N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036

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

Date of fiscal year end: December 31, 2015

Date of reporting period: March 31, 2015

Item 1. Schedule of Investments:

Putnam VT Research Fund
The fund's portfolio
3/31/15 (Unaudited)
COMMON STOCKS (98.5%)(a)
		Shares	Value
Aerospace and defense (6.1%)
Airbus Group NV (France)		1,149	$74,663
Bombardier, Inc. Class B (Canada)(S)		119,816	236,501
Embraer SA ADR (Brazil)		82	2,522
General Dynamics Corp.		1,205	163,555
Honeywell International, Inc.		4,613	481,182
L-3 Communications Holdings, Inc.		6,498	817,383
Meggitt PLC (United Kingdom)		10,031	81,497
Northrop Grumman Corp.		4,072	655,429
Raytheon Co.		3,845	420,066
United Technologies Corp.		3,522	412,778
			3,345,576
Airlines (0.8%)
American Airlines Group, Inc.		3,984	210,276
Spirit Airlines, Inc.(NON)		3,081	238,346
			448,622
Banks (5.7%)
Bank of America Corp.		32,750	504,023
Citigroup, Inc.		14,071	724,938
JPMorgan Chase & Co.		14,806	896,947
KeyCorp		14,305	202,559
Regions Financial Corp.		17,138	161,954
Wells Fargo & Co.		12,077	656,989
			3,147,410
Beverages (1.6%)
Coca-Cola Co. (The)		8,209	332,875
PepsiCo, Inc.		5,872	561,481
			894,356
Biotechnology (3.4%)
Biogen(NON)		1,163	491,065
Celgene Corp.(NON)		4,579	527,867
Gilead Sciences, Inc.(NON)		7,993	784,353
Retrophin, Inc.(NON)		2,720	65,171
			1,868,456
Building products (0.8%)
Allegion PLC (Ireland)		1,930	118,058
CaesarStone Sdot-Yam, Ltd. (Israel)(S)		1,606	97,500
Fortune Brands Home & Security, Inc.		5,269	250,172
			465,730
Capital markets (2.9%)
AllianceBernstein Holding LP (Partnership shares)		2,057	63,500
Ameriprise Financial, Inc.		1,508	197,307
Carlyle Group LP (The)		6,123	165,933
Charles Schwab Corp. (The)		13,379	407,257
Goldman Sachs Group, Inc. (The)		1,565	294,173
Invesco, Ltd.		1,960	77,792
KKR & Co. LP		10,492	239,323
Morgan Stanley		2,123	75,770
State Street Corp.		910	66,912
			1,587,967
Chemicals (3.5%)
Air Products & Chemicals, Inc.		614	92,886
Axalta Coating Systems, Ltd.(NON)		6,536	180,524
Axiall Corp.		1,201	56,375
CF Industries Holdings, Inc.		421	119,429
Croda International PLC (United Kingdom)		1,382	56,097
Dow Chemical Co. (The)		3,312	158,910
E.I. du Pont de Nemours & Co.		3,497	249,931
Huntsman Corp.		3,316	73,516
Monsanto Co.		2,315	260,530
Praxair, Inc.		814	98,282
Sherwin-Williams Co. (The)		1,094	311,243
Symrise AG (Germany)		3,582	226,565
Tronox, Ltd. Class A		557	11,324
			1,895,612
Commercial services and supplies (0.5%)
Rollins, Inc.		3,895	96,323
Tyco International PLC		4,435	190,971
			287,294
Communications equipment (0.8%)
Arista Networks, Inc.(NON)(S)		786	55,437
QUALCOMM, Inc.		5,538	384,005
			439,442
Construction materials (0.1%)
Martin Marietta Materials, Inc.		176	24,605
Vulcan Materials Co.		395	33,299
			57,904
Consumer finance (0.8%)
American Express Co.		2,047	159,912
Capital One Financial Corp.		1,092	86,071
Discover Financial Services		3,918	220,779
			466,762
Containers and packaging (0.4%)
Packaging Corp. of America		835	65,289
Sealed Air Corp.		2,703	123,149
Smurfit Kappa Group PLC (Ireland)		729	20,539
			208,977
Diversified consumer services (0.2%)
Bright Horizons Family Solutions, Inc.(NON)		1,634	83,775
			83,775
Diversified financial services (0.7%)
Berkshire Hathaway, Inc. Class B(NON)		1,467	211,717
CME Group, Inc.		1,892	179,191
			390,908
Diversified telecommunication services (0.8%)
Verizon Communications, Inc.		8,844	430,084
			430,084
Electric utilities (1.3%)
American Electric Power Co., Inc.		2,683	150,919
