ospectus Supplement
dated July 19, 1999 to:
______________________________________________________________________________
PUTNAM VARIABLE TRUST (the "Trust") 54165 7/99
Prospectuses dated April 30, 1999
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 Income Fund,
Putnam VT International New Opportunities Fund, Putnam VT New
Opportunities Fund and Putnam VT Small CapValue Fund is replaced
with the following:
Year Business experience (at least 5 years)
------- --------------------------------------------
Putnam VT Income Fund
Kevin M. Cronin 1999 Employed by Putnam Management since 1997.
Managing Director Prior to February 1997, Mr. Cronin was
employed at MFS Investment Management.
Michael Martino 1999 Employed by Putnam Management since 1994.
Managing Director
Putnam VT International New
Opportunities Fund
Robert Swift 1996 Employed by Putnam Management since 1995.
Managing Director Prior to August 1995, Mr.
Swift was employed by IAI
International/Hill Samuel
Investment Advisors.
J. Peter Grant 1996 Employed by Putnam Management since 1973.
Senior Vice President
Stephen Oler 1998 Employed by Putnam Management since
Senior Vice President 1997. Prior to June 1997,
Mr. Oler was employed by at
Templeton Investments, and
prior to March 1996 was
employed by Baring Asset
Management Co.
Jack P. Chang 1999 Employed by Putnam Management since 1997.
Senior Vice President Prior to July 1997, Mr.
Chang was employed by Columbia
Management.
Stephen Dexter 1999 Employed by Putnam Management since 1999.
Senior Vice President Prior to June, 1999, Mr.
Dexter was employed at Scudder
Kemper, Inc.
Putnam VT New Opportunities Fund
Daniel L. Miller 1994 Employed by Putnam Management since 1983.
Managing Director
Jeffrey R. Lindsey 1999 Employed by Putnam Management since 1994.
Senior Vice President
Kenneth Lang 1999 Employed by Putnam Management since 1997.
Vice President Prior to April, 1997, Mr.
Lang was employed at Mongtomery
Securities.
Putnam VT Small Cap Value
Edward T. Shadek, Jr. 1999 Employed by Putnam Management since 1997.
Managing Director Prior to March 1997, Mr.
Shadek was employed at
Newbold's Asset Management Co.
Jefferey Netols 1999 Employed by Putnam Management since 1993.
Senior Vice President
