Smart Technologies Inc Sc7 V7 23 Driver
Sep 30, 2016. Invalid XML: If a file is sent to the state repository and cannot be imported due to the file not fitting the XML schema provided, an email will be generated and sent to the address provided by the agency. The email will detail the technical reasons for why the XML could not be imported. • If the crime report can. Sep 14, 2010. I assume that the SMART Tech SC7 v7.23 driver appears because the computer is connected to the SMART Board via a serial cable (and not USB) When prompted for the driver, manual choose / browse for the driver located within: C: Program Files SMART Technologies SMART Product Drivers PNP. Amplivox B8003 Titan Wireless Premium Package - Includes Sc800 Companion Speaker, Headset Mic, Wired Handheld Dynamic Microphone, S1073 Mic Stand, 2x S1080 Heavy Duty Tripod, Protective Cover, Ac Power Cord, Microphone Clip.
On any day, answered phone when a customer had problems with reporting or billing. HIPPA regulations and billing the 837P and 837I helping customers to set up the parameters to bill and get paid by Medicare, Medicaid and private insurance companies.
Helped to write reports to balance claims and payments. Helped customers to post payments electronically. Loved working with the CMHC/MIS team we worked great together. Some of the hardest things in this environment is getting the customers compliant with Medicare and Medicaid.
Avtsmallcapvalue.htmUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM N-CSRCERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIESInvestment Company Act file number:(811-05346)Exact name of registrant as specified in charter:Putnam Variable TrustAddress of principal executive offices:One Post Office Square, Boston, Massachusetts 02109Name and address of agent for service:Robert T. Burns, Vice PresidentOne Post Office SquareBoston, Massachusetts 02109Copy to:John W.
Gerstmayr, Esq.Ropes & Gray LLP800 Boylston StreetBoston, Massachusetts Registrant’s telephone number, including area code:(617) 292-1000Date of fiscal year end:December 31, 2011Date of reporting period:January 1, 2011 — December 31, 2011Item 1. Report to Stockholders:The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940. Message from the TrusteesDear Shareholder:Global financial uncertainty and the European debt crisis continue to contribute to risk aversion and volatility within markets around the world. While we have experienced some positive trends in recent months, stock markets ended 2011 essentially where they began.Until a lasting and meaningful solution is found for the European debt problem and the U.S. Economy establishes a solid footing, it is our belief that this volatility and uncertainty will persist, at least over the near term. In this kind of market, Putnams portfolio managers and analysts are dedicated to uncovering opportunities, while seeking to guard against downside risk.During periods of market uncertainty, it is especially important to rely on the counsel and expertise of your financial advisor, who can help you maintain a long-term focus and a balanced investment approach suitable to your goals.In other developments, please join us in welcoming the return of Elizabeth T.
Kennan to the Board of Trustees. Kennan, who served as a Trustee from 1992 until 2010, has rejoined the Board, effective January 1, 2012. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse breeding and general farming), and is also President Emeritus of Mount Holyoke College.We would also like to take this opportunity to welcome new shareholders to the fund and to thank all of our investors for your continued confidence in Putnam. Russell 2000(as of 12/31/11)Class IA shares.Class IB shares.Value Index1 year–4.54%–4.73%–5.50%5 years–15.46–16.44–9.03Annualized–3.30–3.53–1.8710 years65.9561.9385.98Annualized5.204.946.40Life153.0.36Annualized7.627.377.85For a portion of the periods, the fund had expense limitations, without which returns would have been lower. Class inception date: April 30, 1999.Russell 2000 Value Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their value orientation.Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown.
Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. All total return figures are at net asset value and exclude contract charges and expenses, which are added to the variable annuity contracts to determine total return at unit value. Had these charges and expenses been reflected, performance would have been lower. For more recent performance, contact your variable annuity provider who can provide you with performance that reflects the charges and expenses at your contract level.Portfolio holdings and allocations may vary over time. Allocations are represented as a percentage of net assets as of 12/31/11. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities and the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Report from your fund’s managerVolatility dominated the markets throughout 2011.
