Putnam VT Absolute Return 500 Fund Equity holdings as of September 30, 2015 EXXON  MOBIL  CORP JOHNSON  &  JOHNSON WELLS  FARGO  &  CO PFIZER  INC CISCO  SYSTEMS  INC NIKE  INC  -­‐CL  B ALTRIA  GROUP  INC ELI  LILLY  &  CO BERKSHIRE  HATHAWAY  INC-­‐CL  B MERCK  &  CO.  INC. VERIZON  COMMUNICATIONS  INC UNITED  PARCEL  SERVICE-­‐CL  B TARGET  CORP AUTOMATIC  DATA  PROCESSING SOUTHERN  CO/THE MCDONALD'S  CORP OCCIDENTAL  PETROLEUM  CORP APPLE  INC GENERAL  DYNAMICS  CORP EMC  CORP/MA KROGER  CO CAPITAL  ONE  FINANCIAL  CORP KRAFT  HEINZ  CO/THE ACCENTURE  PLC-­‐CL  A HOLOGIC  INC AMERISOURCEBERGEN  CORP EBAY  INC MAXIM  INTEGRATED  PRODUCTS PNC  FINANCIAL  SERVICES  GROUP DEERE  &  CO CHINA  MOBILE  LTD SAMSUNG  ELECTRONICS  CO  LTD OMNICOM  GROUP PAYCHEX  INC COLGATE-­‐PALMOLIVE  CO MARUBENI  CORP STAPLES  INC ANNALY  CAPITAL  MANAGEMENT  IN WESTROCK  CO DOLLAR  GENERAL  CORP XL  GROUP  PLC ENTERGY  CORP WASTE  MANAGEMENT  INC BOEING  CO/THE L-­‐3  COMMUNICATIONS  HLDGS  INC

0.61 0.54 0.52 0.47 0.43 0.42 0.41 0.40 0.39 0.39 0.37 0.37 0.36 0.36 0.35 0.35 0.35 0.34 0.33 0.33 0.32 0.32 0.32 0.31 0.31 0.30 0.30 0.29 0.29 0.28 0.27 0.27 0.26 0.25 0.25 0.25 0.24 0.23 0.23 0.22 0.22 0.22 0.22 0.21 0.21

Putnam VT Absolute Return 500 Fund Equity holdings as of September 30, 2015 INTUIT  INC AMERICAN  CAPITAL  AGENCY  CORP CR  BARD  INC MACY'S  INC HYOSUNG  CORPORATION MITSUI  AND  CO  LTD DUNKIN'  BRANDS  GROUP  INC CHINA  MERCHANTS  BANK-­‐H DAVITA  HEALTHCARE  PARTNERS  I AT&T  INC AMOREPACIFIC  GROUP KT&G  CORP KOREA  ELECTRIC  POWER  CORP CHINA  MERCHANTS  BANK-­‐H LG  HOUSEHOLD  &  HEALTH  CARE DST  SYSTEMS  INC INNOLUX  CORP CHONGQING  RURAL  COMMERCIAL-­‐H PEOPLES  INSURANCE  CO SCRIPPS  NETWORKS  INTER-­‐CL  A FISERV  INC NOVOLIPET  STEEL-­‐GDR  REG  S SK  HYNIX  INC NEW  YORK  COMMUNITY  BANCORP HCP  INC ITAU  UNIBANCO  H-­‐SPON  PRF  ADR TATNEFT-­‐SPONSORED  ADR TURK  HAVA  YOLLAR BANCO  DO  BRASIL  S.A. CHINA  AIRLINES  LTD AU  OPTRONICS  CORP NETCARE  LTD ACCENTURE  PLC-­‐CL  A WAL-­‐MART  STORES  INC ASSURANT  INC MMI  HOLDINGS  LTD MOSCOW  EXCHANGE  MICEX-­‐RTS  PJ GRUMA  S.A.B.-­‐B CONAGRA  FOODS  INC LIBERTY  HOLDINGS  LTD JBS  SA PEGATRON  CORP CTBC  FINANCIAL  HOLDING  CO  LT TAISHIN  FINANCIAL  HOLDING HUANENG  POWER  INTL  INC-­‐H

