Prospectus Supplement
dated November 6, 2000 to:
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PUTNAM VARIABLE TRUST 66785 11/00
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
Utilities Growth and Income Fund (to the extent that this prospectus
otherwise offers the preceding fund) is 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.
Manager Since Experience
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Putnam VT Utilities Growth and Income Fund
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Krishna K. Memani 1999 1998-Present Morgan Stanley & Co.
Managing Director Prior to September 1998 Putnam Management
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Jeanne L. Mockard 1998 1990-Present Putnam Management
Senior Vice President
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Michael R. Yogg 2000 1997-Present Putnam Management
Senior Vice President Prior to April 1997 State Street Research
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Erin J. Spatz 2000 1996-Present Putnam Management
Senior Vice President Prior to May 1996 Pioneer Funds
The Credit Team
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40009 HV-2829
