PROSPECTUS SUPPLEMENT 44679 7/98
DATED JULY 13, 1998 TO:
PUTNAM VARIABLE 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 UTILITIES
GROWTH AND INCOME FUND IS REPLACED WITH THE FOLLOWING:
Business experience
Officer Year (at least 5 years)
- ------- ---- -------------------------
- -
Putnam VT Utilities Growth and Income Fund
Jeanne Mockard 1998 Employed as an investment
Senior Vice President professional by
Putnam
Management since 1990.
Christopher A. Ray 1995 Employed as an
investment
Senior Vice President professional by
Putnam
Management since 1992
S:\funds\pvt\suppleme\supp2.do c
