australia)	80,000	93,308
Westpac Capital Trust III 144A unsec.
sub. notes FRN 5.819s, Perpetual Maturity	60,000	59,934
Willis Group North America, Inc. company
guaranty 6.2s, 2017	10,000	11,385
ZFS Finance USA Trust V 144A bonds FRB 6 1/2s, 2037	55,000	58,575
		8,253,764
Health care (1.2%)
AbbVie, Inc. 144A company guaranty sr. unsec.
notes 2.9s, 2022	80,000	81,493
Aetna, Inc. sr. unsec. unsub. notes 6 3/4s, 2037	38,000	52,715
Amgen, Inc. sr. unsec. notes 3.45s, 2020	125,000	133,556
AmSurg Corp. 144A company guaranty sr. unsec.
unsub. notes 5 5/8s, 2020	25,000	26,000
AstraZeneca PLC sr. unsec. unsub. notes 6.45s,
2037 (United Kingdom)	71,000	96,158
Aviv Healthcare Properties LP company
guaranty sr. unsec. notes 7 3/4s, 2019	35,000	37,100
Biomet, Inc. 144A sr. unsec. notes 6 1/2s, 2020	45,000	47,813
Capella Healthcare, Inc. company
guaranty sr. unsec. notes 9 1/4s, 2017	50,000	53,625
CDRT Holding Corp. 144A sr. unsec. notes 9 1/4s, 2017 ‡‡	45,000	46,125
CHS/Community Health Systems, Inc. company
guaranty sr. notes 5 1/8s, 2018	30,000	31,275
CHS/Community Health Systems, Inc. company
guaranty sr. unsec. unsub. notes 8s, 2019	15,000	16,238
CIGNA Corp. sr. unsec. unsub. notes 4 1/2s, 2021	80,000	89,614
Emergency Medical Services Corp. company
guaranty sr. unsec. notes 8 1/8s, 2019	35,000	38,434
Endo Health Solutions, Inc. company
guaranty sr. unsec. notes 7s, 2019	25,000	26,656
Fresenius Medical Care US Finance II, Inc. 144A
company guaranty sr. unsec. notes 5 5/8s, 2019	35,000	37,581
Grifols, Inc. company guaranty sr. unsec.
notes 8 1/4s, 2018	55,000	60,569
HCA, Inc. sr. notes 6 1/2s, 2020	135,000	151,875
HCA, Inc. sr. unsec. notes 7 1/2s, 2022	10,000	11,450
Health Net, Inc. sr. unsec. bonds 6 3/8s, 2017	65,000	68,981
Hologic, Inc. 144A company guaranty sr. unsec.
notes 6 1/4s, 2020	10,000	10,775
IASIS Healthcare, LLC/IASIS Capital Corp. company
guaranty sr. unsec. notes 8 3/8s, 2019	95,000	89,775
IMS Health, Inc. 144A sr. unsec. notes 6s, 2020	20,000	20,950
Jaguar Holding Co. I 144A sr. notes 9 3/8s, 2017 ‡‡	15,000	15,750
Jaguar Holding Co.II/Jaguar Merger Sub, Inc.
144A sr. unsec. notes 9 1/2s, 2019	45,000	51,075
Kinetics Concepts/KCI USA 144A company
guaranty notes 10 1/2s, 2018	75,000	78,656
Kinetics Concepts/KCI USA 144A company
guaranty sr. unsec. notes 12 1/2s, 2019	20,000	19,025
Multiplan, Inc. 144A company
guaranty sr. notes 9 7/8s, 2018	35,000	39,025
Omega Healthcare Investors, Inc. company
guaranty sr. unsec. notes 6 3/4s, 2022 R	25,000	27,188
Quest Diagnostics, Inc. company
guaranty sr. unsec. notes 6.95s, 2037	15,000	19,297
Service Corporation International sr. notes 7s, 2019	20,000	21,900

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Health care cont.
Service Corporation International sr. unsec.
unsub. notes 6 3/4s, 2016	$105,000	$117,600
Sky Growth Acquisition Corp. 144A company
guaranty sr. unsec. notes 7 3/8s, 2020	70,000	69,650
Stewart Enterprises, Inc. company
guaranty sr. unsec. notes 6 1/2s, 2019	35,000	37,450
Surgical Care Affiliates, Inc. 144A
sr. sub. notes 10s, 2017	15,000	15,713
Surgical Care Affiliates, Inc. 144A sr. unsec.
notes 8 7/8s, 2015	16,477	16,683
Teleflex, Inc. company guaranty sr. unsec.
sub. notes 6 7/8s, 2019	35,000	37,800
Tenet Healthcare Corp. company
guaranty sr. notes 10s, 2018	6,000	6,825
Tenet Healthcare Corp. company
guaranty sr. notes 6 1/4s, 2018	50,000	55,000
Tenet Healthcare Corp. sr. notes 8 7/8s, 2019	30,000	33,600
Teva Pharmaceutical Finance II BV/Teva
Pharmaceutical Finance III LLC company
guaranty sr. unsec. unsub. notes 3s, 2015	50,000	52,546
United Surgical Partners International, Inc. company
guaranty sr. unsec. unsub. notes 9s, 2020	30,000	33,300
UnitedHealth Group, Inc. sr. unsec.
unsub. notes 4.7s, 2021	105,000	121,760
UnitedHealth Group, Inc. sr. unsec.
unsub. notes 4 5/8s, 2041	10,000	10,700
UnitedHealth Group, Inc. sr. unsec.
unsub. notes 3.95s, 2042	90,000	89,156
UnitedHealth Group, Inc. sr. unsec.
unsub. notes 2 3/4s, 2023	90,000	90,772
Valeant Pharmaceuticals International 144A
company guaranty sr. notes 7s, 2020	5,000	5,438
Valeant Pharmaceuticals International 144A
company guaranty sr. unsec. notes 6 7/8s, 2018	20,000	21,550
Valeant Pharmaceuticals International 144A
sr. notes 6 3/4s, 2017	5,000	5,400
Vanguard Health Systems, Inc. sr. unsec.
notes zero %, 2016	2,000	1,500
VPI Escrow Corp. 144A sr. unsec. notes 6 3/8s,
2020 (Canada)	5,000	5,363
Watson Pharmaceuticals, Inc. sr. unsec.
notes 4 5/8s, 2042	35,000	36,452
Watson Pharmaceuticals, Inc. sr. unsec.
notes 3 1/4s, 2022	30,000	30,724
Watson Pharmaceuticals, Inc. sr. unsec.
notes 1 7/8s, 2017	5,000	5,064
WellPoint, Inc. notes 7s, 2019	35,000	43,608
		2,444,328
Technology (0.9%)
Advanced Micro Devices, Inc. sr. unsec.
notes 7 3/4s, 2020	5,000	4,188
Alcatel-Lucent USA, Inc. unsec. debs. 6.45s, 2029	30,000	22,800
Avaya, Inc. company guaranty sr. unsec.
notes 9 3/4s, 2015	15,000	13,350
Avaya, Inc. 144A company guaranty sr. notes 7s, 2019	50,000	46,750
Ceridian Corp. company guaranty sr. unsec.
notes 12 1/4s, 2015 ‡‡	65,000	65,163
Ceridian Corp. sr. unsec. notes 11 1/4s, 2015	20,000	20,000
Cisco Systems, Inc. company guaranty sr. unsec.
unsub. notes 3.15s, 2017	135,000	146,633
CyrusOne LP/CyrusOne Finance Corp. 144A company
guaranty sr. unsec. unsub. notes 6 3/8s, 2022	15,000	15,638

Putnam VT Global Asset Allocation Fund  23 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Technology cont.
Dell, Inc. sr. unsec. notes 5 7/8s, 2019	$70,000	$80,719
Epicor Software Corp. company guaranty sr. unsec.
notes 8 5/8s, 2019	35,000	36,750
Fidelity National Information Services, Inc.
company guaranty sr. unsec. notes 7 7/8s, 2020	25,000	28,281
Fidelity National Information Services, Inc.
company guaranty sr. unsec. notes 7 5/8s, 2017	15,000	16,313
First Data Corp. company guaranty sr. unsec.
notes 12 5/8s, 2021	50,000	52,625
First Data Corp. company guaranty sr. unsec.
notes 10.55s, 2015	165,217	169,141
First Data Corp. 144A company
guaranty notes 8 1/4s, 2021	90,000	90,000
First Data Corp. 144A company
guaranty sr. notes 7 3/8s, 2019	30,000	31,050
Freescale Semiconductor, Inc. company
guaranty sr. unsec. notes 10 3/4s, 2020	24,000	25,740
Freescale Semiconductor, Inc. 144A company
guaranty sr. notes 10 1/8s, 2018	13,000	14,333
Freescale Semiconductor, Inc. 144A company
guaranty sr. notes 9 1/4s, 2018	50,000	54,625
Hewlett-Packard Co. sr. unsec. notes 6 1/8s, 2014	35,000	36,793
Hewlett-Packard Co. sr. unsec. notes 5 1/2s, 2018	20,000	21,631
Honeywell International, Inc. sr. unsec.
unsub. notes 5 3/8s, 2041	55,000	70,188
Honeywell International, Inc. sr. unsec.
unsub. notes 4 1/4s, 2021	40,000	46,744
IBM Corp. sr. unsec. unsub. notes 1 7/8s, 2022	140,000	134,763
Infor US, Inc. company guaranty sr. unsec.
notes 9 3/8s, 2019	20,000	22,450
Infor US, Inc. company guaranty sr. unsec.
unsub. notes 11 1/2s, 2018	20,000	23,400
Iron Mountain, Inc. company
guaranty sr. sub. notes 7 3/4s, 2019	15,000	16,913
Iron Mountain, Inc. company guaranty sr. unsec.
sub. notes 8s, 2020	95,000	100,225
Jazz Technologies, Inc. company
guaranty sr. unsec. notes 8s, 2015	24,000	20,640
Microsoft Corp. sr. unsec. unsub. notes 5.3s, 2041	25,000	31,320
Microsoft Corp. sr. unsec. unsub. notes 4.2s, 2019	85,000	97,946
Oracle Corp. sr. unsec. unsub. notes 5 3/8s, 2040	35,000	43,639
Oracle Corp. sr. unsec. unsub. notes 2 1/2s, 2022	80,000	80,674
Pitney Bowes, Inc. sr. unsec.
unsub. notes Ser. MTN, 5 1/4s, 2037	50,000	51,006
Seagate HDD Cayman company guaranty sr. unsec.
unsub. notes 7 3/4s, 2018 (Cayman Islands)	20,000	21,975
SunGard Data Systems, Inc. 144A company
guaranty sr. sub. notes 6 5/8s, 2019	25,000	25,563
SunGard Data Systems, Inc. 144A sr. unsec.
notes 7 5/8s, 2020	35,000	38,238
Syniverse Holdings, Inc. company
guaranty sr. unsec. notes 9 1/8s, 2019	45,000	48,038
Xerox Corp. sr. unsec. notes 6 3/4s, 2039	55,000	65,708
Xerox Corp. sr. unsec. unsub. notes 5 5/8s, 2019	21,000	23,470
		1,955,423
Transportation (0.2%)
Air Medical Group Holdings, Inc. company
guaranty sr. notes 9 1/4s, 2018	45,000	49,838
Burlington Northern Santa Fe, LLC sr. unsec.
notes 5.4s, 2041	35,000	41,382

