Prospectus Supplement
dated October 9, 2000 to:
PUTNAM VARIABLE TRUST 65920 10/2000
Prospectuses dated April 30, 2000
In the section entitled "Who manages the funds?," the paragraph immediately
preceding the chart indicating the officers and advisor teams of Putnam
Investment Management, Inc. (Putnam Management) that have primary
responsibility for the day-to-day management of the portfolios of the
funds, and the chart entries with respect to Putnam VT Asia Pacific Growth
Fund, Putnam VT International Growth Fund, Putnam VT Investors Fund and
Putnam VT Utilities Growth and Income Fund (to the extent that this
prospectus otherwise offers any of the preceeding funds) are replaced with
the following:
The following officers and advisor teams of Putnam Management have primary
responsibility for the day-to-day management of the relevant fund's
portfolio. Each officer's length of service to the relevant fund and the
officer's experience as portfolio manager or investment analyst over at
least the last five years are shown.
<TABLE>
<CAPTION>
Year Business experience (at least 5 years)
Fund ---- ----------------------------------------------
<S> <C> <C> <C>
Putnam VT Asia Pacific Growth Fund
Paul Warren 1997 1997 - Present Putnam Management
Senior Vice President Prior to May 1997 IDS Fund Management
---------------------------------------------------------------------------------------
Carmel Peters 1999 1997 - Present Putnam Management
Senior Vice President Prior to May 1997 Wheelock Natwest
Investment Management,
Hong Kong
Prior to February Rothschild Asset
1996 Management
Asia Pacific,
Hong Kong
---------------------------------------------------------------------------------------
Simon Davis 2000 2000 - Present Putnam Management
Senior Vice President Prior to September 2000 Deutsche Asset
Management
---------------------------------------------------------------------------------------
Putnam VT International Growth Fund
Justin M. Scott 1996 1988 - Present Putnam Management
Managing Director
---------------------------------------------------------------------------------------
Omid Kamshad 1996 1996 - Present Putnam Management
Managing Director Prior to January 1996 Lombard Odier
International
---------------------------------------------------------------------------------------
Mark D. Pollard 1999 1990 - Present Putnam Management
Managing Director
---------------------------------------------------------------------------------------
Paul C. Warren 1999 1997 - Present Putnam Management
Senior Vice President Prior to May 1997 IDS Fund Management
---------------------------------------------------------------------------------------
Joshua L. Byrne 2000 1993 - Present Putnam Management
Senior Vice President
---------------------------------------------------------------------------------------
Stephen Oler 2000 1997 - Present Putnam Management
Senior Vice President Prior to June 1997 Templeton Investments
Prior to March 1996 Baring Asset
Management Co.
---------------------------------------------------------------------------------------
Simon Davis 2000 2000 - Present Putnam Management
Senior Vice President Prior to September 2000 Deutsche Asset
Management
---------------------------------------------------------------------------------------
Putnam VT Investors Fund
C. Beth Cotner 1998 1995 - Present Putnam Management
Senior Vice President Prior to September 1995 Kemper Financial
Services
---------------------------------------------------------------------------------------
Richard B. England 1998 1992 - Present Putnam Management
Senior Vice President
---------------------------------------------------------------------------------------
Manuel H. Weiss 1998 1987 - Present Putnam Management
Senior Vice President
---------------------------------------------------------------------------------------
Anthony R. Sellitto, III 2000 2000 - Present Putnam Management
Senior Vice President Prior to September 2000 Berger Associates
Prior to January 1998 Crestone Capital
Management
---------------------------------------------------------------------------------------
Putnam VT Utilities Growth and Income Fund
Krishna K. Memani 1999 1998 - Present Putnam Management
Managing Director Prior to September 1998 Morgan Stanley & Co.
---------------------------------------------------------------------------------------
Jeanne L. Mockard 1998 1990 - Present Putnam Management
Senior Vice President
---------------------------------------------------------------------------------------
Michael R. Yogg 2000 1997 - Present Putnam Management
Senior Vice President Prior to April 1997 State Street Research
---------------------------------------------------------------------------------------
The Credit Team
40009 HV-2771
</TABLE>
