0000928816-13-001376.txt : 20130829 0000928816-13-001376.hdr.sgml : 20130829 20130829130246 ACCESSION NUMBER: 0000928816-13-001376 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130829 DATE AS OF CHANGE: 20130829 EFFECTIVENESS DATE: 20130829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VARIABLE TRUST CENTRAL INDEX KEY: 0000822671 IRS NUMBER: 046649095 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05346 FILM NUMBER: 131068349 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002551581 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CAPITAL MANAGER TRUST /MA/ DATE OF NAME CHANGE: 19920703 0000822671 S000003893 Putnam VT Diversified Income Fund C000010881 Class IA Shares C000010882 Class IB Shares N-CSRS 1 a_vtdiversifiedincome.htm PUTNAM VARIABLE TRUST a_vtdiversifiedincome.htm


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, 2013
Date of reporting period: January 1, 2013 — June 30, 2013



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 Fellow Shareholder:

Stock markets around the world have exhibited volatility recently, as the U.S. Federal Reserve indicated that it may begin to reduce its quantitative easing program later this year if current positive trends continue. With this news, long-term interest rates jumped from historic lows and stocks fell, with the U.S. equity market in June posting a monthly loss for the first time this year. International markets, facing a range of issues, also declined.

While the Fed’s announcement initially made investors skittish, we are encouraged that the central bank is seeing steady economic growth and low inflation. These conditions have helped lift equity market averages to near all-time highs, and a continuation of current trends could be supportive for investments. The Fed has said that any tapering will be done in a way that does not threaten the economic recovery.

We believe Putnam’s fundamentally oriented investment approaches are well suited for today’s market environment. By conducting in-depth company and industry research, and through astute analysis of key market and policy-related risks, Putnam’s portfolio managers and research analysts are committed to finding the most attractive opportunities for investors. Integrating new thinking into time-tested strategies may prove particularly beneficial as the economy moves into the next stage of the current recovery.

We believe that, when combined with the guidance of a financial advisor who can help you develop a portfolio that matches your individual goals and tolerance for risk, Putnam’s emphasis on innovative thinking, active investing, and risk management can serve shareholders well.

We would like to extend a welcome to new shareholders of the fund and to thank you for investing with Putnam.



Investment objective

As high a level of current income as Putnam Investment Management, LLC (Putnam Management) believes is consistent with preservation of capital

Net asset value June 30, 2013

Class IA: $7.22  Class IB: $7.23 

 

Total return at net asset value

        Citigroup   
        Non-U.S.  JPMorgan 
      Barclays U.S.  World  Developed 
(as of  Class IA  Class IB  Aggregate  Government  High Yield 
6/30/13)  shares*  shares†  Bond Index  Bond Index  Index‡ 
6 months  2.95%  2.97%  –2.44%  –7.14%  1.83% 
1 year  10.56  10.27  –0.69  –5.72  9.74 
5 years  40.53  40.48  28.78  13.42  69.56 
Annualized  7.04  7.03  5.19  2.55  11.14 
10 years  81.29  79.37  55.59  59.51  139.41 
Annualized  6.13  6.02  4.52  4.78  9.12 
Life  207.75  198.91  204.22  179.43  — 
Annualized  5.84  5.69  5.78  5.34  — 

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

* Class inception date: September 15, 1993.

† Class inception date: April 6, 1998.

‡ The fund’s secondary benchmark, the JPMorgan Developed High Yield Index, was introduced on 12/31/94, which post-dates the inception of the fund’s class IA shares.

Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. Citigroup Non-U.S. World Government Bond Index is an unmanaged index generally considered to be representative of the world bond market excluding the United States. JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries.

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. 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, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

Credit quality

P–1  2.6% 
Aaa  37.3% 
Aa  0.3% 
A  0.9% 
Baa  14.8% 
Ba  15.2% 
B  24.4% 
Caa and below  15.5% 
Not rated  –11.0% 

Credit qualities are shown as a percentage of the fund’s net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody’s ratings; percentages may include bonds or derivatives not rated by Moody’s but rated by Standard & Poor’s (S&P) or, if unrated by S&P, by Fitch ratings, and then included in the closest equivalent Moody’s rating. Ratings may vary over time.

Credit quality includes bonds and represents only the fixed-income portion of the portfolio. Derivative instruments, including currency forward contracts, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

A negative percentage reflects the effect of fund strategies that are designed to enhance performance if certain securities decline in value.

Putnam VT Diversified Income Fund   1 

 


Report from your fund’s manager

What was the bond market environment like during the six months ended June 30, 2013?

Spread sectors, meaning sectors that trade at a yield premium to U.S. Treasuries, generally performed well during the first four months of the period. Credit-sensitive fixed-income securities benefited from a more favorable economic backdrop and the tailwind of increased global liquidity resulting from accommodative monetary policy in the United States and overseas. In May, however, the market backdrop became less hospitable, as concern about higher interest rates weighed on sentiment, leading investors to take profits. The debate that began in May about when the Federal Reserve would begin tapering its bond-buying program intensified in June, when Chairman Ben Bernanke announced that the central bank could begin scaling back its stimulus program later in 2013, and end it by mid 2014, sooner than investors expected. Within this changed market environment, bond yields rose and prices fell across most market sectors. Investment-grade bonds suffered negative returns, with longer-maturity sectors posting the worst losses. Emerging-market debt — which was one of the worst-performing sectors — as well as other credit-sensitive categories were hampered by widening spreads. Short-duration, floating-rate bank-loan securities and high-yield bonds posted modest gains.

Which strategies and holdings bolstered the fund’s performance during the past six months?

Our mortgage credit holdings — both non-agency residential mortgage-backed securities [RMBS] and commercial mortgage-backed securities [CMBS] — helped performance, as investors took advantage of attractive spreads and positive underlying fundamentals in these sectors. Later in the period, we sought to reduce risk by shifting the fund’s allocation from RMBS into CMBS, which were performing better.

Our prepayment strategy, which was implemented primarily by investing in collateralized mortgage obligations [CMOs], also contributed to performance, despite negative performance in April and May. During those two months, with interest rates still at extremely low levels, CMOs underperformed due to fears about an accelerating pace of mortgage refinancing. Increased refinancing activity tends to hurt the performance of CMOs because the mortgages underlying the securities are paid off more rapidly. When rates rose from early May into June, investors were encouraged that higher rates may slow the pace of refinancing and mortgage prepayment speeds. As a result, CMOs — particularly those of the interest-only [IO] variety — rebounded nicely in June.

Lastly, our high-yield-bond investments aided performance, as positive results from earlier in the period more than offset the sector’s poor returns in May and June.

Which strategies detracted versus the benchmark?

Our term-structure strategies — interest-rate and yield-curve positioning — slightly detracted. We maintained a short duration during most of the period, meaning we limited the fund’s interest-rate risk, which worked well as rates rose. However, in June, we modestly lengthened the portfolio’s duration in an effort to tactically position the fund to potentially benefit from any pull-back in rates. As it turned out, rates had not yet peaked, so this strategy slightly dampened performance.

How did your currency strategy affect performance?

Our underweight exposure to the Japanese yen was beneficial, as the yen weakened significantly following the Bank of Japan’s announcement that it would take a more aggressive approach toward monetary easing. Late in the period, we significantly reduced the fund’s currency risk by cutting back most of our active foreign currency positions, particularly in emerging markets. We felt this was prudent in light of heightened risk in the marketplace.

How did you use derivatives during the period?

We used total return swaps as a hedging tool and to help manage the fund’s sector exposure. We also utilized forward currency contracts to hedge the foreign exchange risk associated with non-U.S. bonds. Up until the final month of the period, we also used forward currency contracts to efficiently gain exposure to foreign currencies as part of our active strategy involving global currency pairings. Lastly, we employed interest-rate swaps and “swaptions” — which give us the option to enter into a swap contract — to hedge the interest-rate risk associated with our CMO holdings.

What is your outlook for the coming months?

We believe the U.S. economic recovery is on track and should continue at a moderate pace. Despite higher mortgage rates, we believe the U.S. housing recovery will continue. In our view, home sales are improving because of stronger economic activity and better consumer confidence, and not solely because of low mortgage rates. Outside the United States, the global environment appears to be relatively stable, in our estimation, except for China, where weaker growth and high consumer debt levels have created challenges for a government that is trying to stimulate domestic demand.

Peripheral eurozone economies have performed better than we anticipated, thanks to sharply lower interest rates in those countries. Core European economies were somewhat weaker than we expected, but data near period-end from Germany, the Netherlands, and Switzerland was encouraging.

As for interest rates, while we believe global rates are likely to move higher over the medium to longer term, we think the degree of increase during May and June was more than the current economic environment warrants. Consequently, as noted above, we modestly lengthened the portfolio’s duration in June as a tactical play to potentially capitalize on near-term rate declines.

Where are you finding the most compelling investment opportunities?

Following the liquidity-driven sell-off in various spread sectors, we selectively added back CMBS and high-yield bonds, seeking to

2   Putnam VT Diversified Income Fund 

 


benefit from the improved relative value in these sectors. We also continued to find value in IO CMOs, believing that these securities may benefit should rates move higher from current levels.

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 currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. 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 and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the 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 to invest in through traditional securities, or to hedge risk associated with a particular position. Derivatives may not appreciate in value and may lose money. Derivatives may amplify traditional investment risks through the creation of leverage and may 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.

Your fund’s managers


Portfolio Manager D. William Kohli is Co-Head of Fixed Income at Putnam. He joined Putnam in 1994 and has been in the investment industry since 1986.

In addition to Bill, your fund’s portfolio managers are Michael J. Atkin; Kevin F. Murphy; Michael V. Salm; and Paul D. Scanlon, CFA.

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

Putnam VT Diversified Income 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 January 1, 2013, to June 30, 2013. 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 6/30/13    for the 6 months ended 6/30/13 
 
 
  Class IA  Class IB  Class IA  Class IB 
 
Expenses paid         
per $1,000*  $3.77  $5.03  $3.76  $5.01 
 
Ending value         
(after expenses)  $1,029.50  $1,029.70  $1,021.08  $1,019.84 
 
Annualized         
expense ratio  0.75%  1.00%  0.75%  1.00% 

*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 6/30/13. 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.

4   Putnam VT Diversified Income Fund 

 


The fund’s portfolio 6/30/13 (Unaudited)

MORTGAGE-BACKED SECURITIES (44.0%)*  Principal amount  Value 
 
Agency collateralized mortgage obligations (15.0%)   
Federal Home Loan Mortgage Corp.     
IFB Ser. 3182, Class SP, 27.83s, 2032  $196,140  $308,447 
IFB Ser. 3408, Class EK, 25.019s, 2037  86,818  127,659 
IFB Ser. 2979, Class AS, 23.568s, 2034  36,175  47,721 
IFB Ser. 3072, Class SM, 23.091s, 2035  216,660  316,184 
IFB Ser. 3072, Class SB, 22.944s, 2035  222,068  322,720 
IFB Ser. 3249, Class PS, 21.64s, 2036  197,178  278,992 
IFB Ser. 3065, Class DC, 19.283s, 2035  372,960  551,589 
IFB Ser. 3727, Class PS, IO, 6.508s, 2038  1,763,487  178,576 
IFB Ser. 3998, Class KS, IO, 6.508s, 2027  2,826,269  439,838 
IFB Ser. 3895, Class SM, IO, 6.458s, 2040  2,358,164  366,993 
IFB Ser. 4048, Class GS, IO, 6.458s, 2040  2,188,611  416,252 
IFB Ser. 3940, Class PS, IO, 6.458s, 2040  2,102,281  320,388 
IFB Ser. 4032, Class SA, IO, 6.308s, 2042  2,449,565  411,886 
IFB Ser. 4125, Class SH, IO, 5.958s, 2042  2,447,062  414,336 
IFB Ser. 4105, Class LS, IO, 5.958s, 2041  3,054,465  591,833 
Ser. 3632, Class CI, IO, 5s, 2038  802,267  57,964 
Ser. 3626, Class DI, IO, 5s, 2037  350,331  9,851 
Ser. 304, Class C27, IO, 4 1/2s, 2042  5,790,684  1,004,800 
Ser. 4122, Class TI, IO, 4 1/2s, 2042  3,909,344  595,002 
Ser. 4000, Class PI, IO, 4 1/2s, 2042  1,974,677  290,080 
Ser. 4019, Class GI, IO, 4 1/2s, 2041  8,864,289  1,323,438 
Ser. 4024, Class PI, IO, 4 1/2s, 2041  5,613,217  898,126 
Ser. 3747, Class HI, IO, 4 1/2s, 2037  727,195  77,405 
Ser. 308, Class S1, 4s, 2043 Δ  2,819,000  637,771 
Ser. 3751, Class MI, IO, 4s, 2034  3,218,737  50,148 
Ser. 3748, Class NI, IO, 4s, 2034  141,812  6,157 
Ser. 4220, Class IE, IO, 4s, 2028 F  3,492,000  400,155 
Ser. 4105, Class HI, IO, 3 1/2s, 2041  2,200,800  340,420 
Ser. 304, IO, 3 1/2s, 2027  5,024,760  580,209 
Ser. 304, Class C37, IO, 3 1/2s, 2027  3,682,123  434,564 
Ser. 4210, Class PI, IO, 3s, 2041  3,392,012  396,441 
Ser. T-57, Class 1AX, IO, 0.004s, 2043  1,840,029  21,640 
Ser. 4077, Class TO, PO, zero %, 2041  1,425,896  1,124,533 
Ser. 3300, PO, zero %, 2037  92,683  86,659 
FRB Ser. 3326, Class WF, zero %, 2035  2,345  2,274 
Federal National Mortgage Association     
IFB Ser. 06-62, Class PS, 38.742s, 2036  143,419  274,439 
IFB Ser. 06-8, Class HP, 23.859s, 2036  323,463  527,312 
IFB Ser. 07-53, Class SP, 23.492s, 2037  219,207  322,262 
IFB Ser. 08-24, Class SP, 22.576s, 2038  256,114  384,174 
IFB Ser. 05-122, Class SE, 22.425s, 2035  347,801  501,051 
IFB Ser. 05-83, Class QP, 16.892s, 2034  251,055  331,408 
IFB Ser. 12-88, Class SB, IO, 6.477s, 2042  5,609,943  860,285 
IFB Ser. 10-99, Class NS, IO, 6.407s, 2039  2,828,260  358,850 
IFB Ser. 404, Class S13, IO, 6.207s, 2040  5,146,713  861,302 
IFB Ser. 10-35, Class SG, IO, 6.207s, 2040  3,693,131  630,344 
IFB Ser. 12-132, Class SB, IO, 6.007s, 2042  8,132,966  1,138,859 
IFB Ser. 09-100, Class SA, IO, 6.007s, 2039  1,341,497  116,543 
IFB Ser. 12-105, Class S, IO, 5.857s, 2042  1,904,290  338,011 
IFB Ser. 10-46, Class WS, IO, 5.557s, 2040  2,369,222  292,480 
Ser. 374, Class 6, IO, 5 1/2s, 2036  632,181  86,836 
Ser. 12-132, Class PI, IO, 5s, 2042  9,281,098  1,674,310 
Ser. 398, Class C5, IO, 5s, 2039  404,060  41,618 
Ser. 10-13, Class EI, IO, 5s, 2038  229,326  9,136 
Ser. 378, Class 19, IO, 5s, 2035  1,596,836  223,560 
Ser. 12-30, Class HI, IO, 4 1/2s, 2040  7,272,059  1,213,561 
Ser. 409, Class 81, IO, 4 1/2s, 2040  5,836,994  1,036,921 
Ser. 409, Class 82, IO, 4 1/2s, 2040  3,677,112  632,004 

 

MORTGAGE-BACKED SECURITIES (44.0%)* cont.  Principal amount  Value 
 
Agency collateralized mortgage obligations cont.     
Federal National Mortgage Association     
Ser. 366, Class 22, IO, 4 1/2s, 2035  $707,653  $56,874 
Ser. 12-75, Class AI, IO, 4 1/2s, 2027  3,050,460  304,497 
Ser. 13-44, Class PI, IO, 4s, 2043  2,917,347  490,479 
Ser. 12-96, Class PI, IO, 4s, 2041  1,465,385  229,069 
Ser. 406, Class 2, IO, 4s, 2041  3,573,021  597,409 
Ser. 406, Class 1, IO, 4s, 2041  2,435,437  424,740 
Ser. 409, Class C16, IO, 4s, 2040  4,042,632  674,283 
Ser. 13-13, Class PI, IO, 3 1/2s, 2042  2,394,445  417,352 
Ser. 13-35, Class IP, IO, 3s, 2042  3,622,739  451,710 
Ser. 13-53, Class JI, IO, 3s, 2041  3,723,885  549,273 
Ser. 13-23, Class PI, IO, 3s, 2041  4,393,864  503,537 
Ser. 03-W10, Class 1, IO, 1.261s, 2043  643,775  24,695 
Ser. 00-T6, IO, 0.747s, 2030  1,727,732  36,714 
Ser. 99-51, Class N, PO, zero %, 2029  20,755  19,875 
Government National Mortgage Association     
IFB Ser. 11-56, Class MS, 6.884s, 2041  2,703,584  2,821,595 
IFB Ser. 10-151, Class SL, IO, 6.508s, 2039  1,523,423  248,653 
IFB Ser. 10-163, Class SI, IO, 6.437s, 2037  4,780,362  681,202 
IFB Ser. 10-35, Class CS, IO, 6.278s, 2040  4,232,668  761,889 
IFB Ser. 10-67, Class SE, IO, 6.258s, 2040  1,443,308  249,389 
IFB Ser. 13-91, Class SP, IO, 6.108s, 2042  4,209,000  802,320 
IFB Ser. 10-26, Class QS, IO, 6.058s, 2040  2,399,020  434,930 
IFB Ser. 13-87, Class SA, IO, 6.008s, 2043 Δ  2,689,000  416,795 
IFB Ser. 10-120, Class SB, IO, 6.008s, 2035  756,154  70,133 
IFB Ser. 10-20, Class SC, IO, 5.958s, 2040  2,483,138  408,278 
IFB Ser. 12-77, Class MS, IO, 5.908s, 2042  2,275,361  564,745 
IFB Ser. 11-128, Class TS, IO, 5.858s, 2041  2,177,438  445,939 
IFB Ser. 10-158, Class SA, IO, 5.858s, 2040  1,328,621  218,797 
IFB Ser. 10-151, Class SA, 5.858s, 2040  1,320,042  217,543 
IFB Ser. 10-61, Class SJ, IO, 5.858s, 2040  3,144,629  447,449 
IFB Ser. 11-70, Class SM, IO, 5.698s, 2041  3,437,000  845,399 
IFB Ser. 11-70, Class SH, IO, 5.698s, 2041  3,530,000  869,510 
IFB Ser. 10-43, Class KS, IO, 5.558s, 2040  3,022,757  415,025 
IFB Ser. 10-31, Class SA, IO, 5.558s, 2040  3,678,474  558,286 
IFB Ser. 10-37, Class SG, IO, 5.508s, 2040  2,641,842  398,231 
IFB Ser. 10-115, Class BS, IO, 5.208s, 2040  4,234,697  600,522 
Ser. 13-22, Class OI, IO, 5s, 2043  3,638,229  666,248 
Ser. 13-3, Class IT, IO, 5s, 2043  3,246,570  594,526 
Ser. 13-6, Class IC, IO, 5s, 2043  2,242,118  411,294 
Ser. 12-146, Class IO, IO, 5s, 2042  5,157,871  872,454 
Ser. 10-35, Class UI, IO, 5s, 2040  2,991,202  558,510 
Ser. 13-34, Class IH, IO, 4 1/2s, 2043  7,270,521  1,303,335 
Ser. 13-24, Class IC, IO, 4 1/2s, 2043  1,459,035  279,974 
Ser. 13-24, Class IK, IO, 4 1/2s, 2043  4,286,256  826,819 
Ser. 11-18, Class PI, IO, 4 1/2s, 2040  506,245  86,720 
Ser. 10-35, Class QI, IO, 4 1/2s, 2040  12,936,973  2,470,401 
Ser. 10-168, Class PI, IO, 4 1/2s, 2039  1,265,002  170,839 
Ser. 10-158, Class IP, IO, 4 1/2s, 2039  6,040,858  807,421 
Ser. 10-98, Class PI, IO, 4 1/2s, 2037  1,710,517  188,088 
Ser. 13-38, Class LI, IO, 4s, 2043  4,686,066  952,911 
Ser. 12-47, Class CI, IO, 4s, 2042  4,737,453  832,750 
Ser. 13-76, Class IO, IO, 3 1/2s, 2043  8,687,227  1,419,754 
Ser. 13-28, Class IO, IO, 3 1/2s, 2043  3,178,881  468,885 
Ser. 13-37, Class JI, IO, 3 1/2s, 2043  5,697,114  894,219 
Ser. 13-27, Class PI, IO, 3 1/2s, 2042  3,934,199  631,045 
Ser. 11-70, PO, zero %, 2041  5,725,283  4,512,336 
Ser. 06-36, Class OD, PO, zero %, 2036  6,200  5,807 
Structured Asset Securities Corp. IFB Ser. 07-4,     
Class 1A3, IO, 5.987s, 2045  3,988,846  698,048 
    62,195,838 

 

Putnam VT Diversified Income Fund   5 

 


MORTGAGE-BACKED SECURITIES (44.0%)* cont.  Principal amount  Value 
 
Commercial mortgage-backed securities (15.6%)     
Banc of America Commercial Mortgage Trust       
FRB Ser. 05-6, Class G, 5.358s, 2047 F    $829,000  $746,015 
Ser. 05-4, Class C, 5.147s, 2045 F    927,000  871,303 
Banc of America Commercial Mortgage Trust 144A     
Ser. 01-1, Class J, 6 1/8s, 2036    12,737  11,209 
Ser. 01-1, Class K, 6 1/8s, 2036    263,575  114,421 
Ser. 07-5, Class XW, IO, 0.532s, 2051    37,682,277  413,525 
Bear Stearns Commercial Mortgage Securities, Inc.     
FRB Ser. 07-PW17, Class AJ, 6.083s, 2050    746,000  708,700 
FRB Ser. 06-PW12, Class AJ, 5.941s, 2038    730,000  728,166 
FRB Ser. 06-PW11, Class AJ, 5.611s, 2039    155,000  161,127 
FRB Ser. 05-T20, Class C, 5.296s, 2042    800,000  770,160 
Ser. 05-PWR7, Class B, 5.214s, 2041    923,000  945,805 
Ser. 05-PWR9, Class C, 5.055s, 2042 F    499,000  474,007 
Ser. 05-PWR9, Class AJ, 4.985s, 2042 F    229,000  237,199 
Citigroup Commercial Mortgage Trust Ser. 06-C5,     
Class AJ, 5.482s, 2049    779,000  724,998 
Citigroup Commercial Mortgage Trust 144A FRB     
Ser. 12-GC8, Class D, 5.041s, 2045 F    501,000  486,500 
Citigroup/Deutsche Bank Commercial Mortgage     
Trust 144A       
FRB Ser. 07-CD5, Class E, 6.323s, 2044    578,000  552,713 
Ser. 07-CD5, Class XS, IO, 0.065s, 2044    24,845,477  108,315 
Comm Mortgage Trust 144A FRB Ser. 13-LC6,       
Class D, 4.434s, 2046    1,613,000  1,343,883 
Commercial Mortgage Trust       
Ser. 07-C9, Class AJ, 5.65s, 2049 F    460,000  501,101 
FRB Ser. 04-LB3A, Class E, 5.522s, 2037    852,000  859,242 
Commercial Mortgage Trust 144A       
FRB Ser. 13-CR6, Class D, 4.316s, 2046    741,000  656,893 
FRB Ser. 13-CR8, Class D, 3.971s, 2046    902,000  701,847 
FRB Ser. 07-C9, Class AJFL, 0.883s, 2049 F    1,754,000  1,526,014 
Cornerstone Titan PLC 144A       
FRB Ser. 05-CT2A, Class E, 1.55s,       
2014 (Ireland)  GBP  101,041  136,774 
FRB Ser. 05-CT1A, Class D, 1.55s,       
2014 (Ireland)  GBP  328,253  419,375 
Credit Suisse First Boston Commercial Mortgage     
Trust Ser. 05-C5, Class C, 5.1s, 2038    $478,000  489,361 
Credit Suisse Mortgage Capital Certificates       
Ser. 06-C5, Class AX, IO, 0.29s, 2039 F    28,683,704  503,975 
Crest, Ltd. 144A Ser. 03-2A, Class E2, 8s, 2038       
(Cayman Islands)    448,858  18,403 
CS First Boston Mortgage Securities Corp. 144A     
Ser. 02-CP5, Class G, 5.881s, 2035    2,558,000  2,569,708 
Ser. 02-CP5, Class M, 5 1/4s, 2035    259,378  15,511 
Deutsche Bank-UBS Commercial Mortgage Trust 144A   
FRB Ser. 11-LC2A, Class D, 5.626s, 2044    1,053,000  1,008,038 
DLJ Commercial Mortgage Corp. Ser. 98-CF2,       
Class B4, 6.04s, 2031    226,150  226,150 
FFCA Secured Lending Corp. 144A Ser. 00-1,       
Class X, IO, 1.073s, 2020    2,100,289  42,006 
First Union Commercial Mortgage Trust 144A       
Ser. 99-C1, Class G, 5.35s, 2035    351,000  212,684 
GE Capital Commercial Mortgage Corp. FRB       
Ser. 05-C4, Class AJ, 5.471s, 2045    385,000  361,900 
GMAC Commercial Mortgage Securities, Inc.       
Ser. 04-C3, Class B, 4.965s, 2041    561,000  481,759 
GMAC Commercial Mortgage Securities, Inc. 144A     
Ser. 02-C3, Class H, 5.944s, 2039    5,849  5,845 

 

MORTGAGE-BACKED SECURITIES (44.0%)* cont.  Principal amount  Value 
 
Commercial mortgage-backed securities cont.     
Greenwich Capital Commercial Funding Corp. FRB     
Ser. 05-GG3, Class D, 4.986s, 2042  $1,053,000  $1,038,616 
Greenwich Capital Commercial Funding Corp. 144A     
FRB Ser. 03-C2, Class G, 5.567s, 2036  1,090,000  1,106,682 
GS Mortgage Securities Trust Ser. 05-GG4,     
Class AJ, 4.782s, 2039 F  2,872,000  2,921,810 
GS Mortgage Securities Trust 144A     
FRB Ser. 12-GC6, Class D, 5.826s, 2045 F  865,000  914,231 
FRB Ser. 11-GC3, Class D, 5.728s, 2044  431,000  423,617 
FRB Ser. GC10, Class D, 4.563s, 2046 F  498,000  463,031 
Ser. 05-GG4, Class XC, IO, 0.924s, 2039  80,225,522  882,481 
Guggenheim Structured Real Estate Funding, Ltd.     
144A FRB Ser. 05-2A, Class E, 2.193s, 2030     
(Cayman Islands)  308,936  196,175 
JPMorgan Chase Commercial Mortgage     
Securities Corp.     
FRB Ser. 07-CB20, Class AJ, 6.275s, 2051 F  775,500  801,441 
FRB Ser. 06-LDP7, Class AJ, 6.056s, 2045  1,059,000  1,060,757 
Ser. 06-LDP6, Class AJ, 5.565s, 2043 F  1,508,000  1,594,469 
FRB Ser. 05-LDP3, Class D, 5.366s, 2042  974,000  891,405 
FRB Ser. 04-CBX, Class B, 5.021s, 2037  316,000  312,657 
FRB Ser. 05-LDP2, Class E, 4.981s, 2042  807,000  718,513 
FRB Ser. 05-LDP2, Class C, 4.911s, 2042  665,000  633,014 
FRB Ser. 13-C10, Class D, 4.3s, 2047  825,000  660,955 
JPMorgan Chase Commercial Mortgage     
Securities Corp. 144A     
FRB Ser. 07-CB20, Class B, 6 3/8s, 2051  704,000  684,217 
FRB Ser. 07-CB20, Class C, 6 3/8s, 2051  1,004,000  925,186 
FRB Ser. 11-C3, Class E, 5.725s, 2046 F  547,000  588,156 
FRB Ser. 12-LC9, Class E, 4.575s, 2047  1,257,000  1,037,848 
Ser. 07-CB20, Class X1, IO, 0.196s, 2051  48,879,496  451,158 
LB Commercial Conduit Mortgage Trust 144A     
Ser. 99-C1, Class G, 6.41s, 2031  1,062,915  1,073,544 
Ser. 98-C4, Class J, 5.6s, 2035  379,000  410,457 
LB-UBS Commercial Mortgage Trust     
Ser. 06-C3, Class AJ, 5.72s, 2039 F  600,000  578,918 
Ser. 06-C6, Class E, 5.541s, 2039 F  900,000  813,800 
LB-UBS Commercial Mortgage Trust 144A FRB     
Ser. 03-C7, Class K, 5.817s, 2037 F  1,040,000  1,015,975 
Merrill Lynch Mortgage Investors, Inc.     
Ser. 96-C2, Class JS, IO, 2.388s, 2028  61,031  6 
Merrill Lynch Mortgage Trust     
FRB Ser. 08-C1, Class AJ, 6.441s, 2051 F  575,000  597,765 
FRB Ser. 07-C1, Class A3, 6.038s, 2050  51,000  53,148 
Ser. 05-MCP1, Class D, 5.023s, 2043 F  454,000  453,194 
Merrill Lynch/Countrywide Financial Corp.     
Commercial Mortgage Trust Ser. 06-4, Class AJ,     
5.239s, 2049 F  1,888,000  1,849,813 
Mezz Cap Commercial Mortgage Trust 144A     
Ser. 07-C5, Class X, IO, 5.896s, 2049  1,413,260  35,331 
Morgan Stanley BA/ML Trust 144A Ser. 13-C10,     
Class D, 4.219s, 2046  684,000  553,370 
Morgan Stanley Capital I     
Ser. 06-HQ9, Class C, 5.842s, 2044  1,320,000  1,332,595 
FRB Ser. 06-HQ8, Class B, 5.677s, 2044 F  2,160,000  2,031,662 
Ser. 04-IQ8, Class C, 5.3s, 2040 F  1,680,000  1,737,235 
Morgan Stanley Capital I 144A FRB Ser. 04-RR,     
Class F7, 6s, 2039  1,112,748  1,068,238 
Morgan Stanley Capital I Trust     
FRB Ser. 06-HQ8, Class D, 5.677s, 2044 F  513,000  474,463 
Ser. 07-HQ11, Class C, 5.558s, 2044 F  588,000  538,649 