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Transportation cont.
Burlington Northern Santa Fe, LLC sr. unsec.
unsub. notes 5 3/4s, 2040	$35,000	$42,954
CSX Corp. sr. unsec. unsub. notes 4 3/4s, 2042	115,000	122,708
Delta Air Lines, Inc. sr. notes Ser. A, 7 3/4s, 2019	57,521	65,862
FedEx Corp. company guaranty sr. unsec.
unsub. notes 2 5/8s, 2022	15,000	14,881
Ryder System, Inc. sr. unsec.
unsub. notes 2 1/2s, 2018	80,000	81,378
Swift Services Holdings, Inc. company
guaranty sr. notes 10s, 2018	60,000	65,850
United AirLines, Inc. pass-through certificates
Ser. 07-A, 6.636s, 2022	15,162	16,299
Western Express, Inc. 144A sr. notes 12 1/2s, 2015	10,000	6,100
		507,252
Utilities and power (1.5%)
AEP Texas North Co. sr. notes Ser. B, 5 1/2s, 2013	64,000	64,514
AES Corp. (The) sr. unsec. unsub. notes 8s, 2017	85,000	98,175
AES Corp. (The) sr. unsec. unsub. notes 7 3/8s, 2021	55,000	61,050
Appalachian Power Co. sr. notes Ser. L, 5.8s, 2035	25,000	29,500
Arizona Public Services Co. sr. unsec. notes 4 1/2s, 2042	15,000	15,926
Atmos Energy Corp. sr. unsec. sub. notes 8 1/2s, 2019	5,000	6,712
Beaver Valley Funding Corp. sr. bonds 9s, 2017	11,000	11,193
Boardwalk Pipelines LP company
guaranty sr. unsec. notes 5 7/8s, 2016	66,000	74,683
Bruce Mansfield Unit pass-through certificates
6.85s, 2034	35,150	36,600
Calpine Corp. 144A company
guaranty sr. notes 7 7/8s, 2020	36,000	40,410
Calpine Corp. 144A sr. notes 7 1/4s, 2017	85,000	90,525
Colorado Interstate Gas Co., LLC debs. 6.85s,
2037 (Canada)	10,000	12,151
Commonwealth Edison Co. 1st mtge. 5.9s, 2036	28,000	36,122
Consolidated Edison Co. of New York sr. unsec.
unsub. notes 4.2s, 2042	45,000	47,959
DPL, Inc. sr. unsec. notes 6 1/2s, 2016	55,000	58,163
Duke Energy Corp. sr. unsec. unsub. notes 2.15s, 2016	95,000	98,483
Dynegy Holdings, LLC escrow bonds 7 3/4s, 2019	70,000	350
Edison Mission Energy sr. unsec. notes 7 3/4s, 2016 †	15,000	7,950
Edison Mission Energy sr. unsec. notes 7 1/2s, 2013 †	10,000	5,275
Edison Mission Energy sr. unsec. notes 7.2s, 2019 †	60,000	31,800
El Paso Corp. sr. unsec. notes 7s, 2017	120,000	137,081
El Paso, LLC sr. notes Ser. GMTN, 7 3/4s, 2032	35,000	41,125
Electricite de France SA (EDF) 144A notes 6.95s,
2039 (France)	20,000	26,743
Electricite de France SA (EDF) 144A notes 6 1/2s,
2019 (France)	60,000	73,451
Energy Future Holdings Corp. company
guaranty sr. notes 10s, 2020	15,000	16,763
Energy Future Intermediate Holding Co., LLC
sr. notes 9 3/4s, 2019	66,000	73,260
Energy Future Intermediate Holding Co., LLC/EFIH
Finance, Inc. sr. notes 10s, 2020	24,000	27,060
Energy Future Intermediate Holding Co., LLC/EFIH
Finance, Inc. 144A notes 11 3/4s, 2022	45,000	49,950
Energy Transfer Equity LP company
guaranty sr. unsec. notes 7 1/2s, 2020	50,000	57,750
Energy Transfer Partners LP sr. unsec.
unsub. notes 6 1/2s, 2042	30,000	36,624
Energy Transfer Partners LP sr. unsec.
unsub. notes 5.2s, 2022	25,000	28,426

24  Putnam VT Global Asset Allocation Fund 

CORPORATE BONDS AND NOTES (18.7%)* cont.	Principal amount	Value
Utilities and power cont.
Enterprise Products Operating, LLC company
guaranty sr. unsec. unsub. notes 4.85s, 2042	$80,000	$85,868
EP Energy LLC/Everest Acquisition Finance, Inc.
company guaranty sr. notes 6 7/8s, 2019	15,000	16,350
EP Energy, LLC/EP Energy Finance, Inc. sr. unsec.
notes 9 3/8s, 2020	70,000	78,925
EP Energy, LLC/Everest Acquisition Finance, Inc.
company guaranty sr. unsec. notes 7 3/4s, 2022	10,000	10,600
EPE Holdings, LLC/EP Energy Bond Co., Inc. 144A
sr. unsec. notes 8 1/8s, 2017	20,000	19,900
GenOn Energy, Inc. sr. unsec. notes 9 7/8s, 2020	65,000	75,075
GenOn Energy, Inc. sr. unsec. notes 9 1/2s, 2018	10,000	11,800
Ipalco Enterprises, Inc. 144A sr. notes 7 1/4s, 2016	35,000	38,850
ITC Holdings Corp. 144A notes 5 7/8s, 2016	50,000	56,822
ITC Holdings Corp. 144A sr. unsec. notes 6.05s, 2018	35,000	41,040
Kansas Gas and Electric Co. bonds 5.647s, 2021	14,320	16,202
Kinder Morgan Energy Partners LP sr. unsec.
notes 6.85s, 2020	70,000	88,196
MidAmerican Energy Holdings Co. bonds 6 1/8s, 2036	39,000	49,231
MidAmerican Funding, LLC sr. sec. bonds 6.927s, 2029	50,000	66,410
Narragansett Electric Co./The 144A sr. unsec.
notes 4.17s, 2042	80,000	79,268
Nevada Power Co. mtge. sec. notes 7 1/8s, 2019	40,000	51,569
NGPL PipeCo, LLC 144A sr. notes 9 5/8s, 2019	15,000	17,250
NiSource Finance Corp. company
guaranty sr. unsec. notes 6 1/8s, 2022	25,000	29,961
NRG Energy, Inc. company guaranty sr. unsec.
notes 7 7/8s, 2021	120,000	133,200
NSTAR Electric Co. sr. unsec.
unsub. notes 2 3/8s, 2022 (Canada)	75,000	74,644
NV Energy, Inc. sr. unsec. notes 6 1/4s, 2020	25,000	29,398
Pacific Gas & Electric Co. 1st mtge. 6.05s, 2034	40,000	51,536
Potomac Edison Co. 144A 1st mtge. 5.8s, 2016	76,000	85,830
PPL Capital Funding, Inc. company
guaranty sr. unsec. unsub. notes 4.2s, 2022	105,000	112,443
PSEG Power, LLC company guaranty sr. unsec.
notes 5.32s, 2016	37,000	41,831
Public Service Electric & Gas Co.
sr. notes Ser. MTN, 5 1/2s, 2040	25,000	31,545
Puget Sound Energy, Inc. jr. sub. FRN Ser. A,
6.974s, 2067	98,000	104,003
Regency Energy Partners company
guaranty sr. unsec. unsub. notes 5 1/2s, 2023	25,000	26,688
Teco Finance, Inc. company guaranty sr. unsec.
unsub. notes 6 3/4s, 2015	5,000	5,629
Texas Competitive/Texas Competitive Electric Holdings
Co., LLC company guaranty notes 15s, 2021	30,000	10,200
Texas Competitive/Texas Competitive Electric
Holdings Co., LLC company guaranty sr. unsec.
notes 10 1/2s, 2016	90,260	17,714
Texas Competitive/Texas Competitive Electric
Holdings Co., LLC 144A company
guaranty sr. notes 11 1/2s, 2020	25,000	19,563
Trans-Canada Pipelines, Ltd. jr. unsec.
sub. notes FRN 6.35s, 2067 (Canada)	30,000	32,156
Union Electric Co. sr. notes 6.4s, 2017	50,000	61,073
West Penn Power Co. 144A 1st mtge. 5.95s, 2017	25,000	29,855
		3,096,399
Total corporate bonds and notes (cost $35,698,646)		$38,717,742

U.S. GOVERNMENT AND AGENCY
MORTGAGE OBLIGATIONS (12.2%)*	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (1.8%)
Government National Mortgage Association
Pass-Through Certificates
6 1/2s, with due dates from May 20, 2037
to November 20, 2039	$1,537,368	$1,723,806
3s, TBA, January 1, 2043	2,000,000	2,126,094
		3,849,900
U.S. Government Agency Mortgage Obligations (10.4%)
Federal National Mortgage Association
Pass-Through Certificates
5s, TBA, January 1, 2043	8,000,000	8,665,625
4 1/2s, TBA, January 1, 2043	1,000,000	1,080,313
4s, TBA, January 1, 2043	7,000,000	7,502,578
3 1/2s, TBA, January 1, 2028	4,000,000	4,244,688
		21,493,204
Total U.S. government and agency mortgage
obligations (cost $25,242,977)		$25,343,104
U.S. TREASURY OBLIGATIONS (—%)*	Principal amount	Value
U.S. Treasury Notes 4 1/4s, November 15, 2013	$20,000	$20,704
Total U.S. treasury obligations (cost $20,013)		$20,704
MORTGAGE-BACKED SECURITIES (3.8%)*	Principal amount	Value
Agency collateralized mortgage obligations (0.6%)
Federal Home Loan Mortgage Corp.
IFB Ser. 3408, Class EK, 24.952s, 2037	$36,848	$58,619
IFB Ser. 3072, Class SM, 23.03s, 2035	43,179	68,449
IFB Ser. 3072, Class SB, 22.884s, 2035	40,010	63,175
IFB Ser. 3249, Class PS, 21.585s, 2036	44,022	66,918
IFB Ser. 3065, Class DC, 19.233s, 2035	62,750	98,400
IFB Ser. 2990, Class LB, 16.412s, 2034	61,389	86,062
IFB Ser. 4098, Class MS, IO, 6.491s, 2041	802,171	168,368
IFB Ser. 3708, Class SQ, IO, 6.341s, 2040	223,365	31,264
IFB Ser. 3708, Class SA, IO, 6.241s, 2040	384,554	52,776
IFB Ser. 3964, Class SA, IO, 5.791s, 2041	434,833	63,868
Federal National Mortgage Association
IFB Ser. 06-8, Class HP, 23.798s, 2036	55,987	94,739
IFB Ser. 05-45, Class DA, 23.651s, 2035	73,534	122,129
IFB Ser. 07-53, Class SP, 23.431s, 2037	55,355	89,563
IFB Ser. 05-75, Class GS, 19.621s, 2035	33,632	49,301
IFB Ser. 404, Class S13, IO, 6.19s, 2040	278,784	38,880
IFB Ser. 12-113, Class CS, IO, 5.94s, 2041	158,913	29,795
Ser. 06-46, Class OC, PO, zero %, 2036	32,597	30,323
		1,212,629
Commercial mortgage-backed securities (1.7%)
Banc of America Commercial Mortgage, Inc.
FRB Ser. 07-3, Class A3, 5.685s, 2049	119,000	119,776
Ser. 07-2, Class A2, 5.634s, 2049	13,580	14,019
Ser. 07-1, Class XW, IO, 0.314s, 2049	1,223,123	12,214
Banc of America Commercial Mortgage, Inc. 144A
Ser. 04-4, Class XC, IO, 0.856s, 2042	964,136	9,100
Ser. 04-5, Class XC, IO, 0.698s, 2041	1,290,443	14,567
Ser. 02-PB2, Class XC, IO, 0.457s, 2035	246,088	2
Ser. 07-5, Class XW, IO, 0.38s, 2051	2,544,240	30,093
Bear Stearns Commercial Mortgage Securities, Inc.
FRB Ser. 07-T28, Class AJ, 5.966s, 2042	100,000	103,807
FRB Ser. 07-PW17, Class AJ, 5.89s, 2050	89,000	78,320
Ser. 04-PR3I, Class X1, IO, 0.961s, 2041	455,316	4,660
Bear Stearns Commercial Mortgage Securities, Inc. 144A
Ser. 07-PW15, Class X2, IO, 0.387s, 2044	15,189,109	66,832
Ser. 06-PW14, Class X1, IO, 0.163s, 2038	1,435,797	27,998