What were the drivers, and how did the fund perform during the past 12 months?Putnam VT Small Cap Value Fund outperformed its benchmark, the Russell 2000 Value Index, in the 12-month period. Economy began 2011 on positive footing, and it appeared that a recovery was well under way. But by the second quarter, a series of macroeconomic events had disrupted equity markets around the world. Volatility became a major theme following the earthquake-tsunami disaster in Japan, civil unrest and uprisings in the Middle East, and a growing realization that the European sovereign debt problem could not easily be contained. Several economic reports emerged revealing a slowdown in U.S.
Economic growth. By summer, the United States began grappling with its own burgeoning debt problem, and Congress engaged in a contentious debate over whether or not to raise the debt ceiling. Ultimately, action was taken, but it did not prevent rating agency Standard & Poor’s from downgrading U.S. As volatility increased, investors became defensive and large-cap stocks began outperforming small caps. Equities broadly suffered in the third quarter when persistently high unemployment and lack-luster economic reports in the United States added to concerns already intensifying about a global economic slowdown. By the end of the year, with some progress made toward a solution of the European debt crisis, equities rallied. In this environment, the fund was able to recover and outperform the benchmark due to diversification within the portfolio.What holdings contributed to fund performance?Selection of several out-of-benchmark stocks contributed to fund performance.
Questcor, a pharmaceutical company, benefited from the repurposing of its drug Acthar, an infantile spasm medication, into a medication used in the treatment of a variety of other illnesses, including multiple sclerosis and nephritic syndrome. During the period, the fund sold its holdings in Questcor at a profit.Another out-of-benchmark name, Web.com Group, was a top contributor to performance. Web.com provides online marketing services such as website design and publishing, search engine optimization, and lead generation for small businesses. Web.com had reported positive earnings surprises for several consecutive quarters.An overweight position in Domino’s Pizza contributed to returns. Domino’s represented a value stock that we believe was misunderstood by the market.
Because of a steady royalty stream from its franchisees, the corporate parent actually incurs little downside risk from debt on the balance sheet related to the franchises. In addition, Domino’s has an expanding international business that has not garnered much investor attention.What were some of the strategies that were detractors?Smith Micro Software, a developer of software solutions for mobile devices, was a top detractor.
While the company has a compelling balance sheet and strong cash position, investors have not been impressed with its product cycle. Like many small companies, the company is not diversified enough to maintain its appeal with investors. We reduced the fund’s position in Smith Micro Software, but not at a price we would have chosen.Exide Technologies, a maker of commercial-grade batteries for a variety of uses including hybrid cars, was a leading detractor. The company has exposure to certain commodities, including lead, which has been extremely volatile after rising sharply earlier in the year.
Exide has a lead-recycling business that helped offset some of the volatility in the commodities markets. We believe Exide is still a viable business, and the portfolio continues to hold the stock. Another detractor was Commercial Vehicle Group, a parts supplier for commercial vehicles and heavy-duty trucks. The company’s product line experiences a great deal of sensitivity to overall economic activity, and the price of its shares suffered as a result.Economic concerns and the re-emergence of tail risk also depressed the price of Puerto Rican bank holding company Popular, Inc., an out-of-benchmark position.
Popular had been working through its troubled loans earlier in the year. However, an economic recovery that was less robust than expected and a worsening of the European financial crisis in October, increased concerns regarding the sector. Also, concerns about Popular were more acute given the bank’s holding of Troubled Asset Relief Program TARP funds and worries that it would have to dilute equity to repay them.What is your outlook?In our view, volatility will likely remain an issue in the near term, largely driven by the ongoing sovereign debt problem in Europe and sluggish economic growth in many parts of the world. Although large companies generally transact more business with Europe than small companies, all U.S. Companies are generally affected by declines in business activity and consumer confidence. Times like these put a premium on the ability of active research to find companies that have a reason to be noticed by investors.
In this environment, our focus is to find stocks of companies that are not solely dependent on an improving economy to demonstrate their business strength.The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period.
Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future.Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. Current and future portfolio holdings are subject to risk. Understanding your fund’s expensesAs an investor in a variable annuity product that invests in a registered investment company, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses.
Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, which are not shown in this section and would result in higher total expenses. Charges and expenses at the insurance company separate account level are not reflected. For more information, see your fund’s prospectus or talk to your financial representative.Review your fund’s expensesThe first two columns in the following table show the expenses you would have paid on a $1,000 investment in your fund from July 1, 2011, to December 31, 2011. They also show how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
To estimate the ongoing expenses you paid over the period, divide your account value by $1,000, then multiply the result by the number in the first line for the class of shares you own.Compare your fund’s expenses with those of other fundsThe two right-hand columns of the table show your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All shareholder reports of mutual funds and funds serving as variable annuity vehicles will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
COMMON STOCKS (96.3%).SharesValueAerospace and defense (0.2%)Innovative Solutions & Support, Inc. †141,231$485,835485,835Airlines (0.4%)SkyWest, Inc. S67,652,091Auto components (1.4%)American Axle & Manufacturing Holdings, Inc. † S154,4001,527,016Exide Technologies † S216,529569,471Stoneridge, Inc. †121,8941,027,5663,124,053Building products (0.5%)NCI Building Systems, Inc.
†105,6001,147,8721,147,872Capital markets (1.5%)Cowen Group, Inc. Class A † S394,4151,021,535Horizon Technology Finance Corp.85,9061,398,550Waddell & Reed Financial, Inc. Class A S33,7,255,899Chemicals (1.8%)Innophos Holdings, Inc.26,8001,301,408Minerals Technologies, Inc.23,0001,300,190RPM International, Inc.58,5391,437,1324,038,730Commercial banks (8.2%)Bancorp, Inc.
(The) †190,9851,380,822Citizens Republic Bancorp, Inc. S137,3261,553,157Financial Institutions, Inc.112,2001,810,908First Citizens BancShares, Inc. Class A8,6481,513,314First Financial Bancorp S55,880929,843First of Long Island Corp. Naumann sewing machine serial number identification.
(The)50,9901,342,057Lakeland Financial Corp.31,000801,970Metro Bancorp, Inc. †141,8811,188,963Popular, Inc. (Puerto Rico) †745,8001,036,662PrivateBancorp, Inc.136,2001,495,476State Bank Financial Corp. †72,6001,096,986SVB Financial Group † S26,2951,254,009Western Alliance Bancorp † S256,9001,600,48718,471,834Commercial services and supplies (3.4%)ACCO Brands Corp. †103,6271,000,001Deluxe Corp.
S81,9001,864,044Ennis Inc.69,106921,183McGrath Rentcorp60,0001,739,400Portfolio Recovery Associates, Inc. † S17,1001,154,592SYKES Enterprises, Inc. †58,9,602,079Communications equipment (1.7%)Ceragon Networks, Ltd.
(Israel) † S108,407834,734Emulex Corp. †234,2001,606,612Oplink Communications, Inc.
†90,6421,492,8743,934,220Computers and peripherals (1.0%)Electronics for Imaging, Inc. †97,2001,385,100SMART Technologies, Inc. Class A (Canada) †228,4,227,896Construction and engineering (1.5%)EMCOR Group, Inc. S56,7001,520,127Orion Marine Group, Inc. COMMON STOCKS (96.3%).
Smart Technologies Inc Sc7 V7 23 Driver
cont.SharesValueConstruction and engineering cont.Tutor Perini Corp. †77,600$957,584UniTek Global Services, Inc. †69,1,387,981Containers and packaging (0.4%)Rock-Tenn Co.
Class A16,552,050Distributors (0.2%)Core-Mark Holding Co., Inc.13,638,560Diversified financial services (1.1%)Gain Capital Holdings, Inc.171,2001,147,040NewStar Financial, Inc. † S136,2001,385,1542,532,194Diversified telecommunication services (1.8%)Cbeyond, Inc. †129,2001,034,892Cogent Communications Group, Inc. †107,2001,810,608Lumos Networks Corp. †75,0681,151,5433,997,043Electric utilities (4.5%)Great Plains Energy, Inc.108,8752,371,298NV Energy, Inc.145,3002,375,655UIL Holdings Corp.
S74,4382,632,872UniSource Energy Corp.74,0342,733,33510,113,160Electrical equipment (0.4%)General Cable Corp. † S35,485,354Electronic equipment, instruments, and components (2.0%)DDi Corp.11,533107,603Electro Scientific Industries, Inc. †96,2891,394,265Multi-Fineline Electronix, Inc. †43,900902,145SYNNEX Corp.
