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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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015 A000401 PUTNAM FIDUCIARY TRUST COMPANY
015 B000401 C
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<PAGE> PAGE 22
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<PAGE> PAGE 23
049 000400 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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015 A000501 PUTNAM FIDUCIARY TRUST COMPANY
015 B000501 C
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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015 A000601 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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015 A000701 PUTNAM FIDUCIARY TRUST COMPANY
<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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015 A000801 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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015 A001001 PUTNAM FIDUCIARY TRUST COMPMANY
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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015 A001101 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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015 A001201 PUTNAM FIDUCIARY TRUST CO.
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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015 A001301 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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015 A001401 PUTNAM FIDUCIARY TRUST COMPANY
015 B001401 C
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<PAGE> PAGE 71
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<PAGE> PAGE 72
053 B001400 Y
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<PAGE> PAGE 73
070 B021400 N
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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015 A001501 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
015 A001601 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 81
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054 K001600 N
054 L001600 Y
054 M001600 Y
054 N001600 N
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<PAGE> PAGE 82
059 001600 Y
060 A001600 Y
060 B001600 Y
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062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
062 I001600 0.0
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
066 A001600 Y
066 C001600 Y
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 Y
070 B011600 N
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 N
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 N
070 F021600 N
070 G011600 N
070 G021600 N
070 H011600 N
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 N
070 J021600 N
070 K011600 N
070 K021600 N
070 L011600 Y
<PAGE> PAGE 83
070 L021600 Y
070 M011600 N
070 M021600 N
070 N011600 N
070 N021600 N
070 O011600 N
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
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<PAGE> PAGE 84
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074 N001600 205665
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<PAGE> PAGE 85
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Global Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,478,502,620
<INVESTMENTS-AT-VALUE> 1,612,544,530
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 20,301,826
<INTEREST-INCOME> 3,044,350
<OTHER-INCOME> 0
<EXPENSES-NET> 23,346,176
<NET-INVESTMENT-INCOME> 12,009,717
<REALIZED-GAINS-CURRENT> 237,026,255
<APPREC-INCREASE-CURRENT> (49,925,874)
<NET-CHANGE-FROM-OPS> 199,110,098
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,624,622)
<DISTRIBUTIONS-OF-GAINS> (36,166,971)
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<NUMBER-OF-SHARES-SOLD> 15,785,671
<NUMBER-OF-SHARES-REDEEMED> (11,889,504)
<SHARES-REINVESTED> 4,289,449
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<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 16.88
<PER-SHARE-NII> .13
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<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> (.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.34
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Utilities Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 635,398,542
<INVESTMENTS-AT-VALUE> 823,779,623
<RECEIVABLES> 6,714,442
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 830,494,065
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<OTHER-ITEMS-LIABILITIES> 1,606,586
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 571,549,799