Putnam VT Global Asset Allocation Fund  25 

MORTGAGE-BACKED SECURITIES (3.8%)* cont.	Principal amount	Value
Commercial mortgage-backed securities cont.
Citigroup Commercial Mortgage Trust 144A
Ser. 06-C5, Class XC, IO, 0.134s, 2049	$5,895,040	$85,478
Citigroup/Deutsche Bank Commercial Mortgage Trust 144A
Ser. 07-CD4, Class XW, IO, 0.379s, 2049	1,381,081	17,264
Ser. 07-CD4, Class XC, IO, 0.142s, 2049	7,510,731	56,330
Commercial Mortgage Pass-Through Certificates FRB
Ser. 05-LP5, Class D, 5.098s, 2043	94,000	96,352
Commercial Mortgage Pass-Through Certificates
144A Ser. 06-C8, Class XS, IO, 0.158s, 2046	6,631,194	84,747
Credit Suisse Mortgage Capital Certificates
FRB Ser. 07-C4, Class A2, 5.762s, 2039	62,504	62,978
Ser. 06-C5, Class AX, IO, 0.161s, 2039	2,925,767	40,376
Credit Suisse Mortgage Capital Certificates 144A
Ser. 07-C2, Class AX, IO, 0.071s, 2049	6,682,357	24,798
CS First Boston Mortgage Securities Corp.
Ser. 05-C5, Class AJ, 5.1s, 2038	27,000	28,817
CS First Boston Mortgage Securities Corp. 144A
Ser. 98-C1, Class F, 6s, 2040	61,407	66,626
FRB Ser. 03-CK2, Class G, 5.744s, 2036	84,000	83,905
Ser. 02-CP3, Class AX, IO, 1.193s, 2035	100,662	473
First Union National Bank-Bank of America
Commercial Mortgage Trust 144A Ser. 01-C1,
Class 3, IO, 1.611s, 2033	49,977	1
GE Business Loan Trust 144A Ser. 04-2, Class D,
2.959s, 2032	36,394	21,200
GE Capital Commercial Mortgage Corp. 144A
Ser. 05-C3, Class XC, IO, 0.139s, 2045	25,073,926	105,069
Ser. 07-C1, Class XC, IO, 0.102s, 2049	9,007,669	66,017
GE Commercial Mortgage Corporation Trust FRB
Ser. 05-C1, Class B, 4.846s, 2048	74,000	77,168
GMAC Commercial Mortgage Securities, Inc.
Ser. 97-C1, Class X, IO, 1.242s, 2029	48,102	1,855
Ser. 05-C1, Class X1, IO, 0.609s, 2043	2,343,409	29,419
Greenwich Capital Commercial Funding Corp. FRB
Ser. 05-GG3, Class B, 4.894s, 2042	111,000	112,832
GS Mortgage Securities Corp. II Ser. 06-GG6,
Class A2, 5.506s, 2038	32,706	33,687
GS Mortgage Securities Corp. II 144A
Ser. 98-C1, Class F, 6s, 2030 F	23,066	23,640
Ser. 06-GG6, Class XC, IO, 0.089s, 2038	1,832,808	3,198
JPMorgan Chase Commercial Mortgage
Securities Corp.
FRB Ser. 07-CB20, Class AJ, 6.077s, 2051	57,000	53,580
FRB Ser. 04-CB9, Class B, 5.662s, 2041	61,000	62,617
Ser. 06-CB16, Class AJ, 5.623s, 2045	102,000	91,817
FRB Ser. 05-LDP3, Class AJ, 4.997s, 2042	21,000	22,316
Ser. 06-LDP8, Class X, IO, 0.538s, 2045	1,875,972	30,059
Ser. 07-LDPX, Class X, IO, 0.306s, 2049	5,312,094	49,004
JPMorgan Chase Commercial Mortgage
Securities Corp. 144A Ser. 05-CB12, Class X1,
IO, 0.339s, 2037	2,201,056	17,613
LB Commercial Conduit Mortgage Trust 144A
Ser. 99-C1, Class F, 6.41s, 2031 F	35,110	35,639
Ser. 99-C1, Class G, 6.41s, 2031	37,135	37,541
Ser. 98-C4, Class H, 5.6s, 2035	50,000	54,350
LB-UBS Commercial Mortgage Trust
Ser. 07-C6, Class A3, 5.933s, 2040	119,000	132,376
Ser. 06-C7, Class A2, 5.3s, 2038	81,755	81,755
Ser. 05-C3, Class AJ, 4.843s, 2040	45,000	46,868

MORTGAGE-BACKED SECURITIES (3.8%)* cont.	Principal amount	Value
Commercial mortgage-backed securities cont.
LB-UBS Commercial Mortgage Trust 144A
Ser. 06-C7, Class XW, IO, 0.648s, 2038	$1,238,556	$25,428
Ser. 05-C5, Class XCL, IO, 0.464s, 2040	4,274,774	55,910
Ser. 05-C2, Class XCL, IO, 0.342s, 2040	2,365,584	15,426
Ser. 06-C7, Class XCL, IO, 0.29s, 2038	2,185,337	37,044
Ser. 06-C6, Class XCL, IO, 0.24s, 2039	7,130,369	124,625
Ser. 05-C7, Class XCL, IO, 0.21s, 2040	2,813,806	15,873
Merrill Lynch Mortgage Trust
FRB Ser. 07-C1, Class A3, 5.849s, 2050	128,000	136,113
Ser. 05-CKI1, Class AJ, 5.263s, 2037	27,000	27,824
Merrill Lynch Mortgage Trust 144A
Ser. 04-KEY2, Class XC, IO, 0.85s, 2039	736,717	7,772
Ser. 05-MCP1, Class XC, IO, 0.18s, 2043	2,282,671	25,660
Mezz Cap Commercial Mortgage Trust 144A
Ser. 06-C4, Class X, IO, 6.142s, 2045	400,307	42,312
Ser. 05-C3, Class X, IO, 5.81s, 2044	105,954	7,438
Morgan Stanley Capital I Trust
FRB Ser. 06-T23, Class A2, 5.749s, 2041	82,720	83,577
Ser. 07-IQ14, Class A2, 5.61s, 2049	29,967	30,959
FRB Ser. 07-HQ12, Class A2, 5.592s, 2049	114,314	119,459
Morgan Stanley ReREMIC Trust 144A FRB
Ser. 10-C30A, Class A3B, 5.843s, 2043	79,143	81,482
UBS-Barclays Commercial Mortgage Trust 144A
Ser. 12-C4, Class XA, IO, 1.901s, 2045	371,000	47,766
Wachovia Bank Commercial Mortgage Trust
FRB Ser. 06-C26, Class AJ, 5.997s, 2045	65,000	60,288
FRB Ser. 07-C34, Class AJ, 5.974s, 2046	128,000	120,320
Ser. 07-C30, Class A3, 5.246s, 2043	33,036	33,727
Ser. 07-C34, IO, 0.345s, 2046	1,459,404	17,659
Wachovia Bank Commercial Mortgage Trust 144A
Ser. 05-C18, Class XC, IO, 0.331s, 2042	2,884,321	20,190
Ser. 06-C26, Class XC, IO, 0.044s, 2045	1,420,112	3,209
WAMU Commercial Mortgage Securities Trust 144A
Ser. 05-C1A, Class G, 5.72s, 2036	10,000	8,750
		3,467,964
Residential mortgage-backed securities (non-agency) (1.5%)
Adjustable Rate Mortgage Trust FRB Ser. 06-2,
5.338s, 2036	230,951	185,915
American Home Mortgage Assets Ser. 07-5,
Class XP, IO, PO, zero %, 2047	1,336,623	156,009
Barclays Capital, LLC Trust
FRB Ser. 12-RR10, Class 9A2, 2.662s, 2035	40,000	29,600
Ser. 12-RR10, Class 4A2, 2.626s, 2036	30,000	24,000
Barclays Capital, LLC Trust 144A
Ser. 12-RR11, Class 9A3, 21.132s, 2037	20,352	19,054
FRB Ser. 12-RR11, Class 5A3, 13.492s, 2037	30,009	18,155
Ser. 12-RR11, Class 9A2, 4s, 2037	29,717	29,643
Ser. 12-RR11, Class 3A2, 4s, 2036	39,664	39,565
FRB Ser. 12-RR11, Class 5A2, 4s, 2037	39,658	39,460
FRB Ser. 12-RR12, Class 4A2, 2.917s, 2036	50,000	27,296
Ser. 12-RR11, Class 6A2, 2.614s, 2036	89,439	51,875
Ser. 12-RR11, Class 11A2, 2.6s, 2036	237,850	146,278
Ser. 09-RR7, Class 1A7, IO, 1.798s, 2046	949,588	40,358
Ser. 09-RR7, Class 2A7, IO, 1.58s, 2047	2,251,575	92,990
Bear Stearns Mortgage Funding Trust Ser. 06-AR2,
Class 1X, IO, 0.7s, 2046	358,192	10,065
Chase Mortgage Finance Corp. FRB Ser. 05-A2,
Class 1A5, 2.846s, 2036	121,639	104,002
Citigroup Mortgage Loan Trust, Inc. FRB
Ser. 06-AR3, Class 1A2A, 5.595s, 2036	114,405	105,538

26  Putnam VT Global Asset Allocation Fund 

MORTGAGE-BACKED SECURITIES (3.8%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Countrywide Alternative Loan Trust Ser. 07-19,
Class 1A34, 6s, 2037		$202,540	$166,083
Countrywide Home Loans Ser. 06-9, Class A2, 6s, 2036		228,248	205,423
Greenpoint Mortgage Funding Trust Ser. 06-AR3,
Class 4X, IO, 1s, 2036		265,615	11,129
GSR Mortgage Loan Trust FRB Ser. 06-AR1,
Class 2A4, 2.774s, 2036		375,000	286,875
JPMorgan Mortgage Trust FRB Ser. 07-A4,
Class 2A3, 5.547s, 2037		349,257	296,868
Structured Asset Mortgage Investments, Inc.
Ser. 06-AR8, Class X, IO, 0.4s, 2036		777,260	12,669
WAMU Mortgage Pass-Through Certificates
FRB Ser. 07-HY2, Class 1A1, 2.643s, 2036		132,412	105,267
FRB Ser. 06-AR1, Class 2A1B, 1.235s, 2046		126,518	109,438
FRB Ser. 06-AR13, Class 1A, 1.046s, 2046		351,731	260,281
FRB Ser. 06-AR15, Class 1A, 1.006s, 2046		143,736	112,832
FRB Ser. 05-AR9, Class A1C3, 0.69s, 2045		137,525	116,896
FRB Ser. 05-AR13, Class A1B3, 0.57s, 2045		67,710	57,215
FRB Ser. 05-AR15, Class A1A2, 0.49s, 2045		286,541	244,993
Wells Fargo Mortgage Backed Securities Trust
Ser. 05-9, Class 2A9, 5 1/4s, 2035		100,000	103,625
			3,209,397
Total mortgage-backed securities (cost $7,068,095)			$7,889,990
FOREIGN GOVERNMENT AND
AGENCY BONDS AND NOTES (3.4%)*		Principal amount	Value
Argentina (Republic of) sr. unsec. bonds 7s, 2017		$40,000	$33,200
Argentina (Republic of) sr. unsec.
bonds Ser. VII, 7s, 2013		150,000	151,500
Argentina (Republic of) sr. unsec.
unsub. bonds 7s, 2015		555,000	503,940
Canada (Government of) bonds 3 1/2s, 2020	CAD	2,300,000	2,612,941
Canada (Government of) bonds Ser. WL43,
5 3/4s, 2029	CAD	200,000	298,667
Canada (Government of) notes 4s, 2017	CAD	1,500,000	1,677,355
Indonesia (Republic of) 144A notes 5 1/4s, 2042		$250,000	290,313
Poland (Government of) sr. unsec. bonds 5s, 2022		115,000	135,815
South Africa (Republic of) sr. unsec.
unsub. notes 4.665s, 2024		135,000	152,550
Ukraine (Government of) 144A sr. unsec.
unsub. notes 7.65s, 2013		400,000	404,000
United Kingdom (Government of) bonds
4s, 2060	GBP	20,000	38,619
United Kingdom (Government of) bonds
2 3/4s, 2015	GBP	500,000	852,056
Total foreign government and agency bonds
and notes (cost $6,867,912)			$7,150,956
COMMODITY LINKED NOTES (0.9%)* Ω		Principal amount	Value
Deutsche Bank AG/London 144A sr. unsec.
notes Ser. A, 1-month LIBOR less 0.16%, 2013
(Indexed to the DB Custom Commodity Index: 75%
S&P GSCI Gold Index TR and 25% S&P GSCI Light
Energy Index TR multiplied by 3) (United Kingdom)		$669,000	$785,607
Deutsche Bank AG/London 144A sr. unsec.
notes Ser. A, 1-month LIBOR less 0.16%, 2013
(Indexed to the S&P GSCI TR Index multiplied
by 3) (United Kingdom)		171,000	148,325