 

6   Putnam VT Diversified Income Fund 

 


MORTGAGE-BACKED SECURITIES (44.0%)* cont.  Principal amount  Value 
 
Commercial mortgage-backed securities cont.     
Morgan Stanley Capital I Trust 144A FRB     
Ser. 04-HQ3, Class K, 6.082s, 2041  $533,000  $540,995 
Morgan Stanley ReREMIC Trust 144A FRB     
Ser. 10-C30A, Class A3B, 5.391s, 2043  1,196,000  1,229,703 
STRIPS 144A Ser. 03-1A, Class N, 5s, 2018     
(Cayman Islands)  158,000  118,500 
TIAA Real Estate CDO, Ltd. Ser. 03-1A, Class E,     
8s, 2038  457,993  68,699 
UBS-Barclays Commercial Mortgage Trust 144A FRB     
Ser. 12-C3, Class D, 5.123s, 2049  481,000  445,153 
Wachovia Bank Commercial Mortgage Trust     
FRB Ser. 06-C26, Class AJ, 6.217s, 2045 F  3,205,000  3,275,283 
FRB Ser. 07-C34, Class AJ, 6.166s, 2046  483,000  458,705 
FRB Ser. 06-C25, Class AJ, 5.919s, 2043  735,000  757,418 
FRB Ser. 05-C20, Class B, 5.415s, 2042  1,922,000  1,987,844 
Ser. 07-C34, IO, 0.502s, 2046  13,251,533  160,344 
Wachovia Bank Commercial Mortgage Trust 144A FRB   
Ser. 03-C8, Class H, 5 5/8s, 2035  1,526,000  1,452,294 
WF-RBS Commercial Mortgage Trust 144A     
FRB Ser. 12-C6, Class D, 5.748s, 2045  688,000  645,860 
FRB Ser. 12-C9, Class D, 4.963s, 2045  858,000  750,750 
    64,950,762 
Residential mortgage-backed securities (non-agency) (13.4%)   
Adjustable Rate Mortgage Trust FRB Ser. 06-2,     
Class 1A1, 2.704s, 2036  1,263,816  1,105,839 
Banc of America Funding Corp.     
Ser. 06-2, Class 2A2, 6 1/4s, 2036  520,000  523,900 
Ser. 06-2, Class 2A13, 6s, 2036  987,576  997,451 
FRB Ser. 06-G, Class 2A5, 0.472s, 2036  625,363  542,502 
Banc of America Mortgage Securities Ser. 05-11,     
Class 1A10, 6s, 2035  850,000  816,000 
Barclays Capital, LLC Trust     
Ser. 12-RR10, Class 8A3, 15 3/4s, 2036  184,794  107,181 
Ser. 13-RR1, Class 3A3, 15.491s, 2037  438,526  363,976 
Ser. 13-RR1, Class 2A4, 10.827s, 2036  640,000  635,200 
Ser. 13-RR1, Class 9A4, 10.451s, 2036  310,000  311,550 
Ser. 13-RR1, Class 3A2, 4s, 2037  441,564  445,980 
Ser. 13-RR1, Class 4A2, 4s, 2037  482,436  481,230 
Ser. 12-RR10, Class 8A2, 4s, 2036  391,577  389,619 
FRB Ser. 12-RR10, Class 9A2, 2.674s, 2035  1,270,000  1,041,400 
Barclays Capital, LLC Trust 144A     
Ser. 12-RR11, Class 3A3, 16.35s, 2036  618,538  451,533 
FRB Ser. 12-RR12, Class 2A3, 13.88s, 2035  386,276  359,237 
FRB Ser. 12-RR12, Class 1A3, 12.788s, 2037  346,405  218,235 
FRB Ser. 12-RR11, Class 5A3, 12.607s, 2037  240,356  141,810 
FRB Ser. 13-RR2, Class 3A2, 9.049s, 2036  440,000  413,600 
FRB Ser. 10-RR12, Class 6A1, 5.998s, 2037  1,430,389  1,494,756 
Ser. 12-RR11, Class 9A2, 4s, 2037  1,171,745  1,168,816 
Ser. 12-RR12, Class 3A2, 4s, 2037  853,472  849,205 
Ser. 12-RR11, Class 4A2, 4s, 2037  697,390  695,647 
Ser. 12-RR12, Class 1A2, 4s, 2037  283,325  282,617 
Ser. 12-RR11, Class 3A2, 4s, 2036  207,682  207,162 
Ser. 12-RR12, Class 2A2, 4s, 2035  343,389  342,531 
FRB Ser. 12-RR11, Class 5A2, 4s, 2037  452,321  451,190 
Ser. 12-RR11, Class 11A2, 2.6s, 2036  307,615  189,183 
FRB Ser. 09-RR11, Class 2A2, 2.47s, 2035  1,060,000  816,836 
Ser. 09-RR7, Class 1A7, IO, 1.779s, 2046  36,474,971  1,219,632 
Ser. 09-RR7, Class 2A7, IO, 1.604s, 2047  41,711,378  1,693,482 
Bear Stearns Adjustable Rate Mortgage Trust FRB     
Ser. 06-1, Class A1, 2.37s, 2036  503,115  480,475 

 

MORTGAGE-BACKED SECURITIES (44.0%)* cont.  Principal amount  Value 
 
Residential mortgage-backed securities (non-agency) cont.   
Bear Stearns Asset Backed Securities, Inc. FRB       
Ser. 04-FR3, Class M6, 5.068s, 2034    $34,783  $2,459 
Citigroup Mortgage Loan Trust, Inc. FRB       
Ser. 07-AR4, Class 1A1A, 5.606s, 2037    1,046,224  946,832 
Citigroup Mortgage Loan Trust, Inc. 144A       
FRB Ser. 11-2, Class 3A2, 9.574s, 2037    500,000  469,900 
FRB Ser. 11-12, Class 2A2, 0.563s, 2035    1,160,000  916,400 
Countrywide Alternative Loan Trust FRB       
Ser. 06-HY11, Class A1, 0.313s, 2036    606,698  420,138 
Credit Suisse Commercial Mortgage Trust 144A       
FRB Ser. 08-4R, Class 3A4, 2.718s, 2038    800,000  668,000 
FRB Ser. 09-13R, Class 5A2, 0.973s, 2035    500,000  450,000 
DSLA Mortgage Loan Trust Ser. 04-AR2, Class X2,     
IO, PO, 2.484s, 2044    6,140,127  326,194 
Granite Mortgages PLC       
FRB Ser. 03-2, Class 3C, 3.05s, 2043       
(United Kingdom)  GBP  328,968  491,337 
FRB Ser. 03-2, Class 2C1, 2.76s, 2043       
(United Kingdom)  EUR  880,000  1,124,833 
Green Tree Financial Corp. Ser. 95-F, Class B2,       
7.1s, 2021    $3,789  3,708 
GSR Mortgage Loan Trust FRB Ser. 05-AR4,       
Class 3A5, 2.648s, 2035    500,000  457,850 
JPMorgan Mortgage Trust FRB Ser. 07-A1,       
Class 3A4, 2.858s, 2035    610,640  479,079 
Lavender Trust 144A Ser. 10-RR2A, Class A3,       
6 1/4s, 2036    430,000  452,575 
MLCC Mortgage Investors, Inc. Ser. 04-A,       
Class XA2, IO, 1.242s, 2029    8,326,205  364,688 
Mortgage IT Trust FRB Ser. 05-3, Class A2,       
0.543s, 2035    628,890  512,545 
Nomura Resecuritization Trust 144A FRB       
Ser. 11-2RA, Class 1A2, 5.195s, 2046    1,805,319  1,710,539 
Residential Accredit Loans, Inc. Ser. 05-QR1,       
Class A, 6s, 2034    2,028,031  2,088,872 
Structured Asset Mortgage Investments, Inc. FRB     
Ser. 04-AR7, Class B1, 1.092s, 2035    684,319  417,434 
WAMU Mortgage Pass-Through Certificates       
FRB Ser. 07-HY6, Class 2A1, 4.638s, 2037    3,046,253  2,475,080 
FRB Ser. 04-AR14, Class B1, 2.436s, 2035    900,040  522,023 
Ser. 05-AR17, Class X, IO, PO, 1.645s, 2045    8,879,023  499,445 
Ser. 04-AR10, Class X, IO, PO, 1.628s, 2044    2,866,013  143,301 
Ser. 05-AR11, Class X, IO, PO, 1.526s, 2045    15,825,038  811,824 
Ser. 05-AR19, Class X, IO, PO, 1 1/2s, 2045    15,084,743  778,373 
FRB Ser. 06-AR1, Class 2A1B, 1.238s, 2046  2,197,226  1,818,204 
FRB Ser. 06-AR1, Class 2A1C, 1.238s, 2046    2,287,198  1,280,831 
FRB Ser. 06-AR3, Class A1B, 1.168s, 2046    1,268,054  893,978 
Ser. 06-AR11, Class 2XPP, IO, PO, 0.911s, 2046  6,151,763  161,176 
FRB Ser. 05-AR19, Class A1C3, 0.693s, 2045  2,557,074  2,020,088 
FRB Ser. 05-AR17, Class A1C3, 0.673s, 2045 F  1,938,677  1,066,396 
FRB Ser. 05-AR8, Class 2AC2, 0.653s, 2045    1,566,338  1,221,744 
FRB Ser. 05-AR11, Class A1B2, 0.643s, 2045  947,206  824,069 
FRB Ser. 05-AR13, Class A1B2, 0.623s, 2045  1,178,037  1,019,002 
FRB Ser. 05-AR17, Class A1B2, 0.603s, 2045  975,749  809,872 
FRB Ser. 05-AR19, Class A1C4, 0.593s, 2045  864,325  663,370 
FRB Ser. 05-AR11, Class A1B3, 0.593s, 2045  1,813,764  1,596,112 
FRB Ser. 05-AR8, Class 2AC3, 0.583s, 2045    558,447  435,589 
FRB Ser. 05-AR1, Class A3, 0.553s, 2045    617,379  546,380 
FRB Ser. 05-AR19, Class A1B3, 0.543s, 2045  512,941  441,129 
FRB Ser. 05-AR6, Class 2AB3, 0.463s, 2045    524,223  461,316 

 

Putnam VT Diversified Income Fund   7 

 


MORTGAGE-BACKED SECURITIES (44.0%)* cont.  Principal amount  Value 
 
Residential mortgage-backed securities (non-agency) cont.   
Wells Fargo Mortgage Backed Securities Trust     
Ser. 08-1, Class 4A1, 5 3/4s, 2038  $1,188,506  $1,209,305 
Ser. 07-12, Class A7, 5 1/2s, 2037  411,126  421,404 
Ser. 07-5, Class 1A1, 5 1/2s, 2037  1,297,093  1,342,491 
FRB Ser. 05-AR6, Class B1, 4.997s, 2035  605,622  551,116 
    55,554,776 
 
Total mortgage-backed securities (cost $177,363,024)  $182,701,376 
 
U.S. GOVERNMENT AND AGENCY     
MORTGAGE OBLIGATIONS (41.7%)*  Principal amount  Value 
 
U.S. Government Guaranteed Mortgage Obligations (1.9%)   
Government National Mortgage Association     
Pass-Through Certificates     
6 1/2s, November 20, 2038  $541,697  $610,033 
3 1/2s, TBA, July 1, 2043  7,000,000  7,187,032 
    7,797,065 
U.S. Government Agency Mortgage Obligations (39.8%)   
Federal Home Loan Mortgage Corporation     
Pass-Through Certificates     
4s, August 1, 2042 Δ  2,921,663  3,022,761 
3 1/2s, with due dates from September 1, 2042     
to April 1, 2043  1,949,045  1,979,741 
Federal National Mortgage Association     
Pass-Through Certificates     
5s, February 1, 2037  62,936  67,762 
4 1/2s, August 1, 2039  245,800  260,308 
4s, TBA, July 1, 2043  20,000,000  20,842,188 
3 1/2s, with due dates from March 1, 2043 to     
May 1, 2043  14,938,729  15,075,720 
3 1/2s, TBA, July 1, 2043  60,000,000  60,937,500 
3 1/2s, TBA, June 1, 2043  35,000,000  35,589,257 
3s, TBA, July 1, 2043  28,000,000  27,378,750 
    165,153,987 
Total U.S. government and agency mortgage     
obligations (cost $176,756,539)    $172,951,052 
 
U.S. TREASURY OBLIGATIONS (0.4%)*  Principal amount  Value 
 
U.S. Treasury Notes     
1/4s, July 15, 2015 i  $1,545,000  $1,542,466 
1/4s, September 15, 2015 i  305,000  303,994 
Total U.S. treasury obligations (cost $1,846,460)    $1,846,460 
 
CORPORATE BONDS AND NOTES (34.9%)*  Principal amount  Value 
 
Basic materials (2.8%)     
ArcelorMittal sr. unsec. bonds 10.35s, 2019     
(France)  $75,000  $88,996 
ArcelorMittal sr. unsec. unsub. notes 7 1/2s,     
2039 (France)  90,000  85,500 
Ashland, Inc. 144A company guaranty sr. unsec.     
unsub. notes 4 3/4s, 2022  140,000  138,600 
Ashland, Inc. 144A sr. unsec. notes 4 3/4s, 2022  255,000  252,450 
Ashland, Inc. 144A sr. unsec. unsub. notes 3s, 2016  515,000  517,575 
Atkore International, Inc. company     
guaranty sr. notes 9 7/8s, 2018  417,000  442,020 
Axiall Corp. 144A company guaranty sr. unsec.     
notes 4 7/8s, 2023  20,000  19,000 
Boise Cascade Co. company guaranty sr. unsec.     
notes 6 3/8s, 2020  105,000  106,050 
Celanese US Holdings, LLC company     
guaranty sr. unsec. unsub. notes 4 5/8s, 2022     
(Germany)  135,000  131,963 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Basic materials cont.         
Celanese US Holdings, LLC sr. notes 5 7/8s, 2021       
(Germany)      $250,000  $265,000 
Cemex Finance, LLC 144A company         
guaranty sr. bonds 9 1/2s, 2016 (Mexico)      475,000  502,313 
Eagle Spinco, Inc. 144A company         
guaranty sr. unsec. notes 4 5/8s, 2021      250,000  240,000 
Edgen Murray Corp. 144A company         
guaranty sr. notes 8 3/4s, 2020      130,000  129,350 
Ferro Corp. sr. unsec. notes 7 7/8s, 2018      368,000  380,880 
FMG Resources August 2006 Pty, Ltd. 144A       
sr. notes 8 1/4s, 2019 (Australia)      140,000  144,200 
FMG Resources August 2006 Pty, Ltd. 144A       
sr. notes 7s, 2015 (Australia)      275,000  277,063 
FMG Resources August 2006 Pty, Ltd. 144A       
sr. notes 6 7/8s, 2018 (Australia)      247,000  243,295 
FMG Resources August 2006 Pty, Ltd. 144A       
sr. unsec. notes 6 7/8s, 2022 (Australia)      118,000  114,755 
Grohe Holding GmbH 144A company         
company guaranty sr. FRN notes 4.209s,         
2017 (Germany)  EUR  218,000  283,473 
HD Supply, Inc. company guaranty sr. unsec.       
sub. notes 10 1/2s, 2021      $113,000  116,673 
HD Supply, Inc. company guaranty sr. unsec.       
unsub. notes 11 1/2s, 2020      406,000  470,960 
HD Supply, Inc. 144A sr. unsec. notes 7 1/2s, 2020  190,000  192,375 
Hexion U.S. Finance Corp. 144A sr. notes 6 5/8s, 2020  270,000  269,325 
Hexion U.S. Finance Corp./Hexion Nova Scotia       
Finance, ULC company guaranty sr. notes 8 7/8s, 2018  180,000  183,600 
Hexion U.S. Finance Corp./Hexion Nova Scotia       
Finance, ULC 144A company         
guaranty sr. notes 8 7/8s, 2018      93,000  94,860 
Huntsman International, LLC company         
guaranty sr. unsec. sub. notes 8 5/8s, 2021    387,000  424,733 
Huntsman International, LLC company         
guaranty sr. unsec. unsub. notes 4 7/8s, 2020    225,000  222,188 
IAMGOLD Corp. 144A company guaranty sr. unsec.     
notes 6 3/4s, 2020 (Canada)      81,000  68,445 
Ineos Finance PLC 144A company         
guaranty sr. notes 7 1/2s, 2020 (United Kingdom)  70,000  74,025 
INEOS Group Holdings, Ltd. company         
guaranty sr. unsec. notes Ser. REGS, 7 7/8s,       
2016 (Luxembourg)  EUR  155,615  205,094 
JM Huber Corp. 144A sr. unsec. notes 9 7/8s, 2019  $330,000  370,425 
Louisiana-Pacific Corp. company         
guaranty sr. unsec. unsub. notes 7 1/2s, 2020    216,000  235,440 
LyondellBasell Industries NV sr. unsec. notes 6s, 2021  285,000  320,256 
LyondellBasell Industries NV sr. unsec.         
unsub. notes 5 3/4s, 2024      300,000  329,900 
LyondellBasell Industries NV sr. unsec.         
unsub. notes 5s, 2019      540,000  587,572 
Momentive Performance Materials, Inc.         
company guaranty notes 9 1/2s, 2021  EUR  175,000  182,231 
Momentive Performance Materials, Inc. company       
guaranty sr. notes 10s, 2020      $26,000  27,040 
Momentive Performance Materials, Inc. company       
guaranty sr. notes 8 7/8s, 2020      100,000  104,250 
New Gold, Inc. 144A sr. unsec. notes 6 1/4s,       
2022 (Canada)      110,000  105,325 
Novelis, Inc. company guaranty sr. unsec.         
notes 8 3/4s, 2020      205,000  219,863 

 

8   Putnam VT Diversified Income Fund 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.    Principal amount  Value 
 
Basic materials cont.       
Nufarm Australia Ltd. 144A company       
guaranty sr. notes 6 3/8s, 2019 (Australia)    $74,000  $75,665 
Orion Engineered Carbons Bondco GmbH 144A company   
guaranty sr. notes 9 5/8s, 2018 (Germany)    21,000  22,733 
Perstorp Holding AB 144A company       
guaranty sr. notes 8 3/4s, 2017 (Sweden)    215,000  215,000 
PolyOne Corp. 144A sr. unsec. notes 5 1/4s, 2023  175,000  172,375 
PQ Corp. 144A sr. notes 8 3/4s, 2018    170,000  173,825 
Roofing Supply Group, LLC/Roofing Supply       
Finance, Inc. 144A company guaranty sr. unsec.     
notes 10s, 2020    170,000  184,025 
Ryerson, Inc./Joseph T Ryerson & Son, Inc. 144A     
company guaranty sr. notes 9s, 2017    177,000  179,655 
Sealed Air Corp. 144A sr. unsec. notes 6 1/2s, 2020  158,000  166,888 
Sealed Air Corp. 144A sr. unsec. notes 5 1/4s, 2023  145,000  140,650 
SGL Carbon SE company guaranty sr.       
sub. FRN notes Ser. EMTN, 1.453s,       
2015 (Germany)  EUR  182,000  233,228 
Steel Dynamics, Inc. 144A company       
guaranty sr. unsec. notes 6 3/8s, 2022    $40,000  42,200 
Steel Dynamics, Inc. 144A company       
guaranty sr. unsec. notes 6 1/8s, 2019    55,000  58,163 
Steel Dynamics, Inc. 144A company       
guaranty sr. unsec. notes 5 1/4s, 2023    25,000  24,625 
TPC Group, Inc. 144A company       
guaranty sr. notes 8 3/4s, 2020    180,000  184,050 
Tronox Finance, LLC 144A company       
guaranty sr. unsec. notes 6 3/8s, 2020    273,000  257,303 
USG Corp. sr. unsec. notes 9 3/4s, 2018    178,000  202,030 
Weekley Homes, LLC/Weekley Finance Corp. 144A     
sr. unsec. notes 6s, 2023    70,000  68,775 
      11,568,253 
Capital goods (2.2%)       
ADS Waste Holdings, Inc. 144A sr. notes 8 1/4s, 2020  330,000  336,600 
American Axle & Manufacturing, Inc. company       
guaranty sr. unsec. notes 7 3/4s, 2019    508,000  566,420 
ARD Finance SA sr. notes Ser. REGS,       
11 1/8s, 2018 (Luxembourg) ‡‡  EUR  117,631  162,052 
ARD Finance SA 144A sr. notes       
11 1/8s, 2018 (Luxembourg) ‡‡  EUR  124,648  171,718 
Ardagh Packaging Finance PLC sr. notes       
Ser. REGS, 7 3/8s, 2017 (Ireland)  EUR  190,000  258,512 
Ardagh Packaging Finance PLC/Ardagh       
MP Holdings USA, Inc. 144A sr. unsec.       
notes 7s, 2020 (Ireland)    $200,000  192,000 
B/E Aerospace, Inc. sr. unsec.       
unsub. notes 6 7/8s, 2020    398,000  429,840 
B/E Aerospace, Inc. sr. unsec.       
unsub. notes 5 1/4s, 2022    180,000  180,000 
Ball Corp. company guaranty sr. unsec. notes 4s, 2023  44,000  40,590 
Berry Plastics Corp. company       
guaranty notes 9 1/2s, 2018    116,000  126,150 
Berry Plastics Corp. company       
guaranty unsub. notes 9 3/4s, 2021    33,000  37,290 
BOE Merger Corp. 144A sr. unsec.       
notes 9 1/2s, 2017 ‡‡    135,000  136,350 
Bombardier, Inc. 144A sr. notes 6 1/8s,       
2023 (Canada)    125,000  124,063 
Bombardier, Inc. 144A sr. notes 4 1/4s,       
2016 (Canada)    148,000  150,960 
Briggs & Stratton Corp. company       
guaranty sr. unsec. notes 6 7/8s, 2020    382,000  420,200 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.    Principal amount  Value 
 
Capital goods cont.       
Consolidated Container Co. LLC/Consolidated       
Container Capital, Inc. 144A company       
guaranty sr. unsec. notes 10 1/8s, 2020    $36,000  $37,800 
Crown Americas LLC/Crown Americas Capital Corp.     
IV 144A company guaranty sr. unsec.       
notes 4 1/2s, 2023    155,000  146,088 
Crown Euro Holdings SA 144A sr.       
notes 7 1/8s, 2018 (France)  EUR  60,000  82,694 
Delphi Corp. company guaranty sr. unsec.       
unsub. notes 5s, 2023    $185,000  189,625 
DH Services Luxembourg Sarl 144A company       
guaranty sr. unsec. notes 7 3/4s, 2020       
(Luxembourg)    250,000  261,250 
Exide Technologies sr. notes 8 5/8s,       
2018 (In default) †    73,000  44,530 
GrafTech International, Ltd. 144A company       
guaranty sr. unsec. notes 6 3/8s, 2020    242,000  243,815 
KION Finance SA 144A sr. notes 6 3/4s,       
2020 (Luxembourg)  EUR  100,000  139,569 
Kratos Defense & Security Solutions, Inc.       
company guaranty sr. notes 10s, 2017    $405,000  433,350 
Legrand France SA sr. unsec. unsub. debs 8 1/2s,     
2025 (France)    469,000  596,486 
Manitowoc Co., Inc. (The) company       
guaranty sr. unsec. notes 5 7/8s, 2022    248,000  248,000 
MasTec, Inc. company guaranty sr. unsec.       
unsub. notes 4 7/8s, 2023    90,000  84,150 
Mueller Water Products, Inc. company       
guaranty sr. unsec. unsub. notes 8 3/4s, 2020    27,000  29,430 
Pittsburgh Glass Works, LLC 144A       
sr. notes 8 1/2s, 2016    402,000  397,980 
Polypore International, Inc. company       
guaranty sr. unsec. notes 7 1/2s, 2017    155,000  161,588 
Rexam PLC unsec. sub. FRB bonds 6 3/4s,       
2067 (United Kingdom)  EUR  110,000  146,722 
Rexel SA 144A company guaranty sr. unsec.       
unsub. notes 6 1/8s, 2019 (France)    $400,000  417,000 
Reynolds Group Issuer, Inc. Reynolds Group       
Issuer, LLC/Reynolds Group Issuer Lu company       
guaranty sr. notes 7 7/8s, 2019    200,000  218,000 
Reynolds Group Issuer, Inc./Reynolds Group       
Issuer, LLC/Reynolds Group Issuer Lu company       
guaranty sr. notes 5 3/4s, 2020    130,000  130,975 
Reynolds Group Issuer, Inc./Reynolds Group       
Issuer, LLC/Reynolds Group Issuer Lu company       
guaranty sr. unsec. unsub. notes 9 7/8s, 2019    200,000  214,500 
Reynolds Group Issuer, Inc./Reynolds Group       
Issuer, LLC/Reynolds Group Issuer Lu company       
guaranty sr. unsec. unsub. notes 9s, 2019    110,000  113,575 
Tenneco, Inc. company guaranty sr. unsec.       
unsub. notes 7 3/4s, 2018    200,000  214,000 
Tenneco, Inc. company       
guaranty sr. unsub. notes 6 7/8s, 2020    195,000  208,650 
Terex Corp. company guaranty sr. unsec.       
unsub. notes 6 1/2s, 2020    55,000  56,100 
Terex Corp. company guaranty sr. unsec.       
unsub. notes 6s, 2021    270,000  274,050 
Thermadyne Holdings Corp. company       
guaranty sr. notes 9s, 2017    280,000  301,700 
TransDigm, Inc. company guaranty unsec.       
sub. notes 7 3/4s, 2018    291,000  306,278 

 

