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If Putnam Management or PIL were to engage the services of PAC, Putnam Management or PIL, as applicable, would pay a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.

bullet svraug from the barrel, OJ! Beneficial interest At the close of the reporting period, insurance companies or their separate accounts were record owners of all but a de minimis number of the shares of the fund.

Putnam Investments Limited PIL , an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time.

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.

The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.

Income from securities lending, net of expenses, is included in investment income on the Statement of operations.

How did Putnam VT Global Health Care Fund perform in this environment? You may also pay one-time transaction expenses, which are not shown in this section and would result in higher total expenses.

- :New York,J'u y 1S51, pNb.

Income and withholding taxes are translated at prevailing exchange rates when earned or incurred.