COMMODITY LINKED NOTES (0.9%)* cont.	Principal amount	Value
UBS AG/London 144A notes 1-month LIBOR less
0.10%, 2013 (Indexed to the UBS Custom Commodity
Index: 75% S&P GSCI Gold Index TR and 25% S&P
GSCI Light Energy Index TR multiplied by 3) (Jersey)	$669,000	$786,170
UBS AG/London 144A sr. notes, 1-month LIBOR less
0.10%, 2013 (Indexed to the S&P GSCI TR Index
multiplied by 3) (Jersey)	171,000	148,635
Total commodity Linked Notes (cost $1,680,000)		$1,868,737
INVESTMENT COMPANIES (0.8%)*	Shares	Value
SPDR S&P 500 ETF Trust S	11,018	$1,570,285
Total investment companies (cost $1,363,628)		$1,570,285
SENIOR LOANS (0.2%)* c	Principal amount	Value
Caesars Entertainment Operating Co., Inc. bank
term loan FRN Ser. B6, 5.46s, 2018	$83,714	$74,662
First Data Corp. bank term loan FRN 5.211s, 2017	10,568	10,304
First Data Corp. bank term loan FRN 4.211s, 2018	99,303	94,449
Intelsat SA bank term loan FRN 3.21s, 2014
(Luxembourg)	85,000	84,894
Landry’s, Inc. bank term loan FRN Ser. B, 6 1/2s, 2017	24,750	24,990
Texas Competitive Electric Holdings Co., LLC bank
term loan FRN 4.746s, 2017	130,971	87,704
Thomson Learning bank term loan FRN Ser. B,
2.71s, 2014	14,466	11,368
Univision Communications, Inc. bank term loan FRN
4.459s, 2017	10,073	9,897
West Corp. bank term loan FRN Ser. B5, 5 1/2s, 2016	8,718	8,829
Total senior loans (cost $432,788)		$407,097
PREFERRED STOCKS (0.1%)*	Shares	Value
Ally Financial, Inc. 144A 7.00% cum. pfd.	83	$81,519
GMAC Capital Trust I Ser. 2, $2.031 cum. pfd.	2,540	67,691
M/I Homes, Inc. $2.438 pfd. †	1,630	37,327
Samsung Electronics Co., Ltd. zero % cum. pfd.
(South Korea)	83	66,374
Total preferred stocks (cost $198,270)		$252,911
CONVERTIBLE BONDS AND NOTES (0.1%)*	Principal amount	Value
Altra Holdings, Inc. cv. company
guaranty sr. unsec. notes 2 3/4s, 2031	$29,000	$31,719
Exide Technologies cv. sr. sub. notes FRN zero %, 2013	35,000	32,550
Ford Motor Co. cv. sr. unsec. notes 4 1/4s, 2016	6,000	9,510
Navistar International Corp. cv. sr. unsec.
sub. notes 3s, 2014	44,000	40,178
Steel Dynamics, Inc. cv. sr. notes 5 1/8s, 2014	12,000	13,058
Total convertible bonds and notes (cost $117,099)		$127,015
CONVERTIBLE PREFERRED STOCKS (—%)*	Shares	Value
EPR Properties cv. pfd. Ser. C, $1.44	1,280	$28,096
General Motors Co. Ser. B, $2.375 cv. pfd.	943	41,841
United Technologies Corp. $3.75 cv. pfd.	400	22,204
Total convertible preferred stocks (cost $90,546)		$92,141
MUNICIPAL BONDS AND NOTES (—%)*	Principal amount	Value
IL State G.O. Bonds
4.421s, 1/1/15	$20,000	$21,244
4.071s, 1/1/14	50,000	51,517
Total municipal bonds and notes (cost $70,000)		$72,761

Putnam VT Global Asset Allocation Fund  27 

WARRANTS (—%)* †	Expiration date	Strike price	Warrants	Value
Hartalega Holdings
Bhd (Malaysia)	5/29/15	MYR 4.14	720	$266
Tower Semiconductor,
Ltd. 144A (Israel) F	6/30/15	$0.01	7,932	1,586
Total warrants (cost $1,586)				$1,852
SHORT-TERM INVESTMENTS (24.3%)*		Principal amount/shares		Value
Putnam Cash Collateral Pool, LLC 0.21% d			6,720,519	$6,720,519
Putnam Money Market Liquidity Fund 0.14% L			32,926,752	32,926,752
SSgA Prime Money Market Fund 0.08% P			880,000	880,000
Straight-A Funding, LLC commercial paper
with effective yields ranging from 0.177%
to 0.179%, January 17, 2013			$1,225,000	1,224,902
Straight-A Funding, LLC commercial paper with an
effective yield of 0.188%, March 11, 2013			5,000,000	4,998,380
U.S. Treasury Bills with effective yields ranging
from 0.128% to 0.170%, October 17, 2013 # ##			2,702,000	2,699,139
U.S. Treasury Bills with effective yields ranging
from 0.167% to 0.168%, May 30, 2013 # ##			267,000	266,888
U.S. Treasury Bills with effective yields ranging
from 0.169% to 0.173%, April 4, 2013 #			461,000	460,926
U.S. Treasury Bills with effective yields ranging
from 0.174% to 0.176%, May 2, 2013 #			130,000	129,963
Total short-term investments (cost $50,306,241)				$50,307,469
Total investments (cost $222,025,233)				$236,856,286

Key to holding’s currency abbreviations

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
MYR	Malaysian Ringgit
USD/$	United States Dollar

Key to holding’s abbreviations

ADR	American Depository Receipts: represents ownership of foreign
	securities on deposit with a custodian bank
ETF	Exchange Traded Fund
FRB	Floating Rate Bonds: the rate shown is the current interest rate at
	the close of the reporting period
FRN	Floating Rate Notes: the rate shown is the current interest rate at
	the close of the reporting period
GDR	Global Depository Receipts: represents ownership of foreign secu-
	rities on deposit with a custodian bank
GMTN	Global Medium Term Notes
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.
IO	Interest Only
MTN	Medium Term Notes
OAO	Open Joint Stock Company
OJSC	Open Joint Stock Company
PO	Principal Only
SDR	Swedish Depository Receipts: represents ownership of foreign
	securities on deposit with a custodian bank
SPDR	S&P Depository Receipts
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, 2012 through December 31, 2012 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures.

* Percentages indicated are based on net assets of $207,408,095.

Ω The value of the commodity linked notes, which are marked-to-market daily, may be based on a multiple of the performance of the index. The multiple (or leverage) will increase the volatility of the note’s value relative to the change in the underlying index.

† Non-income-producing security.

‡ Security is restricted with regard to public resale. The total market value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $19,935, or less than 0.1% of net assets.

‡‡ Income may be received in cash or additional securities at the discretion of the issuer.

# 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.

## This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.

^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 (Notes 1 and 7).

^d Affiliated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

^F Is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities’ valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio (Note 1).

^L Affiliated company (Note 6). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

^P Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivatives contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period (Note 1).

^R Real Estate Investment Trust.

^S Security on loan, in part or in entirety, at the close of the reporting period (Note 1).

At the close of the reporting period, the fund maintained liquid assets totaling $100,525,353 to cover certain derivatives contracts.

Debt obligations are considered secured unless otherwise indicated.

144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Note 1 to the financial statements regarding TBA’s.

The dates shown on debt obligations are the original maturity dates.

28  Putnam VT Global Asset Allocation Fund 

FORWARD CURRENCY CONTRACTS at 12/31/12 (aggregate face value $72,256,277)

						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Bank of America N.A.
	Canadian Dollar	Sell	1/16/13	$269,052	$268,889	$(163)
	Euro	Sell	1/16/13	2,754,251	2,724,450	(29,801)
	Japanese Yen	Sell	1/16/13	202,112	206,539	4,427
	Peruvian New Sol	Buy	1/16/13	188,763	188,080	683
	Swedish Krona	Sell	1/16/13	313,137	306,650	(6,487)
Barclays Bank PLC
	Australian Dollar	Buy	1/16/13	1,283,739	1,285,677	(1,938)
	Brazilian Real	Buy	1/16/13	126,279	121,272	5,007
	British Pound	Sell	1/16/13	428,677	424,379	(4,298)
	Canadian Dollar	Sell	1/16/13	672,479	672,599	120
	Chilean Peso	Buy	1/16/13	217,445	219,230	(1,785)
	Czech Koruna	Sell	1/16/13	128,851	126,894	(1,957)
	Euro	Buy	1/16/13	1,193,367	1,176,528	16,839
	Hong Kong Dollar	Sell	1/16/13	86,615	86,630	15
	Indonesian Rupiah	Sell	1/16/13	63,113	63,120	7
	Japanese Yen	Sell	1/16/13	82,122	73,647	(8,475)
	Malaysian Ringgit	Buy	1/16/13	219,390	219,732	(342)
	Mexican Peso	Buy	1/16/13	358,773	360,729	(1,956)
	New Zealand Dollar	Sell	1/16/13	57,390	57,159	(231)
	Norwegian Krone	Buy	1/16/13	23,739	23,385	354
	Polish Zloty	Buy	1/16/13	192,233	187,920	4,313
	Russian Ruble	Buy	1/16/13	220,990	219,240	1,750
	Singapore Dollar	Buy	1/16/13	53,619	53,803	(184)
	South Korean Won	Buy	1/16/13	1,995	1,966	29
	Swedish Krona	Sell	1/16/13	216,875	214,754	(2,121)
	Taiwan Dollar	Buy	1/16/13	107,370	107,307	63
	Turkish Lira	Buy	1/16/13	296,883	295,467	1,416
Citibank, N.A.
	Australian Dollar	Buy	1/16/13	834,109	835,573	(1,464)
	Brazilian Real	Sell	1/16/13	335,102	323,890	(11,212)
	British Pound	Buy	1/16/13	2,411,249	2,386,743	24,506
	Canadian Dollar	Sell	1/16/13	886,252	886,231	(21)
	Czech Koruna	Sell	1/16/13	128,867	126,973	(1,894)
	Danish Krone	Buy	1/16/13	153,471	152,431	1,040
	Euro	Sell	1/16/13	207,651	208,280	629
	Japanese Yen	Buy	1/16/13	771,358	819,273	(47,915)
	South Korean Won	Buy	1/16/13	188,631	188,327	304
	Turkish Lira	Buy	1/16/13	206,296	206,208	88
Credit Suisse International
	Australian Dollar	Buy	1/16/13	224,504	224,783	(279)
	Brazilian Real	Buy	1/16/13	286,395	279,607	6,788
	British Pound	Buy	1/16/13	47,919	47,553	366
	Canadian Dollar	Sell	1/16/13	1,401,441	1,400,971	(470)
	Chinese Yuan	Buy	1/16/13	124,305	124,513	(208)
	Czech Koruna	Sell	1/16/13	128,867	127,071	(1,796)
	Indonesian Rupiah	Sell	1/16/13	63,113	63,258	145
	Japanese Yen	Sell	1/16/13	449,249	470,425	21,176
	Mexican Peso	Buy	1/16/13	334,409	336,343	(1,934)
	New Zealand Dollar	Buy	1/16/13	22,214	21,561	653
	Norwegian Krone	Sell	1/16/13	106,198	105,001	(1,197)
	Philippines Peso	Buy	1/16/13	115,207	115,809	(602)
	Polish Zloty	Buy	1/16/13	286,639	284,552	2,087

Putnam VT Global Asset Allocation Fund  29 

FORWARD CURRENCY CONTRACTS at 12/31/12 (aggregate face value $72,256,277) cont.

