PUTNAM VARIABLE TRUST (the "Trust")
Prospectus Supplement dated October 13, 1997
to Prospectuses dated April 30, 1997
1. 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 Money Market Fund's portfolio is
replaced with the following:
Business experience
Year (at least 5 years)
---- -----------------------------
Putnam VT Money Market
Fund
Joanne Driscoll 1997 Employed as an investment
Vice President professional by Putnam
Management since 1995. Prior
to April, 1995, Ms. Driscoll
was a Graduate Teaching
Assistant in the Finance
Department at Northeastern
University and prior to
September, 1994, Ms. Driscoll
was a Financial Associate at
Bank of Boston. Prior to
June, 1993, Ms. Driscoll was
an Investment Associate at
BayBanks Investment
Management.
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2. The following replaces the third sentence in the second
paragraph of the section entitled "Investment Objectives and
policies of the funds -- Putnam VT Utilities Growth and
Income Fund":
The fund may invest up to 20% of its total assets in
securities that are rated below BBB or Baa by a nationally
recognized securities rating agency, such as Standard &
Poor's ("S&P") or Moody's Investors Service, Inc.
("Moody's"), or, if unrated, are determined by Putnam
Management, to be of comparable quality. The fund is not
subject to any other restrictions based on securities
ratings. Securities rated below BBB and Baa (and comparable
unrated securities) are commonly know as "junk bonds." See
"Common investment policies and techniques" for a discussion
on lower-rated and other fixed-income securities and the
risks associated with them.
37790 10/97
HV-2166
216181YF
46858
37302-52
