PUTNAM CAPITAL MANAGER TRUST (THE "TRUST")
Prospectus Supplement dated January 1, 1997
to Prospectuses dated May 1, 1996
Effective January 1, 1997, the name of the Trust will be changed to "Putnam
Variable Trust" and the names of the Trust's portfolios will be changed as
follows:
Former name Current name
----------- ------------
PCM Asia Pacific Growth Fund Putnam VT Asia Pacific Growth Fund
PCM Diversified Income Fund Putnam VT Diversified Income Fund
PCM Global Asset Allocation Fund Putnam VT Global Asset Allocation Fund
PCM Global Growth Fund Putnam VT Global Growth Fund
PCM Growth and Income Fund Putnam VT Growth and Income Fund
PCM High Yield Fund Putnam VT High Yield Fund
PCM Money Market Fund Putnam VT Money Market Fund
PCM New Opportunities Fund Putnam VT New Opportunities Fund
PCM U.S. Government and High Putnam VT U.S. Government and High
Quality Bond Fund Quality Bond Fund
PCM Utilities Growth and Putnam VT Utilities Growth and
Income Fund Income Fund
PCM Voyager Fund Putnam VT Voyager Fund
----------------------
In the section of the prospectus of the Trust entitled "How the Trust is
managed," the chart indicating the officer of Putnam Investment Management,
Inc. ("Putnam Management") that have primary responsibility for the day-to-
day management of Putnam VT Global Asset Allocation Fund's portfolio is
replaced with the following:
BUSINESS EXPERIENCE
YEAR (AT LEAST 5 YEARS)
---- -----------------------------
PUTNAM VT GLOBAL ASSET
ALLOCATION FUND
William Kohli 1994 Employed as an investment
Managing Director professional by Putnam Management since
September, 1994. Prior to September,
1994, Mr. Kohli was Executive Vice
President, and Co-Director of Global
Bond Management and, prior to October,
1993, was Senior Portfolio Manager at
Franklin Advisors/Templeton Investment
Counsel.
<PAGE>
Anthony I. Kreisel 1996 Employed as an investment
Managing Director professional by Putnam Management since
1986.
William J. Landes 1993 Employed as an investment
Managing Director professional by Putnam Management since
1985.
Richard M. Frucci 1995 Employed as an investment
Senior Vice President professional by Putnam Management since
1984.
David L. King 1993 Employed as an investment
Senior Vice President professional by Putnam Management since
1983.
Robert M. Paine 1996 Employed as an investment
Senior Vice President professional by Putnam Management since
1987.
John K. Storkerson 1993 Employed as an investment
Senior Vice President professional by Putnam Management since
1979.
Christopher A. Ray 1993 Employed as an investment
Vice President professional by Putnam Management since
December, 1992. Prior to December,
1992, Mr. Ray was Vice President and
Portfolio Manager at Scudder, Stevens &
Clark, Inc., and, prior to March, 1992,
Mr. Ray was Vice President of Putnam
Management.
David J. Santos 1995 Employed as an investment
Vice President professional by Putnam Management since
1986.
HV-2094 30324 1/97
37302-35 S6198A
50455 46264
VASUP-PUT 1/97
