Putnam PVT annual report - Putnam Investments

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ContentsMessage from the Trustees 1Report of independent registered public accounting firm 2Reports on individual fundsEach fund report includes the report from your fund’s managers, fund performance,fund expenses, fund management, the fund’s portfolio, and financial statements.Putnam VT American Government Income Fund 4Putnam VT Capital Opportunities Fund 16Putnam VT Diversified Income Fund 26Putnam VT Equity Income Fund 54Putnam VT The George Putnam Fund of Boston 62Putnam VT Global Asset Allocation Fund 78Putnam VT Global Equity Fund 114Putnam VT Global Health Care Fund 124Putnam VT Global Utilities Fund 132Putnam VT Growth and Income Fund 140Putnam VT Growth Opportunities Fund 150Putnam VT High Yield Fund 158Putnam VT Income Fund 176Putnam VT International Equity Fund 200Putnam VT International Growth Fund 208formerly Putnam VT International New Opportunities FundPutnam VT International Value Fund 218formerly Putnam VT International Growth and Income FundPutnam VT Investors Fund 228Putnam VT Mid Cap Value Fund 236Putnam VT Money Market Fund 244Putnam VT New Opportunities Fund 252Putnam VT Research Fund 262Putnam VT Small Cap Value Fund 272Putnam VT Vista Fund 282Putnam VT Voyager Fund 290Notes to financial statements 300Trustee approval of management contract 324Other important information 331Trustee information 332Officers 336
Message from the TrusteesDear Fellow Shareholder:Putnam Investments is pleased to provide this annual report to the shareholders of Putnam VariableTrust, which offers 24 Putnam funds representing a wide range of investment choices. Thefollowing reports from the funds’ management provide an in-depth look at the investment environmentduring the 12-month period ended December 31, 2009, along with detailed discussions of thefunds’ performance.The historic market rally that began in March 2009 maintained its momentum through the closeof the year. Investors in both stocks and bonds saw their account balances improve, and in theearly weeks of 2010, encouraging evidence continued to build, pointing to a sustained worldwideeconomic recovery.It was a challenging year, but one that ended well for Putnam shareholders. We are pleased toreport that Barron’s has named Putnam Investments the top fund family for performance in 2009.This ranking reflects the intense efforts of an investment team infused with a determination toexcel, and strengthened by the arrival of several senior portfolio managers, research analysts,and traders.Although investors may continue to be rewarded this year, we do not expect that 2010 will be arepeat performance of 2009, when markets around the world delivered a potent recovery fromdistressed levels. The most substantial returns in 2009 came from the most historically volatilesegments of the stock and bond markets. Going forward, growth will more likely come from thosecompanies and sectors positioned to thrive in the expanding global economic recovery.If there is any lesson to be learned from the painful market downturn of 2008 and early 2009, it is theimportance of positioning one’s portfolio to limit downside risk. It is our belief that the best way toachieve this is by diversifying across all asset classes, as well as across modern investment strategiesfocused on reducing volatility, and adhering to your plan in every kind of market environment.As always, thank you for choosing Putnam.Respectfully yours,Robert L. ReynoldsPresident and Chief Executive OfficerPutnam InvestmentsJohn A. HillChairman of the TrusteesFebruary 12, 2010Putnam Variable Trust 1
Page 1: PutnamVariable Trust12 | 31 | 09Ann
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Page 8 and 9: The fund’s portfolio 12/31/09MORT
Page 10 and 11: MORTGAGE-BACKED SECURITIES (33.2%)*
Page 12 and 13: At December 31, 2009, liquid assets
Page 14 and 15: INTEREST RATE SWAP CONTRACTS OUTSTA
Page 16 and 17: Statement of changes in net assetsP
Page 18 and 19: Putnam VT Capital Opportunities Fun
Page 20 and 21: The fund’s portfolio 12/31/09COMM
Page 22 and 23: COMMON STOCKS (98.4%)* cont. Shares
Page 24 and 25: ASC 820 establishes a three-level h
Page 26 and 27: Statement of changes in net assetsP
Page 28 and 29: Putnam VT Diversified Income FundIn
Page 30 and 31: The fund’s portfolio 12/31/09MORT
Page 36 and 37: CORPORATE BONDS AND NOTES (19.1%)*
Page 38 and 39: CORPORATE BONDS AND NOTES (19.1%)*
Page 40 and 41: ASSET-BACKED SECURITIES (8.0%)* con
Page 42 and 43: SENIOR LOANS (3.1%)* c Principal am
Page 44 and 45: CONVERTIBLE BONDS AND NOTES (0.4%)*
Page 46 and 47: WRITTEN OPTIONSExpirationOUTSTANDIN
Page 48 and 49: INTEREST RATE SWAP CONTRACTS OUTSTA
Page 50 and 51: CREDIT DEFAULT CONTRACTS OUTSTANDIN
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The following is a reconciliation o
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Statement of changes in net assetsP
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Putnam VT Equity Income FundInvestm
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The fund’s portfolio 12/31/09COMM
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Key to holding’s abbreviationsADR
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Putnam VT The George Putnam Fund of
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CORPORATE BONDS AND NOTES (11.5%)*
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MORTGAGE-BACKED SECURITIES (4.7%)*
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ASSET-BACKED SECURITIES (1.2%)* con
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Statement of assets and liabilities