Edison International		3,030	189,284
Exelon Corp.		7,815	262,662
NextEra Energy, Inc.		1,166	121,322
			724,187
Electrical equipment (0.2%)
Hubbell, Inc. Class B		956	104,797
			104,797
Electronic equipment, instruments, and components (0.1%)
Anixter International, Inc.(NON)		602	45,830
			45,830
Energy equipment and services (1.1%)
Baker Hughes, Inc.		2,613	166,135
Halliburton Co.		2,663	116,852
Schlumberger, Ltd.		3,823	318,991
			601,978
Food and staples retail (1.9%)
Costco Wholesale Corp.		1,685	255,269
CVS Health Corp.		3,765	388,586
Diplomat Pharmacy, Inc.(NON)		1,428	49,380
Wal-Mart Stores, Inc.		1,934	159,072
Walgreens Boots Alliance, Inc.		1,902	161,061
			1,013,368
Food products (2.0%)
Freshpet, Inc.(NON)(S)		1,034	20,091
Hershey Co. (The)		648	65,390
JM Smucker Co. (The)		943	109,133
Keurig Green Mountain, Inc.		2,449	273,627
Kraft Foods Group, Inc.		2,377	207,072
McCormick & Co., Inc. (non-voting shares)		353	27,227
Mead Johnson Nutrition Co.		1,163	116,916
Mondelez International, Inc. Class A		5,901	212,967
Pinnacle Foods, Inc.		1,750	71,418
			1,103,841
Health-care equipment and supplies (2.1%)
Abbott Laboratories		1,304	60,414
Baxter International, Inc.		17	1,165
Becton Dickinson and Co.		1,224	175,754
Boston Scientific Corp.(NON)		10,587	187,919
C.R. Bard, Inc.		985	164,840
Cooper Cos., Inc. (The)		350	65,597
Medtronic PLC		5,190	404,768
Zimmer Holdings, Inc.		872	102,477
			1,162,934
Health-care providers and services (2.7%)
Aetna, Inc.		672	71,588
AmerisourceBergen Corp.		526	59,790
Anthem, Inc.		777	119,977
Cardinal Health, Inc.		2,652	239,396
Cigna Corp.		2,158	279,332
Express Scripts Holding Co.(NON)		1,361	118,094
HCA Holdings, Inc.(NON)		1,593	119,841
McKesson Corp.		1,109	250,856
Premier, Inc. Class A(NON)		2,786	104,698
Universal Health Services, Inc. Class B		1,030	121,241
			1,484,813
Health-care technology (0.2%)
Castlight Health, Inc. Class B(NON)(S)		12,506	97,047
Cerner Corp.(NON)		418	30,623
			127,670
Hotels, restaurants, and leisure (1.9%)
Hilton Worldwide Holdings, Inc.(NON)		5,262	155,860
Penn National Gaming, Inc.(NON)(S)		5,751	90,061
Restaurant Brands International LP (Units) (Canada)(NON)		12	439
Restaurant Brands International, Inc. (Canada)(NON)(S)		2,398	92,107
Starbucks Corp.		1,795	169,987
Vail Resorts, Inc.		994	102,799
Wyndham Worldwide Corp.		1,463	132,358
Wynn Resorts, Ltd.		971	122,229
Yum! Brands, Inc.		1,939	152,638
			1,018,478
Household durables (0.3%)
PulteGroup, Inc.		3,448	76,649
Whirlpool Corp.		446	90,119
			166,768
Household products (0.8%)
Energizer Holdings, Inc.		1,833	253,046
Kimberly-Clark Corp.		1,515	162,272
			415,318
Independent power and renewable electricity producers (0.9%)
Calpine Corp.(NON)		8,049	184,081
NextEra Energy Partners LP		1,797	78,745
NRG Energy, Inc.		9,703	244,419
			507,245
Industrial conglomerates (0.1%)
Siemens AG (Germany)		715	77,409
			77,409
Insurance (2.4%)
American International Group, Inc.		7,246	397,008
Assured Guaranty, Ltd.		7,673	202,490
Genworth Financial, Inc. Class A(NON)		17,969	131,353
Hartford Financial Services Group, Inc. (The)		6,493	271,537
MetLife, Inc.		1,110	56,111
Prudential PLC (United Kingdom)		9,333	231,087
			1,289,586
Internet and catalog retail (2.1%)
Amazon.com, Inc.(NON)		1,577	586,802
Ctrip.com International, Ltd. ADR (China)(NON)		2,702	158,391
Groupon, Inc.(NON)		5,251	37,860
Priceline Group, Inc. (The)(NON)		301	350,409
			1,133,462
Internet software and services (4.6%)
Alibaba Group Holding, Ltd. ADR (China)(NON)(S)		2,902	241,562
AOL, Inc.(NON)		1,405	55,652
