497 1 vt1.txt PUTNAM VARIABLE TRUST Prospectus Supplement 217995 9/04 dated September 3, 2004 to: ----------------------------------------------------------------------- PUTNAM VARIABLE TRUST Prospectuses dated April 30, 2004 Effective August 31, 2004, in the section entitled "Who manages the funds?", the table entries with respect to Putnam VT High Yield Fund and Putnam VT International Growth and Income Fund (to the extent that this prospectus otherwise offers these funds) in the table showing the investment management team members who coordinate the management of each fund's portfolio are replaced with the following:
PUTNAM VT HIGH YIELD FUND --------------------------------------------------------------------------------- Core Fixed-Income High-Yield Team --------------------------------------------------------------------------------- Portfolio leader Since Experience --------------------------------------------------------------------------------- Stephen C. Peacher 2002 1990 - Present Putnam Management --------------------------------------------------------------------------------- Portfolio members Since Experience --------------------------------------------------------------------------------- Paul D. Scanlon 2002 1999 - Present Putnam Management Prior to Sept. 1999 Olympus Health Care Group, Inc. --------------------------------------------------------------------------------- Rosemary H. Thomsen 2002 1986 - Present Putnam Management --------------------------------------------------------------------------------- PUTNAM VT INTERNATIONAL GROWTH AND INCOME FUND --------------------------------------------------------------------------------- International Value Team --------------------------------------------------------------------------------- Portfolio leader Since Experience Pamela R. Holding 2004 1995 - Present Putnam Management --------------------------------------------------------------------------------- Portfolio member Since Experience George W. Stairs 1997 1994 - Present Putnam Management --------------------------------------------------------------------------------- PUTNAM INVESTMENTS [SCALE LOGO OMITTED]