46096 9/98
PROSPECTUS SUPPLEMENT DATED SEPTEMBER 1, 1998 TO:
PUTNAM VARIABLE TRUST (the "Trust")
Prospectuses dated April 30, 1998
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 portfolio of Putnam VT Growth and
Income Fund is replaced with the following:
Business Experience
Year (at least 5 years)
PUTNAM VT GROWTH AND
INCOME FUND
Hugh Mullin 1998 Employed
as an investment
professional by
Managing Director Putnam Management
since 1986.
David L. King 1993 Employed as an investment
professional by
Managing Director Putnam Management since 1983.
Sheldon N. Simon 1997 Employed as an investment
professional by
Senior Vice President Putnam Management since 1984.
46096
HV-2266
NS 20626
47402
40009-1 2
