Prospectus Supplement
dated November 9, 1998 to:
PUTNAM VARIABLE TRUST (THE "TRUST") 47981 11/98
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 Diversified
Income Trust and Putnam VT High Yield Fund is replaced with the
following:
BUSINESS EXPERIENCE
YEAR (AT LEAST 5 YEARS)
---- -----------------------------
PUTNAM VT DIVERSIFIED INCOME FUND
William Kohli 1994 Employed as an investment professional
Managing Director by Putnam Management since 1994. Prior
to September, 1994, Mr. Kohli
was Executive Vice President
and Co-Director of Global
Bond Management.
Jennifer E. Leichter 1993 Employed as an investment professional
Managing Director by Putnam Management since 1987.
Michael Martino 1994 Employed as an investment professional
Managing Director by 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
Information Officer.
Jeffrey A. Kaufman 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1998. Prior
to August, 1998, Mr. Kaufman was
a Vice President at MFS
Investment Management. Prior
to March, 1994, Mr. Kaufman
was an Emerging Markets
Research Consultant at
Salomon Brothers.
Robert M. Paine 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1987.
PUTNAM VT HIGH YIELD FUND
Jeffrey A. Kaufman 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1998. Prior
to August, 1998, Mr. Kaufman was
a Vice President at MFS
Investment Management. Prior
to March, 1994, Mr. Kaufman
was an Emerging Markets
Research Consultant at
Salomon Brothers.
Rosemary H. Thomsen 1997 Employed as an investment professional
Senior Vice President by Putnam Management since 1986.
40009-14
HV-
47475
NS-2068 4