Putnam VT Diversified Income Fund   9 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Capital goods cont.       
TransDigm, Inc. 144A sr. unsec.       
sub. notes 7 1/2s, 2021    $50,000  $51,125 
Triumph Group, Inc. 144A sr. unsec. notes 4 7/8s, 2021  190,000  189,050 
      9,270,825 
Communication services (4.6%)       
Cablevision Systems Corp. sr. unsec.       
unsub. notes 8 5/8s, 2017    282,000  320,070 
Cablevision Systems Corp. sr. unsec.       
unsub. notes 8s, 2020    66,000  71,940 
Cablevision Systems Corp. sr. unsec.       
unsub. notes 7 3/4s, 2018    33,000  35,475 
CCO Holdings, LLC/CCO Holdings Capital Corp.       
company guaranty sr. unsec. notes 6 1/2s, 2021    162,000  169,290 
CCO Holdings, LLC/CCO Holdings Capital Corp.       
company guaranty sr. unsec. notes 5 1/4s, 2022    125,000  118,750 
CCO Holdings, LLC/CCO Holdings Capital Corp.       
company guaranty sr. unsec. unsub. notes 5 1/8s, 2023  85,000  79,688 
CCO Holdings, LLC/CCO Holdings Capital Corp.       
company guaranty sr. unsub. notes 7s, 2019    228,000  241,680 
CenturyLink, Inc. sr. unsec. unsub. notes 5 5/8s, 2020  50,000  50,500 
Cincinnati Bell, Inc. company guaranty sr. unsec.       
notes 8 3/8s, 2020    71,000  72,953 
Cincinnati Bell, Inc. company guaranty sr. unsec.       
sub. notes 8 3/4s, 2018    23,000  23,029 
Cincinnati Bell, Inc. company guaranty sr. unsec.       
sub. notes 8 1/4s, 2017    100,000  104,250 
Clearwire Communications, LLC/Clearwire       
Finance, Inc. 144A company       
guaranty sr. notes 12s, 2015    469,000  498,313 
Cricket Communications, Inc. company       
guaranty sr. unsec. notes 7 3/4s, 2020    140,000  134,400 
Crown Castle International Corp. sr. unsec.       
notes 7 1/8s, 2019    90,000  96,075 
Crown Castle International Corp. sr. unsec.       
notes 5 1/4s, 2023    170,000  163,200 
CSC Holdings, LLC sr. unsec. unsub. notes 6 3/4s, 2021  200,000  215,500 
CyrusOne LP/CyrusOne Finance Corp. 144A company     
guaranty sr. unsec. unsub. notes 6 3/8s, 2022    55,000  56,375 
Digicel, Ltd. 144A sr. unsec. notes 8 1/4s,       
2017 (Jamaica)    443,000  460,720 
DISH DBS Corp. company guaranty notes 7 1/8s, 2016  171,000  185,108 
DISH DBS Corp. company guaranty sr. unsec.       
notes 6 3/4s, 2021    155,000  164,688 
DISH DBS Corp. 144A sr. unsec. notes 4 1/4s, 2018  330,000  323,400 
Equinix, Inc. sr. unsec. notes 7s, 2021    175,000  189,875 
Frontier Communications Corp. sr. unsec.       
notes 9 1/4s, 2021    80,000  91,400 
Frontier Communications Corp. sr. unsec.       
notes 8 1/8s, 2018    912,000  1,003,200 
Frontier Communications Corp. sr. unsec.       
unsub. notes 7 5/8s, 2024    60,000  60,000 
Hughes Satellite Systems Corp. company       
guaranty sr. notes 6 1/2s, 2019    277,000  293,620 
Hughes Satellite Systems Corp. company       
guaranty sr. unsec. notes 7 5/8s, 2021    337,000  358,063 
Inmarsat Finance PLC 144A company       
guaranty sr. notes 7 3/8s, 2017 (United Kingdom)  500,000  520,000 
Intelsat Jackson Holdings SA company       
guaranty sr. unsec. notes 7 1/2s, 2021 (Bermuda)  189,000  198,450 
Intelsat Jackson Holdings SA 144A sr. unsec.       
notes 6 5/8s, 2022 (Bermuda)    105,000  101,850 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.    Principal amount  Value 
 
Communication services cont.       
Intelsat Luxembourg SA 144A company       
guaranty sr. unsec. notes 8 1/8s, 2023       
(Luxembourg)    $224,000  $231,280 
Intelsat Luxembourg SA 144A sr. unsec.       
notes 7 3/4s, 2021 (Luxembourg)    509,000  514,090 
Intelsat Luxembourg SA 144A sr. unsec.       
notes 6 3/4s, 2018 (Luxembourg)    320,000  322,400 
Kabel Deutschland GmbH 144A sr. bonds       
6 1/2s, 2018 (Germany)  EUR  140,000  194,072 
Level 3 Financing, Inc. company       
guaranty sr. unsec. unsub. notes 9 3/8s, 2019    $169,000  182,520 
Level 3 Financing, Inc. company       
guaranty sr. unsec. unsub. notes 8 5/8s, 2020    184,000  195,960 
Level 3 Financing, Inc. company       
guaranty sr. unsec. unsub. notes 8 1/8s, 2019    50,000  52,500 
Level 3 Financing, Inc. company       
guaranty sr. unsec. unsub. notes 7s, 2020    26,000  25,935 
Lynx I Corp. 144A sr. notes 6s, 2021  GBP  290,000  436,665 
Mediacom, LLC/Mediacom Capital Corp. sr. unsec.     
notes 9 1/8s, 2019    $71,000  76,325 
MetroPCS Wireless, Inc. company       
guaranty sr. unsec. notes 7 7/8s, 2018    416,000  443,040 
MetroPCS Wireless, Inc. 144A company       
guaranty sr. unsec. unsub. notes 6 5/8s, 2023    297,000  302,198 
MetroPCS Wireless, Inc. 144A company       
guaranty sr. unsec. unsub. notes 6 1/4s, 2021    258,000  262,515 
NII Capital Corp. company guaranty sr. unsec.       
unsub. notes 10s, 2016 (Mexico)    177,000  171,690 
NII Capital Corp. company guaranty sr. unsec.       
unsub. notes 8 7/8s, 2019 (Mexico)    16,000  13,520 
NII Capital Corp. company guaranty sr. unsec.       
unsub. notes 7 5/8s, 2021 (Mexico)    64,000  49,440 
NII International Telecom Sarl 144A company       
guaranty sr. unsec. notes 11 3/8s, 2019       
(Luxembourg)    70,000  74,900 
NII International Telecom Sarl 144A company       
guaranty sr. unsec. notes 7 7/8s, 2019       
(Luxembourg)    125,000  118,438 
PAETEC Holding Corp. company guaranty       
sr. unsec. notes 9 7/8s, 2018    215,000  237,575 
Phones4U Finance PLC 144A sr.       
notes 9 1/2s, 2018 (United Kingdom)  GBP  240,000  372,328 
Quebecor Media, Inc. sr. unsec.       
unsub. notes 5 3/4s, 2023 (Canada)    $221,000  215,475 
Qwest Corp. sr. unsec. notes 7 1/2s, 2014    55,000  59,200 
Qwest Corp. sr. unsec. unsub. notes 7 1/4s, 2025  148,000  165,485 
SBA Telecommunications, Inc. company       
guaranty sr. unsec. notes 8 1/4s, 2019    78,000  84,435 
SBA Telecommunications, Inc. 144A company       
guaranty sr. unsec. unsub. notes 5 3/4s, 2020    70,000  70,175 
Sprint Capital Corp. company guaranty 6 7/8s, 2028  182,000  174,720 
Sprint Nextel Corp. sr. notes 8 3/8s, 2017    922,000  1,034,945 
Sprint Nextel Corp. sr. unsec. notes 6s, 2016    174,000  183,570 
Sprint Nextel Corp. sr. unsec.       
unsub. notes 9 1/8s, 2017    210,000  241,500 
Sprint Nextel Corp. sr. unsec. unsub.       
notes 7s, 2020    134,000  140,700 
Sprint Nextel Corp. 144A company       
guaranty sr. unsec. notes 9s, 2018    531,000  619,943 

 

10   Putnam VT Diversified Income Fund 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.    Principal amount  Value 
 
Communication services cont.       
Sunrise Communications International       
SA 144A company guaranty sr. notes 7s,       
2017 (Luxembourg)  EUR  100,000  $136,743 
Telenet Finance V Luxembourg SCA 144A       
bonds 6 3/4s, 2024 (Luxembourg)  EUR  365,000  479,796 
Telenet Finance V Luxembourg SCA 144A       
bonds 6 1/4s, 2022 (Luxembourg)  EUR  110,000  143,980 
Unitymedia GmbH company       
guaranty sr. notes Ser. REGS, 9 5/8s, 2019       
(Germany)  EUR  400,000  571,565 
Unitymedia Hessen GmbH & Co.       
KG/Unitymedia NRW GmbH sr.       
notes 7 1/2s, 2019 (Germany)  EUR  175,000  241,889 
Unitymedia Hessen GmbH & Co.       
KG/Unitymedia NRW GmbH 144A       
company guaranty sr. notes 8 1/8s,       
2017 (Germany)  EUR  106,568  146,028 
Unitymedia Hessen GmbH & Co.       
KG/Unitymedia NRW GmbH 144A       
company guaranty sr. notes 5 1/8s,       
2023 (Germany)  EUR  445,000  545,024 
UPC Holdings BV bonds 8 3/8s, 2020       
(Netherlands)  EUR  421,000  581,181 
Videotron, Ltd. company guaranty sr. unsec.       
unsub. notes 5s, 2022 (Canada)    $201,000  195,975 
Virgin Media Finance PLC company       
guaranty sr. unsec. bonds 8 7/8s, 2019       
(United Kingdom)  GBP  50,000  82,651 
West Corp. company guaranty sr. unsec.       
notes 8 5/8s, 2018    $80,000  85,500 
West Corp. company guaranty sr. unsec.       
notes 7 7/8s, 2019    265,000  275,600 
WideOpenWest Finance, LLC/WideOpenWest       
Capital Corp. company guaranty sr. unsec.       
notes 10 1/4s, 2019    406,000  431,375 
Wind Acquisition Finance SA 144A       
company guaranty sr. notes 7 3/8s,       
2018 (Luxembourg)  EUR  445,000  578,574 
Windstream Corp. company guaranty sr.       
unsec. notes 6 3/8s, 2023    $110,000  102,850 
Windstream Corp. company guaranty sr.       
unsec. unsub. notes 8 1/8s, 2018    80,000  85,200 
Windstream Corp. company guaranty sr.       
unsec. unsub. notes 7 7/8s, 2017    363,000  398,393 
Windstream Corp. company guaranty sr.       
unsec. unsub. notes 7 3/4s, 2021    149,000  154,215 
      18,905,940 
Consumer cyclicals (5.5%)       
Academy, Ltd./Academy Finance Corp. 144A company   
guaranty sr. unsec. notes 9 1/4s, 2019    35,000  38,763 
Affinion Group Holdings, Inc. company       
guaranty sr. unsec. notes 11 5/8s, 2015    24,000  12,000 
Affinion Group, Inc. company guaranty sr. unsec.     
notes 7 7/8s, 2018    566,000  427,330 
Affinion Group, Inc. company guaranty sr. unsec.     
sub. notes 11 1/2s, 2015    138,000  106,260 
AMC Entertainment, Inc. company       
guaranty sr. sub. notes 9 3/4s, 2020    212,000  240,090 
American Casino & Entertainment Properties LLC     
sr. notes 11s, 2014    297,000  296,258 
Ashtead Capital, Inc. 144A company       
guaranty sr. notes 6 1/2s, 2022    105,000  109,463 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Consumer cyclicals cont.       
Autonation, Inc. company guaranty sr. unsec.       
notes 6 3/4s, 2018    $360,000  $401,400 
Autonation, Inc. company guaranty sr. unsec.       
unsub. notes 5 1/2s, 2020    70,000  73,500 
Beazer Homes USA, Inc. company       
guaranty sr. unsec. notes 8 1/8s, 2016    75,000  81,938 
Beazer Homes USA, Inc. 144A company       
guaranty sr. unsec. notes 7 1/4s, 2023    264,000  266,640 
Bon-Ton Department Stores, Inc. (The) company       
guaranty notes 10 5/8s, 2017    131,000  131,000 
Bon-Ton Department Stores, Inc. (The) 144A       
notes 8s, 2021    60,000  60,975 
Brookfield Residential Properties, Inc. 144A       
company guaranty sr. unsec. notes 6 1/2s, 2020       
(Canada)    270,000  272,025 
Brookfield Residential       
Properties, Inc./Brookfield Residential US Corp.       
144A company guaranty sr. unsec. notes 6 1/8s,       
2022 (Canada)    120,000  118,460 
Building Materials Corp. 144A company       
guaranty sr. notes 7 1/2s, 2020    140,000  149,450 
Building Materials Corp. 144A sr. notes 7s, 2020    255,000  271,575 
Building Materials Corp. 144A sr. notes 6 3/4s, 2021  150,000  159,375 
Burlington Coat Factory Warehouse Corp. company     
guaranty sr. unsec. notes 10s, 2019    185,000  204,425 
Burlington Holdings, LLC/Burlington Holding       
Finance, Inc. 144A sr. unsec. notes 9s, 2018 ‡‡    80,000  82,000 
Caesars Entertainment Operating Co., Inc. company     
guaranty sr. notes 10s, 2018    180,000  108,000 
Caesars Entertainment Operating Co., Inc.       
sr. notes 11 1/4s, 2017    105,000  109,331 
Caesars Entertainment Operating Co., Inc. 144A       
company guaranty sr. notes 9s, 2020    699,000  667,545 
Cedar Fair LP/Canada’s Wonderland Co./Magnum     
Management Corp. company guaranty sr. unsec.       
notes 9 1/8s, 2018    100,000  109,000 
Cedar Fair LP/Canada’s Wonderland Co./Magnum     
Management Corp. 144A company       
guaranty sr. unsec. notes 5 1/4s, 2021    125,000  120,000 
Cenveo Corp. company guaranty sr. notes 8 7/8s, 2018  98,000  94,570 
Choice Hotels International, Inc. company       
guaranty sr. unsec. unsub. notes 5 3/4s, 2022    100,000  105,500 
Chrysler Group, LLC/CG Co-Issuer, Inc. company       
guaranty notes 8 1/4s, 2021    210,000  231,788 
Cinemark USA, Inc. company guaranty sr. unsec.       
sub. notes 7 3/8s, 2021    60,000  65,100 
Cinemark USA, Inc. 144A company       
guaranty sr. unsec. notes 4 7/8s, 2023    30,000  28,800 
CityCenter Holdings LLC/CityCenter Finance Corp.     
company guaranty notes 10 3/4s, 2017 ‡‡    434,410  469,163 
Clear Channel Communications, Inc. company       
guaranty sr. notes 9s, 2021    180,000  171,000 
Clear Channel Communications, Inc. 144A company     
guaranty sr. notes 9s, 2019    318,000  308,460 
Clear Channel Worldwide Holdings, Inc. company       
guaranty sr. unsec. notes 7 5/8s, 2020    252,000  260,820 
Clear Channel Worldwide Holdings, Inc.       
144A company guaranty sr. unsec. unsub.       
notes 6 1/2s, 2022    145,000  149,350 
CST Brands, Inc. 144A company guaranty       
sr. unsec. notes 5s, 2023    160,000  156,000 

 

Putnam VT Diversified Income Fund   11 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.    Principal amount  Value 
 
Consumer cyclicals cont.       
Cumulus Media Holdings, Inc. company       
guaranty sr. unsec. unsub. notes 7 3/4s, 2019    $213,000  $208,208 
FelCor Lodging LP company guaranty sr.       
notes 10s, 2014 R    90,000  97,200 
FelCor Lodging LP company       
guaranty sr. notes 6 3/4s, 2019 R    405,000  423,225 
FelCor Lodging LP company       
guaranty sr. notes 5 5/8s, 2023 R    60,000  58,350 
Ford Motor Credit Co., LLC sr. unsec.       
notes 5s, 2018    520,000  554,540 
General Motors Financial Co., Inc. 144A       
sr. unsec. notes 4 1/4s, 2023    85,000  79,156 
Gray Television, Inc. company guaranty sr. unsec.     
notes 7 1/2s, 2020    160,000  163,200 
Great Canadian Gaming Corp. 144A       
company guaranty sr. unsec. notes 6 5/8s,       
2022 (Canada)  CAD  335,000  329,174 
Grupo Televisa, S.A.B sr. unsec. notes 6s,       
2018 (Mexico)    $130,000  146,950 
Grupo Televisa, S.A.B sr. unsec.       
unsub. notes Ser. EMTN, 7 1/4s,       
2043 (Mexico)  MXN  3,500,000  229,373 
Hanesbrands, Inc. company guaranty       
sr. unsec. notes 6 3/8s, 2020    $241,000  256,966 
Hanesbrands, Inc. sr. unsec. notes 8s, 2016    115,000  122,188 
Igloo Holdings Corp. 144A sr. unsec.       
unsub. notes 8 1/4s, 2017 ‡‡    120,000  122,400 
Interactive Data Corp. company       
guaranty sr. unsec. notes 10 1/4s, 2018    263,000  291,273 
Isle of Capri Casinos, Inc. company       
guaranty sr. unsec. notes 5 7/8s, 2021    135,000  128,925 
Isle of Capri Casinos, Inc. company       
guaranty sr. unsec. sub. notes 8 7/8s, 2020    165,000  172,425 
Isle of Capri Casinos, Inc. company       
guaranty sr. unsec. unsub. notes 7 3/4s, 2019    475,000  499,938 
ISS Holdings A/S sr. sub. notes Ser. REGS,       
8 7/8s, 2016 (Denmark)  EUR  338,000  447,437 
Jeld-Wen Escrow Corp. 144A sr.       
notes 12 1/4s, 2017    $403,000  459,420 
Jo-Ann Stores Holdings, Inc. 144A sr. unsec.       
notes 9 3/4s, 2019 ‡‡    95,000  97,613 
K Hovnanian Enterprises, Inc. 144A company       
guaranty notes 9 1/8s, 2020    65,000  71,175 
K Hovnanian Enterprises, Inc. 144A       
sr. notes 7 1/4s, 2020    145,000  156,600 
L Brands, Inc. company guaranty sr. unsec.       
notes 6 5/8s, 2021    375,000  406,875 
L Brands, Inc. sr. notes 5 5/8s, 2022    105,000  106,313 
Lamar Media Corp. company       
guaranty sr. sub. notes 5 7/8s, 2022    70,000  71,925 
Lear Corp. 144A company guaranty sr. unsec.       
notes 4 3/4s, 2023    245,000  232,750 
Lender Processing Services, Inc. company       
guaranty sr. unsec. unsub. notes 5 3/4s, 2023    255,000  270,938 
Lennar Corp. 144A company guaranty sr. unsec.     
notes 5s, 2022    90,000  85,500 
Lottomatica Group SpA sub. FRN notes Ser.       
REGS, 8 1/4s, 2066 (Italy)  EUR  338,000  456,474 
Macy’s Retail Holdings, Inc. company       
guaranty sr. unsec. notes 5.9s, 2016    $115,000  130,963 
Mashantucket Western Pequot Tribe 144A       
bonds Ser. A, 8 1/2s, 2015 (In default) †    320,000  19,200 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Consumer cyclicals cont.         
Masonite International Corp., 144A company       
guaranty sr. notes 8 1/4s, 2021 (Canada)      $156,000  $168,090 
Mattamy Group Corp. 144A sr. unsec.         
notes 6 1/2s, 2020 (Canada)      175,000  171,500 
MGM Resorts International company         
guaranty sr. unsec. notes 7 5/8s, 2017      400,000  437,000 
MGM Resorts International company         
guaranty sr. unsec. notes 6 7/8s, 2016      85,000  90,950 
MGM Resorts International company         
guaranty sr. unsec. notes 6 3/4s, 2020      155,000  160,425 
MGM Resorts International company         
guaranty sr. unsec. unsub. notes 7 3/4s, 2022    140,000  151,550 
MGM Resorts International company         
guaranty sr. unsec. unsub. notes 6 5/8s, 2021    50,000  51,500 
Michaels Stores, Inc. company         
guaranty notes 11 3/8s, 2016      124,000  129,271 
MTR Gaming Group, Inc. company         
guaranty notes 11 1/2s, 2019 ‡‡      691,867  723,001 
Navistar International Corp. sr. notes 8 1/4s, 2021    352,000  345,840 
Needle Merger Sub Corp. 144A sr. unsec.         
notes 8 1/8s, 2019      355,000  362,100 
New Academy Finance Co., LLC/New Academy       
Finance Corp. 144A sr. unsec. notes 8s, 2018 ‡‡    50,000  51,000 
Nexstar Broadcasting, Inc. 144A company         
guaranty sr. unsec. unsub. notes 6 7/8s, 2020    110,000  113,300 
Nielsen Finance, LLC/Nielsen Finance Co. company     
guaranty sr. unsec. notes 7 3/4s, 2018      38,000  40,850 
Nielsen Finance, LLC/Nielsen Finance Co. 144A       
sr. unsec. notes 4 1/2s, 2020      122,000  115,290 
Nortek, Inc. company guaranty sr. unsec.         
notes 10s, 2018      380,000  412,300 
Nortek, Inc. company guaranty sr. unsec.         
notes 8 1/2s, 2021      149,000  159,430 
Owens Corning company guaranty sr. unsec.       
notes 9s, 2019      123,000  151,290 
Penn National Gaming, Inc. sr. unsec.         
sub. notes 8 3/4s, 2019      60,000  65,700 
Penske Automotive Group, Inc. company         
guaranty sr. unsec. sub. notes 5 3/4s, 2022      200,000  204,000 
PETCO Animal Supplies, Inc. 144A company       
guaranty sr. notes 9 1/4s, 2018      140,000  150,500 
Petco Holdings, Inc. 144A sr. unsec.         
notes 8 1/2s, 2017 ‡‡      90,000  90,900 
Realogy Corp. 144A company         
guaranty sr. notes 7 7/8s, 2019      70,000  73,850 
Regal Entertainment Group sr. unsec.         
notes 5 3/4s, 2023      90,000  86,400 
Rent-A-Center, Inc. 144A sr. unsec. notes 4 3/4s, 2021  90,000  84,375 
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh       
Finance Corp. 144A sr. notes 9 1/2s, 2019      69,000  74,520 
RSI Home Products, Inc. 144A company         
guaranty notes 6 7/8s, 2018      170,000  172,125 
Sabre Holdings Corp. sr. unsec.         
unsub. notes 8.35s, 2016      211,000  225,770 
Sabre, Inc. 144A sr. notes 8 1/2s, 2019      381,000  405,765 
Schaeffl er Finance BV 144A company         
guaranty sr. notes 8 3/4s, 2019         
(Netherlands)  EUR  355,000  512,915 
Sinclair Television Group, Inc. company         
guaranty sr. unsec. notes 5 3/8s, 2021      $85,000  81,600 

 

12   Putnam VT Diversified Income Fund 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Consumer cyclicals cont.         
Sinclair Television Group, Inc. sr. unsec.         
notes 6 1/8s, 2022      $90,000  $90,000 
Sirius XM Radio, Inc. 144A sr. unsec.         
notes 5 1/4s, 2022      25,000  24,250 
Six Flags Entertainment Corp. 144A company       
guaranty sr. unsec. unsub. notes 5 1/4s, 2021    160,000  154,400 
Spectrum Brands Escrow Corp. 144A sr. unsec.       
notes 6 5/8s, 2022      15,000  15,900 
Spectrum Brands Escrow Corp. 144A sr. unsec.       
notes 6 3/8s, 2020      15,000  15,788 
Spectrum Brands, Inc. company guaranty sr. unsec.     
unsub. notes 6 3/4s, 2020      145,000  152,794 
SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse     
HSP Gaming Finance Corp. 144A sr. notes 6 3/8s, 2021  45,000  43,538 
Taylor Morrison Communities, Inc./Monarch       
Communities, Inc. 144A company         
guaranty sr. unsec. notes 5 1/4s, 2021      85,000  80,750 
Tempur-Pedic International, Inc. 144A company       
guaranty sr. unsec. unsub. notes 6 7/8s, 2020    53,000  55,915 
Toys R Us Property Co., LLC company         
guaranty sr. notes 8 1/2s, 2017      148,000  153,735 
Travelport, LLC company guaranty sr. unsec.       
sub. notes 11 7/8s, 2016      286,000  265,980 
Travelport, LLC/Travelport Holdings, Inc. 144A       
company guaranty sr. unsec.         
unsub. notes 13 7/8s, 2016 ‡‡      193,500  197,854 
TRW Automotive, Inc. 144A company         
guaranty sr. notes 7 1/4s, 2017      340,000  385,050 
TRW Automotive, Inc. 144A company         
guaranty sr. unsec. notes 4 1/2s, 2021      65,000  64,838 
Univision Communications, Inc. 144A company       
guaranty sr. unsec. notes 8 1/2s, 2021      122,000  129,625 
Univision Communications, Inc. 144A         
sr. notes 7 7/8s, 2020      8,000  8,660 
Univision Communications, Inc. 144A         
sr. notes 6 7/8s, 2019      265,000  278,250 
XM Satellite Radio, Inc. 144A company         
guaranty sr. unsec. notes 7 5/8s, 2018      473,000  515,570 
YCC Holdings, LLC/Yankee Finance, Inc. sr. unsec.     
notes 10 1/4s, 2016 ‡‡      180,000  184,950 
Yonkers Racing Corp. 144A sr. notes 11 3/8s, 2016  452,000  477,425 
        22,912,407 
Consumer staples (2.0%)         
Anheuser-Busch InBev Worldwide, Inc.         
company guaranty sr. unsec. notes         
9 3/4s, 2015  BRL  1,400,000  632,907 
Avis Budget Car Rental, LLC company         
guaranty sr. unsec. unsub. notes 8 1/4s, 2019    $65,000  70,688 
Avis Budget Car Rental, LLC/Avis Budget         
Finance, Inc. 144A sr. unsec. notes 5 1/2s, 2023    95,000  91,675 
B&G Foods, Inc. company guaranty sr. unsec.       
notes 4 5/8s, 2021      120,000  114,600 
Burger King Corp. company guaranty sr. unsec.       
notes 9 7/8s, 2018      256,000  285,440 
Claire’s Stores, Inc. company         
guaranty sr. notes 8 7/8s, 2019      239,000  250,950 
Claire’s Stores, Inc. 144A company         
guaranty sr. notes 6 1/8s, 2020      65,000  63,538 
Claire’s Stores, Inc. 144A sr. notes 9s, 2019      275,000  302,500 
Constellation Brands, Inc. company         
guaranty sr. unsec. notes 4 1/4s, 2023      60,000  56,250 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Consumer staples cont.       
Constellation Brands, Inc. company       
guaranty sr. unsec. unsub. notes 7 1/4s, 2016    $250,000  $284,063 
Constellation Brands, Inc. company       
guaranty sr. unsec. unsub. notes 6s, 2022    115,000  123,338 
Corrections Corp. of America 144A sr. unsec.       
notes 4 5/8s, 2023 R    60,000  58,800 
Corrections Corp. of America 144A sr. unsec.       
notes 4 1/8s, 2020 R    50,000  48,875 
Dean Foods Co. company guaranty sr. unsec.       
unsub. notes 7s, 2016    167,000  181,613 
DineEquity, Inc. company guaranty sr. unsec.       
notes 9 1/2s, 2018    160,000  177,600 
Elizabeth Arden, Inc. sr. unsec.       
unsub. notes 7 3/8s, 2021    225,000  240,750 
Enterprise Inns PLC sr. unsub. mtge.       
notes 6 1/2s, 2018 (United Kingdom)  GBP  303,000  452,009 
ESAL GmbH 144A company guaranty sr.       
unsec. notes 6 1/4s, 2023 (Brazil)    $200,000  182,098 
Hawk Acquisition Sub, Inc. 144A sr.       
notes 4 1/4s, 2020    280,000  267,750 
Hertz Corp. (The) company guaranty sr. unsec.       
notes 7 1/2s, 2018    95,000  101,888 
Hertz Corp. (The) company guaranty sr. unsec.       
notes 6 1/4s, 2022    40,000  41,750 
Hertz Corp. (The) company guaranty sr. unsec.       
notes 5 7/8s, 2020    50,000  51,500 
Hertz Holdings Netherlands BV 144A       
sr. bonds 8 1/2s, 2015 (Netherlands)  EUR  215,000  291,995 
JBS USA, LLC/JBS USA Finance, Inc. 144A       
sr. unsec. notes 8 1/4s, 2020 (Brazil)    $83,000  86,943 
JBS USA, LLC/JBS USA Finance, Inc. 144A       
sr. unsec. notes 7 1/4s, 2021 (Brazil)    460,000  463,450 
Landry’s Holdings II, Inc. 144A sr. unsec.       
notes 10 1/4s, 2018    130,000  134,550 
Landry’s Inc. 144A sr. unsec. notes 9 3/8s, 2020  60,000  62,850 
Libbey Glass, Inc. company       
guaranty sr. notes 6 7/8s, 2020    224,000  234,640 
Post Holdings, Inc. company guaranty sr. unsec.     
notes 7 3/8s, 2022    115,000  123,050 
Prestige Brands, Inc. company guaranty sr. unsec.     
notes 8 1/4s, 2018    295,000  314,175 
Revlon Consumer Products Corp. 144A company     
guaranty sr. unsec. notes 5 3/4s, 2021    290,000  282,750 
Rite Aid Corp. company guaranty sr. unsec.       
unsub. notes 9 1/4s, 2020    300,000  331,125 
Rite Aid Corp. company       
guaranty sr. unsub. notes 8s, 2020    75,000  83,063 
Smithfield Foods, Inc. sr. unsec.       
unsub. notes 6 5/8s, 2022    190,000  203,300 
Spectrum Brands Holdings, Inc. company       
guaranty sr. notes 9 1/2s, 2018    502,000  549,690 
United Rentals North America, Inc. company       
guaranty sr. unsec. notes 7 5/8s, 2022    196,000  212,170 
United Rentals North America, Inc. company       
guaranty sr. unsec. unsub. notes 9 1/4s, 2019    574,000  632,835 
Wells Enterprises, Inc. 144A sr. notes 6 3/4s, 2020  91,000  95,323 
      8,182,491 
Energy (6.9%)       
Access Midstream Partners, LP/ACMP Finance Corp.     
company guaranty sr. unsec. unsub. notes 6 1/8s, 2022  165,000  167,063 
Access Midstream Partners, LP/ACMP Finance Corp.     
company guaranty sr. unsec. notes 5 7/8s, 2021  182,000  184,730 

