497 1 putfns1.txt PUTNAM VARIABLE TRUST Prospectus Supplement dated June 18, 2001 to: PUTNAM VARIABLE TRUST 73376 6/01 Prospectuses dated April 30, 2001 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 Capital Appreciation Fund, Putnam VT Growth Opportunities Fund, Putnam VT Health Sciences Fund, Putnam VT Investors Fund, Putnam VT Technology Fund, Putnam VT Vista Fund, and Putnam VT Voyager Fund (to the extent that this prospectus otherwise offers these funds) 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. Manager Since Experience ------------------------------------------------------------------------------ Putnam VT Capital Appreciation Fund Paul Warren 2001 1997 - Present Putnam Management Managing Director Prior to May 1997 IDS Fund Management Joseph P. Joseph 2000 1994 - Present Putnam Management Managing Director Michael K. Arends 2000 1997 - Present Putnam Management Senior Vice President Prior to Nov. 1997 Phoenix Duff & Phelps Putnam VT Growth Opportunities Fund Jeffrey R. Lindsey 2000 1994 - Present Putnam Management Managing Director David J. Santos 2000 1986 - Present Putnam Management Senior Vice President Richard B. England 2001 1992 - Present Putnam Management Senior Vice President Putnam VT Health Sciences Fund Richard B. England 1998 1992 - Present Putnam Management Senior Vice President Margery C. Parker 1998 1997 - Present Putnam Management Senior Vice President Prior to Dec. 1997 Keystone Investments Margaret D. Smith 2000 1995 - Present Putnam Management Senior Vice President Karen R. Korn 2001 1994 - Present Putnam Management Senior Vice President Nathan W. Eigerman 2001 1996 - Present Putnam Management Senior Vice President Putnam VT Investors Fund C. Beth Cotner 1998 1995 - Present Putnam Management Senior Vice President Richard B. England 1998 1992 - Present Putnam Management Senior Vice President Manuel H. Weiss 1998 1987 - Present Putnam Management Senior Vice President David J. Santos 2001 1986 - Present Putnam Management Senior Vice President Putnam VT Technology Fund Saba S. Malak 2000 1997 - Present Putnam Management Senior Vice President Prior to Oct. 1997 The Boston Consulting Group Paul E. Marrkand 2000 1987 - Present Putnam Management Senior Vice President David J. Santos 2000 1986 - Present Putnam Management Senior Vice President Kenneth J. Doerr 2001 2000 - Present Putnam Management Senior Vice President Prior to Nov. 2000 Equinox Capital Management Richard D. Manuel, Jr. 2001 1995 - Present Putnam Management Senior Vice President Putnam VT Vista Fund Eric M. Wetlaufer 1997 1997 - Present Putnam Management Managing Director Prior to Nov. 1997 Cadence Capital Management Margery C. Parker 1998 1997 - Present Putnam Management Senior Vice President Prior to Dec. 1997 Keystone Investments Dana F. Clark 1999 1987 - Present Putnam Management Vice President Kenneth J. Doerr 2001 2000 - Present Putnam Management Senior Vice President Prior to Nov. 2000 Equinox Capital Management Putnam VT Voyager Fund Paul Warren 2001 1997 - Present Putnam Management Managing Director Prior to May 1997 IDS Fund Management Michael P. Stack 1997 1997 - Present Putnam Management Senior Vice President Prior to Nov. 1997 Independence Investment Associates, Inc. Paul E. Marrkand 2000 1987 - Present Putnam Management Senior Vice President Kevin M. Divney 2000 1997 - Present Putnam Management Senior Vice President Prior to June 1997 Franklin Portfolio James C. Wiess 2000 2000 - Present Putnam Management Senior Vice President Prior to April 2000 JP Morgan Michael E. Nance 2001 2001 - Present Putnam Management Senior Vice President Prior to May 2001 Kobrick Funds, LLC Prospectus Supplement dated June 18, 2001 to: PUTNAM VARIABLE TRUST 73377 6/01 Prospectus dated April 30, 2001 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 Health Sciences Fund are replaced with the following: The following officers of relevant 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. Manager Since Experience ------------------------------------------------------------------------------- Putnam VT Health Sciences Fund Richard B. England 1998 1992 - Present Putnam Management Senior Vice President Margery C. Parker 1998 1997 - Present Putnam Management Senior Vice President Prior to Dec. 1997 Keystone Investments Margaret D. Smith 2000 1995 - Present Putnam Management Senior Vice President Karen R. Korn 2001 1994 - Present Putnam Management Senior Vice President Nathan W. Eigerman 2001 1996 - Present Putnam Management Senior Vice President Prospectus Supplement dated June 18, 2001 to: PUTNAM VARIABLE TRUST 73378 6/01 Prospectuses dated April 30, 2001 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 Vista Fund 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. Manager Since Experience ------------------------------------------------------------------------------- Putnam VT Vista Fund Eric M. Wetlaufer 1997 1997 - Present Putnam Management Managing Director Prior to Nov. 1997 Cadence Capital Management Margery C. Parker 1998 1997 - Present Putnam Management Senior Vice President Prior to Dec. 1997 Keystone Investments Dana F. Clark 1999 1987 - Present Putnam Management Vice President Kenneth J. Doerr 2001 2000 - Present Putnam Management Senior Vice President Prior to Nov. 2000 Equinox Capital Management