Prospectus Supplement
dated December 7, 1998 to:
PUTNAM VARIABLE TRUST (THE "TRUST") 48541 12/98
Prospectuses dated April 30, 1998 and April 30, 1998, as revised
July 2, 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 portfolios of Putnam VT Health
Sciences Fund is replaced with the following:
BUSINESS EXPERIENCE
YEAR (AT LEAST 5 YEARS)
---- -----------------------------
PUTNAM VT HEALTH SCIENCES FUND
Richard B. England 1998 Employed as an investment
professional
Senior Vice President by Putnam Management since
1992.
David G. Carlson 1998 Employed as an investment
professional
Senior Vice President by Putnam Management since
1992.
Margery C. Parker 1998 Employed as an investment
professional
Senior Vice President by Putnam Management since
1997.
Prior to December 1997, Ms.
Parker was
a Vice President and
Portfolio Manager
at Keystone Investments.
40009-15
HV-2306
NS-2069 2