† S40,4001,230,584TTM Technologies, Inc. † S80,5,517,469Energy equipment and services (1.4%)Key Energy Services, Inc.
†88,2001,364,454Pioneer Drilling Co. †74,496721,121Tidewater, Inc. S20,4361,007,4953,093,070Food and staples retail (1.9%)Ruddick Corp.27,3931,168,038Spartan Stores, Inc.87,1591,612,442Weis Markets, Inc.36,1431,443,5514,224,031Food products (0.2%)Sanderson Farms, Inc.9,156,183Gas utilities (1.1%)Southwest Gas Corp. S56,4312,397,7532,397,753Health-care equipment and supplies (1.6%)Cutera, Inc. † S84,904632,535Kensey Nash Corp.
† S34,149655,319Palomar Medical Technologies, Inc. †76,767713,933Solta Medical, Inc. †284,919894,646Syneron Medical, Ltd. (Israel) †65,1,617,090Health-care providers and services (4.5%)Addus HomeCare Corp. †146,986524,740Ensign Group, Inc. (The)56,8001,391,600Kindred Healthcare, Inc.
† S129,5781,525,133LHC Group, Inc. † S60,600777,498MedQuist Holdings, Inc. † S155,5851,496,728.
COMMON STOCKS (96.3%). cont.SharesValueHealth-care providers and services cont.Metropolitan Health Networks, Inc. †110,643$826,503Providence Service Corp. (The) †103,8001,428,288Triple-S Management Corp. Class B (Puerto Rico) †103,6002,074,07210,044,562Hotels, restaurants, and leisure (2.7%)Denny’s Corp. †264,480994,445DineEquity, Inc. † S27,2001,148,112Domino’s Pizza, Inc.
† S20,460694,617Marriott Vacations Worldwide Corp. †69,1991,187,455Morgans Hotel Group Co. †147,600870,840Pinnacle Entertainment, Inc.
†111,8001,135,8886,031,357Household durables (1.9%)La-Z-Boy, Inc. † S113,8001,354,220M/I Homes, Inc. † S82,044787,622Newell Rubbermaid, Inc.76,8881,241,741Skullcandy, Inc.
† S74,3,313,819Household products (0.7%)Spectrum Brands Holdings, Inc. †59,4001,627,5601,627,560Insurance (6.4%)American Equity Investment Life Holding Co. S86,176896,230American Financial Group, Inc.24,512904,248Amtrust Financial Services, Inc.46,2001,097,250Arch Capital Group, Ltd. †59,1382,201,708Assured Guaranty, Ltd. (Bermuda) S68,895905,280Employers Holdings, Inc.62,5111,130,824Hanover Insurance Group, Inc.
(The) S41,8901,464,056Reinsurance Group of America, Inc. Class A34,2951,791,914Transatlantic Holdings, Inc.32,0001,751,360Validus Holdings, Ltd.75,2542,370,50114,513,371Internet software and services (2.5%)Earthlink, Inc.213,0001,371,720Perficient, Inc. †155,4001,555,554Stamps.com, Inc. † S27,569720,378Web.com Group, Inc.
†166,7861,909,7005,557,352IT Services (1.2%)Alliance Data Systems Corp. †9,6981,007,040BancTec, Inc. 144A † F152,299357,903Ciber, Inc. †263,9001,018,654Unisys Corp. †20,5,789,111Leisure equipment and products (1.0%)Arctic Cat, Inc.
†39,320886,666Brunswick Corp. S81,6001,473,6962,360,362Machinery (2.8%)Accuride Corp. †106,000754,720American Railcar Industries, Inc. †50,0031,196,572Cascade Corp.17,029803,258Commercial Vehicle Group, Inc. † S93,600846,144Greenbrier Companies, Inc.
† S76,4531,856,279NACCO Industries, Inc. Class A10,3,375,939Multiline retail (0.2%)Gordmans Stores, Inc. COMMON STOCKS (96.3%). cont.SharesValueMulti-utilities (2.0%)Avista Corp.116,031$2,987,798CMS Energy Corp. S68,0001,501,4404,489,238Oil, gas, and consumable fuels (3.6%)Energen Corp. S33,3931,669,650Energy Partners, Ltd.
