Prospectus Supplement
dated December 19, 2000 to:
------------------------------------------------------------------------
PUTNAM VARIABLE TRUST 67875 12/2000
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, LLC (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 (to the extent that this prospectus otherwise
offers that 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.
Manager Since Experience
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
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
40009 HV-2843