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 188,377,533
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<DISTRIBUTIONS-OF-INCOME> (24,529,426)
<DISTRIBUTIONS-OF-GAINS> (33,449,218)
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<NUMBER-OF-SHARES-REDEEMED> (3,862,391)
<SHARES-REINVESTED> 4,346,225
<NET-CHANGE-IN-ASSETS> 164,829,507
<ACCUMULATED-NII-PRIOR> 24,041,912
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,210,720
<AVERAGE-NET-ASSETS> 700,701,207
<PER-SHARE-NAV-BEGIN> 14.80
<PER-SHARE-NII> .53
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<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> (.75)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.14
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,330,702,386
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<RECEIVABLES> 25,255,745
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<TOTAL-ASSETS> 4,581,366,623
<PAYABLE-FOR-SECURITIES> 32,452,649
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<OTHER-ITEMS-LIABILITIES> 10,378,832
<TOTAL-LIABILITIES> 42,381,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,020,077,538
<SHARES-COMMON-STOCK> 116,119,974
<SHARES-COMMON-PRIOR> 100,874,389
<ACCUMULATED-NII-CURRENT> 11,397,910
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 281,744,935
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,225,314,759
<NET-ASSETS> 4,538,535,142
<DIVIDEND-INCOME> 26,579,652
<INTEREST-INCOME> 7,767,701
<OTHER-INCOME> 0
<EXPENSES-NET> 22,661,783
<NET-INVESTMENT-INCOME> 11,685,570
<REALIZED-GAINS-CURRENT> 297,725,044
<APPREC-INCREASE-CURRENT> 601,292,487
<NET-CHANGE-FROM-OPS> 910,703,101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,180,496)
<DISTRIBUTIONS-OF-GAINS> (154,744,905)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,684,768
<NUMBER-OF-SHARES-REDEEMED> (5,965,623)
<SHARES-REINVESTED> 5,526,440
<NET-CHANGE-IN-ASSETS> 1,257,045,110
<ACCUMULATED-NII-PRIOR> 6,892,836
<ACCUMULATED-GAINS-PRIOR> 138,764,796
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,134,308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,945,839
<AVERAGE-NET-ASSETS> 3,878,811,951
<PER-SHARE-NAV-BEGIN> 32.53
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 8.01
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (1.49)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.08
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 6,980,553,629
<INVESTMENTS-AT-VALUE> 8,324,589,744
<RECEIVABLES> 71,555,622
<ASSETS-OTHER> 739,788
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,396,885,154
<PAYABLE-FOR-SECURITIES> 48,617,733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,933,348
<TOTAL-LIABILITIES> 59,551,081
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,885,529,815
<SHARES-COMMON-STOCK> 294,356,911
<SHARES-COMMON-PRIOR> 231,214,083
<ACCUMULATED-NII-CURRENT> 145,500,331
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 963,025,316
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,343,278,611
<NET-ASSETS> 8,337,334,073
<DIVIDEND-INCOME> 173,360,599
<INTEREST-INCOME> 14,336,090
<OTHER-INCOME> 0
<EXPENSES-NET> 36,632,162
<NET-INVESTMENT-INCOME> 151,064,527
<REALIZED-GAINS-CURRENT> 979,781,001
<APPREC-INCREASE-CURRENT> 367,746,315
<NET-CHANGE-FROM-OPS> 1,498,591,843
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (128,693,999)
<DISTRIBUTIONS-OF-GAINS> (313,245,625)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,137,172
<NUMBER-OF-SHARES-REDEEMED> (2,856,470)
<SHARES-REINVESTED> 18,862,126
<NET-CHANGE-IN-ASSETS> 2,658,234,471
<ACCUMULATED-NII-PRIOR> 123,367,843
<ACCUMULATED-GAINS-PRIOR> 295,968,021
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34,012,687
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,099,642
<AVERAGE-NET-ASSETS> 3,878,811,951
<PER-SHARE-NAV-BEGIN> 24.56
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> 5.07
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> (1.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.32
<EXPENSE-RATIO> .51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 971,553,050
<INVESTMENTS-AT-VALUE> 1,009,432,258
<RECEIVABLES> 35,972,818
<ASSETS-OTHER> 8,228,555
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,053,633,631
<PAYABLE-FOR-SECURITIES> 26,471,593
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,863,914
<TOTAL-LIABILITIES> 28,335,507
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 891,849,108
<SHARES-COMMON-STOCK> 75,287,731
<SHARES-COMMON-PRIOR> 59,425,005
<ACCUMULATED-NII-CURRENT> 82,916,513
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,658,981