†82,2001,200,120James River Coal Co. † S68,941477,072Magnum Hunter Resources Corp. † S210,7001,135,673Rex Energy Corp. † S51,705763,166Scorpio Tankers, Inc. (Monaco) † S132,224646,575SM Energy Co.11,001804,173Swift Energy Co. † S45,8001,361,1768,057,605Paper and forest products (1.0%)Buckeye Technologies, Inc.
S42,7001,427,888Louisiana-Pacific Corp. † S110,1,316,597Pharmaceuticals (1.4%)ISTA Pharmaceuticals, Inc. †222,4111,567,998Medicines Co. (The) † S84,7001,578,8083,146,806Real estate investment trusts (REITs) (7.7%)American Assets Trust, Inc.83,7201,717,097American Capital Agency Corp.40,2001,128,816Campus Crest Communities, Inc. S97,506980,910Cogdell Spencer, Inc.201,384855,882Colony Financial, Inc.63,6761,000,350Entertainment Properties Trust S30,0001,311,300Government Properties Income Trust44,9001,012,495LaSalle Hotel Properties S50,3931,220,015MFA Financial, Inc. S221,9811,491,712One Liberty Properties, Inc. S72,3881,194,402PS Business Parks, Inc.29,7001,646,271Summit Hotel Properties, Inc.190,8101,801,246Taubman Centers, Inc.
S20,7461,288,327Winthrop Realty Trust62,07,279,668Road and rail (0.5%)Saia, Inc. †94,0001,173,1201,173,120Semiconductors and semiconductor equipment (3.1%)Advanced Energy Industries, Inc.
† S138,7001,488,251Cirrus Logic, Inc. † S93,0001,474,050Nova Measuring Instruments, Ltd. (Israel) †196,9001,451,153Pericom Semiconductor Corp. †6,01945,805PMC — Sierra, Inc. †188,7001,039,737RF Micro Devices, Inc. † S266,5001,439,1006,938,096Software (1.1%)Actuate Corp. †238,5001,397,610Smith Micro Software, Inc.
†66,34874,973TeleCommunication Systems, Inc. Class A † S402,7,418,928Specialty retail (5.5%)Aaron’s, Inc.36,400971,152Ascena Retail Group, Inc. †30,736913,474Charming Shoppes, Inc.
† S165,000808,500Express, Inc. †72,7691,451,014Haverty Furniture Cos., Inc.58,600643,428hhgregg, Inc. † S69,100998,495Lithia Motors, Inc.
Class A S66,4001,451,504. COMMON STOCKS (96.3%).
cont.SharesValueSpecialty retail cont.Pep Boys — Manny, Moe & Jack (The) S123,400$1,357,400Pier 1 Imports, Inc. † S65,146907,484Sonic Automotive, Inc. Class A S102,0001,510,620Stage Stores, Inc. S54,735760,269Wet Seal, Inc. (The) Class A † S211,82,464,004Textiles, apparel, and luxury goods (1.6%)Iconix Brand Group, Inc. † S75,3851,228,022Perry Ellis International, Inc. † S80,8671,149,929PVH Corp.17,0431,201,3613,579,312Thrifts and mortgage finance (5.0%)Berkshire Hills Bancorp, Inc.
S68,8001,526,672BofI Holding, Inc. †55,393900,136Brookline Bancorp, Inc.
S172,5001,455,900Capitol Federal Financial, Inc.126,9001,464,426ESSA Bancorp, Inc.40,676425,878MGIC Investment Corp. † S159,300594,189Provident Financial Services, Inc.68,600918,554United Financial Bancorp, Inc.87,9881,415,727Walker & Dunlop, Inc. †122,0181,532,546Washington Federal, Inc.66,01,158,207Trading companies and distributors (1.7%)Applied Industrial Technologies, Inc.14,893523,787DXP Enterprises, Inc.
†46,6391,501,776H&E Equipment Services, Inc. †136,1341,826,9183,852,481Total common stocks (cost $204,740,662)$216,853,276. Notes to financial statements 12/31/11Note 1 — Significant accounting policiesPutnam VT Small Cap Value Fund (the fund) is a diversified series of Putnam Variable Trust (the Trust), a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund seeks capital appreciation by investing primarily in common stocks of small U.S. Companies with a focus on value stocks.The fund offers class IA and class IB shares of beneficial interest. Class IA shares are offered at net asset value and are not subject to a distribution fee. Class IB shares are offered at net asset value and pay an ongoing distribution fee, which is identified in Note 2.Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances.