 

Putnam VT Diversified Income Fund   13 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Energy cont.       
Access Midstream Partners, LP/ACMP Finance Corp.     
company guaranty sr. unsec. unsub. notes 4 7/8s, 2023  $339,000  $314,423 
Alpha Natural Resources, Inc. company       
guaranty sr. unsec. notes 6 1/4s, 2021    165,000  131,588 
Alpha Natural Resources, Inc. company       
guaranty sr. unsec. notes 6s, 2019    182,000  146,055 
Anadarko Petroleum Corp. sr. notes 5.95s, 2016  397,000  446,093 
Athlon Holdings LP/Athlon Finance Corp. 144A       
company guaranty sr. unsec. notes 7 3/8s, 2021  247,000  245,765 
Atlas Pipeline Partners LP/Atlas Pipeline       
Finance Corp. 144A company       
guaranty sr. notes 6 5/8s, 2020    80,000  80,200 
Atwood Oceanics, Inc. sr. unsec.       
unsub. notes 6 1/2s, 2020    65,000  67,438 
Aurora USA Oil & Gas Inc., 144A sr. notes 9 7/8s, 2017  200,000  210,500 
Carrizo Oil & Gas, Inc. company       
guaranty sr. unsec. notes 8 5/8s, 2018    404,000  432,280 
Chaparral Energy, Inc. company       
guaranty sr. unsec. notes 9 7/8s, 2020    195,000  216,450 
Chesapeake Energy Corp. company       
guaranty sr. unsec. bonds 6 1/4s, 2017  EUR  55,000  74,589 
Chesapeake Energy Corp. company       
guaranty sr. unsec. notes 9 1/2s, 2015    $600,000  663,000 
Chesapeake Energy Corp. company       
guaranty sr. unsec. notes 5 3/4s, 2023    60,000  60,750 
Concho Resources, Inc. company       
guaranty sr. unsec. notes 6 1/2s, 2022    300,000  319,500 
Concho Resources, Inc. company       
guaranty sr. unsec. unsub. notes 5 1/2s, 2023    130,000  128,700 
Concho Resources, Inc. company       
guaranty sr. unsec. unsub. notes 5 1/2s, 2022    116,000  114,840 
Connacher Oil and Gas, Ltd. 144A notes       
8 3/4s, 2018 (Canada)  CAD  295,000  158,482 
Connacher Oil and Gas, Ltd. 144A notes       
8 1/2s, 2019 (Canada)    $114,000  64,980 
CONSOL Energy, Inc. company guaranty sr.       
unsec. notes 8 1/4s, 2020    173,000  181,218 
CONSOL Energy, Inc. company guaranty sr.       
unsec. notes 8s, 2017    982,000  1,033,555 
Continental Resources, Inc. company       
guaranty sr. unsec. notes 5s, 2022    440,000  447,700 
Continental Resources, Inc. 144A company       
guaranty sr. unsec. unsub. notes 4 1/2s, 2023    90,000  87,525 
Continental Resources, Inc./OK company       
guaranty sr. unsec. unsub. notes 7 1/8s, 2021    94,000  103,400 
Crosstex Energy LP/Crosstex Energy Finance Corp.     
company guaranty sr. unsec. notes 8 7/8s, 2018  505,000  535,300 
Crosstex Energy LP/Crosstex Energy Finance Corp.     
company guaranty sr. unsec. notes 7 1/8s, 2022  85,000  86,488 
CrownRock LP/CrownRock Finance, Inc. 144A       
sr. unsec. notes 7 1/8s, 2021    125,000  122,500 
Denbury Resources, Inc. company       
guaranty sr. unsec. sub. notes 8 1/4s, 2020    240,000  259,200 
Denbury Resources, Inc. company       
guaranty sr. unsec. sub. notes 6 3/8s, 2021    43,000  44,828 
EXCO Resources, Inc. company guaranty sr. unsec.     
notes 7 1/2s, 2018    526,000  491,810 
Ferrellgas LP/Ferrellgas Finance Corp. sr. unsec.     
notes 6 1/2s, 2021    140,000  140,350 
Forbes Energy Services Ltd. company       
guaranty sr. unsec. notes 9s, 2019    200,000  197,000 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Energy cont.     
FTS International Services, LLC/FTS International     
Bonds, Inc. 144A company guaranty sr. unsec.     
unsub. notes 8 1/8s, 2018  $161,000  $167,038 
Gaz Capital SA sr. unsec. notes Ser. REGS,     
7.288s, 2037 (Russia)  335,000  357,261 
Gazprom OAO Via Gaz Capital SA 144A sr. unsec.     
notes 7.288s, 2037 (Russia)  240,000  256,800 
Gazprom OAO Via Gaz Capital SA 144A sr. unsec.     
unsub. notes 9 1/4s, 2019 (Russia)  690,000  841,324 
Gazprom OAO Via Gaz Capital SA 144A sr. unsec.     
unsub. notes 8.146s, 2018 (Russia)  149,000  172,755 
Gazprom Via OAO White Nights Finance BV     
notes 10 1/2s, 2014 (Russia)  500,000  529,800 
Goodrich Petroleum Corp. company     
guaranty sr. unsec. unsub. notes 8 7/8s, 2019  267,000  262,995 
Gulfport Energy Corp. 144A company     
guaranty sr. unsec. notes 7 3/4s, 2020  386,000  390,825 
Halcon Resources Corp. company     
guaranty sr. unsec. unsub. notes 8 7/8s, 2021  520,000  504,400 
Hercules Offshore, Inc. 144A company     
guaranty sr. notes 7 1/8s, 2017  20,000  21,250 
Hercules Offshore, Inc. 144A sr. unsec.     
notes 8 3/4s, 2021  90,000  90,000 
Hiland Partners LP/Hiland Partners Finance Corp.     
144A company guaranty sr. notes 7 1/4s, 2020  130,000  133,900 
Key Energy Services, Inc. company guaranty unsec.     
unsub. notes 6 3/4s, 2021  158,000  151,680 
Kodiak Oil & Gas Corp. company     
guaranty sr. unsec. unsub. notes 8 1/8s, 2019  70,000  75,950 
Laredo Petroleum, Inc. company     
guaranty sr. unsec. notes 7 3/8s, 2022  85,000  89,250 
Laredo Petroleum, Inc. company     
guaranty sr. unsec. unsub. notes 9 1/2s, 2019  253,000  278,300 
Linn Energy LLC/Linn Energy Finance Corp. 144A     
company guaranty sr. unsec. notes 6 1/4s, 2019  315,000  300,038 
Lone Pine Resources Canada, Ltd. company     
guaranty sr. unsec. notes 10 3/8s, 2017 (Canada)  104,000  74,880 
Lukoil International Finance BV 144A     
company guaranty sr. unsec. unsub. bonds     
6.656s, 2022 (Russia)  430,000  467,625 
MEG Energy Corp. 144A company guaranty sr. unsec.     
notes 6 1/2s, 2021 (Canada)  329,000  326,121 
MEG Energy Corp. 144A company guaranty sr. unsec.     
notes 6 3/8s, 2023 (Canada)  141,000  136,770 
Milagro Oil & Gas, Inc. company     
guaranty notes 10 1/2s, 2016 (In default) †  300,000  217,500 
National JSC Naftogaz of Ukraine govt.     
guaranty unsec. notes 9 1/2s, 2014 (Ukraine)  335,000  331,707 
Newfield Exploration Co. sr. unsec. notes 5 3/4s, 2022  100,000  99,750 
Northern Oil and Gas, Inc. company     
guaranty sr. unsec. notes 8s, 2020  310,000  313,100 
Oasis Petroleum, Inc. company guaranty sr. unsec.     
notes 6 7/8s, 2023  140,000  145,600 
Offshore Group Investment, Ltd. company     
guaranty sr. notes 7 1/2s, 2019 (Cayman Islands)  250,000  260,238 
Offshore Group Investment, Ltd. 144A company     
guaranty sr. notes 7 1/8s, 2023 (Cayman Islands)  185,000  181,763 
Peabody Energy Corp. company guaranty sr. unsec.     
notes 7 3/8s, 2016  315,000  349,650 
Peabody Energy Corp. company guaranty sr. unsec.     
unsub. notes 6 1/2s, 2020  26,000  26,065 

 

14   Putnam VT Diversified Income Fund 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Energy cont.       
Pemex Project Funding Master Trust company guaranty     
sr. unsec. unsub. bonds 6 5/8s, 2035 (Mexico)    $380,000  $399,000 
Pertamina Persero PT 144A sr. unsec.       
notes 4 7/8s, 2022 (Indonesia)    200,000  191,500 
PetroBakken Energy, Ltd. 144A sr. unsec.       
notes 8 5/8s, 2020 (Canada)    404,000  383,800 
Petrobras International Finance Co. company       
guaranty sr. unsec. notes 7 7/8s, 2019 (Brazil)    450,000  517,874 
Petrobras International Finance Co. company       
guaranty sr. unsec. notes 6 7/8s, 2040 (Brazil)    202,000  201,506 
Petroleos de Venezuela SA company       
guaranty sr. unsec. notes 8s, 2013 (Venezuela)    400,000  400,000 
Petroleos de Venezuela SA company guaranty       
sr. unsec. notes 5 1/4s, 2017 (Venezuela)    3,210,000  2,607,547 
Petroleos de Venezuela SA company guaranty       
sr. unsec. unsub. notes 5 3/8s, 2027 (Venezuela)    265,000  159,175 
Petroleos de Venezuela SA sr. unsec. notes 4.9s,       
2014 (Venezuela)    830,000  779,735 
Petroleos de Venezuela SA sr. unsec.       
sub. bonds 5s, 2015 (Venezuela)    1,605,000  1,411,726 
Petroleos de Venezuela SA 144A company       
guaranty sr. notes 8 1/2s, 2017 (Venezuela)    1,965,000  1,800,431 
Petroleos de Venezuela SA 144A company       
guaranty sr. unsec. notes 8s, 2013 (Venezuela)    425,000  425,000 
Petroleos Mexicanos company guaranty unsec.       
unsub. notes 8s, 2019 (Mexico)    680,000  822,800 
Plains Exploration & Production Co. company       
guaranty sr. unsec. notes 6 5/8s, 2021    185,000  195,852 
Range Resources Corp. company       
guaranty sr. sub. notes 6 3/4s, 2020    210,000  225,225 
Range Resources Corp. company guaranty sr. unsec.     
sub. notes 5s, 2022    100,000  97,750 
Rosetta Resources, Inc. company       
guaranty sr. unsec. notes 9 1/2s, 2018    173,000  186,840 
Rosetta Resources, Inc. company       
guaranty sr. unsec. unsub. notes 5 5/8s, 2021    70,000  68,338 
Sabine Pass LNG LP 144A sr. notes 6 1/2s, 2020    95,000  95,950 
Samson Investment Co. 144A sr. unsec. notes 10s, 2020  535,000  563,756 
SandRidge Energy, Inc. company       
guaranty sr. unsec. unsub. notes 7 1/2s, 2021    116,000  110,780 
Seven Generations Energy Ltd. 144A sr. unsec.       
notes 8 1/4s, 2020 (Canada)    75,000  74,625 
Shelf Drilling Holdings Ltd. 144A       
sr. notes 8 5/8s, 2018    210,000  218,400 
SM Energy Co. sr. unsec. notes 6 5/8s, 2019    115,000  120,463 
SM Energy Co. sr. unsec. unsub. notes 6 1/2s, 2023  130,000  136,500 
Suburban Propane Partners LP/Suburban Energy       
Finance Corp. sr. unsec. notes 7 3/8s, 2021    179,000  186,160 
Unit Corp. company       
guaranty sr. sub. notes 6 5/8s, 2021    220,000  224,950 
Williams Cos., Inc. (The) notes 7 3/4s, 2031    69,000  80,588 
Williams Cos., Inc. (The) sr. unsec. notes 7 7/8s, 2021  102,000  123,131 
WPX Energy, Inc. sr. unsec. unsub. notes 5 1/4s, 2017  240,000  246,000 
      28,568,037 
Financials (4.8%)       
ACE Cash Express, Inc. 144A sr. notes 11s, 2019    121,000  116,160 
Air Lease Corp. company guaranty sr. unsec.       
unsub. notes 4 3/4s, 2020    110,000  106,425 
Air Lease Corp. sr. unsec. notes 6 1/8s, 2017    215,000  222,525 
Ally Financial, Inc. company       
guaranty sr. notes 6 1/4s, 2017    195,000  208,605 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Financials cont.       
Ally Financial, Inc. company guaranty sr. unsec.     
unsub. notes 8.3s, 2015    $405,000  $436,388 
Ally Financial, Inc. company guaranty sr. unsec.     
unsub. notes 7 1/2s, 2020    790,000  910,475 
American International Group, Inc. jr. sub. FRB     
bonds 8.175s, 2068    185,000  225,700 
Banco do Brasil SA 144A unsec. sub. notes 5 7/8s,     
2023 (Brazil)    240,000  231,600 
Banco do Brasil SA 144A unsec. sub. notes 5 7/8s,     
2022 (Brazil)    1,055,000  1,031,366 
Boparan Holdings, Ltd. 144A company       
guaranty sr. unsec. unsub. notes 9 7/8s, 2018     
(United Kingdom)  GBP  185,000  303,182 
CB Richard Ellis Services, Inc. company       
guaranty sr. unsec. notes 6 5/8s, 2020    $82,000  86,510 
CBRE Services, Inc. company guaranty sr. unsec.     
unsub. notes 5s, 2023    99,000  93,803 
CIT Group, Inc. sr. unsec. notes 5s, 2022    440,000  436,700 
CIT Group, Inc. sr. unsec. unsub. notes 5 3/8s, 2020  175,000  179,156 
CIT Group, Inc. 144A company       
guaranty notes 6 5/8s, 2018    275,000  297,000 
CIT Group, Inc. 144A company       
guaranty notes 5 1/2s, 2019    215,000  221,988 
Community Choice Financial, Inc. company     
guaranty sr. notes 10 3/4s, 2019    230,000  220,225 
Dresdner Funding Trust I jr. unsec.       
sub. notes 8.151s, 2031    250,000  250,938 
Dresdner Funding Trust I 144A bonds 8.151s, 2031  336,000  337,260 
E*Trade Financial Corp. sr. unsec.       
unsub. notes 6 3/8s, 2019    427,000  433,405 
HSBC Capital Funding LP/Jersey bank guaranty     
jr. unsec. sub. FRB bonds 5.13s, perpetual       
maturity (Jersey)  EUR  208,000  275,790 
Hub International Ltd. 144A company       
guaranty sr. notes 8 1/8s, 2018    $43,000  44,828 
Icahn Enterprises LP/Icahn Enterprises       
Finance Corp. company guaranty sr. unsec.     
notes 8s, 2018    525,000  551,250 
International Lease Finance Corp. sr. unsec.     
notes 6 1/4s, 2019    70,000  72,100 
International Lease Finance Corp. sr. unsec.     
unsub. notes 5 7/8s, 2022    255,000  253,088 
International Lease Finance Corp. sr. unsec.     
unsub. notes 4 7/8s, 2015    99,000  100,485 
International Lease Finance Corp. sr. unsec.     
unsub. notes 4 5/8s, 2021    85,000  78,200 
International Lease Finance Corp. sr. unsec.     
unsub. notes 3 7/8s, 2018    220,000  206,800 
iStar Financial, Inc. sr. unsec. notes 7 1/8s,       
2018 R    145,000  150,438 
LBG Capital No. 1 PLC 144A jr. unsec. sub. FRN     
notes 8s, perpetual maturity (United Kingdom)  115,000  116,294 
Liberty Mutual Insurance Co. 144A notes 7.697s, 2097  375,000  393,292 
MPT Operating Partnership LP/MPT Finance Corp.     
company guaranty sr. unsec. notes 6 7/8s, 2021 R  102,000  108,120 
MPT Operating Partnership LP/MPT Finance     
Corp. company guaranty sr. unsec. unsub.       
notes 6 3/8s, 2022 R    145,000  152,250 
National Money Mart Co. company guaranty     
sr. unsec. unsub. notes 10 3/8s, 2016 (Canada)  103,000  109,180 
Nationstar Mortgage, LLC/Nationstar Capital Corp.     
company guaranty sr. unsec. notes 9 5/8s, 2019  105,000  117,600 

 

Putnam VT Diversified Income Fund   15 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Financials cont.       
Nationstar Mortgage, LLC/Nationstar Capital Corp.     
company guaranty sr. unsec. notes 7 7/8s, 2020  $100,000  $106,000 
Nationstar Mortgage, LLC/Nationstar Capital Corp.     
company guaranty sr. unsec. unsub. notes 6 1/2s, 2021  270,000  259,200 
Nuveen Investments, Inc. 144A sr. unsec.       
notes 9 1/2s, 2020    265,000  263,675 
Nuveen Investments, Inc. 144A sr. unsec.       
notes 9 1/8s, 2017    243,000  243,608 
Onex USI Acquisition Corp. 144A sr. unsec.       
notes 7 3/4s, 2021    264,000  260,700 
PHH Corp. sr. unsec. unsub. notes 9 1/4s, 2016    140,000  155,750 
PHH Corp. sr. unsec. unsub. notes 7 3/8s, 2019    165,000  174,694 
Provident Funding Associates LP/PFG Finance Corp.     
144A company guaranty sr. unsec. notes 6 3/4s, 2021  235,000  234,413 
RBS Capital Trust III bank guaranty jr. unsec.       
sub. notes 5.512s, perpetual maturity       
(United Kingdom)    300,000  219,000 
Royal Bank of Scotland Group PLC jr. unsec.       
sub. FRB bonds 7.092s, perpetual maturity       
(United Kingdom)  EUR  400,000  441,259 
Royal Bank of Scotland Group PLC jr. sub. FRN       
notes Ser. MTN, 7.64s, perpetual maturity       
(United Kingdom)    $300,000  267,000 
Russian Agricultural Bank OJSC Via RSHB Capital     
SA 144A sr. unsec. notes 5.298s, 2017 (Russia)    900,000  917,269 
Sberbank of Russia Via SB Capital SA 144A       
sr. notes 6 1/8s, 2022 (Russia)    250,000  259,397 
Sberbank of Russia Via SB Capital SA 144A       
sr. notes 4.95s, 2017 (Russia)    650,000  672,425 
Springleaf Finance Corp. sr. unsec.       
notes Ser. MTN, 6.9s, 2017    345,000  338,531 
Springleaf Finance Corp. 144A sr. unsec.       
notes 6s, 2020    100,000  89,500 
State Bank of India/London 144A sr. unsec.       
notes 4 1/2s, 2015 (India)    215,000  224,598 
UBS AG/Jersey Branch jr. unsec. sub. FRB       
bonds 4.28s, perpetual maturity (Jersey)  EUR  133,000  170,550 
UBS AG/Jersey Branch jr. unsec. sub.       
FRN notes Ser. EMTN, 7.152s, perpetual       
maturity (Jersey)  EUR  200,000  279,855 
Ukreximbank Via Biz Finance PLC sr. unsec.       
unsub. bonds 8 3/8s, 2015 (United Kingdom)    $250,000  241,965 
Vnesheconombank Via VEB Finance PLC       
144A bank guaranty, sr. unsec. unsub.       
bonds 6.8s, 2025 (Russia)    255,000  271,575 
VTB Bank OJSC 144A jr. unsec. sub. FRN       
notes 9 1/2s, perpetual maturity (Russia)    1,000,000  1,058,970 
VTB Bank OJSC Via VTB Capital SA       
sr. notes 6 1/4s, 2035 (Russia)    400,000  426,000 
VTB Bank OJSC Via VTB Capital SA 144A sr. unsec.     
notes 6 7/8s, 2018 (Russia)    1,648,000  1,746,880 
VTB Bank OJSC Via VTB Capital SA 144A sr. unsec.     
notes 6 1/4s, 2035 (Russia)    1,498,000  1,595,370 
      19,997,310 
Health care (2.5%)       
Acadia Healthcare Co., Inc. 144A company       
guaranty sr. unsec. notes 6 1/8s, 2021    125,000  125,000 
AmSurg Corp. company guaranty sr. unsec.       
unsub. notes 5 5/8s, 2020    165,000  165,000 
Aviv Healthcare Properties LP company       
guaranty sr. unsec. notes 7 3/4s, 2019    193,000  206,028 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.    Principal amount  Value 
 
Health care cont.       
Bayer AG jr. unsec. sub. bonds FRB 5s,       
2105 (Germany)  EUR  156,000  $211,096 
Biomet, Inc. company guaranty sr. unsec.       
unsub. notes 6 1/2s, 2020    $285,000  293,728 
Capella Healthcare, Inc. company       
guaranty sr. unsec. notes 9 1/4s, 2017    225,000  238,500 
Capsugel FinanceCo SCA 144A company       
guaranty sr. unsec. notes 9 7/8s, 2019  EUR  260,000  374,103 
CHS/Community Health Systems, Inc. company     
guaranty sr. notes 5 1/8s, 2018    $205,000  208,075 
CHS/Community Health Systems, Inc. company     
guaranty sr. unsec. unsub. notes 8s, 2019    100,000  106,375 
ConvaTec Healthcare E SA 144A sr.       
notes 7 3/8s, 2017 (Luxembourg)  EUR  100,000  137,207 
ConvaTec Healthcare E SA 144A sr. unsec.       
notes 10 1/2s, 2018 (Luxembourg)    $614,000  670,795 
Emergency Medical Services Corp. company       
guaranty sr. unsec. notes 8 1/8s, 2019    291,000  309,188 
Endo Health Solutions, Inc. company       
guaranty sr. unsec. notes 7s, 2019    170,000  171,700 
Envision Healthcare Holdings, Inc. 144A       
sr. unsec. notes 9 1/4s, 2017 ‡‡    260,000  263,250 
Fresenius Medical Care US Finance II, Inc. 144A       
company guaranty sr. unsec. notes 5 5/8s, 2019  205,000  213,200 
Fresenius US Finance II, Inc. 144A sr. unsec.       
notes 9s, 2015    225,000  248,625 
HCA, Inc. sr. notes 6 1/2s, 2020    1,046,000  1,132,295 
HCA, Inc. sr. unsec. notes 7 1/2s, 2022    74,000  81,770 
Health Net, Inc. sr. unsec. bonds 6 3/8s, 2017    420,000  436,275 
IASIS Healthcare, LLC/IASIS Capital Corp. company     
guaranty sr. unsec. notes 8 3/8s, 2019    202,000  203,894 
IMS Health, Inc. 144A sr. unsec. notes 6s, 2020    112,000  113,960 
Jaguar Holding Co. I 144A sr. unsec.       
notes 9 3/8s, 2017 ‡‡    105,000  109,725 
Jaguar Holding Co. II/ Jaguar Merger Sub, Inc.       
144A sr. unsec. notes 9 1/2s, 2019    180,000  198,900 
Kinetic Concepts, Inc./KCI USA, Inc. company       
guaranty notes 10 1/2s, 2018    242,000  259,545 
Kinetic Concepts, Inc./KCI USA, Inc. company       
guaranty sr. unsec. notes 12 1/2s, 2019    160,000  165,000 
Multiplan, Inc. 144A company       
guaranty sr. notes 9 7/8s, 2018    255,000  277,313 
Omega Healthcare Investors, Inc. company       
guaranty sr. unsec. notes 6 3/4s, 2022 R    152,000  161,880 
Priory Group No. 3 PLC 144A company       
guaranty sr. notes 7s, 2018       
(United Kingdom)  GBP  406,000  624,687 
Rottapharm Ltd. 144A sr. unsec. notes       
6 1/8s, 2019 (Ireland)  EUR  145,000  188,633 
Service Corp. International/US 144A sr. unsec.       
notes 5 3/8s, 2022    $90,000  89,775 
Service Corp. International/US sr. notes 7s, 2019  105,000  111,038 
Sky Growth Acquisition Corp. 144A company       
guaranty sr. unsec. notes 7 3/8s, 2020    309,000  316,725 
Stewart Enterprises, Inc. company       
guaranty sr. unsec. notes 6 1/2s, 2019    280,000  296,800 
Surgical Care Affiliates, Inc. 144A       
sr. sub. notes 10s, 2017    335,000  345,050 
Surgical Care Affiliates, Inc. 144A sr. unsec.       
notes 8 7/8s, 2015    175,770  175,770 

 

16   Putnam VT Diversified Income Fund 

 


CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Health care cont.         
Teleflex, Inc. company guaranty sr. unsec.         
sub. notes 6 7/8s, 2019      $215,000  $226,825 
Tenet Healthcare Corp. company         
guaranty sr. notes 6 1/4s, 2018      255,000  268,388 
Tenet Healthcare Corp. 144A company         
guaranty sr. notes 4 1/2s, 2021      60,000  55,950 
Tenet Healthcare Corp. 144A company         
guaranty sr. notes 4 3/8s, 2021      185,000  169,738 
Valeant Pharmaceuticals International 144A       
company guaranty sr. notes 7s, 2020      40,000  40,800 
Valeant Pharmaceuticals International 144A       
company guaranty sr. unsec. notes 6 7/8s, 2018    100,000  102,500 
Valeant Pharmaceuticals International 144A       
company guaranty sr. unsec. notes 6 3/8s, 2020    40,000  39,500 
Valeant Pharmaceuticals International 144A       
sr. notes 6 3/4s, 2017      40,000  41,400 
VPII Escrow Corp. 144A sr. unsec. notes 6 3/4s,       
2018 (Canada)      255,000  261,375 
        10,437,381 
Technology (1.1%)         
Avaya, Inc. 144A company guaranty notes 10 1/2s, 2021  148,000  112,110 
Avaya, Inc. 144A company guaranty sr. notes 7s, 2019  378,000  341,145 
Ceridian Corp. company guaranty sr. unsec.       
notes 12 1/4s, 2015 ‡‡      30,000  30,375 
Ceridian Corp. sr. unsec. notes 11 1/4s, 2015    351,000  355,826 
Ceridian Corp. 144A sr. notes 8 7/8s, 2019      50,000  55,500 
Ceridian Corp. 144A sr. unsec. notes 11s, 2021    20,000  22,000 
Epicor Software Corp. company guaranty sr. unsec.     
notes 8 5/8s, 2019      106,000  108,650 
First Data Corp. company guaranty sr. unsec.       
notes 12 5/8s, 2021      435,000  460,013 
First Data Corp. 144A company         
guaranty notes 8 1/4s, 2021      279,000  284,580 
First Data Corp. 144A company         
guaranty sr. notes 8 7/8s, 2020      105,000  114,450 
First Data Corp. 144A company         
guaranty sr. notes 7 3/8s, 2019      135,000  138,713 
First Data Corp. 144A company guaranty sr. unsec.     
notes 11 1/4s, 2021      170,000  169,575 
First Data Corp. 144A company guaranty sr. unsec.     
sub. notes 11 3/4s, 2021      170,000  153,000 
Freescale Semiconductor, Inc. company         
guaranty sr. unsec. notes 10 3/4s, 2020      51,000  56,100 
Freescale Semiconductor, Inc. 144A company       
guaranty sr. notes 10 1/8s, 2018      167,000  181,195 
Infor US, Inc. company guaranty sr. unsec.         
notes 9 3/8s, 2019      70,000  75,863 
Iron Mountain, Inc. company guaranty sr. unsec.       
sub. notes 8s, 2020      440,000  457,600 
Iron Mountain, Inc. sr. sub. notes 8 3/8s, 2021    155,000  164,881 
Softbank Corp. 144A sr. unsec. notes 4 1/2s,       
2020 (Japan)      230,000  221,039 
SunGard Data Systems, Inc. 144A company       
guaranty sr. sub. notes 6 5/8s, 2019      145,000  145,725 
SunGard Data Systems, Inc. 144A sr. unsec.       
notes 7 5/8s, 2020      203,000  215,180 
Syniverse Holdings, Inc. company         
guaranty sr. unsec. notes 9 1/8s, 2019      257,000  274,348 
Techem Energy Metering Service GmbH 144A       
sr. sub. bonds 7 7/8s, 2020 (Germany)  EUR  230,000  316,408 
        4,454,276 

 

CORPORATE BONDS AND NOTES (34.9%)* cont.  Principal amount  Value 
 
Transportation (0.4%)       
Aguila 3 SA company guaranty sr. notes       
Ser. REGS, 7 7/8s, 2018 (Luxembourg)  CHF  668,000  $721,359 
Air Medical Group Holdings, Inc. company       
guaranty sr. notes 9 1/4s, 2018    $249,000  268,298 
Swift Services Holdings, Inc. company       
guaranty sr. notes 10s, 2018    485,000  535,925 
Watco Cos., LLC/Watco Finance Corp.       
144A company guaranty sr. unsec.       
notes 6 3/8s, 2023    175,000  174,125 
      1,699,707 
Utilities and power (2.1%)       
AES Corp. (VA) sr. unsec. unsub. notes 8s, 2017    720,000  810,000 
AES Corp. (VA) sr. unsec. unsub. notes 7 3/8s, 2021  180,000  197,550 
AES Corp. (VA) sr. unsec. unsub. notes 4 7/8s, 2023  85,000  79,263 
Calpine Corp. 144A company       
guaranty sr. notes 7 7/8s, 2020    203,000  220,255 
Calpine Corp. 144A sr. notes 7 1/4s, 2017    536,000  558,780 
Colorado Interstate Gas Co., LLC debs. 6.85s, 2037  290,000  321,611 
Dynegy Holdings Escrow, LLC escrow bonds 7 3/4s, 2019  555,000  694 
El Paso Corp. sr. unsec. notes 7s, 2017    285,000  309,840 
El Paso Natural Gas Co. debs. 8 5/8s, 2022    345,000  444,113 
Energy Future Intermediate Holding Co., LLC/EFIH     
Finance, Inc. sr. notes 10s, 2020    331,000  362,445 
Energy Future Intermediate Holding Co., LLC/EFIH     
Finance, Inc. 144A notes 12 1/4s, 2022    120,000  132,600 
Energy Future Intermediate Holding Co., LLC/EFIH     
Finance, Inc. 144A sr. notes 10s, 2020    1,050,000  1,147,125 
Energy Transfer Equity LP company       
guaranty sr. unsec. notes 7 1/2s, 2020    402,000  439,185 
EP Energy, LLC/Everest Acquisition Finance, Inc.     
company guaranty sr. notes 6 7/8s, 2019    95,000  101,650 
EP Energy, LLC/Everest Acquisition Finance, Inc.     
company guaranty sr. unsec. notes 7 3/4s, 2022  70,000  74,900 
EP Energy/EP Energy Finance, Inc. sr. unsec.       
notes 9 3/8s, 2020    365,000  411,538 
EPE Holdings, LLC/EP Energy Bond Co., Inc. 144A     
sr. unsec. notes 8 1/8s, 2017 ‡‡    135,576  138,965 
FirstEnergy Corp. sr. unsec. unsub. notes 4 1/4s, 2023  80,000  74,329 
GenOn Energy, Inc. sr. unsec. notes 9 7/8s, 2020  381,000  419,100 
GenOn Energy, Inc. sr. unsec. notes 9 1/2s, 2018  65,000  72,150 
Majapahit Holding BV 144A company guaranty       
sr. unsec. notes 7 3/4s, 2020 (Indonesia)    845,000  923,830 
NRG Energy, Inc. company guaranty sr. unsec.       
notes 7 7/8s, 2021    800,000  854,000 
NV Energy, Inc. sr. unsec. notes 6 1/4s, 2020    150,000  175,744 
Regency Energy Partners company       
guaranty sr. unsec. unsub. notes 5 1/2s, 2023    155,000  152,675 
Regency Energy Partners 144A company       
guaranty sr. unsec. notes 4 1/2s, 2023    120,000  108,600 
Tennessee Gas Pipeline Co., LLC sr. unsec.       
unsub. debs. 7s, 2028    65,000  78,941 
Texas Competitive/Texas Competitive Electric       
Holdings Co., LLC 144A company       
guaranty sr. notes 11 1/2s, 2020    119,000  88,953 
Vattenfall AB jr. unsec. sub. FRB bonds       
5 1/4s, perpetual maturity (Sweden)  EUR  156,000  212,642 
      8,911,478 
 
Total corporate bonds and notes (cost $142,197,861)    $144,908,105 

 

Putnam VT Diversified Income Fund   17 

 


FOREIGN GOVERNMENT AND AGENCY       
BONDS AND NOTES (10.3%)*  Principal amount/units  Value 
 
Argentina (Republic of) sr. unsec. bonds 8.28s,       
2033 (Argentina)    $314,525  $169,843 
Argentina (Republic of) sr. unsec. bonds 7s,       
2017 (Argentina)    2,270,000  1,730,875 
Argentina (Republic of) sr. unsec.       
bonds Ser. VII, 7s, 2013 (Argentina)    461,000  470,220 
Argentina (Republic of) sr. unsec.       
unsub. bonds 7s, 2015 (Argentina)    4,315,000  3,738,948 
Argentina (Republic of) sr. unsec.       
unsub. notes Ser. NY, 8.28s, 2033 (Argentina)    2,981,147  1,609,819 
Brazil (Federal Republic of) unsec. notes       
10s, 2017 (Brazil)  units  1,350  620,415 
Brazil (Federal Republic of) unsub. notes       
10s, 2014 (Brazil)  units  1,080  509,019 
Chile (Republic of) notes 5 1/2s,       
2020 (Chile)  CLP  235,500,000  491,192 
Croatia (Republic of) 144A sr. unsec.       
unsub. notes 6 3/8s, 2021 (Croatia)    $360,000  376,650 
Export-Import Bank of Korea 144A sr. unsec.       
unsub. notes 5.1s, 2013 (India)  INR  31,500,000  526,650 
Ghana (Republic of) 144A unsec. notes       
8 1/2s, 2017 (Ghana)    $930,000  974,501 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2042 (Greece) ††  EUR  213,000  115,567 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2041 (Greece) ††  EUR  153,000  83,184 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2040 (Greece) ††  EUR  213,000  114,668 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2039 (Greece) ††  EUR  333,000  179,548 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2038 (Greece) ††  EUR  1,203,000  650,922 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2037 (Greece) ††  EUR  283,000  153,826 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2036 (Greece) ††  EUR  553,000  301,911 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2035 (Greece) ††  EUR  773,000  423,690 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2034 (Greece) ††  EUR  463,000  252,594 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2033 (Greece) ††  EUR  213,000  116,798 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2032 (Greece) ††  EUR  493,000  270,630 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2031 (Greece) ††  EUR  93,000  51,029 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2030 (Greece) ††  EUR  1,383,000  764,861 

 

FOREIGN GOVERNMENT AND AGENCY       
BONDS AND NOTES (10.3%)* cont.    Principal amount  Value 
 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2029 (Greece) ††  EUR  153,000  $85,699 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2028 (Greece) ††  EUR  773,000  441,832 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2027 (Greece) ††  EUR  153,000  89,527 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2026 (Greece) ††  EUR  653,000  391,040 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2025 (Greece) ††  EUR  2,173,000  1,356,484 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2024 (Greece) ††  EUR  203,000  132,392 
Hellenic (Republic of) sr. unsec.       
unsub. bonds Ser. PSI, stepped-coupon 2s       
(3s, 2/24/15), 2023 (Greece) ††  EUR  933,000  639,317 
Hungary (Government of) sr. unsec.       
unsub. notes 4 1/8s, 2018 (Hungary)    $480,000  467,806 
Indonesia (Republic of) 144A sr. unsec.       
notes 3 3/8s, 2023 (Indonesia)    285,000  246,400 
Indonesia (Republic of) 144A sr. unsec.       
unsub. bonds 6 5/8s, 2037 (Indonesia)    575,000  611,208 
International Bank for Reconstruction &       
Development sr. disc. unsec.       
unsub. notes Ser. GDIF, 5 1/4s, 2014       
(Supra-Nation)  RUB  13,350,000  400,448 
Iraq (Republic of) 144A bonds 5.8s, 2028 (Iraq)  $695,000  576,850 
Ireland (Republic of) unsec. bonds 5 1/2s,       
2017 (Ireland)  EUR  1,920,000  2,759,905 
Poland (Government of) sr. unsec. bonds 5s,       
2022 (Poland)    $430,000  462,250 
Portugal (Republic of) sr. unsec.       
unsub. bonds 4.35s, 2017 (Portugal)  EUR  570,000  714,088 
Russia (Federation of) 144A sr. notes 5 5/8s,       
2042 (Russia)    $1,200,000  1,249,212 
Russia (Federation of) 144A sr. unsec.       
notes 4 1/2s, 2022 (Russia)    235,000  240,022 
Russia (Federation of) 144A sr. unsec.       
unsub. bonds 7 1/2s, 2030 (Russia)    1,446,473  1,694,182 
Russia (Federation of) 144A unsec. notes       
3 1/4s, 2017 (Russia)    200,000  205,470 
Serbia (Republic of) 144A sr. unsec.       
bonds 4 7/8s, 2020 (Serbia)    250,000  233,992 
Spain (Kingdom of) sr. unsec. bonds 5 1/2s,       
2017 (Spain)  EUR  570,000  799,923 
Sri Lanka (Republic of) 144A notes 7.4s,       
2015 (Sri Lanka)    $240,000  251,746 
Turkey (Republic of) sr. unsec. notes       
7 1/2s, 2017 (Turkey)    1,230,000  1,434,660 
Turkey (Republic of) unsec. bonds 6s,       
2041 (Turkey)    975,000  979,875 
Ukraine (Government of) Financing       
of Infrastructural Projects State Enterprise       
144A govt. guaranty notes 8 3/8s,       
2017 (Ukraine)    275,000  253,000 
Ukraine (Government of) 144A sr. unsec.       
bonds 7.95s, 2014 (Ukraine)    400,000  395,996 

 

18   Putnam VT Diversified Income Fund 

 


FOREIGN GOVERNMENT AND AGENCY       
BONDS AND NOTES (10.3%)* cont.    Principal amount  Value 
 
Ukraine (Government of) 144A sr. unsec.       
notes 9 1/4s, 2017 (Ukraine)    $1,805,000  $1,796,627 
Ukraine (Government of) 144A sr. unsec.       
notes 7.8s, 2022 (Ukraine)    475,000  422,750 
United Mexican States sr. unsec. notes       
5 3/4s, 2110 (Mexico)    220,000  200,750 
United Mexican States unsec. bonds 6 1/2s,       
2022 (Mexico)  MXN  46,092,000  3,716,152 
United Mexican States unsec. bonds       
Ser. M20, 10s, 2024 (Mexico)  MXN  32,535,000  3,332,732 
Venezuela (Republic of) sr. unsec. bonds 7s,       
2038 (Venezuela)    $265,000  177,518 
Venezuela (Republic of) 144A unsec.       
bonds 13 5/8s, 2018 (Venezuela)    1,215,000  1,270,829 
Total foreign government and agency bonds       
and notes (cost $45,364,227)      $42,728,042 
 
SENIOR LOANS (1.3%)* c    Principal amount  Value 
 
Air Medical Group Holdings, Inc. bank term loan     
FRN 7 5/8s, 2018 ‡‡    $250,000  $245,000 
Ardent Medical Services, Inc. bank term loan FRN     
6 3/4s, 2018    169,575  169,787 
Burlington Coat Factory Warehouse Corp. bank term     
loan FRN Ser. B2, 4 1/4s, 2017    34,095  34,095 
Caesars Entertainment Operating Co., Inc. bank     
term loan FRN Ser. B6, 5.443s, 2018    1,052,078  927,933 
CCM Merger, Inc. bank term loan FRN Ser. B, 5s, 2017  302,024  300,892 
Chesapeake Energy Corp. bank term loan FRN       
Ser. B, 5 3/4s, 2017    283,000  285,869 
Clear Channel Communications, Inc. bank term loan     
FRN Ser. D, 6.944s, 2019    569,000  517,612 
Emergency Medical Services Corp. bank term loan     
FRN Ser. B, 4s, 2018    197,428  196,758 
First Data Corp. bank term loan FRN 4.193s, 2018  121,183  117,977 
First Data Corp. bank term loan FRN 4.193s, 2017  12,896  12,616 
Frac Tech International, LLC bank term loan FRN     
Ser. B, 8 1/2s, 2016    241,020  231,896 
Golden Nugget, Inc. bank term loan FRN Ser. B,     
3.2s, 2014 ‡‡    72,825  70,604 
Golden Nugget, Inc. bank term loan FRN Ser. DD,     
3.2s, 2014 ‡‡    41,452  40,188 
H.J. Heinz Co. bank term loan FRN Ser. B2,       
3 1/2s, 2020    180,000  179,798 
iStar Financial, Inc. bank term loan FRN 4 1/2s, 2017 R    144,788  146,598 
Navistar, Inc. bank term loan FRN Ser. B, 5 3/4s, 2017  65,367  65,585 
Neiman Marcus Group, Inc. (The) bank term loan     
FRN 4s, 2018    215,000  213,992 
Nexeo Solutions, LLC bank term loan FRN Ser. B,     
5s, 2017    117,300  114,661 
Springleaf Financial Funding Co. bank term loan     
FRN Ser. B, 5 1/2s, 2017    91,713  91,742 
Texas Competitive Electric Holdings Co., LLC bank     
term loan FRN 4.72s, 2017    645,637  450,816 
Travelport, LLC bank term loan FRN 9 1/2s, 2016  310,111  316,895 
Travelport, LLC bank term loan FRN 8 3/8s, 2016 ‡‡  63,134  62,661 
Tronox, Ltd. bank term loan FRN Ser. B, 4 1/2s, 2020  165,000  165,560 
Univision Communications, Inc. bank term loan FRN     
Ser. C1, 4 1/2s, 2020    204,427  202,382 

 

SENIOR LOANS (1.3%)* c cont.  Principal amount  Value 
 
Valeant Pharmaceuticals International, Inc. bank     
term loan FRN Ser. E, 4 1/2s, 2020    $155,000  $154,640 
West Corp. bank term loan FRN Ser. B8, 3 3/4s, 2018  30,576  30,530 
Total senior loans (cost $5,508,954)      $5,347,087 
 
PREFERRED STOCKS (0.2%)*    Shares  Value 
 
Ally Financial, Inc. 144A 7.00% cum. pfd.    438  $416,305 
GMAC Capital Trust I Ser. 2, $2.031 cum. pfd.    8,855  230,673 
M/I Homes, Inc. $2.438 pfd.    5,132  130,866 
Total preferred stocks (cost $652,758)      $777,844 
 
CONVERTIBLE PREFERRED STOCKS (0.2%)*    Shares  Value 
 
General Motors Co. Ser. B, $2.375 cv. pfd.    10,093  $487,618 
United Technologies Corp. $3.75 cv. pfd.    2,800  166,208 
Total convertible preferred stocks (cost $616,522)    $653,826 
 
COMMON STOCKS (0.1%)*    Shares  Value 
 
Tribune Co. †      4,609  $262,252 
Tribune Co. Class 1C F      402,438  100,609 
Trump Entertainment Resorts, Inc. †    71  142 
Total common stocks (cost $223,875)      $363,003 
 
CONVERTIBLE BONDS AND NOTES (—%)*  Principal amount  Value 
 
iStar Financial, Inc. cv. sr. unsec.       
unsub. notes 3s, 2016 R      $125,000  $148,281 
Total convertible bonds and notes (cost $137,058)    $148,281 
 
WARRANTS (—%)* †  Expiration date  Strike price  Warrants  Value 
 
Charter Communications,       
Inc. Class A  11/30/14  $46.86  37  $2,960 
Total warrants (cost $111)      $2,960 
 
SHORT-TERM INVESTMENTS (5.8%)*  Principal amount/shares  Value 
 
Putnam Short Term Investment Fund 0.03% L    7,191,996  $7,191,996 
SSgA Prime Money Market Fund 0.03% P    4,980,000  4,980,000 
U.S. Treasury Bills with an effective yield       
of 0.15%, February 6, 2014 # ##    $1,526,000  1,525,231 
U.S. Treasury Bills with an effective yield       
of 0.13%, March 6, 2014 # ##    889,000  888,357 
U.S. Treasury Bills with an effective yield       
of zero % February 6, 2014 i    857,000  856,400 
U.S. Treasury Bills with an effective yield       
of zero % August 22, 2013 i    111,000  111,000 
U.S. Treasury Bills with effective yields ranging     
from 0.13% to 0.14%, January 9, 2014 # ##    492,000  491,836 
U.S. Treasury Bills with effective yields ranging     
from 0.12% to 0.13%, May 29, 2014 ##    356,000  355,590 
U.S. Treasury Bills with effective yields ranging     
from 0.10% to 0.17%,         
October 17, 2013 # ## §      4,487,000  4,486,291 
U.S. Treasury Bills with effective yields ranging     
from 0.09% to 0.13%, April 3, 2014 # ##    3,100,000  3,097,387 
Total short-term investments (cost $23,981,838)    $23,984,088 
 
Total investments (cost $574,649,227)      $576,412,124 

 

Putnam VT Diversified Income Fund   19 

 


Key to holding’s currency abbreviations

AUD  Australian Dollar 
BRL  Brazilian Real 
CAD  Canadian Dollar 
CHF  Swiss Franc 
CLP  Chilean Peso 
EUR  Euro 
GBP  British Pound 
ILS  Israeli Shekel 
INR  Indian Rupee 
JPY  Japanese Yen 
MXN  Mexican Peso 
PLN  Polish Zloty 
RUB  Russian Ruble 
SEK  Swedish Krona 
USD/$  United States Dollar 

 

Key to holding’s abbreviations

bp  Basis Points 
EMTN  Euro Medium Term Notes 
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 
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 
JSC  Joint Stock Company 
MTN  Medium Term Notes 
OAO  Open Joint Stock Company 
OJSC  Open Joint Stock Company 
OTC  Over-the-counter 
PO  Principal Only 
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, 2013 through June 30, 2013 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.

* Percentages indicated are based on net assets of $415,222,888.

† Non-income-producing security.

†† The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.

‡‡ 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.

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

Δ Forward commitment, in part or in entirety (Note 1).

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).

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.

i Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts (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.

At the close of the reporting period, the fund maintained liquid assets totaling $144,969,959 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.

DIVERSIFICATION BY COUNTRY 

Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value)

United States  83.7%  Ireland  0.7% 
Russia  2.3  Brazil  0.7 
Mexico  1.7  Canada  0.6 
Venezuela  1.6  Ukraine  0.6 
Argentina  1.3  Germany  0.6 
Greece  1.2  Other  3.1 
United Kingdom  1.0  Total  100.0% 
Luxembourg  0.9   

 

FORWARD CURRENCY CONTRACTS at 6/30/13 (aggregate face value $225,032,750) (Unaudited)     
  Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
Bank of America N.A.             
  British Pound  Sell  9/18/13  $42,565  $42,918  $353 
  Canadian Dollar  Buy  7/17/13  2,155,365  2,215,377  (60,012) 
  Canadian Dollar  Sell  7/17/13  2,155,365  2,216,575  61,210 
  Chilean Peso  Buy  7/17/13  1,252,740  1,332,491  (79,751) 
  Chilean Peso  Sell  7/17/13  1,252,740  1,276,804  24,064 
  Euro  Buy  9/18/13  536,462  539,484  (3,022) 
  Japanese Yen  Sell  8/22/13  30,333  59,243  28,910 
  Peruvian New Sol  Buy  7/17/13  1,551,813  1,669,794  (117,981) 
  Peruvian New Sol  Sell  7/17/13  1,551,813  1,628,238  76,425 

 

20   Putnam VT Diversified Income Fund 

 


FORWARD CURRENCY CONTRACTS at 6/30/13 (aggregate face value $225,032,750) (Unaudited) cont.     
  Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
Bank of America N.A. cont.             
  Singapore Dollar  Sell  8/22/13  $1,431,132  $1,438,338  $7,206 
  South Korean Won  Buy  8/22/13  946,862  958,935  (12,073) 
  South Korean Won  Sell  8/22/13  946,862  948,882  2,020 
  Swiss Franc  Buy  9/18/13  527,604  541,531  (13,927) 
  Swiss Franc  Sell  9/18/13  527,604  526,595  (1,009) 
Barclays Bank PLC             
  Australian Dollar  Sell  7/17/13  2,549,697  2,652,955  103,258 
  Brazilian Real  Sell  7/17/13  416,982  351,252  (65,730) 
  British Pound  Sell  9/18/13  1,414,979  1,432,199  17,220 
  Canadian Dollar  Sell  7/17/13  1,082,245  1,090,275  8,030 
  Chilean Peso  Buy  7/17/13  1,878,260  1,968,982  (90,722) 
  Chilean Peso  Sell  7/17/13  1,878,260  1,924,541  46,281 
  Euro  Sell  9/18/13  4,462,922  4,511,115  48,193 
  Indonesian Rupiah  Sell  8/22/13  315,283  278,512  (36,771) 
  Japanese Yen  Sell  8/22/13  465,065  469,964  4,899 
  Malaysian Ringgit  Buy  8/22/13  1,507,022  1,594,713  (87,691) 
  Malaysian Ringgit  Sell  8/22/13  1,507,022  1,545,173  38,151 
  Mexican Peso  Sell  7/17/13  1,451,188  1,462,747  11,559 
  New Taiwan Dollar  Buy  8/22/13  326,186  330,990  (4,804) 
  New Taiwan Dollar  Sell  8/22/13  326,186  328,298  2,112 
  Norwegian Krone  Buy  9/18/13  1,038,829  1,038,679  150 
  Norwegian Krone  Sell  9/18/13  1,006,438  1,062,953  56,515 
  Polish Zloty  Sell  9/18/13  149,343  151,028  1,685 
  Russian Ruble  Buy  9/18/13  210,721  216,003  (5,282) 
  Russian Ruble  Sell  9/18/13  210,721  214,350  3,629 
  Singapore Dollar  Sell  8/22/13  2,377,487  2,382,186  4,699 
  Swedish Krona  Buy  9/18/13  1,097,645  1,137,947  (40,302) 
  Swedish Krona  Sell  9/18/13  1,097,645  1,119,342  21,697 
  Swiss Franc  Sell  9/18/13  2,933,921  2,930,130  (3,791) 
Citibank, N.A.             
  Australian Dollar  Buy  7/17/13  2,247,314  2,763,165  (515,851) 
  Brazilian Real  Sell  7/17/13  628,778  591,521  (37,257) 
  British Pound  Sell  9/18/13  995,258  1,000,889  5,631 
  Canadian Dollar  Buy  7/17/13  1,047,171  1,103,241  (56,070) 
  Euro  Buy  9/18/13  2,113,687  2,124,168  (10,481) 
  Japanese Yen  Sell  8/22/13  728,470  838,762  110,292 
  Mexican Peso  Buy  7/17/13  638,602  639,694  (1,092) 
  Mexican Peso  Sell  7/17/13  638,602  640,292  1,690 
  South African Rand  Buy  7/17/13  930,445  975,598  (45,153) 
  South African Rand  Sell  7/17/13  930,445  984,434  53,989 
  Swedish Krona  Buy  9/18/13  84,225  86,102  (1,877) 
  Swedish Krona  Sell  9/18/13  84,225  83,461  (764) 
  Swiss Franc  Sell  9/18/13  2,068,884  2,066,638  (2,246) 
  Thai Baht  Buy  8/22/13  995,501  1,052,183  (56,682) 
  Thai Baht  Sell  8/22/13  995,501  1,020,926  25,425 
  Turkish Lira  Sell  9/18/13  312,156  316,095  3,939 
Credit Suisse International             
  Australian Dollar  Buy  7/17/13  54,995  182,233  (127,238) 
  Brazilian Real  Buy  7/17/13  1,417,095  1,526,934  (109,839) 
  Brazilian Real  Sell  7/17/13  1,417,095  1,473,103  56,008 
  British Pound  Buy  9/18/13  914,993  922,899  (7,906) 
  Canadian Dollar  Buy  7/17/13  5,307,524  5,491,561  (184,037) 

 

Putnam VT Diversified Income Fund   21 

 


FORWARD CURRENCY CONTRACTS at 6/30/13 (aggregate face value $225,032,750) (Unaudited) cont.     
  Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
Credit Suisse International cont.             
  Canadian Dollar  Sell  7/17/13  $5,307,524  $5,462,979  $155,455 
  Chilean Peso  Buy  7/17/13  1,567,040  1,652,931  (85,891) 
  Chilean Peso  Sell  7/17/13  1,567,040  1,604,057  37,017 
  Chinese Yuan  Buy  8/22/13  1,402,542  1,392,875  9,667 
  Chinese Yuan  Sell  8/22/13  1,402,542  1,395,966  (6,576) 
  Czech Koruna  Sell  9/18/13  610,380  621,942  11,562 
  Euro  Sell  9/18/13  697,531  695,000  (2,531) 
  Indonesian Rupiah  Buy  8/22/13  325,382  330,927  (5,545) 
  Indonesian Rupiah  Sell  8/22/13  325,382  325,608  226 
  Japanese Yen  Buy  8/22/13  3,013,704  3,004,924  8,780 
  Mexican Peso  Sell  7/17/13  801,927  817,206  15,279 
  New Taiwan Dollar  Buy  8/22/13  326,186  329,461  (3,275) 
  New Taiwan Dollar  Sell  8/22/13  326,186  328,298  2,112 
  Norwegian Krone  Buy  9/18/13  355,766  429,973  (74,207) 
  Philippine Peso  Buy  8/22/13  716,247  753,816  (37,569) 
  Philippine Peso  Sell  8/22/13  716,247  731,497  15,250 
  Polish Zloty  Buy  9/18/13  944,341  980,348  (36,007) 
  Polish Zloty  Sell  9/18/13  944,341  968,251  23,910 
  Russian Ruble  Buy  9/18/13  148,843  152,557  (3,714) 
  Russian Ruble  Sell  9/18/13  148,843  151,383  2,540 
  South African Rand  Buy  7/17/13  1,245,072  1,280,747  (35,675) 
  South African Rand  Sell  7/17/13  1,245,072  1,292,857  47,785 
  Swedish Krona  Sell  9/18/13  1,389,588  1,440,126  50,538 
  Swiss Franc  Buy  9/18/13  1,176,726  1,154,202  22,524 
  Turkish Lira  Sell  9/18/13  312,156  316,276  4,120 
Deutsche Bank AG             
  Australian Dollar  Sell  7/17/13  1,366,111  1,429,946  63,835 
  Brazilian Real  Buy  7/17/13  917,574  977,383  (59,809) 
  Brazilian Real  Sell  7/17/13  917,574  953,701  36,127 
  British Pound  Sell  9/18/13  1,118,849  1,128,443  9,594 
  Canadian Dollar  Sell  7/17/13  361,097  390,168  29,071 
  Euro  Sell  9/18/13  1,935,040  1,946,516  11,476 
  Japanese Yen  Buy  8/22/13  1,046,721  980,880  65,841 
  Mexican Peso  Buy  7/17/13  4,406,968  4,622,439  (215,471) 
  Mexican Peso  Sell  7/17/13  4,406,968  4,592,323  185,355 
  Norwegian Krone  Buy  9/18/13  125,872  131,328  (5,456) 
  Norwegian Krone  Sell  9/18/13  125,872  125,980  108 
  Polish Zloty  Buy  9/18/13  396,900  403,072  (6,172) 
  Polish Zloty  Sell  9/18/13  396,900  407,145  10,245 
  Swedish Krona  Buy  9/18/13  436,754  457,455  (20,701) 
  Swiss Franc  Buy  9/18/13  1,082,859  1,089,712  (6,853) 
  Swiss Franc  Sell  9/18/13  1,082,859  1,081,244  (1,615) 
Goldman Sachs International             
  British Pound  Sell  9/18/13  549,391  554,174  4,783 
  Canadian Dollar  Sell  7/17/13  106,457  89,075  (17,382) 
  Euro  Sell  9/18/13  3,365,909  3,383,643  17,734 
  Japanese Yen  Sell  8/22/13  630,660  740,982  110,322 
  Norwegian Krone  Buy  9/18/13  269,394  269,650  (256) 
  Norwegian Krone  Sell  9/18/13  269,394  281,019  11,625 
HSBC Bank USA, National Association             
  Australian Dollar  Sell  7/17/13  2,397,957  2,492,802  94,845 
  British Pound  Sell  9/18/13  1,078,868  1,088,020  9,152 

