Prospectus Supplement
dated September 11, 2000 to:
PUTNAM VARIABLE TRUST 64601 9/2000
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 International Growth
Fund and Putnam VT Small Cap Value Fund (to the extent that this prospectus
otherwise offers the proceding fund) 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>
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Year Business experience (at least 5 years)
Fund ------ --------------------------------------
<S> <C> <C> <C>
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-Prsent 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.
Putnam VT Small Cap Value Fund
Edward T. Shadek, Jr. 1999 1997-Present Putnam Management
Managing Director Prior to March 1997 Newbold's Asset
Management Co.
Jeffrey Netols 1999 1993-Present Putnam Management
Senior Vice President
Sheldon Simon 2000 1984-Present Putnam Management
Senior Vice President
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40009 HV-2689
</TABLE>