The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Unless otherwise noted, the “reporting period” represents the period from January 1, 2011 through December 31, 2011.A) Security valuation Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities.
If no sales are reported, as in the case of some securities traded over-the-counter, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.Investments in other open-end investment companies, which are classified as Level 1 securities, are based on their net asset value (NAV). The NAV of an investment company equals the total value of its assets less its liabilities and divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the New York Stock Exchange each day that the exchange is open.Many securities markets and exchanges outside the U.S. Close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. Securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts.
These securities, which will generally represent a transfer from a Level 1 to a Level 2 security, will be classified as Level 2. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. Dollars at the current exchange rate.To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Investment Management, LLC (Putnam Management), the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees.
These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. Swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time.
By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.B) Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.Interest income is recorded on the accrual basis. Dividend income, net of applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date.
Non-cash dividends, if any, are recorded at the fair market value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.C) Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income.
The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day.
There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the value of securities loaned amounted to $42,369,614 and the fund received cash collateral of $43,774,474.D) Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the Securities and Exchange Commission (the SEC). This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates.
During the reporting period, the fund did not utilize the program.E) Line of credit The fund participates, along with other Putnam funds, in a $325 million unsecured committed line of credit and a $185 million unsecured uncommitted line of credit, both provided by State Street Bank and Trust Company (State Street). Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the Federal Funds rate plus 1.25% for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.02% of the committed line of credit and $50,000 for the uncommitted line of credit has been paid by the participating funds.
In addition, a commitment fee of 0.13% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.F) Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to. Regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. The fund is subject to the provisions of Accounting Standards Codification ASC 740 Income Taxes (ASC 740).
ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.At December 31, 2011, the fund had a capital loss carryover of $18,128,434 available to the extent allowed by the Code to offset future net capital gain, if any. This capital loss carryover will expire on December 31, 2017.
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.G) Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date.
Smart Board Technologies Inc
Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences of losses on wash sale transactions and nontax-able dividends. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. For the reporting period ended, the fund reclassified $4,522 to decrease undistributed net investment income, with a decrease to accumulated net realized losses of $4,522.The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows. Unrealized appreciation$34,784,901Unrealized depreciation(24,937,471)Net unrealized appreciation9,847,430Undistributed ordinary income1,089,476Capital loss carryforward(18,128,434)Cost for federal income tax purposes$259,481,503H) Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.I) 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.
Smart Technologies
Approximately 48.0% of the fund is owned by accounts of one group of insurance companies.Note 2 — Management fee, administrative services and other transactionsThe fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows. Note 3 — Purchases and sales of securitiesDuring the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $154,975,954 and $201,110,521, respectively. There were no purchases or proceeds from sales of long-term U.S. Government securities.Note 4 — Capital sharesAt the close of the reporting period, there was an unlimited number of shares of beneficial interest authorized. Subscriptions and redemptions are presented at the omnibus level.
Transactions in capital shares were as follows. The address of each Trustee is One Post Office Square, Boston, MA 02109.As of December 31, 2011, there were 108 Putnam funds. All Trustees serve as Trustees of all Putnam funds.Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, and/or Putnam Retail Management. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.OfficersIn addition to Robert L.
Reynolds, the other officers of the fund are shown below. Horwitz (Born 1955)James P. Pappas (Born 1953)Executive Vice President, Principal Executive Officer, Treasurer andVice PresidentCompliance LiaisonSince 2004Since 2004Director of Trustee Relations, Putnam Investments andPutnam ManagementSteven D.