						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Credit Suisse International cont.
	Russian Ruble	Buy	1/16/13	$220,990	$219,560	$1,430
	South Korean Won	Buy	1/16/13	68,681	67,812	869
	Swedish Krona	Buy	1/16/13	210,157	206,773	3,384
	Swiss Franc	Buy	1/16/13	670,366	659,243	11,123
	Taiwan Dollar	Buy	1/16/13	42,854	42,896	(42)
	Turkish Lira	Buy	1/16/13	208,814	208,131	683
Deutsche Bank AG
	Australian Dollar	Buy	1/16/13	406,887	407,594	(707)
	Brazilian Real	Buy	1/16/13	126,279	121,911	4,368
	British Pound	Sell	1/16/13	659,504	655,375	(4,129)
	Canadian Dollar	Sell	1/16/13	414,985	414,996	11
	Polish Zloty	Buy	1/16/13	132,027	129,030	2,997
	Singapore Dollar	Buy	1/16/13	218,978	219,491	(513)
	South Korean Won	Buy	1/16/13	188,631	188,406	225
	Swedish Krona	Sell	1/16/13	182,348	178,739	(3,609)
	Turkish Lira	Buy	1/16/13	161,422	160,647	775
Goldman Sachs International
	Japanese Yen	Sell	1/16/13	725,655	783,967	58,312
HSBC Bank USA, National Association
	Australian Dollar	Sell	1/16/13	828,195	829,218	1,023
	British Pound	Sell	1/16/13	4,075,277	4,033,849	(41,428)
	Canadian Dollar	Sell	1/16/13	205,633	205,571	(62)
	Euro	Buy	1/16/13	202,371	203,037	(666)
	Japanese Yen	Buy	1/16/13	14,551	22,995	(8,444)
	Norwegian Krone	Sell	1/16/13	424,990	419,787	(5,203)
	Philippines Peso	Buy	1/16/13	188,471	189,040	(569)
	Russian Ruble	Buy	1/16/13	230,431	226,682	3,749
	South Korean Won	Buy	1/16/13	255,535	254,428	1,107
	Turkish Lira	Buy	1/16/13	144,469	143,924	545
JPMorgan Chase Bank N.A.
	Australian Dollar	Buy	1/16/13	1,262,160	1,264,479	(2,319)
	Brazilian Real	Buy	1/16/13	126,279	121,705	4,574
	British Pound	Buy	1/16/13	291,578	288,629	2,949
	Canadian Dollar	Sell	1/16/13	1,571,093	1,571,024	(69)
	Chilean Peso	Buy	1/16/13	217,445	219,552	(2,107)
	Chinese Yuan	Buy	1/16/13	124,305	124,513	(208)
	Czech Koruna	Sell	1/16/13	128,867	126,938	(1,929)
	Euro	Sell	1/16/13	84,618	87,142	2,524
	Hong Kong Dollar	Buy	1/16/13	626,057	626,090	(33)
	Hong Kong Dollar	Sell	1/16/13	626,057	626,120	63
	Japanese Yen	Buy	1/16/13	686,232	723,133	(36,901)
	Malaysian Ringgit	Buy	1/16/13	219,357	219,792	(435)
	Mexican Peso	Buy	1/16/13	214,557	213,498	1,059
	New Zealand Dollar	Sell	1/16/13	68,538	68,224	(314)
	Polish Zloty	Buy	1/16/13	189,297	185,207	4,090
	Russian Ruble	Buy	1/16/13	261,211	256,710	4,501
	Swedish Krona	Buy	1/16/13	948,958	933,537	15,421
	Taiwan Dollar	Buy	1/16/13	251,133	251,809	(676)
	Turkish Lira	Buy	1/16/13	105,694	105,295	399

30  Putnam VT Global Asset Allocation Fund 

FORWARD CURRENCY CONTRACTS at 12/31/12 (aggregate face value $72,256,277) cont.

						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Royal Bank of Scotland PLC (The)
	British Pound	Sell	1/16/13	$6,018,864	$5,957,493	$(61,371)
	Euro	Buy	1/16/13	962,351	952,074	10,277
	Euro	Sell	1/16/13	962,351	952,220	(10,131)
	Japanese Yen	Buy	1/16/13	467,167	492,183	(25,016)
State Street Bank and Trust Co.
	Australian Dollar	Buy	1/16/13	1,401,386	1,403,886	(2,500)
	Brazilian Real	Buy	1/16/13	254,459	246,352	8,107
	British Pound	Sell	1/16/13	1,511,173	1,502,051	(9,122)
	Canadian Dollar	Sell	1/16/13	1,518,831	1,519,099	268
	Colombian Peso	Buy	1/16/13	191,135	188,484	2,651
	Czech Koruna	Sell	1/16/13	128,867	126,881	(1,986)
	Euro	Buy	1/16/13	421,111	416,448	4,663
	Indonesian Rupiah	Sell	1/16/13	63,113	63,245	132
	Japanese Yen	Sell	1/16/13	135,888	130,336	(5,552)
	Mexican Peso	Buy	1/16/13	146,618	145,880	738
	New Zealand Dollar	Sell	1/16/13	65,152	64,885	(267)
	Norwegian Krone	Sell	1/16/13	382,852	375,829	(7,023)
	Polish Zloty	Buy	1/16/13	247,761	245,348	2,413
	South Korean Won	Buy	1/16/13	54,612	53,872	740
	Swedish Krona	Buy	1/16/13	212,724	209,413	3,311
	Swiss Franc	Sell	1/16/13	219,482	220,237	755
	Thai Baht	Buy	1/16/13	114,162	113,763	399
	Turkish Lira	Buy	1/16/13	160,247	159,572	675
UBS AG
	Australian Dollar	Buy	1/16/13	617,282	618,377	(1,095)
	British Pound	Buy	1/16/13	5,797,783	5,739,919	57,864
	Canadian Dollar	Sell	1/16/13	1,280,232	1,280,203	(29)
	Czech Koruna	Sell	1/16/13	97,520	95,504	(2,016)
	Euro	Buy	1/16/13	3,254,171	3,219,727	34,444
	Japanese Yen	Sell	1/16/13	921,033	966,729	45,696
	Mexican Peso	Buy	1/16/13	185,124	187,854	(2,730)
	New Zealand Dollar	Sell	1/16/13	66,391	66,127	(264)
	Norwegian Krone	Buy	1/16/13	706,680	691,563	15,117
	Philippines Peso	Buy	1/16/13	82,162	82,551	(389)
	Russian Ruble	Buy	1/16/13	229,487	226,082	3,405
	Singapore Dollar	Buy	1/16/13	206,944	207,437	(493)
	Swedish Krona	Sell	1/16/13	83,073	81,405	(1,668)
	Swiss Franc	Sell	1/16/13	527,763	521,800	(5,963)
	Taiwan Dollar	Buy	1/16/13	52,586	52,546	40
	Thai Baht	Buy	1/16/13	80,734	80,452	282
	Turkish Lira	Buy	1/16/13	288,602	288,178	424
WestPac Banking Corp.
	Australian Dollar	Sell	1/16/13	1,168,997	1,170,892	1,895
	British Pound	Sell	1/16/13	1,118,882	1,110,066	(8,816)
	Canadian Dollar	Sell	1/16/13	417,699	417,701	2
	Euro	Buy	1/16/13	11,089	10,967	122
	Japanese Yen	Sell	1/16/13	816,779	860,647	43,868
	Mexican Peso	Buy	1/16/13	112,603	112,078	525
Total						$72,275

Putnam VT Global Asset Allocation Fund  31 

FUTURES CONTRACTS				Unrealized
OUTSTANDING	Number of		Expiration	appreciation/
at 12/31/12	contracts	Value	date	(depreciation)
Australian Government
Treasury Bond 3 yr (Short)	6	$682,507	Mar-13	$(1,058)
Australian Government
Treasury Bond 10 yr (Long)	18	2,305,081	Mar-13	1,723
Canadian Government Bond
10 yr (Short)	29	3,951,604	Mar-13	3,382
Euro STOXX 50 Index (Short)	113	3,900,389	Mar-13	24,983
FTSE 100 Index (Short)	61	5,794,868	Mar-13	52,593
Japanese Government Bond
10 yr (Short)	1	1,658,106	Mar-13	9,344
Japanese Government Bond
10 yr Mini (Long)	10	1,657,760	Mar-13	(9,742)
MSCI EAFE Index Mini (Long)	10	810,150	Mar-13	12,130
NASDAQ 100 Index E-Mini
(Short)	63	3,345,615	Mar-13	12,657
OMXS 30 Index (Short)	66	1,124,247	Jan-13	1,522
Russell 2000 Index Mini
(Long)	96	8,127,360	Mar-13	49,495
Russell 2000 Index Mini
(Short)	26	2,201,160	Mar-13	(54,392)
S&P 500 Index (Long)	2	710,050	Mar-13	(508)
S&P 500 Index E-Mini (Long)	353	25,064,765	Mar-13	(18,356)
S&P 500 Index E-Mini
(Short)	37	2,627,185	Mar-13	1,776
S&P Mid Cap 400 Index
E-Mini (Long)	58	5,904,980	Mar-13	52,374

FUTURES CONTRACTS				Unrealized
OUTSTANDING	Number of		Expiration	appreciation/
at 12/31/12 cont.	contracts	Value	date	(depreciation)
S&P Mid Cap 400 Index
E-Mini (Short)	53	$5,395,930	Mar-13	$42,140
SGX MSCI Singapore Index
(Short)	9	530,621	Jan-13	840
SPI 200 Index (Short)	10	1,198,371	Mar-13	(8,547)
Tokyo Price Index (Long)	27	2,684,885	Mar-13	233,287
Tokyo Price Index (Short)	33	3,281,526	Mar-13	(285,472)
U.K. Gilt 10 yr (Long)	22	4,249,951	Mar-13	(7,714)
U.K. Gilt 10 yr (Short)	3	579,539	Mar-13	(398)
U.S. Treasury Bond 30 yr
(Long)	37	5,457,500	Mar-13	(76,383)
U.S. Treasury Bond 30 yr
(Short)	36	5,310,000	Mar-13	74,182
U.S. Treasury Bond Ultra
30 yr (Long)	14	2,276,313	Mar-13	(47,605)
U.S. Treasury Note 2 yr
(Long)	123	27,117,656	Mar-13	7,454
U.S. Treasury Note 2 yr
(Short)	26	5,732,188	Mar-13	(2,081)
U.S. Treasury Note 5 yr
(Long)	122	15,178,516	Mar-13	(5,951)
U.S. Treasury Note 10 yr
(Long)	25	3,319,531	Mar-13	(11,376)
U.S. Treasury Note 10 yr
(Short)	72	9,560,250	Mar-13	34,855
Total				$85,154

OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 12/31/12

		Upfront				Unrealized
Swap counterparty/		premium	Termination	Payments made by	Payments received by	appreciation/
Notional amount		received (paid)	date	fund per annum	fund per annum	(depreciation)
Barclays Bank PLC
	$1,246,000 E	$1,461	3/20/15	0.45%	3 month	$489
					USD-LIBOR-BBA
	100,000 E	2,803	3/20/43	3 month USD-LIBOR-BBA	2.60%	(1,269)
	200,000 E	2,186	3/20/23	3 month USD-LIBOR-BBA	1.75%	(34)
	3,900,000 E	5,258	3/20/18	3 month USD-LIBOR-BBA	0.90%	4,907
	3,100,000 E	(3,242)	3/20/15	3 month USD-LIBOR-BBA	0.45%	(824)
Citibank, N.A.
	8,112,000 E	11,516	3/20/15	0.45%	3 month	5,189
					USD-LIBOR-BBA
Credit Suisse International
	725,000 E	839	3/20/15	0.45%	3 month	274
					USD-LIBOR-BBA
MXN	5,250,000	—	7/21/20	1 month MXN-TIIE-BANXICO	6.895%	32,740
Deutsche Bank AG
	$363,000 E	(7,503)	3/20/43	2.60%	3 month	7,279
					USD-LIBOR-BBA
	8,702,000 E	58,661	3/20/23	3 month USD-LIBOR-BBA	1.75%	(37,931)
	1,212,000 E	(948)	3/20/18	3 month USD-LIBOR-BBA	0.90%	(1,057)
MXN	5,250,000	—	7/17/20	1 month MXN-TIIE-BANXICO	6.95%	34,230
Goldman Sachs International
	$2,576,000 E	(48,301)	3/20/23	1.75%	3 month	(19,707)
					USD-LIBOR-BBA
	17,384,000 E	5,986	3/20/15	0.45%	3 month	(7,573)
					USD-LIBOR-BBA
	11,783,000 E	(46,781)	3/20/18	0.90%	3 month	(45,721)
					USD-LIBOR-BBA

32  Putnam VT Global Asset Allocation Fund 

OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 12/31/12 cont.