Equinix, Inc.(R)		342	79,635
Facebook, Inc. Class A(NON)		8,584	705,734
Google, Inc. Class A(NON)		8	4,438
Google, Inc. Class C(NON)		1,931	1,058,188
GrubHub, Inc.(NON)		804	36,494
Pandora Media, Inc.(NON)		1,592	25,806
Tencent Holdings, Ltd. (China)		4,950	93,578
Yahoo!, Inc.(NON)		4,894	217,465
			2,518,552
IT Services (1.7%)
Computer Sciences Corp.		1,001	65,345
Fidelity National Information Services, Inc.		2,056	139,931
MasterCard, Inc. Class A		3,271	282,582
Visa, Inc. Class A		6,840	447,404
			935,262
Leisure products (0.1%)
Brunswick Corp.		1,263	64,981
			64,981
Life sciences tools and services (0.5%)
Agilent Technologies, Inc.		3,739	155,355
Thermo Fisher Scientific, Inc.		355	47,691
Waters Corp.(NON)		571	70,987
			274,033
Machinery (0.6%)
Manitowoc Co., Inc. (The)		3,901	84,106
Oshkosh Corp.		1,939	94,604
Pall Corp.(S)		1,219	122,375
			301,085
Media (4.8%)
CBS Corp. Class B (non-voting shares)		3,045	184,618
Charter Communications, Inc. Class A(NON)		1,333	257,416
Comcast Corp. Class A		9,271	523,533
DISH Network Corp. Class A(NON)		3,839	268,960
Liberty Global PLC Ser. C (United Kingdom)(NON)		5,598	278,836
Live Nation Entertainment, Inc.(NON)		7,296	184,078
Time Warner Cable, Inc.		348	52,158
Time Warner, Inc.		4,612	389,437
Walt Disney Co. (The)		4,618	484,382
			2,623,418
Metals and mining (0.4%)
Agnico-Eagle Mines, Ltd. (Canada)		506	14,138
Alcoa, Inc.		1,021	13,191
Allegheny Technologies, Inc.		975	29,260
Freeport-McMoRan, Inc. (Indonesia)		2,024	38,355
Goldcorp, Inc. (Canada)		390	7,067
Hi-Crush Partners LP (Units)		993	34,825
Newmont Mining Corp.		411	8,923
Nucor Corp.		1,110	52,758
Steel Dynamics, Inc.		598	12,020
			210,537
Multi-utilities (0.6%)
PG&E Corp.		3,860	204,850
Sempra Energy		1,299	141,617
			346,467
Multiline retail (0.6%)
Dollar General Corp.(NON)		2,584	194,782
Macy's, Inc.		1,932	125,406
			320,188
Oil, gas, and consumable fuels (6.6%)
Anadarko Petroleum Corp.		3,502	290,001
Antero Resources Corp.(NON)		1,845	65,165
Cabot Oil & Gas Corp.		2,993	88,383
Cheniere Energy, Inc.(NON)		662	51,239
CONSOL Energy, Inc.		641	17,877
EnCana Corp. (Canada)		3,378	37,665
Energen Corp.		517	34,122
EOG Resources, Inc.		7,768	712,248
EP Energy Corp. Class A(NON)(S)		3,476	36,428
Exxon Mobil Corp.		13,167	1,119,195
Gaztransport Et Technigaz SA (France)		1,874	110,584
Genel Energy PLC (United Kingdom)(NON)		7,091	49,462
Gulfport Energy Corp.(NON)		1,275	58,535
MarkWest Energy Partners LP		1,862	123,078
Plains All American Pipeline LP		207	10,095
QEP Resources, Inc.		2,939	61,278
Royal Dutch Shell PLC ADR (United Kingdom)		2,488	148,409
Suncor Energy, Inc. (Canada)		1,468	42,939
Total SA ADR (France)(S)		6,309	313,305
Valero Energy Corp.		2,769	176,164
Whiting Petroleum Corp.(NON)		1,714	52,963
			3,599,135
Paper and forest products (0.1%)
Boise Cascade Co.(NON)		785	29,406
			29,406
Personal products (1.1%)
Avon Products, Inc.		16,277	130,053
Coty, Inc. Class A(NON)(S)		8,551	207,533
Estee Lauder Cos., Inc. (The) Class A		3,274	272,266
			609,852
Pharmaceuticals (6.5%)
AbbVie, Inc.		6,681	391,106
Actavis PLC(NON)		2,446	728,009
Bristol-Myers Squibb Co.		7,709	497,231
Eli Lilly & Co.		4,480	325,472
Endo International PLC(NON)		858	76,963
Johnson & Johnson		2,722	273,833
Merck & Co., Inc.		6,661	382,874
Mylan NV(NON)		3,990	236,807
Perrigo Co. PLC		1,808	299,314
Pfizer, Inc.		10,268	357,224
			3,568,833
Real estate investment trusts (REITs) (2.7%)
Altisource Residential Corp.(R)		1,259	26,263
American Tower Corp.(R)		3,832	360,783
AvalonBay Communities, Inc.(R)		757	131,907
