PUTNAM VARIABLE TRUST (the "Trust")
Prospectus Supplement dated February 10, 1997
to Prospectuses dated May 1, 1996, as revised January 1, 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 International New Opportunities
Fund's portfolio is replaced with the following:
Business experience
Year (at least 5 years)
---- -----------------------------
Putnam VT International
New Opportunities Fund
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.
J. Peter Grant 1996 Employed as an investment
Senior Vice President professional by Putnam Management since
1973.
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 Senior Vice
President at Alliance Capital
Management L.P.
Ami T. Kuan 1996 Employed as an investment
Vice President professional by Putnam Management since
April, 1993. Prior to April, 1993, Ms.
Kuan attended the MIT Sloan School of
Management.
HV-2129 31648 2/97