		Upfront				Unrealized
Swap counterparty/		premium	Termination	Payments made by	Payments received by	appreciation/
Notional amount		received (paid)	date	fund per annum	fund per annum	(depreciation)
JPMorgan Chase Bank N.A.
MXN	750,000	$—	7/16/20	1 month MXN-TIIE-BANXICO	6.99%	$5,040
MXN	8,485,000	—	7/30/20	6.3833%	1 month MXN-TIIE-	(31,437)
					BANXICO
MXN	1,330,000	—	11/4/20	1 month MXN-TIIE-BANXICO	6.75%	7,448
Total						$(47,957)

^E Extended effective date.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 12/31/12

			Fixed payments	Total return	Unrealized
Swap counterparty/		Termination	received (paid) by	received by or	appreciation/
Notional amount		date	fund per annum	paid by fund	(depreciation)
Barclays Bank PLC
	$819,618	1/12/41	4.00% (1 month	Synthetic TRS Index	$181
			USD-LIBOR)	4.00% 30 year Fannie
				Mae pools
	171,593	1/12/41	4.00% (1 month	Synthetic TRS Index	38
			USD-LIBOR)	4.00% 30 year Fannie
				Mae pools
	5,854	1/12/41	5.00% (1 month	Synthetic MBX Index	9
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
	18,776	1/12/40	5.00% (1 month	Synthetic MBX Index	35
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
	157,289	1/12/40	4.50% (1 month	Synthetic MBX Index	649
			USD-LIBOR)	4.50% 30 year Fannie
				Mae pools
	340,822	1/12/41	5.00% (1 month	Synthetic MBX Index	535
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
	167,159	1/12/41	5.00% (1 month	Synthetic MBX Index	263
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
	31,293	1/12/40	5.00% (1 month	Synthetic MBX Index	59
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
	101,582	1/12/40	5.00% (1 month	Synthetic MBX Index	191
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
	73,659	1/12/40	5.00% (1 month	Synthetic MBX Index	139
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
Citibank, N.A.
	65,693	1/12/41	5.00% (1 month	Synthetic MBX Index	103
			USD-LIBOR)	5.00% 30 year Fannie
				Mae pools
baskets	82	2/13/13	(3 month USD-LIBOR-BBA	A basket (CGPUTQL2)	(24,308)
			plus 0.10%)	of common stocks
units	1,214	2/13/13	3 month USD-LIBOR-BBA	Russell 1000 Total	(200,174)
			minus 0.15%	Return Index
units	683	2/13/13	3 month USD-LIBOR-BBA	Russell 1000 Total	(112,618)
			minus 0.15%	Return Index
Credit Suisse International
	$544,829	1/12/41	4.50% (1 month	Synthetic MBX Index	2,415
			USD-LIBOR)	4.50% 30 year Ginnie
				Mae II pools

Putnam VT Global Asset Allocation Fund  33 

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 12/31/12 cont.

			Fixed payments	Total return	Unrealized
Swap counterparty/		Termination	received (paid) by	received by or	appreciation/
Notional amount		date	fund per annum	paid by fund	(depreciation)
Goldman Sachs International
	$542,729	1/12/41	4.00% (1 month	Synthetic TRS Index	$120
			USD-LIBOR)	4.00% 30 year Fannie
				Mae pools
	226,647	1/12/41	4.50% (1 month	Synthetic TRS Index	570
			USD-LIBOR)	4.50% 30 year Fannie
				Mae pools
	49,960	1/12/41	4.50% (1 month	Synthetic TRS Index	126
			USD-LIBOR)	4.50% 30 year Fannie
				Mae pools
	16,899	1/12/41	4.00% (1 month	Synthetic TRS Index	4
			USD-LIBOR)	4.00% 30 year Fannie
				Mae pools
	599,927	1/12/41	4.00% (1 month	Synthetic TRS Index	132
			USD-LIBOR)	4.00% 30 year Fannie
				Mae pools
JPMorgan Chase Bank N.A.
	77,377	1/12/41	4.50% (1 month	Synthetic TRS Index	195
			USD-LIBOR)	4.50% 30 year Fannie
				Mae pools
shares	122,265	10/22/13	(3 month USD-LIBOR-BBA	iShares MSCI Emerging	329,827
			plus 0.05%)	Markets Index
Total					$(1,509)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 12/31/12

						Fixed payments	Unrealized
Swap counterparty/		Upfront premium		Notional	Termination	received (paid) by	appreciation/
Referenced debt*	Rating***	received (paid)**		amount	Date	fund per annum	(depreciation)
Barclays Bank PLC
DJ CDX NA HY Series 19 Index	B+/P	$(1,350)		$180,000	12/20/17	500 basis points (bp)	$(37)
DJ CDX NA IG Series 19 Index	BBB+/P	(1,565)		315,000	12/20/17	100 bp	(631)
Citibank, N.A.
DJ CDX NA IG Series 19 Index	BBB+/P	(8,427)		1,655,000	12/20/17	100 bp	(3,522)
Credit Suisse International
DJ CDX NA HY Series 19 Index	B+/P	11,025		4,410,000	12/20/17	500 bp	43,204
DJ CDX NA IG Series 19 Index	BBB+/P	(3,370)		670,000	12/20/17	100 bp	(1,384)
Deutsche Bank AG
DJ CDX NA HY Series 19 Index	B+/P	9,241		7,393,000	12/20/17	500 bp	63,186
Smurfit Kappa Funding, 7 3/4%, 4/1/15	BB–/F	—	EUR	90,000	9/20/13	715 bp	6,356
Virgin Media Finance PLC, 8 3/4%, 4/15/14	BB–	—	EUR	125,000	9/20/13	535 bp	6,280
Virgin Media Finance PLC, 8 3/4%, 4/15/14	BB–	—	EUR	125,000	9/20/13	477 bp	5,551
Goldman Sachs International
CSC Holdings, Inc., 7 5/8%, 7/15/18	Ba3	—		$65,000	9/20/13	495 bp	2,090
DJ CDX NA IG Series 19 Index	BBB+/P	(339)		170,000	12/20/17	100 bp	164
JPMorgan Chase Bank N.A.
DJ CDX NA HY Series 19 Index	B+/P	(29,039)		1,787,000	12/20/17	500 bp	(16,000)
Total							$105,257

* 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 are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. 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 December 31, 2012. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F”.

34  Putnam VT Global Asset Allocation Fund 

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:
Basic materials	$4,068,766	$1,894,960	$—
Capital goods	5,686,870	1,059,802	11,126
Communication services	4,178,848	850,145	—
Conglomerates	1,673,314	288,090	—
Consumer cyclicals	9,976,176	2,552,885	1
Consumer staples	6,721,802	2,159,758	1,252
Energy	7,948,939	1,495,554	—
Financials	13,598,501	4,418,328	—
Health care	10,156,009	1,829,242	—
Technology	17,438,002	773,003	—
Transportation	726,460	427,901	—
Utilities and power	2,482,130	615,658	—
Total common stocks	84,655,817	18,365,326	12,379
Commodity linked notes	—	1,868,737	—
Convertible bonds and notes	—	127,015	—
Convertible preferred stocks	22,204	69,937	—
Corporate bonds and notes	—	38,717,742	—
Foreign government and agency bonds and notes	—	7,150,956	—
Investment Companies	1,570,285	—	—
Mortgage-backed securities	—	7,889,990	—
Municipal bonds and notes	—	72,761	—
Preferred stocks	—	252,911	—
Senior loans	—	407,097	—
U.S. Government and Agency Mortgage Obligations	—	25,343,104	—
U.S. Treasury Obligations	—	20,704	—
Warrants	266	—	1,586
Short-term investments	33,806,752	16,500,717	—
Totals by level	$120,055,324	$116,786,997	$13,965
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$72,275	$—
Futures contracts	85,154	—	—
Interest rate swap contracts	—	(29,892)	—
Total return swap contracts	—	(1,509)	—
Credit default contracts	—	129,081	—
Totals by level	$85,154	$169,955	$—

At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund’s portfolio.

The accompanying notes are an integral part of these financial statements.

Putnam VT Global Asset Allocation Fund  35 

Statement of assets and liabilities
12/31/12

Assets
Investment in securities, at value, including $6,675,174 of securities on loan (Note 1):
Unaffiliated issuers (identified cost $182,377,962)	$197,209,015
Affiliated issuers (identified cost $39,647,271) (Notes 1 and 6)	39,647,271
Foreign currency (cost $501,233) (Note 1)	451,472
Dividends, interest and other receivables	1,003,238
Receivable for shares of the fund sold	2,908
Receivable for investments sold	437,904
Receivable for variation margin (Note 1)	727,518
Unrealized appreciation on OTC swap contracts (Note 1)	560,018
Premium paid on OTC swap contracts (Note 1)	150,865
Unrealized appreciation on forward currency contracts (Note 1)	457,799
Total assets	240,648,008
Liabilities
Payable to custodian	9,779
Payable for investments purchased	100,633
Payable for purchases of delayed delivery securities (Note 1)	23,636,059
Payable for shares of the fund repurchased	412,354
Payable for compensation of Manager (Note 2)	106,320
Payable for custodian fees (Note 2)	67,067
Payable for investor servicing fees (Note 2)	15,808
Payable for Trustee compensation and expenses (Note 2)	115,521
Payable for administrative services (Note 2)	2,113
Payable for distribution fees (Note 2)	15,207
Unrealized depreciation on OTC swap contracts (Note 1)	504,227
Premium received on OTC swap contracts (Note 1)	108,976
Unrealized depreciation on forward currency contracts (Note 1)	385,524
Collateral on securities loaned, at value (Note 1)	6,720,519
Collateral on certain derivative contracts, at value (Note 1)	880,000
Other accrued expenses	159,806
Total liabilities	33,239,913
Net assets	$207,408,095
Represented by
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$204,573,606
Undistributed net investment income (Note 1)	3,833,355
Accumulated net realized loss on investments and foreign currency transactions (Note 1)	(15,993,423)
Net unrealized appreciation of investments and assets and liabilities in foreign currencies	14,994,557
Total — Representing net assets applicable to capital shares outstanding	$207,408,095
Computation of net asset value Class IA
Net assets	$135,791,756
Number of shares outstanding	8,482,069
Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding)	$16.01
Computation of net asset value Class IB
Net assets	$71,616,339
Number of shares outstanding	4,447,043
Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding)	$16.10

The accompanying notes are an integral part of these financial statements.

36  Putnam VT Global Asset Allocation Fund 

Statement of operations
Year ended 12/31/12

Investment income
Interest (net of foreign tax of $3,568 ) (including interest income of $43,215 from investments in affiliated issuers) (Note 6)	$3,745,736
Dividends (net of foreign tax of $62,414)	2,755,471
Securities lending (Note 1)	39,765
Total investment income	6,540,972
Expenses
Compensation of Manager (Note 2)	1,280,104
Investor servicing fees (Note 2)	211,766
Custodian fees (Note 2)	142,774
Trustee compensation and expenses (Note 2)	20,294
Distribution fees (Note 2)	181,133
Administrative services (Note 2)	7,340
Auditing and tax fees	152,600
Other	70,358
Total expenses	2,066,369
Expense reduction (Note 2)	(7,285)
Net expenses	2,059,084
Net investment income	4,481,888
Net realized gain on investments (net of foreign tax of $1,058) (Notes 1 and 3)	14,932,620
Net realized gain on swap contracts (Note 1)	2,865,446
Net realized gain on futures contracts (Note 1)	1,668,622
Net realized loss on foreign currency transactions (Note 1)	(151,500)
Net realized gain on written options (Notes 1 and 3)	81,556
Net unrealized depreciation of assets and liabilities in foreign currencies during the year	(117,023)
Net unrealized appreciation of investments, futures contracts, swap contracts, written options and TBA sale commitments during the year	4,816,219
Net gain on investments	24,095,940
Net increase in net assets resulting from operations	$28,577,828

The accompanying notes are an integral part of these financial statements.

