Items 77M (for certain funds as listed below)
Note 10  Acquisition of Putnam VT Capital
Appreciation Fund
On February 17, 2009, Putnam VT Investors Fund issued 1,271,607
and 1,239,991 class IA and class IB shares, respectively, for
1,997,819 and 1,948,728 class IA and class IB shares of Putnam VT
Capital Appreciation Fund to acquire that funds net assets in a
taxfree exchange. The purpose of the transaction was to combine
two Putnam funds with substantially similar investment objectives
and investment strategies into a single Putnam fund with a larger
asset base and therefore potentially lower expenses for fund
shareholders. The investment portfolio of Putnam VT Capital
Appreciation Fund with a fair value of $16,400,014 and an
identified cost of $18,854,782 at February 13, 2009, was the
principal asset acquired by Putnam VT Investors Fund. The net
assets of Putnam VT Investors Fund and Putnam VT Capital
Appreciation Fund on February 13, 2009, were $215,315,827 and
$16,319,063, respectively. On February 13, 2009, Putnam VT
Capital Appreciation Fund had undistributed net investment income
of $30,756, accumulated net realized loss of $11,229,349 and
unrealized depreciation of $2,454,768. The aggregate net assets
of Putnam VT Investors Fund immediately following the acquisition
were $231,634,890. Assuming the acquisition had been completed on
January 1, 2009, the beginning of the annual reporting period of
Putnam VT Investors Fund, pro forma results of operations for the
year ended December 31, 2009 would not be materially different
than that presented.
Information presented in the Statements of operations and changes
in net assets reflect only the operations of Putnam VT Investors
Fund.
Note 11  Acquisition of Putnam VT Discovery Growth Fund
On February 17, 2009, Putnam VT New Opportunities Fund issued
385,904 and 745,403 class IA and class IB shares, respectively,
for 1,666,012 and 3,230,409 class IA and class IB shares of
Putnam VT Discovery Growth Fund to acquire that funds net assets
in a taxfree exchange. The purpose of the transaction was to
combine two Putnam funds with substantially similar investment
objectives and investment strategies into a single Putnam fund
with a larger asset base and therefore potentially lower expenses
for fund shareholders. The investment portfolio of Putnam VT
Discovery Growth Fund with a fair value of $14,492,316 and an
identified cost of $15,728,174 at February 13, 2009, was the
principal asset acquired by Putnam VT New Opportunities Fund. The
net assets of Putnam VT New Opportunities Fund and Putnam VT
Discovery Growth Fund on February 13, 2009, were $482,108,017 and
$14,555,354, respectively. On February 13, 2009, Putnam VT
Discovery Growth Fund had undistributed net investment income of
$2,672, accumulated net realized loss of $9,867,406 and
unrealized depreciation of $1,235,858. The aggregate net assets
of Putnam VT New Opportunities Fund immediately following the
acquisition were $496,663,371. Assuming the acquisition had been
completed on January 1, 2009, the beginning of the annual
reporting period of Putnam VT New Opportunities Fund, pro forma
results of operations for the year ended December 31, 2009 would
not be materially different than that presented.
Information presented in the Statements of operations and changes
in net assets reflect only the operations of Putnam VT New
Opportunities Fund.
Note 12  Acquisition of Putnam VT New Value Fund
On February 17, 2009, Putnam VT Equity Income Fund issued
10,823,315 and 12,042,787 class IA and class IB shares,
respectively, for 15,984,965 and 17,755,099 class IA and class IB
shares of Putnam VT New Value Fund to acquire that funds net
assets in a taxfree exchange. The purpose of the transaction was
to combine two Putnam funds with substantially similar investment
objectives and investment strategies into a single Putnam fund
with a larger asset base and therefore potentially lower expenses
for fund shareholders. The investment portfolio of Putnam VT New
Value Fund with a fair value of $205,663,806 and an identified
cost of $206,904,254 at February 13, 2009, was the principal
asset acquired by Putnam VT Equity Income Fund. The net assets of
Putnam VT Equity Income Fund and Putnam VT New Value Fund on
February 13, 2009, were $132,847,115 and $206,222,051,
respectively. On February 13, 2009, Putnam VT New Value Fund had
undistributed net investment income of $737,299, accumulated net
realized loss of $200,134,557 and unrealized depreciation of
$1,240,448. The aggregate net assets of Putnam VT Equity Income
Fund immediately following the acquisition were $339,069,166.
Assuming the acquisition had been completed on January 1, 2009,
the beginning of the annual reporting period of Putnam VT Equity
Income Fund pro forma results of operations for the year ended
December 31, 2009 would not be materially different than that
presented.
Information presented in the Statements of operations and changes
in net assets reflect only the operations of Putnam VT Equity
Income Fund.
Note 13  Acquisition of Putnam VT OTC & Emerging
Growth Fund
On February 17, 2009, Putnam VT Vista Fund issued 1,728,483 and
1,738,785 class IA and class IB shares, respectively, for
3,254,031 and 3,275,021 class IA and class IB shares of Putnam VT
OTC & Emerging Growth Fund to acquire that funds net assets in a
taxfree exchange. The purpose of the transaction was to combine
two Putnam funds with substantially similar investment objectives
and investment strategies into a single Putnam fund with a larger
asset base and therefore potentially lower expenses for fund
shareholders. The investment portfolio of Putnam VT OTC &
Emerging Growth Fund with a fair value of $29,339,841 and an
identified cost of $28,748,682 at February 13, 2009, was the
principal asset acquired by Putnam VT Vista Fund. The net assets
of Putnam VT Vista Fund and Putnam VT OTC & Emerging Growth Fund
on February 13, 2009, were $132,540,855 and $28,512,122,
respectively. On February 13, 2009, Putnam VT OTC & Emerging
Growth Fund had accumulated net investment loss of $93,192,
accumulated net realized loss of $367,091,505 and unrealized
appreciation of $591,159. The aggregate net assets of Putnam VT
Vista Fund immediately following the acquisition were
$161,052,977. Assuming the acquisition had been completed on
January 1, 2009, the beginning of the annual reporting period of
Putnam VT Vista Fund, pro forma results of operations for the
year ended December 31, 2009 would not be materially different
than that presented.
Information presented in the Statements of operations and changes
in net assets reflect only the operations of Putnam VT Vista
Fund.