PUTNAM VARIABLE TRUST (the "Trust") 39229
Prospectus Supplement dated December 8, 1997
to Prospectuses dated April 30, 1997
In the section entitled "How the Trust is managed," the chart
indicating the officers of Putnam Investment Management, Inc.
("Putnam Management") that have primary responsibility for the
day-to-day management of the portfolios of Putnam VT Global
Growth Fund, Putnam VT Vista Fund and Putnam VT Voyager Fund is
replaced with the following:
Business experience
Year (at least 5 years)
---- -----------------------------
Putnam VT Global
Growth Fund
Anthony W. Regan 1996 Employed as an investment
Senior Managing Director professional by Putnam
Management since 1987.
Carol C. McMullen 1995 Employed as an investment
Managing Director professional by Putnam
Management since June, 1995.
Prior to June, 1995, Ms.
McMullen was Senior Vice
President of Baring Asset
Management.
Michael K. Arends 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since November,
1997. Prior to November
1997, Mr. Arends was employed
by Phoenix Duff & Phelps as a
Managing Director, Equities,
From August, 1994 to November
1997. Prior to August, 1994,
Mr. Arends was employed as a
Portfolio Manager with Kemper
Financial Services.
Ami Kuan Danoff 1996 Employed as an investment
Vice President professional by Putnam
Management since April, 1993.
Prior to April, 1993, Ms.
Danoff attended the MIT Sloan
School of Management.
Kelly A. Morgan 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since December,
1996. Prior to December,
1996, Ms. Morgan was a Senior
Vice President at Alliance
Capital Management L.P.
Robert Swift 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since August,
1995. Prior to August, 1995,
Mr. Swift was Director and
Senior Portfolio Manager at
IAI International/Hill Samuel
Investment Advisors.
Putnam VT Vista Fund
Eric Wetlaufer 1997 Employed as an investment
Managing Director professional by Putnam
Management since November,
1997. Prior to November,
1997, Mr. Wetlaufer was
employed as a Managing
Director and Portfolio
Manager at Cadence Capital
Management.
David J. Santos 1996 Employed as an investment
Vice President professional by Putnam
Management since 1986.
Anthony C. Santosus 1996 Employed as an investment
Vice President professional by Putnam
Management since 1985.
<PAGE>
Putnam VT Voyager Fund
Robert R. Beck 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1989.
Roland W. Gillis 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since March, 1995.
Prior to March, 1995, Mr.
Gillis was Vice President at
Keystone Custodian Funds,
Inc.
Michael P. Stack 1997 Employed as an investment
Senior Vice President professional by Putnam
management since November,
1997. Prior to November,
1997, Mr. Stack was employed
as a Senior Vice President
and Portfolio Manager at
Independence Investment
Associates, Inc. from 1991 to
November 1997.
Charles H. Swanberg 1994 Employed as an investment
Senior Vice President professional by Putnam
Management since 1984.
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