Putnam VT Global Asset Allocation Fund  37 

Statement of changes in net assets

	Year ended	Year ended
	12/31/12	12/31/11
Decrease in net assets
Operations:
Net investment income	$4,481,888	$4,959,660
Net realized gain on investments and foreign currency transactions	19,396,744	7,221,959
Net unrealized appreciation (depreciation) of investments and assets and liabilities in foreign currencies	4,699,196	(12,471,786)
Net increase (decrease) in net assets resulting from operations	28,577,828	(290,167)
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class IA	(1,417,950)	(7,171,729)
Class IB	(540,548)	(3,402,380)
Decrease from capital share transactions (Note 4)	(28,105,758)	(19,455,891)
Total decrease in net assets	(1,486,428)	(30,320,167)
Net assets:
Beginning of year	208,894,523	239,214,690
End of year (including undistributed net investment income of $3,833,355 and $942,775, respectively)	$207,408,095	$208,894,523

The accompanying notes are an integral part of these financial statements.

38  Putnam VT Global Asset Allocation Fund 

Financial highlights (For a common share outstanding throughout the period)

					LESS
INVESTMENT OPERATIONS:					DISTRIBUTIONS:				RATIOS AND SUPPLEMENTAL DATA:
Period ended	Net asset value, beginning of period	Net investment income (loss)a	Net realized and unrealized gain (loss) on investments	Total from investment operations	From net investment income	Total distributions	Net asset value, end of period	Total return at net asset value (%)b,c	Net assets, end of period (in thousands)	Ratio of expenses to average net assets (%)b,d	Ratio of expenses to average net assets excluding interest expense (%)b,d	Ratio of net investment income (loss) to average net assets (%)	Portfolio turnover (%)e
Class IA
12/31/12	$14.11	.34	1.71	2.05	(.15)	(.15)	$16.01	14.58	$135,792	.89	.89	2.20	200
12/31/11	14.79	.33	(.33)	—f	(.68)	(.68)	14.11	(.18)	138,271	.88	.88	2.27	131
12/31/10	13.64	.38	1.59	1.97	(.82)	(.82)	14.79	14.95	159,677	.87g	.87g	2.75	159
12/31/09	10.87	.41	3.12	3.53	(.76)	(.76)	13.64	35.36	160,419	.99h,i	.86h	3.55h	178
12/31/08	16.90	.48	(5.91)	(5.43)	(.60)	(.60)	10.87	(33.16)	141,087	.78h	.78h	3.31h	155
Class IB
12/31/12	$14.20	.30	1.71	2.01	(.11)	(.11)	$16.10	14.20	$71,616	1.14	1.14	1.96	200
12/31/11	14.88	.29	(.32)	(.03)	(.65)	(.65)	14.20	(.42)	70,624	1.13	1.13	2.02	131
12/31/10	13.72	.35	1.60	1.95	(.79)	(.79)	14.88	14.69	79,537	1.12g	1.12g	2.50	159
12/31/09	10.90	.39	3.15	3.54	(.72)	(.72)	13.72	35.21	76,413	1.24h,i	1.11h	3.28h	178
12/31/08	16.94	.44	(5.92)	(5.48)	(.56)	(.56)	10.90	(33.32)	58,167	1.03h	1.03h	3.05h	155

^a Per share net investment income (loss) has been determined on the basis of weighted average number of shares outstanding during the period.

^b The charges and expenses at the insurance company separate account level are not reflected.

^c Total return assumes dividend reinvestment.

^d Includes amounts paid through expense offset arrangements and brokerage/service arrangements (Note 2).

^e Portfolio turnover excludes TBA purchase and sale transactions.

^f Amount represents less than $0.01 per share.

^g Excludes the impact of a reduction to interest expense related to the resolution of certain terminated derivatives contracts, which amounted to 0.05% of average net assets for the period ended December 31, 2010.

^h Reflects an involuntary contractual expense limitation in effect during the period. For periods prior to December 31, 2009, certain fund expenses were waived in connection with the fund’s investment in Putnam Prime Money Market Fund. As a result of such limitation and/or waivers, the expenses of each class reflect a reduction of the following amounts:

	Percentage of
	average net assets
12/31/09	0.10%
12/31/08	0.15

ⁱ Includes interest accrued in connection with certain derivatives contracts, which amounted to 0.13% of average net assets as of December 31, 2009.

The accompanying notes are an integral part of these financial statements.

Putnam VT Global Asset Allocation Fund  39 

Notes to financial statements 12/31/12

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission and references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Unless otherwise noted, the “reporting period” represents the period from January 1, 2012 through December 31, 2012.

Putnam VT Global Asset Allocation Fund (the fund) is a diversified series of Putnam Variable Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The investment objective of the fund is to seek long-term return consistent with preservation of capital. The fund invests mainly in a diversified portfolio of equity securities (growth or value stocks or both) of both U.S. and foreign companies of any size. Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments. The fund also invests in a diversified portfolio of fixed income investments, including both U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). Putnam Management may also select other investments that do not fall within these asset classes.

The fund offers class IA and class IB shares of beneficial interest. Class IA shares are offered at net asset value and are not subject to a distribution fee. Class IB shares are offered at net asset value and pay an ongoing distribution fee, which is identified in Note 2.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

Note 1 — Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

Security valuation 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. If no sales are reported, as in the case of some securities traded over-the-counter, a security is valued at its last reported bid 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 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 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 Putnam Management. 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 considers 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 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 close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. 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. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. 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 Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management. 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 and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

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.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain. All premiums/discounts are amortized/accreted on a yield-to-maturity basis.

Securities purchased or sold on a delayed delivery basis may be settled a month or more after the trade date; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

The fund earned certain fees in connection with its senior loan purchasing activities. These fees are treated as market discount and are amortized into income in the Statement of operations.

Stripped securities The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are

40  Putnam VT Global Asset Allocation Fund 

slower than anticipated. The market value of these securities is highly sensitive to changes in interest rates.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The market value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on closed forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of open forward currency contracts and assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

Options contracts The fund uses options contracts to hedge duration and convexity, to isolate prepayment risk, to gain exposure to interest rates, to hedge against changes in values of securities it owns, owned or expects to own, to hedge prepayment risk, to generate additional income for the portfolio, to enhance the return on a security owned and to enhance the return on securities owned.

The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Certain options contracts include premiums that do not settle until the expiration date of the contract.

Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio. For the fund’s average contract amount, see Note 5.

Futures contracts The fund uses futures contracts to manage exposure to market risk, to hedge prepayment risk, to hedge interest rate risk, to gain exposure to interest rates and to equitize cash.

The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”

Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio. For the fund’s average number of contracts, see Note 5.

Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to hedge foreign exchange risk and to gain exposure on currency.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio. For the fund’s average contract amount, see Note 5.

Interest rate swap contracts The fund entered into over-the-counter (OTC) and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to hedge interest rate risk, to gain exposure on interest rates and to hedge prepayment risk.

An OTC interest rate swap can be purchased or sold with an upfront premium. An upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Upfront payments are recorded as realized gains and losses at the closing of the contract. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are recorded as a receivable or payable for variation margin on the Statement of assets and liabilities. Payments received or made are recorded as realized gains or losses. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.

The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. The fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the fund and the counterparty. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the contracts being exchange traded and the exchange’s clearinghouse guaranteeing the contract from default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

Interest rate swap contracts outstanding at period end, if any, are listed after the fund’s portfolio. For the fund’s average notional amount see Note 5.

Total return swap contracts The fund entered into OTC total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure, to manage exposure to specific sectors or industries, to gain exposure to specific markets or countries and to gain exposure to specific sectors or industries.

To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement

Putnam VT Global Asset Allocation Fund  41 

between the fund and the counterparty. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC total return swap contracts outstanding at period end, if any, are listed after the fund’s portfolio. For the fund’s average notional amount, see Note 5.

Credit default contracts The fund entered into OTC credit default contracts to hedge credit risk, to hedge market risk and to gain exposure on individual names and/or baskets of securities.

In an OTC credit default contract, the protection buyer typically makes an up front payment and a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. An upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Periodic payments received or paid by the fund are recorded as realized gains or losses. The OTC credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.

In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC credit default contracts which would mitigate its risk of loss. Risks of loss may exceed amounts recognized on the Statement of assets and liabilities. The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount of the relevant OTC credit default contract.

OTC credit default contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio. For the fund’s average notional amount, see Note 5.

Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts 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, are presented in the fund’s portfolio. Collateral posted to the fund which cannot be sold or repledged totaled $329,673 at the close of the reporting period.

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.

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 and 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 $543,486 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $309,801.

TBA purchase commitments The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price has been established, the principal value has not been finalized. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date. TBA purchase commitments may be considered securities themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, which risk is in addition to the risk of decline in the value of the fund’s other assets. Unsettled TBA purchase commitments are valued at fair value of the underlying securities, according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in market value is recorded by the fund as an unrealized gain or loss.

Although the fund will generally enter into TBA purchase commitments with the intention of acquiring securities for its portfolio or for delivery pursuant to options contracts it has entered into, the fund may dispose of a commitment prior to settlement if Putnam Management deems it appropriate to do so.

TBA sale commitments The fund may enter into TBA sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction.

Unsettled TBA sale commitments are valued at the fair value of the underlying securities, generally according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in market value is recorded by the fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. TBA sale commitments outstanding at period end, if any, are listed after the fund’s portfolio.

Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the value of securities loaned amounted to $6,675,185. Certain of these securities were sold prior to the close of the reporting period and are included in Receivable for investments sold on the Statement of assets and liabilities. The fund received cash collateral of $6,720,519.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Line of credit The fund participates, along with other Putnam funds, in a $315 million unsecured committed line of credit and a $185 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the Federal Funds rate plus 1.25% for the committed line of credit and the Federal Funds rate plus

42  Putnam VT Global Asset Allocation Fund 

1.30% for the uncommitted line of credit. A closing fee equal to 0.02% of the committed line of credit and $50,000 for the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.11% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies.

The fund is subject to the provisions of Accounting Standards Codification ASC 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

At December 31, 2012, the fund had a capital loss carryover of $14,433,318 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:

Loss carryover
Short-term	Long-term	Total	Expiration
$14,433,318	N/A	$14,433,318	12/31/17

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, foreign currency gains and losses, unrealized gains and losses on certain futures contracts, realized gains and losses on certain futures contracts, straddle loss deferrals, income on swap contracts and interest only securities. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. For the reporting period ended, the fund reclassified $367,190 to increase undistributed net investment income, $47,867 to increase paid-in-capital and $415,057 to increase accumulated net realized losses.

The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

Unrealized appreciation	$17,452,496
Unrealized depreciation	(3,805,785)
Net unrealized appreciation	13,646,711
Undistributed ordinary income	4,039,685
Capital loss carryforward	(14,433,318)
Cost for federal income tax purposes	$223,222,826

Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

Beneficial interest At the close of the reporting period, insurance companies or their separate accounts were record owners of all but a de minimis number of the shares of the fund. Approximately 48.5% of the fund is owned by accounts of one insurance company.

Note 2 — Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows:

0.750%	of the first $5 billion,
0.700%	of the next $5 billion,
0.650%	of the next $10 billion,
0.600%	of the next $10 billion,
0.550%	of the next $50 billion,
0.530%	of the next $50 billion,
0.520%	of the next $100 billion and
0.515%	of any excess thereafter.

Putnam Management has contractually agreed, through June 30, 2013, to waive fees or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.35% of the average net assets of the portion of the fund managed by PIL.

The Putnam Advisory Company, LLC (PAC), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund, as designated from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.35% of the average net assets of the portion of the fund’s assets for which PAC is engaged as sub-adviser.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.10% of the fund’s average net assets. During the reporting period, the class specific expenses related to investor servicing fees were as follows:

Class IA	$139,257
Class IB	72,509
Total	$211,766

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. The fund also reduced expenses through brokerage/service arrangements. For the reporting period, the fund’s expenses were reduced by $222 under the expense offset arrangements and by $7,063 under the brokerage/service arrangements.

