77E
Regulatory matters and litigation Putnam VT Multi-Cap Value Fund
June 30, 2011 semiannual report

In late 2003 and 2004, Putnam Management settled charges brought
by the SEC and the Massachusetts Securities Division in
connection with excessive short-term trading in Putnam funds.
Distribution of payments from Putnam Management to certain open-
end Putnam funds and their shareholders is expected to be
completed in the next several months. These allegations and
related matters have served as the general basis for certain
lawsuits, including purported class action lawsuits against
Putnam Management and, in a limited number of cases, some Putnam
funds. In May 2011, the fund received a payment of $13 related
to settlement of those lawsuits. This amount is reported in the
Increase in capital from settlement payments line on the
Statement of changes in net assets. Putnam Management has agreed
to bear any costs incurred by the Putnam funds as a result of
these matters.