PROSPECTUS SUPPLEMENT
dated October 11, 1999 to:
PUTNAM VARIABLE TRUST (THE "TRUST") 56181 10/99
Prospectuses dated April 30, 1999
In the section entitled "Who manages the funds?," the chart
indicating the officers of Putnam Investment Management, Inc.
("Putnam Management") that have primary responsibility for the
day-to-day management of the portfolio of Putnam VT Income Fund
is replaced with the following:
BUSINESS EXPERIENCE
YEAR (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.
Krishna K. Memani 1999 Employed by Putnam Management since 1998.
Managing Director Prior to September 1998, Mr. Memani was
employed at Morgan Stanley & Co.
40009-17-A (10/99)
HV- 2522
S-6468-31 A (10/99)
