Prospectus Supplement
dated May 15, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 61635 5/2000
Class IA 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 each of Putnam VT Growth and
Income Fund and Putnam VT International New Opportunities Fund (to the
extent that this prospectus otherwise offers either of the preceding 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 Growth
and Income Fund
David L. King 1993 1983-Present Putnam Management
Managing Director
Hugh H. Mullin 1998 1986-Present Putnam Management
Senior Vice President
Sheldon N. Simon 1997 1984-Present Putnam Management
Senior Vice President
Putnam VT International
New Opportunities Fund
Robert J. Swift 1996 1995-Present Putnam Management
Managing Director Prior to IAI International/Hill
August 1995 Samuel Investment
Advisors
Carmel Peters 1999 1997-Present Putnam Management
Senior Vice President Prior to May 1997 Wheelock Natwest
Prior to February 1996 Investment Management,
Hong Kong
Rothschild Asset
Management Asia Pacific,
Hong Kong
Stephen P. Dexter 1999 1999-Present Putnam Management
Senior Vice President Prior to June 1999 Scudder Kemper Inc.
Peter Hadden 2000 1992-Present Putnam Management
Senior Vice President
S-40009-22 HV-2591
</TABLE>
Prospectus Supplement
dated May 15, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 61636 5/2000
Class IB Prospectuses dated April 30, 2000
1. 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 each of Putnam VT Growth
and Income Fund and Putnam VT International New Opportunities Fund (to the
extent that this prospectus otherwise offers either of the preceding 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 Growth
and Income Fund
David L. King 1993 1983-Present Putnam Management
Managing Director
Hugh H. Mullin 1998 1986-Present Putnam Management
Senior Vice President
Sheldon N. Simon 1997 1984-Present Putnam Management
Senior Vice President
Putnam VT International
New Opportunities Fund
Robert J. Swift 1996 1995-Present Putnam Management
Managing Director Prior to August 1995 IAI International/Hill
Samuel Investment
Advisors
Carmel Peters 1999 1997-Present Putnam Management
Senior Vice President Prior to May 1997 Wheelock Natwest
Prior to February 1996 Investment Management,
Hong Kong
Rothschild Asset
Management Asia
Pacific, Hong Kong
Stephen P. Dexter 1999 1999-Present Putnam Management
Senior Vice President Prior to June 1999 Scudder Kemper Inc.
Peter Hadden 2000 1992-Present Putnam Management
Senior Vice President
S-40027-12 HV-2592
</TABLE>
2. The second paragraph of the section entitled "Fund Summaries" is
replaced with the following:
Class IB performance for the period prior to April 6, 1998 for Putnam VT
Diversified Income Fund, Putnam VT Growth and Income Fund and Putnam VT
International Growth and Income Fund, and for the period prior to April 30,
1998 for Putnam VT Asia Pacific Growth Fund, Putnam VT Global Asset
Allocation Fund, Putnam VT Global Growth Fund, Putnam VT High Yield Fund,
Putnam VT International Growth Fund, Putnam VT International New
Opportunities Fund, Putnam VT Money Market Fund, Putnam VT New
Opportunities Fund, Putnam VT New Value Fund, Putnam VT Utilities Growth
and Income Fund, Putnam VT Vista Fund and Putnam VT Voyager Fund are based
upon the performance of class IA shares of the fund (not offered in this
prospectus), adjusted to reflect the fees paid by class IB shares,
including a 12b-1 fee of 0.15%.
Prospectus Supplement
dated May 15, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 61637 5/2000
Class IB Prospectus dated April 30, 2000
In the section entitled "Who manages the fund?," the paragraph immediately
preceding the chart indicating the officers of Putnam Investment
Management, Inc. ("Putnam Management") that have primary responsibility for
the day-to-day management of the fund's portfolio and the paragraph
immediately preceding the chart are replaced with the following:
The following officers of Putnam Management have primary responsibility for
the day-to-day management of the fund's portfolio. Each officer's length
of service to the 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 International
New Opportunities Fund
Robert J. Swift 1996 1995-Present Putnam Management
Managing Director Prior to August 1995 IAI International/Hill
Samuel Investment
Advisors
Carmel Peters 1999 1997-Present Putnam Management
Senior Vice President Prior to May 1997 Wheelock Natwest
Prior to February 1996 Investment Management,
Hong Kong
Rothschild Asset
Management Asia Pacific,
Hong Kong
Stephen P. Dexter 1999 1999-Present Putnam Management
Senior Vice President Prior to June 1999 Scudder Kemper Inc.
Peter Hadden 2000 1992-Present Putnam Management
Senior Vice President
S-6468-71
</TABLE>
Prospectus Supplement
dated May 15, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 61784 5/2000
Class IA Prospectuses dated April 30, 2000
In the section entitled "Who manages the funds?," the paragraph immediately
preceding the chart indicating the officers 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 Growth and Income Fund (to the extent
that this prospectus otherwise offers the preceding fund) is replaced with
the following:
The following officers 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 Growth
and Income Fund
David L. King 1993 1983-Present Putnam Management
Managing Director
Hugh H. Mullin 1998 1986-Present Putnam Management
Senior Vice President
Sheldon N. Simon 1997 1984-Present Putnam Management
Senior Vice President
</TABLE>
Prospectus Supplement
dated May 15, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 61785 5/2000
Class IA Prospectuses dated April 30, 2000
In the section entitled "Who manages the funds?,"the paragraph immediately
preceding the chart indicating the officers 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 Growth and Income Fund (to the extent
that this prospectus otherwise offers the preceding fund) is replaced with
the following:
The following officers 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 Growth
and Income Fund
David L. King 1993 1983-Present Putnam Management
Managing Director
Hugh H. Mullin 1998 1986-Present Putnam Management
Senior Vice President
Sheldon N. Simon 1997 1984-Present Putnam Management
Senior Vice President
048464
</TABLE>
Prospectus Supplement
dated May 15, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 61787 5/2000
Class IB Prospectuses dated April 30, 2000
In the section entitled "Who manages the funds?," the paragraph
immediately preceding the chart indicating the officers 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 each of Putnam VT Growth and
Income Fund (to the extent that this prospectus otherwise offers the of
preceding fund) are replaced with the following:
The following officers 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 Growth
and Income Fund
David L. King 1993 1983-Present Putnam Management
Managing Director
Hugh H. Mullin 1998 1986-Present Putnam Management
Senior Vice President
Sheldon N. Simon 1997 1984-Present Putnam Management
Senior Vice President
048470
</TABLE>