 

22   Putnam VT Diversified Income Fund 

 


FORWARD CURRENCY CONTRACTS at 6/30/13 (aggregate face value $225,032,750) (Unaudited) cont.     
  Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
HSBC Bank USA, National Association cont.             
  Canadian Dollar  Sell  7/17/13  $1,391,539  $1,413,103  $21,564 
  Euro  Sell  9/18/13  2,620,070  2,613,509  (6,561) 
  Indian Rupee  Sell  8/22/13  515,802  535,710  19,908 
  Indonesian Rupiah  Sell  8/22/13  315,283  300,969  (14,314) 
  Japanese Yen  Buy  8/22/13  2,516,465  2,491,764  24,701 
  Norwegian Krone  Buy  9/18/13  1,078,822  1,068,995  9,827 
  Philippine Peso  Buy  8/22/13  319,697  336,598  (16,901) 
  Philippine Peso  Sell  8/22/13  319,697  323,072  3,375 
  Polish Zloty  Buy  9/18/13  311,925  324,020  (12,095) 
  Polish Zloty  Sell  9/18/13  311,925  320,826  8,901 
  Russian Ruble  Buy  9/18/13  412,438  419,798  (7,360) 
  Russian Ruble  Sell  9/18/13  412,438  422,666  10,228 
  South African Rand  Buy  7/17/13  930,445  975,224  (44,779) 
  South African Rand  Sell  7/17/13  930,445  984,015  53,570 
  Swedish Krona  Buy  9/18/13  1,016,904  1,057,971  (41,067) 
  Thai Baht  Buy  8/22/13  316,320  334,077  (17,757) 
  Thai Baht  Sell  8/22/13  316,320  321,354  5,034 
JPMorgan Chase Bank N.A.             
  Australian Dollar  Buy  7/17/13  2,676,405  3,233,582  (557,177) 
  Brazilian Real  Sell  7/17/13  411,489  379,273  (32,216) 
  British Pound  Sell  9/18/13  1,244,415  1,255,145  10,730 
  Canadian Dollar  Sell  7/17/13  1,666,140  1,689,053  22,913 
  Chilean Peso  Buy  7/17/13  1,573,968  1,656,431  (82,463) 
  Chilean Peso  Sell  7/17/13  1,573,968  1,593,309  19,341 
  Chinese Yuan  Buy  8/22/13  857,889  851,436  6,453 
  Chinese Yuan  Sell  8/22/13  857,889  853,686  (4,203) 
  Czech Koruna  Sell  9/18/13  610,380  620,912  10,532 
  Euro  Sell  9/18/13  3,165,257  3,168,653  3,396 
  Japanese Yen  Sell  8/22/13  1,773,570  1,876,196  102,626 
  Malaysian Ringgit  Buy  8/22/13  1,141,701  1,181,812  (40,111) 
  Malaysian Ringgit  Sell  8/22/13  1,141,701  1,170,952  29,251 
  Mexican Peso  Sell  7/17/13  1,824,876  1,841,923  17,047 
  New Taiwan Dollar  Buy  8/22/13  326,186  329,285  (3,099) 
  New Taiwan Dollar  Sell  8/22/13  326,186  328,519  2,333 
  Norwegian Krone  Buy  9/18/13  1,512,291  1,534,170  (21,879) 
  Polish Zloty  Buy  9/18/13  67,992  76,132  (8,140) 
  Russian Ruble  Sell  9/18/13  34,333  30,833  (3,500) 
  Singapore Dollar  Sell  8/22/13  2,377,487  2,374,185  (3,302) 
  South African Rand  Buy  7/17/13  320,461  317,962  2,499 
  South African Rand  Sell  7/17/13  320,461  316,825  (3,636) 
  South Korean Won  Buy  8/22/13  949,455  961,289  (11,834) 
  South Korean Won  Sell  8/22/13  949,455  952,056  2,601 
  Swedish Krona  Buy  9/18/13  1,048,864  1,061,133  (12,269) 
  Swedish Krona  Sell  9/18/13  1,048,864  1,068,608  19,744 
  Swiss Franc  Sell  9/18/13  521,353  520,559  (794) 
State Street Bank and Trust Co.             
  Australian Dollar  Sell  7/17/13  1,377,987  1,422,589  44,602 
  Brazilian Real  Sell  7/17/13  431,230  382,724  (48,506) 
  British Pound  Sell  9/18/13  1,052,721  1,065,606  12,885 
  Canadian Dollar  Sell  7/17/13  118,528  91,050  (27,478) 
  Chilean Peso  Sell  7/17/13  585,403  528,455  (56,948) 
  Colombian Peso  Buy  7/17/13  1,276,932  1,337,659  (60,727) 

 

Putnam VT Diversified Income Fund   23 

 


FORWARD CURRENCY CONTRACTS at 6/30/13 (aggregate face value $225,032,750) (Unaudited) cont.     
  Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
State Street Bank and Trust Co. cont.             
  Colombian Peso  Sell  7/17/13  $1,276,932  $1,296,927  $19,995 
  Czech Koruna  Sell  9/18/13  610,380  621,039  10,659 
  Euro  Buy  9/18/13  301,174  321,325  (20,151) 
  Japanese Yen  Sell  8/22/13  2,402,140  2,485,114  82,974 
  Mexican Peso  Sell  7/17/13  677,894  659,188  (18,706) 
  Norwegian Krone  Buy  9/18/13  378,077  400,471  (22,394) 
  Polish Zloty  Buy  9/18/13  321,480  327,996  (6,516) 
  Polish Zloty  Sell  9/18/13  321,480  332,046  10,566 
  Singapore Dollar  Sell  8/22/13  2,532,846  2,531,218  (1,628) 
  South Korean Won  Buy  8/22/13  629,068  628,245  823 
  South Korean Won  Sell  8/22/13  629,068  619,864  (9,204) 
  Swedish Krona  Buy  9/18/13  1,135,396  1,160,302  (24,906) 
  Swiss Franc  Buy  9/18/13  757,185  754,843  2,342 
UBS AG             
  Australian Dollar  Sell  7/17/13  1,468,245  1,413,609  (54,636) 
  British Pound  Sell  9/18/13  549,847  554,515  4,668 
  Canadian Dollar  Sell  7/17/13  41,252  53,077  11,825 
  Chilean Peso  Buy  7/17/13  1,256,069  1,312,605  (56,536) 
  Chilean Peso  Sell  7/17/13  1,256,069  1,281,216  25,147 
  Euro  Sell  9/18/13  121,225  120,704  (521) 
  Japanese Yen  Sell  8/22/13  817,305  874,325  57,020 
  Mexican Peso  Sell  7/17/13  1,286,214  1,276,722  (9,492) 
  New Taiwan Dollar  Buy  8/22/13  660,998  673,537  (12,539) 
  New Taiwan Dollar  Sell  8/22/13  660,998  666,061  5,063 
  Norwegian Krone  Buy  9/18/13  798,018  835,705  (37,687) 
  Philippine Peso  Buy  8/22/13  630,560  660,748  (30,188) 
  Philippine Peso  Sell  8/22/13  630,560  645,060  14,500 
  Polish Zloty  Buy  9/18/13  623,880  648,071  (24,191) 
  Polish Zloty  Sell  9/18/13  623,880  642,357  18,477 
  Russian Ruble  Sell  9/18/13  198,307  199,141  834 
  Singapore Dollar  Sell  8/22/13  2,377,486  2,369,673  (7,813) 
  Swedish Krona  Sell  9/18/13  1,029,601  1,057,991  28,390 
  Swiss Franc  Sell  9/18/13  3,492,037  3,486,862  (5,175) 
WestPac Banking Corp.             
  Australian Dollar  Buy  7/17/13  867,409  1,102,272  (234,863) 
  British Pound  Sell  9/18/13  386,429  391,787  5,358 
  Canadian Dollar  Sell  7/17/13  861,348  858,805  (2,543) 
  Euro  Sell  9/18/13  2,329,184  2,342,255  13,071 
  Japanese Yen  Sell  8/22/13  2,876,233  3,049,413  173,180 
  Mexican Peso  Buy  7/17/13  3,514,388  3,676,696  (162,308) 
  Mexican Peso  Sell  7/17/13  3,514,388  3,680,547  166,159 
Total            $(1,277,949) 

 

24   Putnam VT Diversified Income Fund 

 


       
FUTURES CONTRACTS       
OUTSTANDING   Unrealized 
at 6/30/13/  Number of    Expiration  appreciation/ 
(Unaudited)  contracts  Value  date  (depreciation) 
Australian Government         
Treasury Bond 10 yr (Short)  2  $216,547  Sep-13  $6,732 
Canadian Government Bond         
10 yr (Long)  32  3,998,403  Sep-13  (143,737) 
Euro-Bobl 5 yr (Long)  9  1,466,699  Sep-13  (8,344) 
Euro-Bund 10 yr (Short)  34  6,263,121  Sep-13  76,632 
Euro-Buxl 30 yr (Short)  11  1,840,454  Sep-13  22,381 
Japanese Government Bond         
10 yr (Short)  3  4,316,394  Sep-13  14,505 
Japanese Government Bond         
10 yr Mini (Long)  12  1,725,469  Sep-13  (6,945) 
U.K. Gilt 10 yr (Short)  5  850,971  Sep-13  34,740 
U.S. Treasury Bond 30 yr         
(Long)  65  8,829,844  Sep-13  (12,749) 
U.S. Treasury Note 10 yr         
(Long)  187  23,667,188  Sep-13  (87,105) 
Total        $(103,890) 

 

TBA SALE COMMITMENTS OUTSTANDING       
at 6/30/13 (proceeds receivable       
$84,428,360) (Unaudited)   
  Principal  Settlement 
Agency  amount  date  Value 
Federal National Mortgage Association,       
4s, July 1, 2043  $5,000,000  7/15/13  $5,210,547 
Federal National Mortgage Association,       
3 1/2s, July 1, 2043  22,000,000  7/15/13  22,343,750 
Federal National Mortgage Association,       
3 1/2s, June 1, 2043  35,000,000  6/13/13  35,589,257 
Federal National Mortgage Association,       
3s, July 1, 2043  20,000,000  7/15/13  19,556,250 
Total      $82,699,804 

OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited)

    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) 
Bank of America N.A.           
  $39,997,300 E  $(426,966)  9/18/23  2.20%  3 month  $1,694,090 
          USD-LIBOR-BBA   
  38,030,000 E  626,996  9/18/23  3 month USD-LIBOR-BBA  2.20%  (1,389,734) 
CAD  5,524,000  —  5/1/23  3 month CAD-BA-CDOR  2.135%  (352,619) 
CAD  13,692,000  —  4/26/23  2.17%  3 month  828,629 
          CAD-BA-CDOR   
CAD  2,080,000  —  6/3/23  2.515%  3 month  69,910 
          CAD-BA-CDOR   
Barclays Bank PLC           
  $1,456,000  25,043  6/19/23  3 month USD-LIBOR-BBA  2.00%  (65,556) 
  1,820,000  (273)  6/19/15  0.40%  3 month  3,345 
          USD-LIBOR-BBA   
  39,887,000 E  (15,281)  9/18/18  3 month USD-LIBOR-BBA  1.15%  (1,068,696) 
  48,603,000 E  98,178  9/18/15  3 month USD-LIBOR-BBA  0.45%  (40,340) 
  309,081,000 E  69,271  9/18/15  0.45%  3 month  950,152 
          USD-LIBOR-BBA   
  4,694,000 E  54,523  9/18/23  3 month USD-LIBOR-BBA  2.20%  (194,400) 
  2,173,000 E  6,615  9/18/43  3.15%  3 month  146,534 
          USD-LIBOR-BBA   
  35,937,000 E  (233,643)  9/18/23  2.20%  3 month  1,672,097 
          USD-LIBOR-BBA   
  32,646,000  —  6/5/20  1.78%  3 month  702,927 
          USD-LIBOR-BBA   
  17,126,000  —  6/5/28  3 month USD-LIBOR-BBA  2.87125%  (586,800) 
AUD  5,051,000  —  5/3/23  3.7425%  6 month AUD-BBR-  204,269 
          BBSW   
AUD  4,266,000  —  5/22/23  3.86%  6 month AUD-BBR-  138,513 
          BBSW   
EUR  26,987,000  —  10/16/22  1.747%  6 month  104,821 
          EUR-EURIBOR-   
          REUTERS   
EUR  53,658,000 E  —  8/3/17  1 month EUR-EONIA-OIS-COMPOUND  1.41727%  25,842 
EUR  4,839,000  —  5/21/23  1.567%  6 month  236,179 
          EUR-EURIBOR-Telerate   
EUR  9,407,000  —  5/22/23  6 month EUR-EURIBOR-Telerate  1.595%  (427,185) 

 

Putnam VT Diversified Income Fund   25 

 


OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) 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) 
Barclays Bank PLC cont.           
EUR  1,617,000  $—  5/31/23  1.751%  6 month  $43,910 
          EUR-EURIBOR-Telerate   
EUR  1,695,000  —  6/6/23  1.779%  6 month  41,385 
          EUR-EURIBOR-Telerate   
GBP  3,732,000  —  8/15/31  3.60%  6 month  (454,178) 
          GBP-LIBOR-BBA   
GBP  6,108,000  —  5/20/23  1.995%  6 month  446,703 
          GBP-LIBOR-BBA   
GBP  2,129,000  —  5/29/23  2.091%  6 month  129,170 
          GBP-LIBOR-BBA   
JPY  434,005,000  —  5/13/23  6 month JPY-LIBOR-BBA  0.7375%  (112,069) 
JPY  333,718,000  —  5/24/43  6 month JPY-LIBOR-BBA  1.95%  1,963 
JPY  1,115,524,000  —  5/29/43  1.965%  6 month  (84,991) 
          JPY-LIBOR-BBA   
SEK  11,491,000  —  5/2/23  2.065%  3 month  96,021 
          SEK-STIBOR-SIDE   
SEK  26,086,000  —  5/10/23  2.195%  3 month  174,106 
          SEK-STIBOR-SIDE   
SEK  34,120,000  —  5/16/23  2.1835%  3 month  234,512 
          SEK-STIBOR-SIDE   
Citibank, N.A.          
  $6,357,000 E  (67,936)  9/18/43  3 month USD-LIBOR-BBA  3.15%  (477,263) 
  28,013,000 E  4,495  9/18/15  0.45%  3 month  84,332 
          USD-LIBOR-BBA   
  11,482,000 E  16,733  9/18/18  1.15%  3 month  319,972 
          USD-LIBOR-BBA   
  13,823,000 E  35,285  9/18/23  2.20%  3 month  768,319 
          USD-LIBOR-BBA   
GBP  4,837,000  —  4/26/23  6 month GBP-LIBOR-BBA  1.815%  (461,047) 
PLN  5,226,000  —  1/17/23  3.84%  6 month  34,577 
          PLN-WIBOR-WIBO   
Credit Suisse International           
  $107,019,000 E  50,721  9/18/18  1.15%  3 month  2,877,093 
          USD-LIBOR-BBA   
  8,137,000 E  13,930  9/18/15  3 month USD-LIBOR-BBA  0.45%  (9,260) 
  74,433,500 E  378,308  9/18/23  3 month USD-LIBOR-BBA  2.20%  (3,568,901) 
  4,936,900 E  (100,022)  9/18/23  2.20%  3 month  161,782 
          USD-LIBOR-BBA   
  20,505,000 E  (15,676)  9/18/15  0.45%  3 month  42,764 
          USD-LIBOR-BBA   
  4,155,000 E  30,611  9/18/43  3.15%  3 month  298,152 
          USD-LIBOR-BBA   
AUD  7,718,000  —  4/26/23  6 month AUD-BBR-BBSW  3.8725%  (235,967) 
AUD  4,761,000  —  5/10/23  6 month AUD-BBR-BBSW  3.73%  (197,921) 
AUD  4,316,000  —  5/23/23  3.88%  6 month  133,739 
          AUD-BBR-BBSW   
CAD  3,246,000  —  5/6/23  3 month CAD-BA-CDOR  2.2625%  (173,164) 
CAD  3,580,000  —  4/25/23  3 month CAD-BA-CDOR  2.208%  (204,824) 
CAD  8,180,000  —  4/29/23  3 month CAD-BA-CDOR  2.15%  (510,144) 
CAD  2,723,000  —  6/20/23  3 month CAD-BA-CDOR  2.825%  (22,680) 
CHF  5,228,000  —  5/3/23  1.0075%  6 month  244,600 
          CHF-LIBOR-BBA   
CHF  5,228,000  —  5/3/23  1.01875%  6 month  238,688 
          CHF-LIBOR-BBA   

 

26   Putnam VT Diversified Income Fund 

 


OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) 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) 
Credit Suisse International cont.           
EUR  18,240,000  $—  6/28/14  0.85%  6 month  $(97,723) 
          EUR-EURIBOR-   
          REUTERS   
EUR  15,044,000  —  5/22/23  6 month EUR-EURIBOR-Telerate  1.601%  (672,075) 
EUR  3,244,000  —  5/27/23  1.643%  6 month  130,097 
          EUR-EURIBOR-Telerate   
GBP  3,684,000  —  5/20/23  6 month GBP-LIBOR-BBA  2.0025%  (265,511) 
SEK  26,241,000  —  5/2/23  2.07%  3 month  217,519 
          SEK-STIBOR-SIDE   
SEK  31,497,000  —  5/27/23  3 month SEK-STIBOR-SIDE  2.2275%  (201,036) 
SEK  22,999,000  —  6/3/23  3 month SEK-STIBOR-SIDE  2.3475%  (111,228) 
Deutsche Bank AG           
  $11,879,000 E  (1,164)  9/18/15  3 month USD-LIBOR-BBA  0.45%  (35,019) 
  1,704,000 E  (1,229)  9/18/18  3 month USD-LIBOR-BBA  1.15%  (46,232) 
  21,126,000 E  9,870  9/18/23  3 month USD-LIBOR-BBA  2.20%  (1,110,442) 
  95,000 E  331  9/18/43  3.15%  3 month  6,448 
          USD-LIBOR-BBA   
Goldman Sachs International           
  2,365,000 E  (27,505)  9/18/18  1.15%  3 month  34,955 
          USD-LIBOR-BBA   
  24,513,000  —  5/21/23  3 month USD-LIBOR-BBA  2.077%  (1,283,594) 
  12,273,000  —  5/22/23  2.06875%  3 month  652,706 
          USD-LIBOR-BBA   
  17,778,000 E  133,928  9/18/43  3 month USD-LIBOR-BBA  3.15%  (1,010,798) 
  22,170,900 E  (213,450)  9/18/23  2.20%  3 month  962,272 
          USD-LIBOR-BBA   
  20,880,000 E  1,905  9/18/15  3 month USD-LIBOR-BBA  0.45%  (57,603) 
  349,000 E  673  9/18/18  3 month USD-LIBOR-BBA  1.15%  (8,544) 
  19,670,900 E  325,539  9/18/23  3 month USD-LIBOR-BBA  2.20%  (717,609) 
AUD  4,037,000  —  5/1/23  3.775%  6 month  153,430 
          AUD-BBR-BBSW   
AUD  15,380,000  —  4/26/23  6 month AUD-BBR-BBSW  3.8825%  (458,417) 
AUD  2,753,000  —  5/27/23  3.955%  6 month  69,949 
          AUD-BBR-BBSW   
CAD  4,522,000  —  4/25/23  3 month CAD-BA-CDOR  2.2069%  (259,158) 
CAD  6,199,000  —  5/23/23  2.41%  3 month  259,016 
          CAD-BA-CDOR   
CAD  3,221,000  —  5/30/23  2.534%  3 month  101,934 
          CAD-BA-CDOR   
CHF  14,231,000  —  5/2/23  6 month CHF-LIBOR-BBA  1.008%  (664,055) 
CHF  4,187,000  —  5/13/23  1.0325%  6 month  188,505 
          CHF-LIBOR-BBA   
CHF  3,387,000  —  5/16/23  1.065%  6 month  141,900 
          CHF-LIBOR-BBA   
CHF  2,152,000  —  7/1/23  6 month CHF-LIBOR-BBA  1.5175%  23 
CHF  7,500,000  —  7/2/23  6 month CHF-LIBOR-BBA  1.515%  (1,985) 
EUR  8,610,000  —  10/18/22  1.818%  6 month  (40,694) 
          EUR-EURIBOR-   
          REUTERS   
EUR  231,753,000 E  —  8/16/17  1 year EUR-EONIA-OIS-COMPOUND  1.102%  (841,635) 
EUR  56,223,000  —  8/30/14  1 year EUR-EONIA-OIS-COMPOUND  0.11%  (45,702) 
EUR  56,223,000  —  8/30/14  0.309%  3 month  (149,747) 
          EUR-EURIBOR-   
          REUTERS   
EUR  56,223,000  —  8/31/14  1 year EUR-EONIA-OIS-COMPOUND  0.11%  (45,710) 

 

Putnam VT Diversified Income Fund   27 

 


OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) 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) 
Goldman Sachs International cont.        
EUR  56,223,000  $—  8/31/14  0.314%  3 month  $(156,970) 
          EUR-EURIBOR-   
          REUTERS   
EUR  56,223,000  —  9/3/14  1 year EUR-EONIA-OIS-COMPOUND  0.086%  (83,128) 
EUR  56,223,000  —  9/3/14  0.283%  3 month  (108,770) 
          EUR-EURIBOR-   
          REUTERS   
EUR  6,812,000  —  2/22/23  6 month EUR-EURIBOR-Telerate  1.9135%  11,470 
EUR  32,204,000  —  2/22/15  0.59%  6 month  (60,517) 
          EUR-EURIBOR-Telerate   
EUR  9,382,000  —  5/22/23  1.595%  6 month  426,050 
          EUR-EURIBOR-Telerate   
GBP  3,732,000  —  9/23/31  6 month GBP-LIBOR-BBA  3.1175%  23,404 
GBP  6,714,000  —  5/20/23  6 month GBP-LIBOR-BBA  1.9963%  (489,782) 
GBP  2,983,000  —  5/23/23  2.01625%  6 month  209,898 
          GBP-LIBOR-BBA   
GBP  2,642,000  —  5/30/23  2.0475%  6 month  176,567 
          GBP-LIBOR-BBA   
JPY  516,063,000  —  5/28/23  1.015%  6 month  (4,557) 
          JPY-LIBOR-BBA   
SEK  28,404,000  —  5/27/23  3 month SEK-STIBOR-SIDE  2.2375%  (177,484) 
JPMorgan Chase Bank N.A.           
  $12,279,000  —  2/28/18  0.92%  3 month  256,806 
          USD-LIBOR-BBA   
  8,466,000 E  (20,389)  9/18/18  1.15%  3 month  203,198 
          USD-LIBOR-BBA   
  63,463,200 E  (684,145)  9/18/23  2.20%  3 month  2,681,308 
          USD-LIBOR-BBA   
  21,847,900 E  481,648  9/18/23  3 month USD-LIBOR-BBA  2.20%  (676,946) 
  4,783,000 E  (1,155)  9/18/15  0.45%  3 month  12,477 
          USD-LIBOR-BBA   
  3,489,000  —  6/7/23  3 month USD-LIBOR-BBA  2.343%  (103,138) 
AUD  4,787,000  —  4/30/23  3.805%  6 month  170,747 
          AUD-BBR-BBSW   
AUD  5,906,000  —  4/26/23  6 month AUD-BBR-BBSW  3.8875%  (173,714) 
CAD  4,790,000  —  9/21/21  2.3911%  3 month  101,317 
          CAD-BA-CDOR   
CAD  12,838,000  —  2/26/18  3 month CAD-BA-CDOR  1.65%  (276,340) 
CAD  4,021,000  —  6/26/23  3 month CAD-BA-CDOR  2.9775%  16,915 
CAD  5,319,000  —  4/26/23  2.1706%  3 month  321,643 
          CAD-BA-CDOR   
CAD  5,109,000  —  5/15/23  2.384%  3 month  222,237 
          CAD-BA-CDOR   
CAD  2,270,000  —  6/14/23  2.6025%  3 month  60,891 
          CAD-BA-CDOR   
GBP  5,714,000  —  2/20/23  2.226%  6 month  167,617 
          GBP-LIBOR-BBA   
GBP  28,206,000  —  2/20/15  6 month GBP-LIBOR-BBA  0.668%  (55,178) 
ILS  12,197,000  —  6/19/23  3 month TELBOR03  3.41%  (73,194) 
ILS  5,950,000  —  6/21/23  3 month TELBOR03  3.59%  (11,042) 
JPY  548,426,000  —  5/7/43  1.74375%  6 month  255,201 
          JPY-LIBOR-BBA   
JPY  514,340,000  —  6/3/43  6 month JPY-LIBOR-BBA  1.945%  1,661 
JPY  146,255,000  —  6/7/43  1.955%  6 month  (1,644) 
          JPY-LIBOR-BBA   

 

28  Putnam VT Diversified Income Fund 

 


OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) 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. cont.        
PLN  5,226,000  $—  1/16/23  3.855%  6 month  $27,495 
          PLN-WIBOR-WIBO   
PLN  5,226,000  —  1/21/23  3.81%  6 month  38,893 
          PLN-WIBOR-WIBO   
Royal Bank of Scotland PLC (The)        
  $2,269,000  (30,062)  6/19/23  2.00%  3 month  111,124 
          USD-LIBOR-BBA   
Total            $350,109 

E Extended effective date.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited)

