Prospectus Supplement dated January 12, 1998 to:
PUTNAM VARIABLE TRUST (the "Trust")
Prospectuses dated April 30, 1997 and November 20, 1997
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 Diversified
Income Fund is replaced with the following:
Business Experience
Year (at least 5 years)
Putnam VT Diversified Income Fund
William Kohli 1997 Employed as an investment
professional by
Managing Director Putnam Management
since 1994. Prior to September,
1994, Mr. Kohli was an Executive
Vice President and Co-Director of
Global Bond Management and, prior
to October, 1993, Mr. Kohli was
Senior Portfolio Manager at
Franklin Advisors/
Templeton Investment Counsel.
Michael Martino 1994 Employed as an investment
professional by
Managing Director Putnam Management since 1994.
Prior to January, 1994, Mr. Martino was
employed by Back Bay Advisors in the positions
of Executive Vice President and Chief Investment
Officer.
Gail S. Attridge 1997 Employed as an investment
professional by Senior Vice President
Putnam Management since 1993. Prior to
November, 1993, Ms. Attridge was
an Analyst at Keystone Custody International.
Jennifer E. Leichter 1993 Employed as an investment professional by
Senior Vice President Putnam Management since
1987.
Robert M. Paine 1998 Employed as an investment
professional by Senior Vice President by
Putnam Management since 1987.
Max S. Senter 1998 Employed as an investment
professional by Senior Vice President
Putnam Management since 1998.
Kenneth J. Taubes 1997 Employed as an investment
professional by Senior Vice President
Putnam Management since 1991.
39886 1/98
HV-2215
NS 20539
47025
40024 A (1/98)