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Financial highlights (For a common
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Putnam VT Global Asset Allocation F
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COMMON STOCKS (48.8%)* cont. Shares
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U.S. GOVERNMENT AND AGENCYMORTGAGE
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ASSET-BACKED SECURITIES (2.9%)* con
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e See Note 6 to the financial state
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WRITTEN OPTIONSExpirationOUTSTANDIN
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CREDIT DEFAULT CONTRACTS OUTSTANDIN
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The following is a reconciliation o
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Putnam VT Global Equity FundInvestm
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ADR after the name of a foreign hol
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Putnam VT Global Health Care Fund*I
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Putnam VT Global Utilities Fund*Inv
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Putnam VT Growth and Income FundInv
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Putnam VT Growth Opportunities Fund
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ASC 820 establishes a three-level h
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Putnam VT High Yield FundInvestment
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The fund’s portfolio 12/31/09CORP
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SENIOR LOANS (7.6%)* c cont. Princi
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CREDIT DEFAULT CONTRACTS OUTSTANDIN
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Putnam VT Income FundInvestment obj
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The fund’s portfolio 12/31/09MORT
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PURCHASED OPTIONS Expiration date/
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WRITTEN OPTIONSExpirationOUTSTANDIN
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INTEREST RATE SWAP CONTRACTS OUTSTA
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Putnam VT International Equity Fund
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ASC 820, Fair Value Measurements an
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Putnam VT International Growth Fund
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SHORT-TERM INVESTMENTS (4.2%)* Prin
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Putnam VT International Value Fund*
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FORWARD CURRENCY CONTRACTS TO BUYUn
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Putnam VT Investors FundInvestment
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Putnam VT Mid Cap Value FundInvestm
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ASC 820, Fair Value Measurements an
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Putnam VT Money Market FundInvestme
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The fund’s portfolio 12/31/09U.S.
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REPURCHASE AGREEMENTS (3.2%)* Princ
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Putnam VT New Opportunities FundInv
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Putnam VT Research FundInvestment o
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Putnam VT Small Cap Value FundInves
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Putnam VT Vista FundInvestment obje
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ASC 820, Fair Value Measurement and
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Putnam VT Voyager FundInvestment ob
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Notes to financial statements 12/31
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time it was opened and the value at
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applicable to regulated investment
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Fund nameUndistributed net investme
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Fund namePutnam VT Global Asset All
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Fund nameAmount seller soldto the f
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Fund nameCurrencyof contractamounts
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Putnam VT Growth and Income FundCla
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Putnam VT Voyager FundClass IA shar
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Fund nameDerivatives not accountedf
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Fund name Income distributions earn
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Federal tax information (Unaudited)
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Trustee approval of management cont
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fee schedules in effect for the fun
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Putnam Small & Mid—Cap Equity Fun
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management of the funds. In this re
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Trustees of the Putnam Funds 12/31/
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Robert E. Patterson (Born 1945)Trus
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Officers of the Putnam Funds 12/31/
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PRESORTEDSTANDARDU.S. POSTAGEPAIDLA
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