    Upfront        Unrealized 
    premium  Termination  Payments made by  Payments received by  appreciation/ 
Notional amount received (paid)  date  fund per annum  fund per annum  (depreciation) 
  $12,000,100 E  $(197,931)  9/18/23  2.20%  3 month  $438,434 
          USD-LIBOR-BBA   
  34,246,500 E  915,921  9/18/23  3 month USD-LIBOR-BBA  2.20%  (900,171) 
  10,529,300  (14,617)  6/21/23  3 month USD-LIBOR-BBA  2.3625%  (321,748) 
  42,117,300  106,843  7/2/23  3 month USD-LIBOR-BBA  2.58%  (338,337) 
  1,395,000 E  6,972  9/18/15  3 month USD-LIBOR-BBA  0.45%  2,996 
  10,571,000 E  (43,972)  9/18/15  0.45%  3 month  (13,845) 
          USD-LIBOR-BBA   
  14,236,000 E  (391,366)  9/18/23  2.20%  3 month  363,570 
          USD-LIBOR-BBA   
  2,108,000  (28)  6/10/23  3 month USD-LIBOR-BBA  2.27%  (77,298) 
GBP  10,679,000 E  (89)  12/24/18  2.04%  6 month  (205,228) 
          GBP-LIBOR-BBA   
GBP  11,241,000 E  (140)  12/24/23  6 month GBP-LIBOR-BBA  2.8675%  226,053 
GBP  2,526,000 E  (70)  12/24/43  3.46%  6 month  (44,444) 
          GBP-LIBOR-BBA   
  $14,261,500  (299)  7/2/28  3.20125%  3 month  (66,758) 
          USD-LIBOR-BBA   
  15,421,000 E  41,956  9/18/15  3 month USD-LIBOR-BBA  0.45%  (1,993) 
  9,254,000 E  338,059  9/18/23  3 month USD-LIBOR-BBA  2.20%  (152,681) 
  31,544,000 E  (1,251,999)  9/18/23  2.20%  3 month  420,781 
          USD-LIBOR-BBA   
  34,151,000 E  (85,720)  9/18/15  0.45%  3 month  11,611 
          USD-LIBOR-BBA   
  5,000,000  (66)  7/2/23  2.7025%  3 month  (3,316) 
          USD-LIBOR-BBA   
  27,187,500  (310)  7/2/20  3 month USD-LIBOR-BBA  2.1650%  43,163 
  27,800,000  (224)  6/26/18  1.765%  3 month  (294,812) 
          USD-LIBOR-BBA   
  7,100,000  (241)  6/26/43  3.55%  3 month  (159,030) 
          USD-LIBOR-BBA   
  30,000,000  (396)  6/26/23  3 month USD-LIBOR-BBA  2.875%  518,330 
EUR  11,800,000  (209)  6/20/23  1.835%  6 month  224,711 
          EUR-EURIBOR-Telerate   
EUR  16,200,000 E  (236)  7/2/23  2.895%  6 month  (21,955) 
          EUR-EURIBOR-Telerate   
EUR  2,623,000  (45)  7/2/23  2.0125%  6 month  (3,084) 
          EUR-EURIBOR-Telerate   
GBP  10,679,000 E  (156)  9/10/18  6 month GBP-LIBOR-BBA  1.38%  (209,194) 
GBP  1,396,000  (29)  6/6/23  2.10%  6 month  84,228 
          GBP-LIBOR-BBA   
GBP  2,526,000 E  (134)  9/10/43  6 month GBP-LIBOR-BBA  3.17875%  (140,979) 

 

Putnam VT Diversified Income Fund   29 

 


CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

    Upfront        Unrealized 
    premium  Termination  Payments made by  Payments received by  appreciation/ 
Notional amount received (paid)  date  fund per annum  fund per annum  (depreciation) 
GBP  11,241,000 E  $(247)  9/10/23  2.29%  6 month  $522,237 
          GBP-LIBOR-BBA   
JPY  174,043,000  (60)  7/1/43  6 month JPY-LIBOR-BBA  1.871%  (31,015) 
  $17,604,000 E  (468,798)  9/18/23  2.20%  3 month  464,742 
          USD-LIBOR-BBA   
  10,696,000 E  12,694  9/18/15  3 month USD-LIBOR-BBA  0.45%  (17,789) 
  11,397,000  (239)  6/12/28  3 month USD-LIBOR-BBA  2.93%  (313,524) 
  21,729,000  (248)  6/12/20  1.8675%  3 month  354,349 
          USD-LIBOR-BBA   
  14,261,500  (299)  6/28/28  3.2625%  3 month  (184,097) 
          USD-LIBOR-BBA   
  27,187,500  (310)  6/28/20  3 month USD-LIBOR-BBA  2.24%  189,710 
JPY  254,664,000  (91)  6/21/43  1.8975%  6 month  26,533 
          JPY-LIBOR-BBA   
Total            $390,150 

E Extended effective date.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited)

  Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Bank of America N.A.           
$1,357,997  $—  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  $27,244 
        30 year Fannie Mae pools   
473,112  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  9,491 
        30 year Fannie Mae pools   
7,601,602  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (196,084) 
        30 year Fannie Mae pools   
1,772,137  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  45,713 
        30 year Fannie Mae pools   
Barclays Bank PLC           
542,825  —  1/12/40  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  609 
        30 year Fannie Mae pools   
1,217,016  —  1/12/42  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  20,801 
        30 year Fannie Mae pools   
1,043,895  —  1/12/40  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  1,172 
        30 year Fannie Mae pools   
905,576  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  875 
        30 year Fannie Mae pools   
2,578,381  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  51,726 
        30 year Fannie Mae pools   
9,519,313  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  190,972 
        30 year Fannie Mae pools   
600,591  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  12,049 
        30 year Fannie Mae pools   
3,671,233  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (12,756) 
        30 year Fannie Mae pools   
343,129  —  1/12/40  4.00% (1 month USD-LIBOR)  Synthetic MBX Index 4.00%  (3,387) 
        30 year Fannie Mae pools   
1,388,400  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  27,853 
        30 year Fannie Mae pools   
124,812  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  2,504 
        30 year Fannie Mae pools   
557,620  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  538 
        30 year Fannie Mae pools   

 

30   Putnam VT Diversified Income Fund 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

  Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
 
Barclays Bank PLC cont.           
$3,903,343  $—  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  $3,770 
        30 year Fannie Mae pools   
2,391,163  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  47,970 
        30 year Fannie Mae pools   
1,191,353  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  18,091 
        30 year Fannie Mae pools   
3,202,418  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (11,127) 
        30 year Fannie Mae pools   
2,980,481  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  2,878 
        30 year Fannie Mae pools   
884,808  —  1/12/40  4.00% (1 month USD-LIBOR)  Synthetic MBX Index 4.00%  (8,734) 
        30 year Fannie Mae pools   
154,970  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  1,789 
        30 year Fannie Mae pools   
850,235  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (2,954) 
        30 year Fannie Mae pools   
7,240,000  —  4/7/16  (2.63%)  USA Non Revised  (266,497) 
        Consumer Price Index-   
        Urban (CPI-U)   
379,740  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  367 
        30 year Fannie Mae pools   
2,061,231  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  53,170 
        30 year Fannie Mae pools   
1,899,763  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic MBX Index 3.50%  (31,717) 
        30 year Fannie Mae pools   
845,413  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic MBX Index 3.50%  (14,114) 
        30 year Fannie Mae pools   
3,440,863  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  69,029 
        30 year Fannie Mae pools   
456,168  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  797 
        30 year Ginnie Mae II pools   
2,788,102  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  2,693 
        30 year Fannie Mae pools   
2,497,891  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (8,679) 
        30 year Fannie Mae pools   
1,969,742  —  1/12/40  4.00% (1 month USD-LIBOR)  Synthetic MBX Index 4.00%  (19,442) 
        30 year Fannie Mae pools   
1,351,608  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (4,696) 
        30 year Fannie Mae pools   
2,368,760  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  47,521 
        30 year Fannie Mae pools   
675,622  —  1/12/40  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (14,927) 
        30 year Fannie Mae pools   
425,909  —  1/12/40  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  478 
        30 year Fannie Mae pools   
1,136,109  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  22,792 
        30 year Fannie Mae pools   
3,268,589  —  1/12/40  4.50% (1 month USD-LIBOR)  Synthetic MBX Index 4.50%  (18,127) 
        30 year Fannie Mae pools   
12,770,066  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  12,332 
        30 year Fannie Mae pools   
1,207,733  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic MBX Index 3.50%  (20,163) 
        30 year Fannie Mae pools   
2,644,794  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  2,554 
        30 year Fannie Mae pools   
475,618  —  1/12/40  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  534 
        30 year Fannie Mae pools   

 

Putnam VT Diversified Income Fund   31 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

  Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Barclays Bank PLC cont.           
$1,542,181  $—  1/12/40  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  $1,731 
        30 year Fannie Mae pools   
1,118,260  —  1/12/40  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  1,255 
        30 year Fannie Mae pools   
4,154,527  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (107,167) 
        30 year Fannie Mae pools   
144,561  —  1/12/39  (6.00%) 1 month USD-LIBOR  Synthetic MBX Index 6.00%  100 
        30 year Fannie Mae pools   
148,458  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (516) 
        30 year Fannie Mae pools   
7,647,921  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (26,573) 
        30 year Fannie Mae pools   
5,019,984  —  1/12/39  (6.00%) 1 month USD-LIBOR  Synthetic MBX Index 6.00%  3,484 
        30 year Fannie Mae pools   
5,462,862  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic MBX Index 6.50%  18,981 
        30 year Fannie Mae pools   
3,585,681  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic MBX Index 6.00%  (2,489) 
        30 year Fannie Mae pools   
4,657,559  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (120,142) 
        30 year Fannie Mae pools   
716,471  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (18,481) 
        30 year Fannie Mae pools   
1,817,241  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (36,457) 
        30 year Fannie Mae pools   
1,197,833  —  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (7,276) 
        30 year Fannie Mae pools   
598,992  —  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (3,639) 
        30 year Fannie Mae pools   
598,992  —  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (3,639) 
        30 year Fannie Mae pools   
1,772,137  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  45,713 
        30 year Fannie Mae pools   
1,202,047  —  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (7,302) 
        30 year Fannie Mae pools   
3,121,980  —  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (18,965) 
        30 year Fannie Mae pools   
1,202,047  —  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (7,302) 
        30 year Fannie Mae pools   
2,966,151  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (59,506) 
        30 year Fannie Mae pools   
83,924  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (292) 
        30 year Fannie Mae pools   
3,494,735  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  70,110 
        30 year Fannie Mae pools   
2,781,067  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (55,793) 
        30 year Fannie Mae pools   
1,333,007  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic TRS Index 5.00%  42,859 
        30 year Ginnie Mae II pools   
802,135  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic TRS Index 5.00%  25,791 
        30 year Ginnie Mae II pools   
834,758  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  806 
        30 year Ginnie Mae II pools   
1,017,769  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic TRS Index 5.00%  32,724 
        30 year Ginnie Mae II pools   
2,429,161  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (8,440) 
        30 year Fannie Mae pools   
757,555  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  19,541 
        30 year Fannie Mae pools   

 

32   Putnam VT Diversified Income Fund 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

  Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Barclays Bank PLC cont.           
$1,740,985  $—  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  $20,094 
        30 year Fannie Mae pools   
249,746  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  2,882 
        30 year Fannie Mae pools   
2,400,030  (5,438)  1/12/39  (5.50%) 1 month USD-LIBOR  Synthetic MBX Index 5.50%  (20,017) 
        30 year Fannie Mae pools   
1,364,775  640  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (765) 
        30 year Fannie Mae pools   
Citibank, N.A.           
1,696,839  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  1,639 
        30 year Fannie Mae pools   
3,903,343  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  3,770 
        30 year Fannie Mae pools   
2,655,389  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  2,564 
        30 year Fannie Mae pools   
1,462,540  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  29,341 
        30 year Fannie Mae pools   
2,236,590  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (57,693) 
        30 year Fannie Mae pools   
1,670,294  —  1/12/41  (3.50%) 1 month USD-LIBOR  Synthetic TRS Index 3.50%  (20,018) 
        30 year Fannie Mae pools   
3,628,081  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (72,785) 
        30 year Fannie Mae pools   
Credit Suisse International           
1,115,241  —  1/12/41  5.00% (1 month USD-LIBOR)  Synthetic MBX Index 5.00%  1,077 
        30 year Fannie Mae pools   
10,027,804  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic MBX Index 3.50%  (167,414) 
        30 year Fannie Mae pools   
2,507,253  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic MBX Index 3.50%  (41,859) 
        30 year Fannie Mae pools   
817,678  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  16,404 
        30 year Fannie Mae pools   
1,591,659  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (5,530) 
        30 year Fannie Mae pools   
472,579  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  9,481 
        30 year Fannie Mae pools   
2,242,759  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic MBX Index 3.50%  (37,443) 
        30 year Fannie Mae pools   
2,621,585  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (52,593) 
        30 year Fannie Mae pools   
1,368,308  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  35,296 
        30 year Fannie Mae pools   
1,772,137  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  45,713 
        30 year Fannie Mae pools   
3,494,202  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  70,099 
        30 year Fannie Mae pools   
757,555  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  19,541 
        30 year Fannie Mae pools   
3,831,301  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (76,862) 
        30 year Fannie Mae pools   
3,200,307  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (64,203) 
        30 year Fannie Mae pools   
3,107,498  6,798  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (55,201) 
        30 year Fannie Mae pools   
4,247,341  664  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (84,077) 
        30 year Fannie Mae pools   

 

Putnam VT Diversified Income Fund   33 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

  Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Credit Suisse International cont.           
$3,136,834  $83,812  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  $25,029 
        30 year Fannie Mae pools   
2,409,445  85,084  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  26,519 
        30 year Fannie Mae pools   
2,479,704  61,605  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  15,682 
        30 year Fannie Mae pools   
10,268,718  206,979  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  17,939 
        30 year Fannie Mae pools   
Deutsche Bank AG           
1,591,659  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (5,530) 
        30 year Fannie Mae pools   
Goldman Sachs International           
1,584,152  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  31,781 
        30 year Fannie Mae pools   
438,178  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  6,654 
        30 year Fannie Mae pools   
2,187,789  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  33,223 
        30 year Fannie Mae pools   
4,140,000  —  3/1/16  2.47%  USA Non Revised  107,557 
        Consumer Price Index-   
        Urban (CPI-U)   
3,105,000  —  3/3/16  2.45%  USA Non Revised  77,594 
        Consumer Price Index-   
        Urban (CPI-U)   
722,179  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  8,335 
        30 year Fannie Mae pools   
1,475,341  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  29,598 
        30 year Fannie Mae pools   
1,472,522  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  37,984 
        30 year Fannie Mae pools   
3,020,702  —  1/12/42  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  51,628 
        30 year Fannie Mae pools   
3,020,702  —  1/12/42  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  51,628 
        30 year Fannie Mae pools   
1,226,784  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  24,611 
        30 year Fannie Mae pools   
1,348,267  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  34,779 
        30 year Fannie Mae pools   
232,978  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  6,010 
        30 year Fannie Mae pools   
3,064,294  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  61,475 
        30 year Fannie Mae pools   
1,390,000  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  27,886 
        30 year Fannie Mae pools   
4,882,020  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  125,932 
        30 year Fannie Mae pools   
4,512,261  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  116,394 
        30 year Fannie Mae pools   
1,114,740  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (3,873) 
        30 year Fannie Mae pools   
418,751  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (1,455) 
        30 year Fannie Mae pools   
8,400,742  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  216,692 
        30 year Fannie Mae pools   
2,089,288  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  53,893 
        30 year Fannie Mae pools   
702,467  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  14,093 
        30 year Fannie Mae pools   

 

34   Putnam VT Diversified Income Fund 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

  Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Goldman Sachs International cont.           
$2,203,411  $—  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  $44,204 
        30 year Fannie Mae pools   
774,713  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  11,765 
        30 year Fannie Mae pools   
798,419  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  12,125 
        30 year Fannie Mae pools   
2,044,996  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  41,026 
        30 year Fannie Mae pools   
54,985  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  635 
        30 year Fannie Mae pools   
1,648,383  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  42,520 
        30 year Fannie Mae pools   
12,234,068  —  1/12/40  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  270,305 
        30 year Fannie Mae pools   
839,324  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  12,746 
        30 year Fannie Mae pools   
501,394  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  7,614 
        30 year Fannie Mae pools   
1,678,493  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  25,489 
        30 year Fannie Mae pools   
1,327,224  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  34,236 
        30 year Fannie Mae pools   
353,782  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  4,083 
        30 year Fannie Mae pools   
5,073,020  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  101,773 
        30 year Fannie Mae pools   
2,921,880  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  58,617 
        30 year Fannie Mae pools   
778,321  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (2,704) 
        30 year Fannie Mae pools   
2,044,463  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  41,015 
        30 year Fannie Mae pools   
1,535,614  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  30,807 
        30 year Fannie Mae pools   
3,947,578  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  79,195 
        30 year Fannie Mae pools   
1,527,124  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (5,306) 
        30 year Fannie Mae pools   
933,870  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (3,245) 
        30 year Fannie Mae pools   
27,926  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  322 
        30 year Fannie Mae pools   
71,625  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (249) 
        30 year Fannie Mae pools   
190,854  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic MBX Index 6.50%  (663) 
        30 year Fannie Mae pools   
475,246  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  9,534 
        30 year Fannie Mae pools   
489,797  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  5,653 
        30 year Fannie Mae pools   
979,449  —  1/12/38  6.50% (1 month USD-LIBOR)  Synthetic TRS Index 6.50%  11,304 
        30 year Fannie Mae pools   
1,913,783  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  38,393 
        30 year Fannie Mae pools   
1,307,859  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  26,238 
        30 year Fannie Mae pools   
2,506,374  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  50,282 
        30 year Fannie Mae pools   

 

Putnam VT Diversified Income Fund   35 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

    Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Goldman Sachs International cont.           
  $1,788,438  $—  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  $35,879 
          30 year Fannie Mae pools   
  3,725,691  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  74,743 
          30 year Fannie Mae pools   
  3,387,525  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  67,959 
          30 year Fannie Mae pools   
  3,933,301  —  1/12/42  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  67,226 
          30 year Fannie Mae pools   
  3,842,502  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (77,087) 
          30 year Fannie Mae pools   
  3,828,634  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (76,808) 
          30 year Fannie Mae pools   
  569,388  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (11,423) 
          30 year Fannie Mae pools   
  569,388  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (11,423) 
          30 year Fannie Mae pools   
  1,372,818  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (35,412) 
          30 year Fannie Mae pools   
  1,670,294  —  1/12/41  3.50% (1 month USD-LIBOR)  Synthetic TRS Index 3.50%  20,018 
          30 year Fannie Mae pools   
  875,268  —  1/12/38  (6.50%) 1 month USD-LIBOR  Synthetic TRS Index 6.50%  (10,102) 
          30 year Fannie Mae pools   
  857,142  —  1/12/39  6.00% (1 month USD-LIBOR)  Synthetic TRS Index 6.00%  13,016 
          30 year Fannie Mae pools   
  1,585,219  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  31,802 
          30 year Fannie Mae pools   
  1,573,730  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  40,595 
          30 year Fannie Mae pools   
  3,270,180  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (65,605) 
          30 year Fannie Mae pools   
  3,246,162  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  83,735 
          30 year Fannie Mae pools   
  3,400,083  —  1/12/42  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  58,113 
          30 year Fannie Mae pools   
  1,772,137  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  45,713 
          30 year Fannie Mae pools   
  2,110,069  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  42,331 
          30 year Fannie Mae pools   
  3,237,644  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  64,952 
          30 year Fannie Mae pools   
  1,514,609  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  39,070 
          30 year Fannie Mae pools   
  2,494,106  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  50,036 
          30 year Fannie Mae pools   
  3,153,472  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (81,344) 
          30 year Fannie Mae pools   
  882,311  —  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  (22,759) 
          30 year Fannie Mae pools   
  5,057,552  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (101,462) 
          30 year Fannie Mae pools   
  5,057,552  —  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (101,462) 
          30 year Fannie Mae pools   
  3,486,201  5,992  1/12/41  (4.00%) 1 month USD-LIBOR  Synthetic TRS Index 4.00%  (63,947) 
          30 year Fannie Mae pools   
  3,705,605  115,220  1/12/41  (4.50%) 1 month USD-LIBOR  Synthetic TRS Index 4.50%  26,072 
          30 year Fannie Mae pools   
EUR  11,800,000  —  6/20/23  1.84%  Eurostat Eurozone HICP  21,810 
          excluding tobacco   

 

36   Putnam VT Diversified Income Fund 

 


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

    Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty/  premium  Termination  received (paid) by  received by or  appreciation/ 
Notional amount  received (paid)  date  fund per annum  paid by fund  (depreciation) 
Goldman Sachs International cont.        
GBP  2,780,000  $—  3/30/17  (3.0925%)  GBP Non-revised UK Retail  $(36,109) 
          Price Index   
GBP  2,780,000  —  4/2/17  (3.085%)  GBP Non-revised UK Retail  (42,282) 
          Price Index   
GBP  5,560,000  —  9/20/17  2.6625%  GBP Non-revised UK Retail  (169,130) 
          Price Index   
GBP  2,780,000  —  9/21/17  2.66%  GBP Non-revised UK Retail  (84,565) 
          Price Index   
GBP  2,780,000  —  4/3/17  (3.09%)  GBP Non-revised UK Retail  (42,282) 
          Price Index   
JPMorgan Chase Bank N.A.           
  $4,955,142  —  1/12/41  4.00% (1 month USD-LIBOR)  Synthetic TRS Index 4.00%  99,408 
          30 year Fannie Mae pools   
  3,243,657  —  1/12/41  4.50% (1 month USD-LIBOR)  Synthetic TRS Index 4.50%  83,671 
          30 year Fannie Mae pools   
Total            $1,398,184 

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 6/30/13 (Unaudited)

            Fixed payments  Unrealized 
Swap counterparty/    Upfront premium    Notional  Termination  received (paid) by  appreciation/ 
Referenced debt*  Rating***  received (paid)**    amount  date  fund per annum  (depreciation) 
Bank of America N.A.               
CMBX NA BBB Index  BBB–/P  $5,468    $80,000  5/11/63  300 bp  $(2,508) 
CMBX NA BBB Index  BBB–/P  10,546    175,000  5/11/63  300 bp  (6,901) 
CMBX NA BBB Index  BBB–/P  21,545    349,000  5/11/63  300 bp  (13,250) 
CMBX NA BBB Index  BBB–/P  20,577    361,000  5/11/63  300 bp  (15,415) 
Barclays Bank PLC               
Irish Gov’t, 4.50%, 4/18/2020  —  (45,669)    570,000  9/20/17  (100 bp)  (36,449) 
Obrigacoes Do Tesouro, 5.45%, 9/23/13  —  (93,003)    570,000  9/20/17  (100 bp)  (37,499) 
Credit Suisse International               
CMBX NA BBB Index  BBB–/P  1,734    59,000  5/11/63  300 bp  (4,149) 
CMBX NA BBB Index  BBB–/P  1,342    173,000  5/11/63  300 bp  (15,906) 
CMBX NA BBB Index  BBB–/P  22,612    185,000  5/11/63  300 bp  4,167 
CMBX NA BBB Index  BBB–/P  18,041    186,000  5/11/63  300 bp  (503) 
CMBX NA BBB Index  BBB–/P  3,769    197,000  5/11/63  300 bp  (15,871) 
CMBX NA BBB Index  BBB–/P  23,720    298,000  5/11/63  300 bp  (5,991) 
CMBX NA BBB Index  BBB–/P  4,029    347,000  5/11/63  300 bp  (30,567) 
CMBX NA BBB Index  BBB–/P  25,423    349,000  5/11/63  300 bp  (9,372) 
CMBX NA BBB Index  BBB–/P  35,985    371,000  5/11/63  300 bp  (1,004) 
CMBX NA BBB Index  BBB–/P  41,918    371,000  5/11/63  300 bp  4,930 
CMBX NA BBB Index  BBB–/P  5,900    384,000  5/11/63  300 bp  (32,385) 
CMBX NA BBB Index  BBB–/P  30,800    386,000  5/11/63  300 bp  (7,684) 
CMBX NA BBB Index  BBB–/P  30,042    388,000  5/11/63  300 bp  (8,642) 
CMBX NA BBB Index  BBB–/P  25,590    389,000  5/11/63  300 bp  (13,194) 
CMBX NA BBB Index  BBB–/P  11,988    394,000  5/11/63  300 bp  (27,293) 
CMBX NA BBB Index  BBB–/P  6,960    395,000  5/11/63  300 bp  (32,422) 
CMBX NA BBB Index  BBB–/P  38,549    503,000  5/11/63  300 bp  (11,600) 
CMBX NA BBB Index  BBB–/P  40,175    979,000  5/11/63  300 bp  (57,431) 
Spain Gov’t, 5.50%, 7/30/2017  —  (67,198)    570,000  9/20/17  (100 bp)  (32,259) 
Deutsche Bank AG               
Republic of Argentina, 8.28%, 12/31/33  B3  60,808    520,000  3/20/17  500 bp  (190,796) 
Smurfit Kappa Funding, 7 3/4%, 4/1/15  B+/P  —  EUR  405,000  9/20/13  715 bp  9,811 
Virgin Media Finance PLC, 8 3/4%, 4/15/14  BB–  —  EUR  375,000  9/20/13  535 bp  6,138 
Virgin Media Finance PLC, 8 3/4%, 4/15/14  BB–  —  EUR  375,000  9/20/13  477 bp  5,391 

Putnam VT Diversified Income Fund   37

 

 


OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 6/30/13 (Unaudited) cont.

          Fixed payments  Unrealized 
Swap counterparty/    Upfront premium  Notional  Termination  received (paid) by  appreciation/ 
Referenced debt*  Rating***  received (paid)**  amount  date  fund per annum  (depreciation) 
JPMorgan Chase Bank N.A.             
NA HY Series 20 Index  B+/P  $(118,323)  $3,572,000  6/20/18  500 bp  $(6,813) 
Russian Federation, 7 1/2%, 3/31/30  Baa1  —  95,000  9/20/13  276 bp  1,189 
Total            $(584,278) 

*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 June 30, 2013. Securities rated by Putnam are indicated by “/P.”

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:       
Consumer cyclicals  $262,252  $142  $100,609 
Total common stocks  262,252  142  100,609 
Convertible bonds and notes  —  148,281  — 
Convertible preferred stocks  166,208  487,618  — 
Corporate bonds and notes  —  144,908,105  — 
Foreign government and agency bonds and notes  —  42,728,042  — 
Mortgage-backed securities  —  182,701,376  — 
Preferred stocks  —  777,844  — 
Senior loans  —  5,347,087  — 
U.S. government and agency mortgage obligations  —  172,951,052  — 
U.S. treasury obligations  —  1,846,460  — 
Warrants  —  2,960  — 
Short-term investments  12,171,996  11,812,092  — 
Totals by level  $12,600,456  $563,711,059  $100,609 
 
    Valuation inputs   
Other financial instruments:  Level 1  Level 2  Level 3 
Forward currency contracts  $—  $(1,277,949)  $— 
Futures contracts  (103,890)  —  — 
TBA sale commitments  —  (82,699,804)  — 
Interest rate swap contracts  —  1,250,676  — 
Total return swap contracts  —  836,828  — 
Credit default contracts  —  (747,606)  — 
Totals by level  $(103,890)  $(82,637,855)  $— 

 

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.

