Prospectus Supplement
dated March 8, 1999 to:
PUTNAM VARIABLE TRUST (THE "TRUST") 50971 3/99
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 Asia Pacific
Fund is replaced with the following:
BUSINESS EXPERIENCE
YEAR (AT LEAST 5 YEARS)
------- -----------------------------
PUTNAM VT ASIA PACIFIC
GROWTH FUND
Paul Warren 1997 Employed by Putnam Management since 1997.
Senior Vice President Prior to May, 1997, Mr. Warren was employed
by IDS Fund Management. Prior to August,
1994, he was employed by Pilgrim Baxter
Associates.
Carmel Peters 1999 Employed by Putnam Management since 1997.
Senior Vice President Prior to May, 1997, Ms. Peters was a Managing
Director and CIO of Wheelock Natwest
Investment Management, Hong Kong, and
prior to February, 1996, Ms. Peters was a
Director and CIO at Rothschild Asset
Management Asia Pacific, Hong Kong.
