Acquisition of Putnam VT Technology Fund
by Putnam VT Voyager Fund II

On October 14, 2002, Putnam VT Voyager Fund II
issued 1,801,381 and 2,599,658 of class IA and
class IB shares, respectively, in exchange for
2,506,215 and 3,623,165 class IA and class IB
shares of Putnam VT Technology Fund to acquire
that funds net assets in a tax-free exchange approved
by the shareholders.
The net assets of Putnam VT Voyager Fund II and
Putnam VT Technology Fund on October 11, 2002,
valuation date, were $17,548,150 and $14,297,830,
respectively.  On October 11, 2002, Putnam VT
Technology Fund had unrealized depreciation of $8,441,910.
The aggregate net assets of Putnam VT Voyager Fund II
immediately following the acquisition were $32,345,980.