38   Putnam VT Diversified Income Fund 

 


Statement of assets and liabilities
6/30/13 (Unaudited)

Assets   
Investment in securities, at value (Note 1):   
Unaffiliated issuers (identified cost $567,457,231)  $569,220,128 
Affiliated issuers (identified cost $7,191,996) (Note 6)  7,191,996 
Cash  457,295 
Foreign currency (cost $363) (Note 1)  364 
Interest and other receivables  5,046,881 
Receivable for shares of the fund sold  10,075 
Receivable for investments sold  7,136,615 
Receivable for sales of delayed delivery securities (Note 1)  84,530,248 
Unrealized appreciation on forward currency contracts (Note 1)  3,007,230 
Unrealized appreciation on OTC swap contracts (Note 1)  25,924,649 
Premium paid on OTC swap contracts (Note 1)  2,168,527 
Receivable for variation margin (Note 1)  549,734 
Total assets  705,243,742 
 
Liabilities   
Payable for investments purchased  5,810,459 
Payable for purchases of delayed delivery securities (Note 1)  159,354,080 
Payable for shares of the fund repurchased  694,968 
Payable for compensation of Manager (Note 2)  191,796 
Payable for custodian fees (Note 2)  42,573 
Payable for investor servicing fees (Note 2)  35,324 
Payable for Trustee compensation and expenses (Note 2)  132,358 
Payable for administrative services (Note 2)  758 
Payable for distribution fees (Note 2)  60,788 
Payable for variation margin (Note 1)  632,350 
Unrealized depreciation on OTC swap contracts (Note 1)  24,760,634 
Premium received on OTC swap contracts (Note 1)  3,418,918 
Unrealized depreciation on forward currency contracts (Note 1)  4,285,179 
TBA sale commitments, at value (proceeds receivable $84,428,360) (Note 1)  82,699,804 
Collateral on certain derivative contracts, at value (Note 1)  7,793,860 
Other accrued expenses  107,005 
Total liabilities  290,020,854 
 
Net assets  $415,222,888 
 
Represented by   
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)  $475,487,562 
Undistributed net investment income (Note 1)  10,359,349 
Accumulated net realized loss on investments and foreign currency transactions (Note 1)  (74,266,128) 
Net unrealized appreciation of investments and assets and liabilities in foreign currencies  3,642,105 
Total — Representing net assets applicable to capital shares outstanding  $415,222,888 
 
Computation of net asset value Class IA   
Net assets  $126,812,920 
Number of shares outstanding  17,553,299 
Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding)  $7.22 
Computation of net asset value Class IB   
Net assets  $288,409,968 
Number of shares outstanding  39,912,697 
Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding)  $7.23 

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

Putnam VT Diversified Income Fund   39 

 


Statement of operations
Six months ended 6/30/13 (Unaudited)

Investment income   
Interest (net of foreign tax of $6,868) (including interest income of $16,038 from investments in affiliated issuers) (Note 6)  $13,807,818 
Dividends  46,459 
Total investment income  13,854,277 
 
Expenses   
Compensation of Manager (Note 2)  1,219,815 
Investor servicing fees (Note 2)  223,103 
Custodian fees (Note 2)  53,591 
Trustee compensation and expenses (Note 2)  19,235 
Distribution fees (Note 2)  389,657 
Administrative services (Note 2)  5,053 
Other  138,529 
Total expenses  2,048,983 
 
Expense reduction (Note 2)  (160) 
Net expenses  2,048,823 
 
Net investment income  11,805,454 
 
Net realized gain on investments (Notes 1 and 3)  7,135,918 
Net increase from payments by affiliates (Note 2)  9,175 
Net realized gain on swap contracts (Note 1)  3,656,133 
Net realized loss on futures contracts (Note 1)  (251,077) 
Net realized gain on foreign currency transactions (Note 1)  3,666,568 
Net realized gain on written options (Notes 1 and 3)  883,223 
Net unrealized depreciation of assets and liabilities in foreign currencies during the period  (1,633,525) 
Net unrealized depreciation of investments, futures contracts, swap contracts, written options and TBA sale commitments during the period  (11,752,182) 
Net gain on investments  1,714,233 
 
Net increase in net assets resulting from operations  $13,519,687 

Statement of changes in net assets

  Six months ended  Year ended 
  6/30/13*  12/31/12 
Increase (decrease) in net assets     
Operations:     
Net investment income  $11,805,454  $23,110,851 
Net realized gain (loss) on investments and foreign currency transactions  15,099,940  (34,885,727) 
Net unrealized appreciation (depreciation) of investments and assets and liabilities in foreign currencies  (13,385,707)  62,088,912 
Net increase in net assets resulting from operations  13,519,687  50,314,036 
Distributions to shareholders (Note 1):     
From ordinary income     
Net investment income     
Class IA  (4,499,706)  (7,963,760) 
Class IB  (10,005,596)  (17,976,606) 
Decrease from capital share transactions (Note 4)  (31,333,798)  (12,903,195) 
Total increase (decrease) in net assets  (32,319,413)  11,470,475 
Net assets:     
Beginning of period  447,542,301  436,071,826 
End of period (including undistributed net investment income of $10,359,349 and $13,059,197, respectively)  $415,222,888  $447,542,301 

* Unaudited.

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

40   Putnam VT Diversified Income 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 Non-recurring reimbursements 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 net investment income (loss) to average net assets (%) Portfolio turnover (%)e
Class IA                           
6/30/13†  $7.26  .20  .02  .22  (.26)  (.26)  —  $7.22  2.95*  $126,813  .37*  2.73*  123* 
12/31/12  6.88  .37  .43  .80  (.42)  (.42)  —  7.26  11.97  132,669  .77  5.24  170 
12/31/11  7.85  .41  (.60)  (.19)  (.78)  (.78)  —  f,g  6.88  (3.17)  134,507  .76  5.55  155 
12/31/10  8.11  .72  .23  .95  (1.21)  (1.21)  —  7.85  13.02  163,545  .74 h  9.41  115 
12/31/09  5.72  .61  2.29  2.90  (.51)  (.51)  —  8.11  54.83  167,996  .77 i,j  9.07 i  168 
12/31/08  8.81  .47  (3.07)  (2.60)  (.49)  (.49)  —  f,k  5.72  (31.07)  127,770  .74 i  6.19 i  198 
Class IB                           
6/30/13†  $7.25  .19  .03  .22  (.24)  (.24)  —  $7.23  2.97*  $288,410  .50 *  2.61*  123* 
12/31/12  6.87  .35  .43  .78  (.40)  (.40)  —  7.25  11.69  314,873  1.02  4.99  170 
12/31/11  7.84  .39  (.60)  (.21)  (.76)  (.76)  —  f,g  6.87  (3.43)  301,565  1.01  5.30  155 
12/31/10  8.10  .70  .23  .93  (1.19)  (1.19)  —  7.84  12.81  362,084  .99 h  9.13  115 
12/31/09  5.68  .61  2.30  2.91  (.49)  (.49)  —  8.10  55.35  348,898  1.02 i,j  8.95 i  168 
12/31/08  8.70  .43  (2.98)  (2.55)  (.47)  (.47)  —  f,k  5.68  (30.82)  173,632  .99 i  5.71 i  198 

* Not annualized.

† Unaudited.

a Per share net investment income (loss) has been determined on the basis of the 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 (Note 2).

e Portfolio turnover excludes TBA purchase and sale transactions.

f Amount represents less than $0.01 per share.

g Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the Securities and Exchange Commission (the SEC) which amounted to less than $0.01 per share outstanding on July 21, 2011. Also reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

h Excludes the impact of a reduction to interest expense related to the resolution of certain terminated derivatives contracts, which amounted to 0.01% of average net assets for the period ended December 31, 2010.

i 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  0.13% 
12/31/08  0.13 

j Includes interest accrued in connection with certain terminated derivatives contracts, which amounted to 0.04% of average net assets for the period ended December 31, 2009.

k Reflects a non-recurring reimbursement from Putnam Management related to restitution payments in connection with a distribution plan approved by the SEC which amounted to less than $0.01 per share based on the weighted average number of shares outstanding for the year ended December 31, 2008.

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

Putnam VT Diversified Income Fund   41 

 


Notes to financial statements 6/30/13 (Unaudited)

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, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from January 1, 2013 through June 30, 2013.

Putnam VT Diversified Income 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 as high a level of current income as Putnam Management believes is consistent with preservation of capital. The fund invests mainly in bonds that are securitized debt instruments (such as mortgage-backed investments) and other obligations of companies and governments worldwide, are either investment-grade or below-investment-grade (sometimes referred to as “junk bonds”) in quality and have intermediate- to long-term maturities (three years or longer). Putnam Management may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

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 under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, 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 valued 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 consider 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. 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 forward commitment or 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 slower than anticipated. The market value of these securities is highly sensitive to changes in interest rates.

42   Putnam VT Diversified Income Fund 

 


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 isolate prepayment risk, to hedge against changes in values of securities it owns, owned or expects to own and to hedge prepayment risk.

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. OTC traded options are valued using prices supplied by dealers. Forward premium swap option contracts include premiums that do not settle until the expiration date of the contract. The delayed settlement of the premiums are factored into the daily valuation of the option contracts.

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 interest rate risk and to gain exposure to interest rates.

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.

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, to gain exposure to specific sectors or industries and to gain exposure to rates of inflation in specific regions or countries.

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 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.

Interest rate swap contracts The fund entered into 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 and to gain exposure on interest rates.

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. 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, including upfront premiums, received or made are recorded as realized gains or losses at the closing of the contract. 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, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central clearing 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 and for centrally cleared interest rate swap contracts through the daily exchange of mark to market margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearing-house guarantee fund and other resources that are available in the event of a clearing member 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.

Putnam VT Diversified Income Fund   43 

 


Credit default contracts The fund entered into OTC credit default contracts to hedge credit 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 upfront 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 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 $7,466,629 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund for these agreements totaled $8,668,924.

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.

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 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 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

44   Putnam VT Diversified Income Fund 

 


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 $82,206,830 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 
$13,264,064  $15,144,348  $28,408,412  * 
19,568,782  N/A  19,568,782  12/31/16 
34,229,636  N/A  34,229,636  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.

The aggregate identified cost on a tax basis is $581,681,243, resulting in gross unrealized appreciation and depreciation of $10,321,288 and $15,590,407, respectively, or net unrealized depreciation of $5,269,119.

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. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year. 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.

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 55.9% 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:

0.700%  of the first $5 billion, 
0.650%  of the next $5 billion, 
0.600%  of the next $10 billion, 
0.550%  of the next $10 billion, 
0.500%  of the next $50 billion, 
0.480%  of the next $50 billion, 
0.470%  of the next $100 billion and 
0.465%  of any excess thereafter. 

Putnam Management has contractually agreed, through June 30, 2014, 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 0.40% of the average net assets of the portion of the fund managed by PIL.

Putnam Management voluntarily reimbursed the fund $9,175 for a trading error which occurred during the reporting period. The effect of the loss incurred and the reimbursement by Putnam Management of such amounts had no impact on total return.

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 expenses for each class of shares related to investor servicing fees were as follows:

Class IA  $65,927 
Class IB  157,176 
Total  $223,103 

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. For the reporting period, the fund’s expenses were reduced by $160 under the expense offset arrangements.

Each independent Trustee of the fund receives an annual Trustee fee, of which $327, 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  $389,657 

 

Putnam VT Diversified Income Fund   45 

 


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 $517,763,086 and $484,689,292, respectively. There were no purchases or proceeds from sales of long-term U.S. government securities.

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

    Written swap option  Written swap  Written option  Written option 
    contract amounts  option premiums  number of contracts  premiums 
Written options outstanding at the           
beginning of the reporting period  USD  47,642,000  $917,109  —  $— 
  EUR  —  $—  —  $— 
Options opened  USD  1,540,124,189  52,383  45  17,493 
  EUR  199,977,000  2,307,597  —  — 
Options exercised  USD  (137,761,600)  (14,478)  —  — 
  EUR  —  —  —  — 
Options expired  USD  —  —  (45)  (17,493) 
  EUR  —  —  —  — 
Options closed  USD  (1,450,004,589)  (955,014)  —  — 
  EUR  (199,977,000)  (2,307,597)  —  — 
Written options outstanding at the           
end of the reporting period  USD  —  $—  —  $— 
  EUR  —  $—  —  $— 

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   
  Six months ended 6/30/13  Year ended 12/31/12  Six months ended 6/30/13  Year ended 12/31/12 
 
  Shares  Amount  Shares  Amount  Shares  Amount  Shares  Amount 
Shares sold  186,434  $1,367,340  398,811  $2,839,010  2,391,230  $17,548,640  6,619,005  $46,041,621 
Shares issued in connection with                 
reinvestment of distributions  620,649  4,499,706  1,164,292  7,963,760  1,380,082  10,005,596  2,628,159  17,976,606 
  807,083  5,867,046  1,563,103  10,802,770  3,771,312  27,554,236  9,247,164  64,018,227 
Shares repurchased  (1,534,481)  (11,268,795)  (2,846,862)  (19,962,907)  (7,293,198)  (53,486,285)  (9,726,904)  (67,761,285) 
Net decrease  (727,398)  $(5,401,749)  (1,283,759)  $(9,160,137)  (3,521,886)  $(25,932,049)  (479,740)  $(3,743,058) 

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 option contracts (contract amount)  —* 
Purchased swap option contracts (contract amount)  $449,400,000 
Written option contracts (number of contracts)  —* 
Written swap option contracts (contract amount)  $387,900,000 
Futures contracts (number of contracts)  800 
Forward currency contracts (contract amount)  $434,500,000 
OTC interest rate swap contracts (notional)  $2,507,900,000 
Centrally cleared interest rate swap contracts (notional)  $237,700,000 
OTC total return swap contracts (notional)  $407,400,000 
OTC credit default swap contracts (notional)  $20,900,000 
Warrants (number of warrants)  100 

*For the reporting period, the transaction volume was minimal.

46   Putnam VT Diversified Income 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  $233,702  Payables  $981,308 
Foreign exchange contracts  Receivables  3,007,230  Payables  4,285,179 
Equity contracts  Investments  2,960  Payables  — 
Interest rate contracts  Receivables, Net assets —    Payables, Net assets —   
  Unrealized appreciation  33,792,369*  Unrealized depreciation  31,808,755* 
Total    $37,036,261    $37,075,242 

* Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps 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      Forward currency     
instruments under ASC 815  Options  Futures  contracts  Swaps  Total 
Credit contracts  $—  $—  $—  $(25,207)  $(25,207) 
Foreign exchange contracts  —  —  3,667,805  —  $3,667,805 
Interest rate contracts  (316,276)  (251,077)  —  3,681,340  $3,113,987 
Total  $(316,276)  $(251,077)  $3,667,805  $3,656,133  $6,756,585 

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

Derivatives not accounted for as hedging        Forward currency     
instruments under ASC 815  Warrants  Options  Futures  contracts  Swaps  Total 
Credit contracts  $—  $—  $—  $—  $(480,296)  $(480,296) 
Foreign exchange contracts  —  —  —  (1,615,167)  —  $(1,615,167) 
Equity contracts  (8,196)  —  —  —  —  $(8,196) 
Interest rate contracts  —  1,070,349  (90,780)  —  2,979,749  $3,959,318 
Total  $(8,196)  $1,070,349  $(90,780)  $(1,615,167)  $2,499,453  $1,855,659 

Note 6 — Transactions with affiliated issuers

Transactions during the reporting period with Putnam Money Market Liquidity Fund and Putnam Short Term Investment Fund, which are under common ownership or 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*  $46,431,444  $33,271,125  $79,702,569  $8,957  $— 
Putnam Short Term Investment Fund*  —  118,171,945  110,979,949  7,081  7,191,996 
Totals  $46,431,444  $151,443,070  $190,682,518  $16,038  $7,191,996 

* Management fees charged to Putnam Money Market Liquidity Fund and Putnam Short Term Investment 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 Diversified Income Fund   47 

 


Note 9 — Offsetting of financial and derivative assets and liabilities

  Bank of America N.A. Barclays Bank PLC  Barclays Capital Inc. (clearing broker) Citibank, N. A. Credit Suisse International Deutsche Bank AG Goldman Sachs International HSBC Bank USA, National Association JPMorgan Chase Bank N. A. Merrill Lynch, Pierce, Fenner & Smith, Inc. Royal Bank of Scotland PLC (The) State Street Bank and Trust Co. UBS AG WestPac Banking Corp. Total
Assets:                               
OTC Interest rate swap contracts*#  $3,019,595  $5,510,479  $—  $1,150,687  $4,378,800  $6,117  $3,653,034  $—  $5,244,095  $—  $141,186  $—  $—  $—  $23,103,993 
Centrally cleared interest rate                               
swap contracts***  —  —  548,558  —  —  —  —  —  —  —  —  —  —  —  548,558 
OTC Total return swap contracts*#  82,448  881,935  —  37,314  197,611  —  2,834,626  —  183,079  —  —  —  —  —  4,217,013 
OTC Credit default swap contracts*#  —  64,724  —  —  34,939  21,340  —  —  112,699  —  —  —  —  —  233,702 
Futures contracts***  —  —  —  —  —  —  —  —  —  1,176  —  —  —  —  1,176 
Forward currency contracts#  200,188  368,078  —  200,966  462,773  411,652  144,464  261,105  249,466  —  —  184,846  165,924  357,768  3,007,230 
Total Assets  $3,302,231  $6,825,216  $548,558  $1,388,967  $5,074,123  $439,109  $6,632,124  $261,105  $5,789,339  $1,176  $141,186  $184,846  $165,924  $357,768  $31,111,672 
Liabilities:                               
OTC Interest rate swap contracts*#  2,369,349  3,196,678  —  870,374  6,662,672  1,199,170  7,128,504  —  1,852,844  —  —  —  —  —  23,279,591 
Centrally cleared interest rate                               
swap contracts***  —  —  617,558  —  —  —  —  —  —  —  —  —  —  —  617,558 
OTC Total return swap contracts*#  196,084  937,283  —  150,496  944,955  5,530  1,145,837  —  —  —  —  —  —  —  3,380,185 
OTC Credit default swap contracts*#  96,210  —  —  —  633,494  251,604  —  —  —  —  —  —  —  —  981,308 
Futures contracts***  —  —  —  —  —  —  —  —  —  14,792  —  —  —  —  14,792 
Forward currency contracts#  287,775  335,093  —  727,473  720,010  316,077  17,638  160,834  784,623  —  —  297,164  238,778  399,714  4,285,179 
Total Liabilities  $2,949,418  $4,469,054  $617,558  $1,748,343  $8,961,131  $1,772,381  $8,291,979  $160,834  $2,637,467  $14,792  $—  $297,164  $238,778  $399,714  $32,558,613 
Total Financial and Derivative                               
Net Assets  $352,813  $2,356,162  $(69,000)  $(359,376)  $(3,887,008)  $(1,333,272)  $(1,659,855)  $100,271  $3,151,872  $(13,616)  $141,186  $(112,318)  $(72,854)  $(41,946)  $(1,446,941) 
Total collateral received (pledged)##†  $352,813  $2,356,162  $—  $240,242  $(3,887,008)  $(1,333,272)  $(1,435,739)  $—  $3,151,872  $—  $110,000  $—  $(72,854)  $—  $(517,784) 
Net amount  $—  $—  $(69,000)  $(599,618)  $—  $—  $(224,116)  $100,271  $—  $(13,616)  $31,186  $(112,318)  $—  $(41,946)  $(929,157) 

* Excludes premiums. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.

# Covered by master netting agreement.

*** Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/ (depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund’s portfolio.

## Any over-collateralization of total financial and derivative net assets is not shown.

† Additional collateral may be required from certain brokers based on individual agreements.

48  Putnam VT Diversified Income Fund  Putnam VT Diversified Income Fund   49 

 


Trustee approval of management contract

General conclusions

The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management (“Putnam Management”) and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”). The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Putnam funds (“Independent Trustees”).

At the outset of the review process, members of the Board’s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2013, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.

In May 2013, the Contract Committee met in executive session to discuss and consider its preliminary recommendations with respect to the continuance of the contracts. At the Trustees’ June 20, 2013 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund’s management and sub-management contracts, effective July 1, 2013, subject to certain changes in the sub-management contract noted below. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services to the fund, and

• That the fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with some minor exceptions, the current fee arrangements in the management contracts for the Putnam funds were implemented at the beginning of 2010 following extensive review and discussion by the Trustees, as well as approval by shareholders.

As noted above, the Trustees considered certain administrative revisions to your fund’s sub-management contract. Putnam Management recommended that the sub-management contract be revised to reduce the sub-management fee that Putnam Management pays to PIL with respect to the portion of the portfolios of certain funds, but not your fund, that may be allocated to PIL from time to time. The Independent Trustees’ approval of this recommendation was based on their conclusion that these changes would have no practical effect on Putnam Management’s continued responsibility for the management of these funds or the costs borne by fund shareholders and would not result in any reduction in the nature and quality of services provided to the funds.

Management fee schedules and total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to shareholders.

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund’s investment style, changes in Putnam Management’s operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund.

Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with economies of scale in the form of reduced fee levels as assets under management in the Putnam family of funds increase. The Trustees concluded that the fee schedule in effect for your fund represented an

50   Putnam VT Diversified Income Fund 

 


appropriate sharing of economies of scale between fund shareholders and Putnam Management.

As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. In order to ensure that expenses of the Putnam funds continue to meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations. These expense limitations were: (i) a contractual expense limitation applicable to all retail open-end funds of 32 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to all open-end funds of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, investor servicing fees, distribution fees, investment-related expenses, interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses). These expense limitations serve in particular to maintain competitive expense levels for funds with large numbers of small shareholder accounts and funds with relatively small net assets. Most funds, including your fund, had sufficiently low expenses that these expense limitations did not apply. Putnam Management’s support for these expense limitations, including its agreement to reduce the expense limitation applicable to the open-end funds’ investor servicing fees and expenses as noted above, was an important factor in the Trustees’ decision to approve the continuance of your fund’s management and sub-management contracts.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Lipper Inc. This comparative information included your fund’s percentile ranking for effective management fees and total expenses (excluding any applicable 12b-1 fee), which provides a general indication of your fund’s relative standing. In the custom peer group, your fund ranked in the 1st quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the 3rd quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2012 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). The fee and expense data reported by Lipper as of December 31, 2012 reflected the most recent fiscal year-end data available in Lipper’s database at that time.

In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the Putnam funds at that time.

The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, and the like. This information included comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds’ portfolio teams and with the Chief Investment Officer and other senior members of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that 2012 was a year of strong competitive performance for many of the Putnam funds, with only a relatively small number of exceptions. They noted that this strong performance was exemplified by the fact that the Putnam funds were recognized by Barron’s as the best performing mutual fund complex for 2012 — the second time in four years that Putnam Management has achieved this distinction for the Putnam funds. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2012 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional actions to address areas of underperformance are warranted.

For purposes of evaluating investment performance, the Trustees generally focus on competitive industry rankings for the one-year, three-year, and five-year periods. For a number of Putnam funds with relatively unique investment mandates, the Trustees evaluated performance based on comparisons of their absolute gross returns with the returns of selected investment benchmarks or targeted annualized returns. In the case of your fund, the Trustees considered that its class IA share cumulative total return performance at net

Putnam VT Diversified Income Fund   51 

 


asset value was in the following quartiles of its Lipper Inc. peer group (Lipper VP (Underlying Funds) — General Bond Funds) for the one-year, three-year and five-year periods ended December 31, 2012 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):

One-year period  Three-year period  Five-year period 
1st  3rd  4th 

Over the one-year, three-year and five-year periods ended December 31, 2012, there were 66, 54 and 45 funds, respectively, in your fund’s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.) The Trustees, while noting that your fund’s investment performance over the one-year period ended December 31, 2012 had been favorable, expressed concern about your fund’s fourth quartile performance over the five-year period then ended and considered the circumstances that may have contributed to this disappointing performance. The Trustees considered Putnam Management’s view that the fund’s underperformance over the five-year period was due in significant part to the fund’s particularly weak performance in 2008 and 2011. They noted Putnam Management’s observation that performance in 2008 was largely attributable to the fund’s investments in commercial and residential mortgage-backed securities, which significantly underperformed during the economic downturn in 2008. They also noted Putnam Management’s view that performance in 2011 was hurt by the fund’s relative emphasis on shorter duration investments, which reduced the fund’s sensitivity to interest rate changes but detracted from performance, as well as by the fund’s exposure to high yield, non-Agency residential mortgage-backed securities and to emerging markets coupled with currency exposure to the Australian dollar.

The Trustees considered that, although the fund had not performed well over the five-year period ended December 31, 2012, the fund ranked in the first quartile for the one-year period, and that Putnam Management remained confident in the fund’s portfolio managers and their investment process. The Trustees also considered a number of other changes that Putnam Management had made in recent years in efforts to support and improve fund performance generally. In particular, the Trustees recognized that Putnam Management has adjusted the compensation structure for portfolio managers and research analysts so that only those who achieve top-quartile returns over a rolling three-year basis are eligible for full bonuses.

As a general matter, the Trustees believe that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance issues that may arise from time to time. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds’ Trustees, to make appropriate decisions regarding the management of the funds. Based on past responsiveness of Putnam Management to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees’ view, the alternative of engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.

Brokerage and soft-dollar allocations; investor servicing

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used primarily to acquire brokerage and research services that enhance Putnam Management’s investment capabilities and supplement Putnam Management’s internal research efforts. However, the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the allocation of the Putnam funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

Putnam Management may also receive benefits from payments that the funds make to Putnam Management’s affiliates for investor or distribution services. In conjunction with the annual review of your fund’s management and sub-management contracts, the Trustees reviewed your fund’s investor servicing agreement with Putnam Investor Services, Inc. (“PSERV”) and its distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership (“PRM”), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV and PRM, as applicable, in providing such services.

52   Putnam VT Diversified Income 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, 2013, 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 
Marketing Services  Legal Counsel  Kenneth R. Leibler 
Putnam Retail Management  Ropes & Gray LLP  Robert E. Patterson 
One Post Office Square    George Putnam, III 
Boston, MA 02109    Robert L. Reynolds 
    W. Thomas Stephens 
   

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 Diversified Income Fund   53 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

   
This report has been prepared for the shareholders     H502 
of Putnam VT Diversified Income Fund.  282487  8/13 

 

Item 2. Code of Ethics:
Not applicable
Item 3. Audit Committee Financial Expert:
Not applicable
Item 4. Principal Accountant Fees and Services:
Not applicable
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) Not applicable
(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.

Putnam Variable Trust
By (Signature and Title):
/s/Janet C. Smith
Janet C. Smith
Principal Accounting Officer

Date: August 29, 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: August 29, 2013
By (Signature and Title):
/s/Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer

Date: August 29, 2013
EX-99.CERT 2 b_PVTcertifications.htm EX-99.CERT b_PVTcertifications.htm

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

Date: August 29, 2013

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













Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

Date: August 29, 2013

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














Attachment A

Period (s) ended June 30, 2013
               Putnam Europe Equity Fund
               Putnam International Equity Fund
               Putnam Multi-Cap Growth Fund
               Putnam Small Cap Growth Fund
               Putnam International Value Fund

               Putnam VT Absolute 500 Fund
               Putnam VT American Government Income Fund
               Putnam VT Capital Opportunities Fund
               Putnam VT Diversified Income Fund
               Putnam VT Equity Income Fund
               Putnam VT George Putnam Balanced Fund
               Putnam VT Global Asset Allocation Fund
               Putnam VT Global Equity Fund
               Putnam VT Global Health Care Fund
               Putnam VT Global Utilities Fund
               Putnam VT Growth and Income Fund
               Putnam VT Growth Opportunities Fund
               Putnam VT High Yield Fund
               Putnam VT Income Fund
               Putnam VT International Equity Fund
               Putnam VT International Value Fund
               Putnam VT International Growth Fund
               Putnam VT Investors Fund
               Putnam VT Multi-Cap Value Fund
               Putnam VT Money Market Fund
               Putnam VT Multi-Cap Growth Fund
               Putnam VT Research Fund
               Putnam VT Small Cap Value Fund
               Putnam VT Voyager Fund
 EX-99.906 CERT 3 c_PVTnoscertification.htm EX-99.906 CERT c_PVTnoscertification.htm

Section 906 Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2013 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2013 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: August 29, 2013

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













Section 906 Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2013 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended June 30, 2013 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: August 29, 2013

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














Attachment A

N-CSR

Period (s) ended June 30, 2013
               Putnam Europe Equity Fund
               Putnam International Equity Fund
               Putnam Multi-Cap Growth Fund
               Putnam Small Cap Growth Fund
               Putnam International Value Fund

               Putnam VT Absolute 500 Fund
               Putnam VT American Government Income Fund
               Putnam VT Capital Opportunities Fund
               Putnam VT Diversified Income Fund
               Putnam VT Equity Income Fund
               Putnam VT George Putnam Balanced Fund
               Putnam VT Global Asset Allocation Fund
               Putnam VT Global Equity Fund
               Putnam VT Global Health Care Fund
               Putnam VT Global Utilities Fund
               Putnam VT Growth and Income Fund
               Putnam VT Growth Opportunities Fund
               Putnam VT High Yield Fund
               Putnam VT Income Fund
               Putnam VT International Equity Fund
               Putnam VT International Value Fund
               Putnam VT International Growth Fund
               Putnam VT Investors Fund
               Putnam VT Multi-Cap Value Fund
               Putnam VT Money Market Fund
               Putnam VT Multi-Cap Growth Fund
               Putnam VT Research Fund
               Putnam VT Small Cap Value Fund
               Putnam VT Voyager Fund
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