52825 5/99
Prospectus Supplement
dated May 13, 1999 to:
PUTNAM VARIABLE TRUST (the "Trust")
Class IB Prospectus dated April 30, 1999
In the section entitled "Fund summaries -- Putnam New Value
Fund," the following paragraph is inserted directly under the
"Calendar Year Total Returns for Class IB Shares" bar chart:
Year-to-date performance through 3/31/99 was 5.17%. During the
periods shown in the bar chart, the highest return for a quarter
was 16.34% (quarter ending 12/31/98) and the lowest return for a
quarter was -12.09% (quarter ending 9/30/98).
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