Boston Properties, Inc.(R)		815	114,491
Equity Lifestyle Properties, Inc.(R)		1,180	64,841
Essex Property Trust, Inc.(R)		266	61,153
Federal Realty Investment Trust(R)		159	23,406
Gaming and Leisure Properties, Inc.(R)		3,256	120,049
General Growth Properties(R)		3,650	107,858
Pebblebrook Hotel Trust(R)		557	25,939
Plum Creek Timber Co., Inc.(R)		698	30,328
Prologis, Inc.(R)		974	42,427
Public Storage(R)		325	64,071
Simon Property Group, Inc.(R)		651	127,362
Urban Edge Properties(R)		320	7,584
Ventas, Inc.(R)		1,547	112,962
Vornado Realty Trust(R)		477	53,424
			1,474,848
Real estate management and development (0.3%)
Marcus & Millichap, Inc.(NON)		725	27,173
RE/MAX Holdings, Inc. Class A		4,013	133,272
			160,445
Road and rail (1.2%)
Canadian Pacific Railway, Ltd. (Canada)		304	55,661
Genesee & Wyoming, Inc. Class A(NON)		1,057	101,937
Union Pacific Corp.		4,632	501,692
			659,290
Semiconductors and semiconductor equipment (3.5%)
Avago Technologies, Ltd.		2,638	334,973
Broadcom Corp. Class A		6,092	263,753
Canadian Solar, Inc. (Canada)(NON)		888	29,650
Intel Corp.		12,881	402,789
Micron Technology, Inc.(NON)		11,375	308,604
NXP Semiconductor NV(NON)		942	94,539
Skyworks Solutions, Inc.		1,514	148,811
Synaptics, Inc.(NON)(S)		620	50,409
Texas Instruments, Inc.		4,575	261,621
			1,895,149
Software (3.2%)
Activision Blizzard, Inc.		3,599	81,787
Microsoft Corp.		19,394	788,463
Mobileye NV (Israel)(NON)(S)		843	35,431
Oracle Corp.		11,566	499,073
Salesforce.com, Inc.(NON)		4,609	307,927
TiVo, Inc.(NON)		2,817	29,888
			1,742,569
Specialty retail (2.5%)
Advance Auto Parts, Inc.		410	61,373
Bed Bath & Beyond, Inc.(NON)		2,095	160,844
Five Below, Inc.(NON)(S)		4,683	166,574
GameStop Corp. Class A		23	873
Gap, Inc. (The)		3,201	138,699
GNC Holdings, Inc. Class A		545	26,743
Home Depot, Inc. (The)		3,416	388,092
Michaels Cos., Inc. (The)(NON)		2,240	60,614
Office Depot, Inc.(NON)		2,362	21,730
Tiffany & Co.		1,344	118,285
TJX Cos., Inc. (The)		3,138	219,817
Ulta Salon, Cosmetics & Fragrance, Inc.(NON)		145	21,873
			1,385,517
Technology hardware, storage, and peripherals (4.9%)
Apple, Inc.		17,218	2,142,436
EMC Corp.		2,327	59,478
Hewlett-Packard Co.		4,284	133,489
SanDisk Corp.		1,918	122,023
Western Digital Corp.		2,476	225,341
			2,682,767
Textiles, apparel, and luxury goods (1.3%)
Hanesbrands, Inc.		4,150	139,067
Michael Kors Holdings, Ltd.(NON)		2,488	163,586
NIKE, Inc. Class B		2,735	274,403
Tumi Holdings, Inc.(NON)(S)		5,479	134,016
			711,072
Tobacco (1.0%)
Philip Morris International, Inc.		7,412	558,346
			558,346
Trading companies and distributors (0.3%)
HD Supply Holdings, Inc.(NON)		4,662	145,245
			145,245
Water utilities (0.2%)
American Water Works Co., Inc.		1,597	86,574
			86,574
Total common stocks (cost $46,078,284)			$53,900,130
CONVERTIBLE PREFERRED STOCKS (0.2%)(a)
		Shares	Value
Oportun Financial Corp. Ser. H, zero % cv. pfd. (acquired 2/6/15, cost $39,489) (Private)(F)(RES)(NON)		13,869	$35,540
United Technologies Corp. $3.75 cv. pfd.		850	52,309
Total convertible preferred stocks (cost $81,989)			$87,849
SHORT-TERM INVESTMENTS (4.8%)(a)
		Principal amount/shares	Value
Putnam Cash Collateral Pool, LLC 0.22%(d)	Shares	1,707,706	$1,707,706
Putnam Short Term Investment Fund 0.09%(AFF)	Shares	630,968	630,968
SSgA Prime Money Market Fund Class N 0.02%(P)	Shares	230,000	230,000
U.S. Treasury Bills with an effective yield of 0.03%, April 9, 2015(SEG)		$55,000	55,000
Total short-term investments (cost $2,623,674)			$2,623,674
TOTAL INVESTMENTS
Total investments (cost $48,783,947)(b)			$56,611,653

