Putnam VT Multi-Asset Absolute Return Fund

Equity holdings as of June 30, 2018ENERGY SELECT SECTOR SPDR 2.57TECHNOLOGY SELECT SECT SPDR 1.35CONSUMER DISCRETIONARY SELT 1.34MATERIALS SELECT SECTOR SPDR 1.30FINANCIAL SELECT SECTOR SPDR 1.23ISHARES MSCI INDIA ETF 1.03SAMSUNG ELECTRONICS CO LTD 0.70TENCENT HOLDINGS LTD 0.48CHINA CONSTRUCTION BANK-H 0.35ALIBABA GROUP HOLDING-SP ADR 0.33IND & COMM BK OF CHINA-H 0.29SK HYNIX INC 0.26TAIWAN SEMICONDUCTOR-SP ADR 0.24CHINA PETROLEUM & CHEMICAL-H 0.23FORMOSA CHEMICALS & FIBRE 0.22WALMART DE MEXICO SAB DE CV 0.22TENAGA NASIONAL BHD 0.20SK TELECOM 0.20PTT PCL/FOREIGN 0.19ANHUI CONCH CEMENT CO LTD-H 0.19COUNTRY GARDEN HOLDINGS CO 0.19AGRICULTURAL BANK OF CHINA-H 0.19HYPERA SA 0.18TIM PARTICIPACOES SA 0.18FOSUN INTERNATIONAL 0.17LG ELECTRONICS INC 0.17YY INC-ADR 0.17BANK OF COMMUNICATIONS - H 0.17LOTTE CHEMICAL CORP 0.16EVRAZ PLC 0.16PTT GLOBAL CHEMICAL PCL-FOR 0.16CIA SANEAMENTO BASICO DE SP 0.15BANCO SANTANDER BRASIL-UNIT 0.13BANK OF CHINA LTD-H 0.13LG UPLUS CORP 0.13PUB BANK BERHAD 0.12INDUSTRIAL BANK OF KOREA 0.12BANCO ITAU HOLDING PFD 0.11HANA FINANCIAL GROUP 0.11SMILES FIDELIDADE SA 0.11MR PRICE GROUP LTD 0.11AGILE GROUP HOLDINGS LTD 0.11CHINA RAILWAY GROUP LTD-H 0.11WANT WANT CHINA HOLDINGS LTD 0.11GUANGZHOU R&F PROPERTIES - H 0.11

Putnam VT Multi-Asset Absolute Return Fund

Equity holdings as of June 30, 2018IMPERIAL HOLDINGS LTD 0.10KB FINANCIAL GROUP INC 0.10SBERBANK PJSC -SPONSORED ADR 0.10YUANTA FINANCIAL HOLDING CO 0.10ACER INC 0.10KUMBA IRON ORE LTD 0.10DONGFENG MOTOR GRP CO LTD-H 0.10GRUMA S.A.B.-B 0.09GEELY AUTOMOBILE HOLDINGS LT 0.09FORMOSA PLASTICS CORP 0.08TURKIYE GARANTI BANKASI 0.08BARLOWORLD LTD 0.08RADIANT OPTO-ELECTRONICS COR 0.08IRB BRASIL RESSEGUROS SA 0.08AIRASIA GROUP BHD 0.07ST SHINE OPTICAL CO LTD 0.07OLD MUTUAL LTD 0.07INTER RAO UES PJSC 0.07ZHONGSHENG GROUP HOLDINGS 0.07SHINHAN FINANCIAL GROUP LTD 0.06SINOPEC SHANGHAI PETROCHEM-H 0.06NASPERS LTD-N SHS 0.06SYNNEX TECHNOLOGY INTL CORP 0.06CHONGQING RURAL COMMERCIAL-H 0.06GUANGZHOU BAIYUNSHAN PHARM-H 0.06ISBANK-C 0.05TRIPOD TECHNOLOGY CORP 0.05FREEPORT-MCMORAN INC 0.05TIANNENG POWER INTL LTD 0.05FORD OTOMOTIV 0.04CHINA MOBILE LTD 0.04UNI-PRESIDENT ENTERPRISES CO 0.04LG CORP 0.04INDOFOOD SUKSES MAKMUR TBK P 0.04CHINA SHINEWAY PHARMACEUTICA 0.04THAI OIL PCL-FOREIGN 0.04HAIER ELECTRONICS GROUP CO 0.03JASTRZEBSKA SPOLKA WEGLOWA S 0.03GUANGZHOU AUTOMOBILE GROUP-H 0.03ASTRAL FOODS LTD 0.02QUILTER PLC 0.02UNITED TRACTORS TBK PT 0.02KOC HLDG 0.02TURK SISE CAM 0.02HYUNDAI MARINE 0.02

Putnam VT Multi-Asset Absolute Return Fund

Equity holdings as of June 30, 2018MISC BHD 0.02COUNTRY GARDEN SERVICES HOLD 0.02POU CHEN 0.01ITAUSA-INVESTIMENTOS ITAU-PR 0.01BANK NEGARA INDONESIA PERSER 0.01