Prospectus Supplement
dated March 6, 2000 to:
PUTNAM VARIABLE TRUST (the "Trust") 59305 2/2000
Prospectuses dated April 30, 1999
1. 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 Diversified
Income Fund, Putnam VT The George Putnam Fund of Boston, Putnam VT Global
Growth Fund, Putnam VT High Yield Fund, Putnam VT International Growth
Fund, Putnam VT International New Opportunities Fund, Putnam VT Income
Fund, Putnam VT Utilities Growth and Income Fund and Putnam VT Voyager Fund
(to the extent that this prospectus otherwise offers any of the proceeding
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)
------ ---------------------------------------
<S> <C> <C> <C>
Putnam VT Diversified
Income Fund
David L. Waldman 1998 1997-Present Putnam Management
Managing Director Prior to June 1997 Lazard Freres
The Core Fixed Income Team
Putnam VT The George Putnam
Fund of Boston
James M. Prusko 1998 1992-Present Putnam Management
Senior Vice President
The Core Fixed Income Team
Putnam VT Global Growth Fund
Robert J. Swift 1996 1995-Present Putnam Management
Managing Director Prior to August 1995 IAI International/
Hill Samuel
Investment Advisors
Kelly A. Morgan 1997 1996-Present Putnam Management
Managing Director Prior to Dec. 1996 Alliance Capital
Management L.P.
Lisa H. Svensson 1998 1994-Present Putnam Management
Senior Vice President Prior to July 1994 Lord Abbett & Co.
Manuel Weiss 1998 1987-Present Putnam Management
Senior Vice President
Stephen P. Dexter 2000 1999-Present Putnam Management
Senior Vice President Prior to June 1999 Scudder Kemper Inc.
Putnam VT High Yield Fund
Krishna K. Memani 1999 1998-Present Putnam Management
Managing Director Prior to Sept. 1998 Morgan Stanley & Co.
The Credit Team
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 Jan. 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
Putnam VT International New Opportunities Fund
Robert J. Swift 1996 1995-Present Putnam Management
Managing Director Prior to Aug. 1995 IAI International/
Hill Samuel
Investment Advisors
Carmel Peters 1999 1997-Present Putnam Management
Senior Vice President Prior to May 1997 Wheelock Natwest
Investment
Management, Hong Kong
Prior to Feb. 1996 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.
Putnam VT Income Fund
James M. Prusko 2000 1992-Present Putnam Management
Senior Vice President
The Credit Team
Putnam VT Utilities Growth and Income Fund
Krishna K. Memani 1999 1998-Present Putnam Management
Managing Director Prior to Sept. 1998 Morgan Stanley & Co.
The Credit Team
Putnam VT Voyager Fund
Robert R. Beck
Managing Director 1995 1989-Present Putnam Management
Roland W. Gillis 1995 1995-Present Putnam Management
Managing Director Prior to March 1995 Keystone Custodian
Funds, Inc.
Michael P. Stack 1997 1997-Present Putnam Management
Senior Vice President Prior to Nov. 1997 Independence
Investment
Associates, Inc.
Charles H. Swanberg 1994 1984-Present Putnam Management
Senior Vice President
Paul Marrkand 2000 1987-Present Putnam Management
Senior Vice President
</TABLE>
2. a. Under the section "What are the funds' main investment strategies
and related risks? - Putnam VT Diversified Income Fund" the first paragraph
is replaced as follows:
The fund pursues its goal by investing a portion of its assets in each of
the following three sectors:
b. Under the section "What are the funds' main investment strategies and
related risks? - Putnam VT Diversified Income Fund - U.S. Government and
Investment Grade Sector" the second paragraph is replaced as follows
Under normal market conditions, the fund will invest 15% of its net assets
in U.S. government securities. Some of the government securities are supported
by the full faith and credit of the United States, while others are supported
only by the credit of a government entity.
c. Under the section "What are the funds' main investment strategies and
related risks? - Putnam VT Diversified Income Fund - International Sector"
the second paragraph is deleted.
S-6468-41 HV-2566
400027-11 048181