FORWARD CURRENCY CONTRACTS at 3/31/15 (aggregate face value $6,219,591) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Barclays Bank PLC
	Canadian Dollar	Buy	4/15/15	$343,559	$363,222	$(19,663)
	Swiss Franc	Buy	6/17/15	138,113	140,359	(2,246)
Citibank, N.A.
	British Pound	Buy	6/17/15	147,077	152,473	(5,396)
	Euro	Sell	6/17/15	1,214,678	1,268,369	53,691
Credit Suisse International
	Canadian Dollar	Sell	4/15/15	123,151	132,085	8,934
	Euro	Buy	6/17/15	160,056	167,170	(7,114)
	Swiss Franc	Sell	6/17/15	107,971	109,823	1,852
Deutsche Bank AG
	British Pound	Buy	6/17/15	338,929	351,386	(12,457)
	Euro	Sell	6/17/15	137,882	144,027	6,145
HSBC Bank USA, National Association
	Canadian Dollar	Buy	4/15/15	162,069	173,832	(11,763)
	Euro	Sell	6/17/15	165,868	173,198	7,330
JPMorgan Chase Bank N.A.
	British Pound	Sell	6/17/15	1,177,060	1,220,286	43,226
	Canadian Dollar	Sell	4/15/15	646,541	693,812	47,271
	Euro	Buy	6/17/15	426,241	445,266	(19,025)
	Norwegian Krone	Sell	6/17/15	101,161	105,690	4,529
State Street Bank and Trust Co.
	Euro	Buy	6/17/15	211,075	211,849	(774)
WestPac Banking Corp.
	Canadian Dollar	Sell	4/15/15	190,173	192,042	1,869
	Euro	Sell	6/17/15	167,268	174,702	7,434
Total						$103,843

