Putnam VT Multi-Cap Value Fund

PUTNAM VT MULTI-CAP VALUE FUND

Goal

Putnam VT Multi-Cap Value Fund seeks capital appreciation and,

as a secondary objective, current income.

Fees and expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. The fees and expenses information does not reflect insurance-related charges or expenses borne by contract holders indirectly investing in the fund. If it did, expenses would be higher.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Putnam VT Multi-Cap Value Fund	Class IA	Class IB
Management fees	0.56%	0.56%
Distribution and service (12b-1) fees		0.25%
Other expenses	0.25%	0.25%
Total annual fund operating expenses	0.81%	1.06%

Example

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example does not reflect insurance-related charges or expenses. If it did, expenses would be higher. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.

Expense Example Putnam VT Multi-Cap Value Fund (USD $)	Class IA	Class IB
1 year	83	108
3 years	259	337
5 years	450	585
10 years	1,002	1,294

Expense Example, No Redemption Putnam VT Multi-Cap Value Fund (USD $)	Class IA	Class IB
1 year	83	108
3 years	259	337
5 years	450	585
10 years	1,002	1,294

Portfolio turnover

The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 85%.

Investments

We invest mainly in common stocks of U.S. companies of any size, with a focus on value stocks. Value stocks are issued by companies that we believe are currently undervalued by the market. If we are correct and other investors recognize the value of the company, the price of its stock may rise. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.

Risks

It is important to understand that you can lose money by investing in the fund.

The value of stocks in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific company or industry. These risks are generally greater for small and midsize companies. Value stocks may fail to rebound and the market may not favor value-style investing.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance

The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. However, prior to becoming Putnam VT Multi-Cap Value Fund on September 1, 2010, the fund (as Putnam VT Mid-Cap Value Fund) invested at least 80% of its net assets in midsize companies, and the performance information below may have differed if the fund had instead pursued a multi-cap value investment strategy during the time periods presented. The performance information does not reflect insurance-related charges or expenses. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results.

Annual total returns for class IA shares

Year-to-
date per-
formance             3.11%
through
3/31/14

Best
calendar               24.85%
quarter
Q2 09

Worst
calendar             -26.41%
quarter
Q4 08

Average annual total returns
(for periods ending 12/31/13)

Average Annual Total Returns Putnam VT Multi-Cap Value Fund	1 year	5 years	10 years
Class IA	42.43%	22.32%	9.17%
Class IB	42.07%	22.00%	8.90%
Russell 3000 Value Index (no deduction for fees or expenses)	32.69%	16.75%	7.66%