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,873,522
<NET-ASSETS> 1,025,298,124
<DIVIDEND-INCOME> 6,523,312
<INTEREST-INCOME> 82,181,788
<OTHER-INCOME> 0
<EXPENSES-NET> 6,216,240
<NET-INVESTMENT-INCOME> 82,488,860
<REALIZED-GAINS-CURRENT> 19,263,536
<APPREC-INCREASE-CURRENT> 17,958,850
<NET-CHANGE-FROM-OPS> 119,711,246
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58,024,885)
<DISTRIBUTIONS-OF-GAINS> (6,728,418)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,952,072
<NUMBER-OF-SHARES-REDEEMED> (15,521,671)
<SHARES-REINVESTED> 5,432,325
<NET-CHANGE-IN-ASSETS> 255,380,325
<ACCUMULATED-NII-PRIOR> 57,863,338
<ACCUMULATED-GAINS-PRIOR> 134,410
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,842,951
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,436,813
<AVERAGE-NET-ASSETS> 890,646,335
<PER-SHARE-NAV-BEGIN> 12.96
<PER-SHARE-NII> 1.06
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.94)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.62
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust US Government and High Quality Bond Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 768,339,548
<INVESTMENTS-AT-VALUE> 791,091,741
<RECEIVABLES> 25,372,651
<ASSETS-OTHER> 1,502,146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 817,966,538
<PAYABLE-FOR-SECURITIES> 25,931,699
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<OTHER-ITEMS-LIABILITIES> 2,494,755
<TOTAL-LIABILITIES> 28,426,454
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 723,176,210
<SHARES-COMMON-STOCK> 58,832,286
<SHARES-COMMON-PRIOR> 58,983,969
<ACCUMULATED-NII-CURRENT> 41,308,267
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 687,020
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,368,587
<NET-ASSETS> 789,540,084
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 55,864,924
<OTHER-INCOME> 0
<EXPENSES-NET> 5,178,021
<NET-INVESTMENT-INCOME> 50,686,903
<REALIZED-GAINS-CURRENT> (2,397,818)
<APPREC-INCREASE-CURRENT> 15,536,485
<NET-CHANGE-FROM-OPS> 63,825,480
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<DISTRIBUTIONS-OF-INCOME> (49,260,624)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,028,621
<NUMBER-OF-SHARES-REDEEMED> (10,616,521)
<SHARES-REINVESTED> 4,021,287
<NET-CHANGE-IN-ASSETS> 164,827,507
<ACCUMULATED-NII-PRIOR> 48,438,520
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5,471,694)
<GROSS-ADVISORY-FEES> 4,731,739
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,304,062
<AVERAGE-NET-ASSETS> 770,003,470
<PER-SHARE-NAV-BEGIN> 13.21
<PER-SHARE-NII> .88
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> (.85)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> .69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Money Market Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 386,165,201
<INVESTMENTS-AT-VALUE> 386,165,201
<RECEIVABLES> 19,999,680
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<TOTAL-ASSETS> 406,167,028
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 589,880
<TOTAL-LIABILITIES> 589,880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 405,577,148
<SHARES-COMMON-STOCK> 405,557,148
<SHARES-COMMON-PRIOR> 437,132,301
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 405,577,148
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,346,295
<OTHER-INCOME> 0
<EXPENSES-NET> 2,537,879
<NET-INVESTMENT-INCOME> 23,808,416
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,808,416
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,808,416)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,150,816,521
<NUMBER-OF-SHARES-REDEEMED> (1,206,180,090)
<SHARES-REINVESTED> 23,808,416
<NET-CHANGE-IN-ASSETS> (31,555,153)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,090,282
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,538,635
<AVERAGE-NET-ASSETS> 466,376,477
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .0509
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.0509)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Global Asset Allocation Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 824,144,238
<INVESTMENTS-AT-VALUE> 943,957,013
<RECEIVABLES> 28,639,912
<ASSETS-OTHER> 6,903,994
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 979,500,919
<PAYABLE-FOR-SECURITIES> 17,792,666
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,176,094
<TOTAL-LIABILITIES> 22,968,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 724,592,366
<SHARES-COMMON-STOCK> 50,986,362
<SHARES-COMMON-PRIOR> 43,350,143
<ACCUMULATED-NII-CURRENT> 19,696,988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 94,421,572