FUTURES CONTRACTS OUTSTANDING at 3/31/15 (Unaudited)
				Unrealized
	Number of		Expiration	appreciation/
	contracts	Value	date	(depreciation)
S&P 500 Index E-Mini (Long)	6	$618,240	Jun-15	$8,643
Total				$8,643

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 3/31/15 (Unaudited)
		Upfront		Payments	Total return	Unrealized
Swap counterparty/		premium	Termination	received (paid) by	received by	appreciation/
Notional amount		received (paid)	date	fund per annum	or paid by fund	(depreciation)
Goldman Sachs International
units	156	$—	12/1/15	3 month USD-LIBOR-BBA minus 50 bp	Russell 2000 Total Return Index	$(9,177)
JPMorgan Chase Bank N.A.
baskets	1,601	—	7/16/15	(3 month USD-LIBOR-BBA plus 30 bp)	A basket (JPCMPTMD) of common stocks	19,577
Total		$—	$10,400

Key to holding's abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
bp	Basis Points
OTC	Over-the-counter

	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, 2015 through March 31, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, 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.
(a)	Percentages indicated are based on net assets of $54,726,186.
(b)	The aggregate identified cost on a tax basis is $48,976,547, resulting in gross unrealized appreciation and depreciation of $9,084,102 and $1,448,996, respectively, or net unrealized appreciation of $7,635,106.
(NON)	This security is non-income-producing.
(RES)	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $35,540, or 0.1% of net assets.
(AFF)	Affiliated company. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
	Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
	Putnam Short Term Investment Fund*	$865,334	$3,004,283	$3,238,649	$107	$630,968
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(SEG)	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.
(d)	Affiliated company. The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral.
	The fund received cash collateral of $1,707,706, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $1,661,631.
(F)	This security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(P)	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R)	Real Estate Investment Trust.
(S)	This security is on loan, in part or in entirety, at the close of the reporting period.
	At the close of the reporting period, the fund maintained liquid assets totaling $45,077 to cover certain derivative contracts.
	The dates shown on debt obligations are the original maturity dates.
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	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 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. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value, and are classified as Level 2 securities.
	Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
	To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. 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.
	Futures contracts: The fund used futures contracts to manage exposure to market risk and to equitize cash.
	The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. 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”.
	For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
	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 were used to hedge foreign exchange risk.
	The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair 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.
	For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
	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 gain exposure to a basket of securities and to gain exposure to specific sectors or industries.
	To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty.
	For the fund's average notional amount on OTC total return swap contracts, see the appropriate table at the end of these footnotes.
	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, is 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 $42,605 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.