Putnam VT Global Asset Allocation Fund  43 

Each independent Trustee of the fund receives an annual Trustee fee, of which $160, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted a distribution plan (the Plan) with respect to its class IB shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. The purpose of the Plan is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plan provides for payment by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35% of the average net assets attributable to the fund’s class IB shares. The Trustees have approved payment by the fund at an annual rate of 0.25% of the average net assets attributable to the fund’s class IB shares. During the reporting period, the class specific expenses related to distribution fees were as follows:

Class IB  $181,133 

Note 3 — Purchases and sales of securities

During the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments and TBA transactions aggregated $327,499,484 and $340,128,006, respectively. These figures include the cost of purchases and proceeds from sales of long-term U.S. government securities of $4,602,875 and $4,599,102, respectively.

Written option transactions during the reporting period are summarized as follows:

	Written swap option	Written swap option	Written equity option	Written equity option
	contract amounts	premiums	contract amounts	premiums
Written options outstanding at the
beginning of the reporting period	$3,932,000	$155,904	—	$—
Options opened	—	—	4,373	4,214
Options exercised	(1,966,000)	(77,952)	—	—
Options expired	—	—	(1,719)	(2,303)
Options closed	(1,966,000)	(77,952)	(2,654)	(1,911)
Written options outstanding at the
end of the reporting period	$—	$—	—	$—

Note 4 — Capital shares

At the close of the reporting period, there was an unlimited number of shares of beneficial interest authorized. Subscriptions and redemptions are presented at the omnibus level. Transactions in capital shares were as follows:

		Class IA shares				Class IB shares
	Year ended 12/31/12		Year ended 12/31/11		Year ended 12/31/12		Year ended 12/31/11
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Shares sold	97,970	$1,503,304	317,887	$4,640,900	514,226	$7,891,214	471,799	$6,858,367
Shares issued in connection with
reinvestment of distributions	92,859	1,417,950	486,549	7,171,729	35,123	540,548	229,117	3,402,380
	190,829	2,921,254	804,436	11,812,629	549,349	8,431,762	700,916	10,260,747
Shares repurchased	(1,505,399)	(22,936,597)	(1,800,526)	(26,004,425)	(1,077,019)	(16,522,177)	(1,072,002)	(15,524,842)
Net decrease	(1,314,570)	$(20,015,343)	(996,090)	$(14,191,796)	(527,670)	$(8,090,415)	(371,086)	$(5,264,095)

Note 5 — Summary of derivative activity

The average volume of activity for the reporting period for any derivative type that was held during the period is listed below and was as follows:

Purchased equity option contracts (number of contracts)	1,000
Written equity option contracts (number of contracts)	1,000
Written swap option contracts (contract amount)	$1,200,000
Futures contracts (number of contracts)	1,500
Forward currency contracts (contract amount)	$166,700,000
OTC interest rate swap contracts (notional)	$139,900,000
OTC total return swap contracts (notional)	$23,400,000
OTC credit default swap contracts (notional)	$17,300,000

44  Putnam VT Global Asset Allocation Fund 

The following is a summary of the market values of derivative instruments as of the close of the reporting period:

Market values of derivative instruments as of the close of the reporting period

	Asset derivatives		Liability derivatives
Derivatives not accounted
for as hedging instruments	Statement of assets and		Statement of assets and
under ASC 815	liabilities location	Market value	liabilities location	Market value
Credit contracts	Receivables	$129,081	Payables	$—
Foreign exchange contracts	Receivables	457,799	Payables	385,524
Equity contracts	Investments, Receivables, Net assets —		Payables, Net assets —
	Unrealized appreciation	815,476*	Unrealized depreciation	704,375*
Interest rate contracts	Receivables, Net assets — Unrealized		Payables, Net assets —
	appreciation	263,016*	Unrealized depreciation	318,512*
Total		$1,665,372		$1,408,411

* Includes cumulative appreciation/depreciation of futures contracts as reported in The fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.

The following is a summary of realized and change in unrealized gains or losses of derivative instruments on the Statement of operations for the reporting period (see Note 1):

Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments

Derivatives not accounted
for as hedging instruments			Forward currency
under ASC 815	Options	Futures	contracts	Swaps	Total
Credit contracts	$—	$—	$—	$2,397,987	$2,397,987
Foreign exchange contracts	—	—	(226,534)	—	$(226,534)
Equity contracts	3,284	1,545,759	—	59,065	$1,608,108
Interest rate contracts	77,952	122,863	—	408,394	$609,209
Total	$81,236	$1,668,622	$(226,534)	$2,865,446	$4,388,770

Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments

Derivatives not accounted
for as hedging instruments				Forward currency
under ASC 815	Options	Warrants†	Futures	contracts	Swaps	Total
Credit contracts	$—	$—	$—	$—	$(446,583)	$(446,583)
Foreign exchange contracts	—	—	—	(69,119)	—	(69,119)
Equity contracts	—	(52)	218,832	—	184,781	403,561
Interest rate contracts	452,367	—	50,609	—	(1,250,918)	(747,942)
Total	$452,367	$(52)	$269,441	$(69,119)	$(1,512,720)	$(860,083)

†For the reporting period, the transaction volume for warrants was minimal.

Note 6 — Transactions with affiliated issuer

Transactions during the reporting period with Putnam Money Market Liquidity Fund, which is under common ownership and control, were as follows:

	Market value at the beginning				Market value at the end of
Name of affiliate	of the reporting period	Purchase cost	Sale proceeds	Investment income	the reporting period
Putnam Money Market Liquidity Fund*	$34,125,454	$49,621,182	$50,819,884	$43,215	$32,926,752

*Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.

Note 7 — Senior loan commitments

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.

Note 8 — Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The fund may invest in higher yielding, lower rated bonds that may have a higher rate of default. The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market’s perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.

Putnam VT Global Asset Allocation Fund  45 

Note 9 — New accounting pronouncement

In December 2011, the FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities”. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. Putnam Management is currently evaluating the application of ASU 2011-11 and its impact, if any, on the fund’s financial statements.

46  Putnam VT Global Asset Allocation Fund 

Federal tax information (Unaudited)

The fund designated 34.16% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

Putnam VT Global Asset Allocation Fund  47 

About the Trustees

48  Putnam VT Global Asset Allocation Fund 

*Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, and Putnam Retail Management. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

The address of each Trustee is One Post Office Square, Boston, MA 02109.

As of December 31, 2012, there were 109 Putnam funds. All Trustees serve as Trustees of all Putnam funds.

Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

Officers

In addition to Robert L. Reynolds, the other officers of the fund are shown below:

Jonathan S. Horwitz (Born 1955)	Michael J. Higgins (Born 1976)	James P. Pappas (Born 1953)
Executive Vice President, Principal Executive	Vice President and Treasurer	Vice President
Officer, and Compliance Liaison	Since 2010	Since 2004
Since 2004	Manager of Finance, Dunkin’ Brands	Director of Trustee Relations,
	(2008–2010); Senior Financial Analyst, Old	Putnam Investments and
Steven D. Krichmar (Born 1958)	Mutual Asset Management (2007–2008);	Putnam Management
Vice President and Principal Financial Officer	Senior Financial Analyst, Putnam Investments
Since 2002	(1999–2007)	Mark C. Trenchard (Born 1962)
Chief of Operations, Putnam Investments and		Vice President and BSA Compliance Officer
Putnam Management	Janet C. Smith (Born 1965)	Since 2002
	Vice President, Principal Accounting Officer,	Director of Operational Compliance,
Robert T. Burns (Born 1961)	and Assistant Treasurer	Putnam Investments and Putnam
Vice President and Chief Legal Officer	Since 2007	Retail Management
Since 2011	Director of Fund Administration Services,
General Counsel, Putnam Investments and	Putnam Investments and	Judith Cohen (Born 1945)
Putnam Management	Putnam Management	Vice President, Clerk, and Associate Treasurer
		Since 1993
Robert R. Leveille (Born 1969)	Susan G. Malloy (Born 1957)
Vice President and Chief Compliance Officer	Vice President and Assistant Treasurer	Nancy E. Florek (Born 1957)
Since 2007	Since 2007	Vice President, Proxy Manager, Assistant
Chief Compliance Officer, Putnam	Director of Accounting & Control Services,	Clerk, and Associate Treasurer
Investments, Putnam Management, and	Putnam Management	Since 2000
Putnam Retail Management

The principal occupations of the officers for the past five years have been with the employers as shown above although in some cases, they have held different positions with such employers. The address of each Officer is One Post Office Square, Boston, MA 02109.

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52  Putnam VT Global Asset Allocation Fund 

Other important information

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012, are available in the Individual Investors section of putnam.com and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

Each Putnam VT fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Forms N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Forms N-Q may be reviewed and copied at the SEC’s public reference room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the public reference room.

Fund information

Investment Manager	Investor Servicing Agent	Trustees
Putnam Investment Management, LLC	Putnam Investor Services, Inc.	Jameson A. Baxter, Chair
One Post Office Square	Mailing address:	Liaquat Ahamed
Boston, MA 02109	P.O. Box 8383	Ravi Akhoury
	Boston, MA 02266-8383	Barbara M. Baumann
Investment Sub-Manager	1-800-225-1581	Charles B. Curtis
Putnam Investments Limited		Robert J. Darretta
57–59 St James’s Street	Custodian	Katinka Domotorffy
London, England SW1A 1LD	State Street Bank and Trust Company	John A. Hill
		Paul L. Joskow
Investment Sub-Advisor	Legal Counsel	Elizabeth T. Kennan
The Putnam Advisory Company, LLC	Ropes & Gray LLP	Kenneth R. Leibler
One Post Office Square		Robert E. Patterson
Boston, MA 02109	Independent Registered	George Putnam, III
	Public Accounting Firm	Robert L. Reynolds
Marketing Services	PricewaterhouseCoopers LLP	W. Thomas Stephens
Putnam Retail Management
One Post Office Square
Boston, MA 02109

The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.

Putnam VT Global Asset Allocation Fund  53 

Item 2. Code of Ethics:

(a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund’s investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

(c) In May 2008, the Code of Ethics of Putnam Investment Management, LLC was updated in its entirety to include the amendments adopted in August 2007 as well as a several additional technical, administrative and non-substantive changes. In May of 2009, the Code of Ethics of Putnam Investment Management, LLC was amended to reflect that all employees will now be subject to a 90-day blackout restriction on holding Putnam open-end funds, except for portfolio managers and their supervisors (and each of their immediate family members), who will be subject to a one-year blackout restriction on the funds that they manage or supervise. In June 2010, the Code of Ethics of Putnam Investments was updated in its entirety to include the amendments adopted in May of 2009 and to change certain rules and limits contained in the Code of Ethics. In addition, the updated Code of Ethics included numerous technical, administrative and non-substantive changes, which were intended primarily to make the document easier to navigate and understand. In July 2011, the Code of Ethics of Putnam Investments was updated to reflect several technical, administrative and non-substantive changes resulting from changes in employee titles.

Item 3. Audit Committee Financial Expert:

The Funds’ Audit and Compliance Committee is comprised solely of Trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service on the Committee. In addition, the Trustees have determined that each of Mr. Leibler, Mr. Hill, Mr. Darretta and Ms. Baumann qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education. The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee and the Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services:

The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor:

Fiscal year ended	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
December 31, 2012	$137,663	$ —	$11,506	$426
December 31, 2011	$128,870	$--	$9,031	$ —

For the fiscal years ended December 31, 2012 and December 31, 2011, the fund’s independent auditor billed aggregate non-audit fees in the amounts of $264,044 and $136,413 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.

Audit Fees represent fees billed for the fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in the fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in the fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

All Other Fees represent fees billed for services relating to an analysis of fund profitability

Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

The following table presents fees billed by the fund’s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

Fiscal year ended	Audit-Related Fees	Tax Fees	All Other Fees	Total Non-Audit Fees
December 31, 2012	$ —	$147,500	$ —	$ —
December 31, 2011	$ —	$107,505	$ —	$ —

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Schedule of Investments:

The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

Not applicable

Item 8. Portfolio Managers of Closed-End Investment Companies

Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders:

Not applicable

Item 11. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 12. Exhibits:

(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith.

(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Variable Trust

By (Signature and Title):

/s/Janet C. Smith
Janet C. Smith
Principal Accounting Officer

Date: February 28, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

/s/Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer

Date: February 28, 2013

By (Signature and Title):

/s/Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer

Date: February 28, 2013