Prospectus Supplement
dated February 8, 1999 to:
PUTNAM VARIABLE TRUST (THE "TRUST") 50073 2/99
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
International New Opportunities Fund, Putnam VT New Opportunities
Fund and Putnam VT Research Fund is replaced with the following:
BUSINESS EXPERIENCE
YEAR (AT LEAST 5 YEARS)
---- -----------------------------
PUTNAM VT INTERNATIONAL NEW
OPPORTUNITIES FUND
Robert Swift 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1995. Prior
to August 1995, Mr. Swift was
Director and Senior Portfolio
Manager at IAI
International/Hill Samuel
Investment Advisors.
J. Peter Grant 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1973.
Stephen Oler 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1997. Prior
to June 1997, Mr. Oler was a
Vice President at Templeton
Investments, and prior to
March 1996 was a Senior Vice
President at Baring Asset
Management Co.
Jack P. Chang 1999 Employed as an investment
Vice President professional by Putnam
Management since 1997.
Prior to July 1997, Mr. Chang
was a Vice President and
Portfolio Manager at Columbia
Management.
PUTNAM VT NEW
OPPORTUNITIES FUND
Carol C. McMullen 1996 Employed as an investment
Managing Director professional by Putnam
Management since 1995. Prior
to June 1995, Ms. McMullen was
Senior Vice President of
Baring Asset Management.
Daniel L. Miller 1994 Employed as an investment
Managing Director professional by Putnam
Management since 1983.
Jeffrey R. Lindsey 1999 Employed as an investment
Senior Vice President professional by Putnam
Management since 1994.
Prior to April 1994, Mr.
Lindsey was Vice President at
Strategic Portfolio
Management, Inc.
PUTNAM VT RESEARCH FUND
Putnam Management's Global Equity Research Team has primary
responsibility for the day-to-day management of the fund's
portfolio