0.20 0.19 0.19 0.19 0.18 0.18 0.17 0.17 0.16 0.15 0.15 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12

Putnam VT Absolute Return 500 Fund Equity holdings as of September 30, 2015 PINNACLE  FOODS  INC YANGZIJIANG  SHIPBUILDING SHIN  KONG  FINANCIAL  HOLDING RICHTER  GEDEON  NYRT AMOREPACIFIC  GROUP PTT  GLOBAL  CHEMICAL  PCL-­‐FOR SISTEMA  JSFC-­‐REG  S  SPONS  GDR COLUMBIA  PIPELINE  GROUP DAMAC  PROPERTIES  DUBAI  CO SCHLUMBERGER  LTD AVERY  DENNISON  CORP TAIWAN  SEMICONDUCTOR-­‐SP  ADR KOREA  LINE  CORP ALLISON  TRANSMISSION  HOLDING PEOPLES  INSURANCE  CO TATNEFT-­‐SPONSORED  ADR PORTO  SEGURO  SA NEDBANK  GROUP  LTD DAESANG  CORPORATION TRANSDIGM  GROUP  INC BANCO  BRADESCO-­‐ADR NETEASE  INC-­‐ADR TAISHIN  FINANCIAL  HOLDING INNOLUX  CORP HYOSUNG  CORPORATION HUADIAN  POWER  INTL  CORP-­‐H TURK  HAVA  YOLLAR CHINA  AIRLINES  LTD CHONGQING  RURAL  COMMERCIAL-­‐H CHINA  CINDA  ASSET  MANAGEME-­‐H TENCENT  HOLDINGS  LTD TENAGA  NASIONAL  BHD CHINA  LESSO  GROUP  HOLDINGS  L QUALITY  HOUSE  PCL-­‐FOREIGN CHINA  LESSO  GROUP  HOLDINGS  L BUNGE  LTD LIBERTY  HOLDINGS  LTD TENCENT  HOLDINGS  LTD NETAPP  INC GRAPE  KING  BIO  LTD BUNGE  LTD STARWOOD  PROPERTY  TRUST  INC HUABAO  INTERNATIONAL  HOLDING COMPUTER  SCIENCES  CORP MMI  HOLDINGS  LTD

0.12 0.12 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09

Putnam VT Absolute Return 500 Fund Equity holdings as of September 30, 2015 GLOBE  TELECOM  INC XL  GROUP  PLC AMDOCS  LTD FIDELITY  NATIONAL  INFO  SERV CBOE  HOLDINGS  INC BANGCHAK  PETROLEUM  PUB-­‐FOR TOP  GLOVE  CORP  BHD CARDINAL  HEALTH  INC CLOROX  COMPANY WNS  HOLDINGS  LTD-­‐ADR BANGCHAK  PETROLEUM  PUB-­‐FOR THOMSON  REUTERS  CORP ALLIED  WORLD  ASSURANCE  CO CITIC  LTD THAI  OIL  PCL-­‐FRGN SLM  CORP SYNOPSYS  INC BELLE  INTERNATIONAL  HOLDINGS JBS  SA EMBOTELLADORAS  ARCA  SA-­‐NOM THAI  OIL  PCL-­‐FRGN KOZA  ALTIN  ISLETMELERI  AS SHERWIN-­‐WILLIAMS  CO/THE ANTA  SPORTS  PRODUCTS  LTD RAYONIER  INC TAMBANG  BATUBARA  BUKIT  ASAM EVEREST  RE  GROUP  LTD MEDNAX  INC ANALOG  DEVICES  INC CJ  E&M  CORP OHL  MEXICO  SAB  DE  CV TUPRAS-­‐TURKIYE  PETROL  RAFINE CHINA  SINGYES  SOLAR  TECH VANTIV  INC  -­‐  CL  A GARTNER  INC AMERICAN  ELECTRIC  POWER BNK  FINANCIAL  GROUP  INC KING'S  TOWN  BANK EVEREST  RE  GROUP  LTD ORBITAL  ATK  INC MICROSOFT  CORP FIRST  NIAGARA  FINANCIAL  GRP DISCOVERY  COMMUNICATIONS-­‐C CHIMERA  INVESTMENT  CORP AMERICAN  WATER  WORKS  CO  INC

