497 1 vt1.txt PUTNAM VARIABLE TRUST Prospectus Supplement dated March 15, 2005 to: 223448 3/05 ------------------------------------------------------------------------------- PUTNAM VARIABLE TRUST Prospectuses dated April 30, 2004 In the section entitled "Who manages the funds?" the table entries with respect to Putnam VT American Government Income Fund, Putnam VT Discovery Growth Fund, Putnam VT Diversified Income Fund, Putnam VT The George Putnam Fund of Boston, Putnam VT Growth Opportunities Fund, Putnam VT Income Fund and Putnam VT Voyager 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 AMERICAN GOVERNMENT INCOME FUND --------------------------------------------------------------------------------------------- Core Fixed-Income Team --------------------------------------------------------------------------------------------- Portfolio Leader Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Kevin M. Cronin 1998 Putnam Management Head of Investments; Chief 1997 - Present Investment Officer, Core Fixed Income, Fixed Income Money Market and Tax Exempt Fixed Income teams. --------------------------------------------------------------------------------------------- Portfolio Members Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Robert A. Bloemker 2002 Putnam Management Team Leader, Mortgage and 1999 - Present Government. Previously, Mortgage Specialist, Core Fixed Income team. --------------------------------------------------------------------------------------------- Daniel S. Choquette 2005 Putnam Management Mortgage Specialist, Core 2002 - Present Fixed Income team. Lehman Brothers Structured Agency Trader, Prior to Sept. 2002 Mortgage Swap Trader. --------------------------------------------------------------------------------------------- PUTNAM VT DISCOVERY GROWTH FUND --------------------------------------------------------------------------------------------- Large-Cap Growth and Small and Emerging Growth Teams --------------------------------------------------------------------------------------------- Portfolio Leader Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Richard B. Weed 2004 Putnam Management Senior Portfolio Manager. 2000 - Present State Street Global Advisors Prior to Dec. 2000 Senior Portfolio Manager. --------------------------------------------------------------------------------------------- Portfolio Members Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Robert E. Ginsberg 2005 Putnam Management Portfolio Manager. 2004 - Present Delaware Investments Portfolio Manager; Prior to Aug. 2004 Senior Equity Analyst. --------------------------------------------------------------------------------------------- Raymond K. Haddad 2004 Putnam Management Portfolio Manager. Previously, 2000-Present Analyst. Sanford C. Bernstein & Co. Prior to Sept. 2000 Equity Research Associate. --------------------------------------------------------------------------------------------- PUTNAM VT DIVERSIFIED INCOME FUND --------------------------------------------------------------------------------------------- Core Fixed-Income and Core Fixed-Income High-Yield Teams --------------------------------------------------------------------------------------------- Portfolio Leader Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- D. William Kohli 2002 Putnam Management Director of Core Fixed Income. 1994 - Present --------------------------------------------------------------------------------------------- Portfolio Members Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Robert A. Bloemker 2005 Putnam Management Team Leader, Mortgage and 1999 - Present Government. Previously, Mortgage Specialist, Core Fixed Income team. --------------------------------------------------------------------------------------------- Jeffrey A. Kaufman 2005 Putnam Management Team Leader, Emerging Markets. 1998 - Present Previously, Director of Emerging Market Debt. --------------------------------------------------------------------------------------------- Stephen C. Peacher 2003 Putnam Management Chief Investment Officer, 1990 - Present Core Fixed Income High Yield team. --------------------------------------------------------------------------------------------- David L. Waldman 1998 Putnam Management Director of Fixed Income 1997 - Present Quantitative Research. Previously, Director of Applied Quantitative Research. --------------------------------------------------------------------------------------------- PUTNAM VT THE GEORGE PUTNAM FUND OF BOSTON --------------------------------------------------------------------------------------------- Large-Cap Value, Core Fixed-Income and Global Asset Allocation Teams --------------------------------------------------------------------------------------------- Portfolio Leader Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Jeanne L. Mockard 2000 Putnam Management Senior Portfolio Manager. 1985 - Present --------------------------------------------------------------------------------------------- Portfolio Members Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Michael Abata 2005 Putnam Management Portfolio Manager. Previously, 1997 - Present Quantitative Analyst. --------------------------------------------------------------------------------------------- Kevin M. Cronin 2003 Putnam Management Head of Investments; Chief 1997 - Present Investment Officer, Core Fixed Income, Fixed Income Money Market and Tax Exempt Fixed Income teams. --------------------------------------------------------------------------------------------- Jeffrey L. Knight 2001 Putnam Management Chief Investment Officer, 1993 - Present Global Asset Allocation. --------------------------------------------------------------------------------------------- Raman Srivastava 2004 Putnam Management Portfolio Manager. Previously, 1999 - Present Portfolio Construction Specialist; Quantitative Analyst. --------------------------------------------------------------------------------------------- PUTNAM VT GROWTH OPPORTUNITIES FUND --------------------------------------------------------------------------------------------- Large-Cap Growth Team --------------------------------------------------------------------------------------------- Portfolio Leaders Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Robert E. Ginsberg 2005 Putnam Management Portfolio Manager. 2004 - Present Delaware Investments Portfolio Manager; Prior to Aug. 2004 Senior Equity Analyst. --------------------------------------------------------------------------------------------- Kelly A. Morgan 2005 Putnam Management Chief Investment Officer, 1996 - Present Large Cap Growth. Previously, Director, Global Equity Research; Associate Director, Global Equity Research and Director, Global Growth. --------------------------------------------------------------------------------------------- Portfolio Member Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Saba S. Malak 2005 Putnam Management Portfolio Manager and Analyst. 1997 - Present --------------------------------------------------------------------------------------------- PUTNAM VT INCOME FUND --------------------------------------------------------------------------------------------- Core Fixed-Income Team --------------------------------------------------------------------------------------------- Portfolio Leader Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Kevin M. Cronin 2002 Putnam Management Head of Investments; 1997 - Present Chief Investment Officer, Core Fixed Income, Fixed Income Money Market and Tax Exempt Fixed Income teams. --------------------------------------------------------------------------------------------- Portfolio Members Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Robert A. Bloemker 2002 Putnam Management Team Leader, Mortgage and 1999 - Present Government. Previously, Mortgage Specialist, Core Fixed Income team. --------------------------------------------------------------------------------------------- Kevin F. Murphy 2005 Putnam Management Team Leader, High Grade Credit, 1999 - Present Core Fixed Income team. Previously, Investment Strategist. --------------------------------------------------------------------------------------------- Raman Srivastava 2005 Putnam Management Portfolio Manager. Previously, 1999 - Present Portfolio Construction Specialist; Quantitative Analyst. --------------------------------------------------------------------------------------------- PUTNAM VT VOYAGER FUND --------------------------------------------------------------------------------------------- Large-Cap Growth Team --------------------------------------------------------------------------------------------- Portfolio Leaders Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Robert E. Ginsberg 2005 Putnam Management Portfolio Manager. 2004 - Present Delaware Investments Portfolio Manager; Prior to Aug. 2004 Senior Equity Analyst. --------------------------------------------------------------------------------------------- Kelly A. Morgan 2005 Putnam Management Chief Investment Officer, 1996 - Present Large Cap Growth. Previously, Director, Global Equity Research; Associate Director, Global Equity Research and Director, Global Growth. --------------------------------------------------------------------------------------------- Portfolio Member Since Employer Positions Over Past Five Years --------------------------------------------------------------------------------------------- Saba S. Malak 2005 Putnam Management Portfolio Manager and Analyst. 1997 - Present --------------------------------------------------------------------------------------------- HV-5063
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