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 discretionary	$7,507,659	$—	$—
Consumer staples	4,595,081	—	—
Energy	4,041,067	160,046	—
Financials	8,286,839	231,087	—
Health care	8,486,739	—	—
Industrials	5,601,479	233,569	—
Information technology	10,165,993	93,578	—
Materials	2,099,235	303,201	—
Telecommunication services	430,084	—	—
Utilities	1,664,473	—	—
Total common stocks	52,878,649	1,021,481	—
Convertible preferred stocks	—	52,309	35,540
Short-term investments	860,968	1,762,706	—
Totals by level	$53,739,617	$2,836,496	$35,540
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$103,843	$—
Futures contracts	8,643	—	—
Total return swap contracts	—	10,400	—
Totals by level	$8,643	$114,243	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above) did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
Fair Value of Derivative Instruments as of the close of the reporting period
	Asset derivatives	Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
Foreign exchange contracts	$182,281	$78,438
Equity contracts	28,220	9,177
Total	$210,501	$87,615
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was as follows based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Futures contracts (number of contracts)		6
Forward currency contracts (contract amount)		$6,000,000
OTC total return swap contracts (notional)		$1,100,000

	The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
		Barclays Bank PLC	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.	State Street Bank and Trust Co.	WestPac Banking Corp.	Total
	Assets:
	OTC Total return swap contracts*#	$—	$—	$—	$—	$—	$—	$ 19,577	$—	$—	$—	$ 19,577
	Futures contracts§	—	—	—	—	—	—	—	—	—	—	—
	Forward currency contracts#	—	53,691	10,786	6,145	—	7,330	95,026	—	—	9,303	182,281
	Total Assets	$—	$53,691	$10,786	$6,145	$—	$7,330	$114,603	$—	$—	$9,303	$201,858
	Liabilities:
	OTC Total return swap contracts*#	$—	$—	$—	$—	$ 9,177	$—	$—	$—	$—	$—	$ 9,177
	Futures contracts§	—	—	—	—	—	—	—	4,440	—	—	4,440
	Forward currency contracts#	21,909	5,396	7,114	12,457	—	11,763	19,025	—	774	—	78,438
	Total Liabilities	$21,909	$5,396	$7,114	$12,457	$9,177	$11,763	$19,025	$4,440	$774	$—	$92,055
	Total Financial and Derivative Net Assets	$(21,909)	$48,295	$3,672	$(6,312)	$(9,177)	$(4,433)	$95,578	$(4,440)	$(774)	$9,303	$109,803
	Total collateral received (pledged)##†	$—	$48,295	$—	$—	$—	$—	$95,578	$—	$—	$—
	Net amount	$(21,909)	$—	$3,672	$(6,312)	$(9,177)	$(4,433)	$—	$(4,440)	$(774)	$9,303
*	Excludes premiums, if any.
†	Additional collateral may be required from certain brokers based on individual agreements.
#	Covered by master netting agreement.
##	Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
§	Includes current day's variation margin only, 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.
	For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com

Item 2. 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 3. Exhibits:

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.

SIGNATURES

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

Putnam Variable Trust

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: May 29, 2015

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: May 29, 2015

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: May 29, 2015

EX-99.CERT

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-Q 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 schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 registrants 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 this 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.

/s/ Jonathan S. Horwitz

_____________________________

Date: May 28, 2015

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-Q 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 schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 registrants 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 this 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.

/s/ Steven D. Krichmar

_______________________________

Date: May 28, 2015

Steven D. Krichmar

Principal Financial Officer

Attachment A

NQ

Period (s) ended March 31, 2015

               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