PUTNAM VARIABLE TRUST (THE "TRUST")
Prospectus Supplement dated September 8, 1997
to Prospectuses dated April 30, 1997
In the section of the prospectus of the Trust 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 Putnam VT
Asia Pacific Growth's portfolio is replaced with the following:
BUSINESS EXPERIENCE
YEAR (AT LEAST 5 YEARS)
---- -----------------------------
PUTNAM VT ASIA PACIFIC
GROWTH FUND
David K. Thomas 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
Paul Warren 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since August,
1997. Prior to May, 1997,
Mr. Warren was a Director at
IDS Fund Management, and
prior to August, 1994, was a
Director at Pilgrim Baxter
Associates. Prior to March,
1994, Mr. Warren was a
Director at Prudential Asia,
and prior to February, 1993,
was a Director at Rothschild
Asset Management.
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