0.09 0.09 0.09 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.05 0.05 0.05 0.05

Putnam VT Absolute Return 500 Fund Equity holdings as of September 30, 2015 VALIDUS  HOLDINGS  LTD FACTSET  RESEARCH  SYSTEMS  INC PARTNERRE  LTD CARTERS  INC AMERICAN  FINANCIAL  GROUP  INC AIRGAS  INC GENTEX  CORP CHINA  CONSTRUCTION  BANK-­‐H KOZA  ALTIN  ISLETMELERI  AS DUBAI  ISLAMIC  BANK FUBON  FINANCIAL  HOLDING  CO THOR  INDUSTRIES  INC CLEANAWAY  CO  LTD NEW  ORIENTAL  EDUCATIO-­‐SP  ADR SOULBRAIN  CO  LTD RENAISSANCERE  HOLDINGS  LTD SAO  MARTINHO  SA S&T  MOTIV  CO  LTD CITIZENS  FINANCIAL  GROUP AXIS  CAPITAL  HOLDINGS  LTD ASPEN  INSURANCE  HOLDINGS  LTD BEMIS  COMPANY KRUNGTHAI  CARD  PCL-­‐FOREIGN TAMBANG  BATUBARA  BUKIT  ASAM PAYPAL  HOLDINGS  INC CYFROWY  POLSAT  SA SUPALAI  PUBLIC  CO  LTD-­‐FOR BANK  OF  CHONGQING  CO  LTD-­‐H MFA  FINANCIAL  INC GENTERA  SAB  DE  CV VALID  SOLUCOES  SA JB  FINANCIAL  GROUP  CO  LTD LEIDOS  HOLDINGS  INC GENPACT  LTD ENDURANCE  SPECIALTY  HOLDINGS TONGAAT  HULETT  LTD RENAISSANCERE  HOLDINGS  LTD FUBON  FINANCIAL  HOLDING  CO NAGACORP  LTD LEWIS  GROUP  LTD BARLOWORLD  LTD AP  THAILAND  PCL  -­‐  NVDR RMB  HOLDINGS  LTD MOBILE  TELESYSTEMS-­‐SP  ADR TURKIYE  SINAI

0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

Putnam VT Absolute Return 500 Fund Equity holdings as of September 30, 2015 BANGKOK  EXPRESSWAY  PUB-­‐FORGN LF  CORP LF  CORP ROLLINS  INC SHIN  ZU  SHING  CO  LTD CHUNGHWA  TELECOM  CO  LTD CHINA  SOUTHERN  AIRLINES  CO-­‐H APPLE  HOSPITALITY  REIT  INC AMBEV  SA-­‐ADR PROASSURANCE  CORP BIO-­‐RAD  LABORATORIES-­‐A OHL  MEXICO  SAB  DE  CV TONGAAT  HULETT  LTD BANK  TABUNGAN  NEGARA  PERSERO IND  &  COMM  BK  OF  CHINA-­‐H EXPEDITORS  INTL  WASH  INC HAWAIIAN  ELECTRIC  INDS TURKIYE  SINAI BLACK  KNIGHT  FINANCIAL-­‐CL  A TAV  HAVALIMANLARI  HOLDING  AS SHANDA  GAMES  LTD-­‐SPONS  ADR CVC  BRASIL  OPERADORA  E  AGENC HARLEY-­‐DAVIDSON  INC LEAR  CORP SAO  MARTINHO  SA CHINA  CONSTRUCTION  BANK-­‐H PORTO  SEGURO  SA AXALTA  COATING  SYSTEMS  LTD SILICON  WORKS  CO  LTD SBA  COMMUNICATIONS  CORP-­‐CL  A TFS  FINANCIAL  CORP MOTOROLA  SOLUTIONS  INC MORNINGSTAR  INC SBERBANK-­‐SPONSORED  ADR MONDI  PLC LIBERTY  MEDIA  CORP  -­‐  C TWO  HARBORS  INVESTMENT  CORP KIMBERLY-­‐CLARK  DE  MEXICO-­‐A

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01