Krichmar (Born 1958)Vice President and Principal Financial OfficerJudith Cohen (Born 1945)Since 2002Vice President, Clerk and Assistant TreasurerChief of Operations, Putnam Investments and Putnam ManagementSince 1993Janet C. Smith (Born 1965)Michael Higgins (Born 1976)Vice President, Assistant Treasurer and Principal Accounting OfficerVice President, Senior Associate Treasurer and Assistant ClerkSince 2007Since 2010Director of Fund Administration Services, Putnam Investments andManager of Finance, Dunkin’ Brands (2008–2010); Senior FinancialPutnam ManagementAnalyst, Old Mutual Asset Management (2007–2008); Senior FinancialAnalyst, Putnam Investments (1999–2007)Robert R. Leveille (Born 1969)Vice President and Chief Compliance OfficerNancy E. Florek (Born 1957)Since 2007Vice President, Assistant Clerk, Assistant Treasurer and Proxy ManagerChief Compliance Officer, Putnam Investments, Putnam Management,Since 2000and Putnam Retail ManagementSusan G. Malloy (Born 1957)Mark C.
Trenchard (Born 1962)Vice President and Assistant TreasurerVice President and BSA Compliance OfficerSince 2007Since 2002Director of Accounting & Control Services, Putnam ManagementDirector of Operational Compliance, Putnam Investments and PutnamRetail ManagementRobert T. Burns (Born 1961)Vice President and Chief Legal OfficerSince 2011General Counsel, Putnam Investments and Putnam ManagementThe principal occupations of the officers for the past five years have been with the employers as shown above although in some cases, they have held different positions with such employers. The address of each Officer is One Post Office Square, Boston, MA 02109. Other important informationProxy votingPutnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2011, are available in the Individual Investors section of putnam.com and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330.
You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.Fund portfolio holdingsEach Putnam VT fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Forms N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Forms N-Q may be reviewed and copied at the SEC’s public reference room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the public reference room.Fund information. Investment ManagerInvestor Servicing AgentTrusteesPutnam Investment Management, LLCPutnam Investor Services, Inc.Jameson A. Baxter, ChairOne Post Office SquareMailing address:Ravi AkhouryBoston, MA 02109P.O. Box 8383Barbara M.
BaumannBoston, MA Charles B. CurtisInvestment Sub-Manager1-800-225-1581Robert J.
DarrettaPutnam Investments LimitedJohn A. Hill57–59 St James’s StreetCustodianPaul L. JoskowLondon, England SW1A 1LDState Street Bank and Trust CompanyElizabeth T. KennanKenneth R. LeiblerMarketing ServicesLegal CounselRobert E. PattersonPutnam Retail ManagementRopes & Gray LLPGeorge Putnam, IIIOne Post Office SquareRobert L.
ReynoldsBoston, MA 02109Independent RegisteredW. Thomas StephensPublic Accounting FirmPricewaterhouseCoopers LLP. This report has been prepared for the shareholdersH521of Putnam VT Small Cap Value Fund.272233 2/12Item 2. Code of Ethics:(a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund’s investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC.
For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.(c) In May 2008, the Code of Ethics of Putnam Investment Management, LLC was updated in its entirety to include the amendments adopted in August 2007 as well as a several additional technical, administrative and non-substantive changes. In May of 2009, the Code of Ethics of Putnam Investment Management, LLC was amended to reflect that all employees will now be subject to a 90-day blackout restriction on holding Putnam open-end funds, except for portfolio managers and their supervisors (and each of their immediate family members), who will be subject to a one-year blackout restriction on the funds that they manage or supervise. In June 2010, the Code of Ethics of Putnam Investments was updated in its entirety to include the amendments adopted in May of 2009 and to change certain rules and limits contained in the Code of Ethics. In addition, the updated Code of Ethics included numerous technical, administrative and non-substantive changes, which were intended primarily to make the document easier to navigate and understand.
In July 2011, the Code of Ethics of Putnam Investments was updated to reflect several technical, administrative and non-substantive changes resulting from changes in employee titles.Item 3. Audit Committee Financial Expert:The Funds’ Audit and Compliance Committee is comprised solely of Trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service on the Committee. In addition, the Trustees have determined that each of Mr.
Darretta and Ms. Baumann qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education. The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee and the Board of Trustees in the absence of such designation or identification.Item 4. Principal Accountant Fees and Services:The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor:FiscalyearendedAuditFeesAudit-Related FeesTaxFeesAll Other FeesDecember 31, 2011$41,588$-$2,250$ —December 31, 2010$37,502$-$2,193$189.Includes fees of $189 billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters for the fiscal year ended December 31, 2010.