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 117,821,233
<NET-ASSETS> 956,532,159
<DIVIDEND-INCOME> 8,992,099
<INTEREST-INCOME> 24,013,735
<OTHER-INCOME> 0
<EXPENSES-NET> 6,643,416
<NET-INVESTMENT-INCOME> 26,362,418
<REALIZED-GAINS-CURRENT> 93,474,412
<APPREC-INCREASE-CURRENT> 32,963,374
<NET-CHANGE-FROM-OPS> 152,800,204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,895,274)
<DISTRIBUTIONS-OF-GAINS> (45,515,619)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,393,308
<NUMBER-OF-SHARES-REDEEMED> (2,265,912)
<SHARES-REINVESTED> 4,508,773
<NET-CHANGE-IN-ASSETS> 208,797,900
<ACCUMULATED-NII-PRIOR> 24,025,712
<ACCUMULATED-GAINS-PRIOR> 42,665,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,755,350
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,718,165
<AVERAGE-NET-ASSETS> 875,891,681
<PER-SHARE-NAV-BEGIN> 17.25
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.76
<EXPENSE-RATIO> .77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,065,821,738
<INVESTMENTS-AT-VALUE> 2,607,710,214
<RECEIVABLES> 8,372,968
<ASSETS-OTHER> 2,990,329
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,619,073,511
<PAYABLE-FOR-SECURITIES> 22,949,782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,879,871
<TOTAL-LIABILITIES> 28,829,653
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,012,795,892
<SHARES-COMMON-STOCK> 122,008,086
<SHARES-COMMON-PRIOR> 97,206,802
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII>
<ACCUMULATED-NET-GAINS> 35,559,298
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 541,888,668
<NET-ASSETS> 2,590,243,858
<DIVIDEND-INCOME> 8,588,364
<INTEREST-INCOME> 4,305,527
<OTHER-INCOME> 0
<EXPENSES-NET> 13,062,268
<NET-INVESTMENT-INCOME> (168,377)
<REALIZED-GAINS-CURRENT> 68,314,810
<APPREC-INCREASE-CURRENT> 376,452,164
<NET-CHANGE-FROM-OPS> 444,597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,527,077
<NUMBER-OF-SHARES-REDEEMED> (17,725,793)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 916,047,161
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,300)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (32,755,137)
<GROSS-ADVISORY-FEES> 12,267,574
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,259,926
<AVERAGE-NET-ASSETS> 2,106,259,502
<PER-SHARE-NAV-BEGIN> 17.22
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 4.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.23
<EXPENSE-RATIO> .63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 208,567,948
<INVESTMENTS-AT-VALUE> 214,806,717
<RECEIVABLES> 851,815
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 215,658,532
<PAYABLE-FOR-SECURITIES> 4,074,164
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,986,358
<TOTAL-LIABILITIES> 9,060,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 200,394,945
<SHARES-COMMON-STOCK> 17,911,179
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (346,390)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 214,309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,335,146
<NET-ASSETS> 206,598,010
<DIVIDEND-INCOME> 1,811,692
<INTEREST-INCOME> 580,957
<OTHER-INCOME> 0
<EXPENSES-NET> 1,180,776
<NET-INVESTMENT-INCOME> 1,211,873
<REALIZED-GAINS-CURRENT> 5,522,841
<APPREC-INCREASE-CURRENT> 6,335,146
<NET-CHANGE-FROM-OPS> 13,069,860
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,972,016)
<DISTRIBUTIONS-OF-GAINS> (4,894,779)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,411,817
<NUMBER-OF-SHARES-REDEEMED> (4,352,599)
<SHARES-REINVESTED> 601,961
<NET-CHANGE-IN-ASSETS> 204,098,010
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 871,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,219,689
<AVERAGE-NET-ASSETS> 108,941,350
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.87
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.53
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust International Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 149,300,268
<INVESTMENTS-AT-VALUE> 152,870,318
<RECEIVABLES> 2,266,531
<ASSETS-OTHER> 73,666
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,210,515
<PAYABLE-FOR-SECURITIES> 3,504,069
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 821,954
<TOTAL-LIABILITIES> 4,326,023
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,407,270
<SHARES-COMMON-STOCK> 13,203,930
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (138,410)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (983,749)
<ACCUM-APPREC-OR-DEPREC> 4,599,381
<NET-ASSETS> 150,884,492
<DIVIDEND-INCOME> 1,136,820
<INTEREST-INCOME> 453,670
<OTHER-INCOME> 0
<EXPENSES-NET> 878,074
<NET-INVESTMENT-INCOME> 598,784
<REALIZED-GAINS-CURRENT> 434,252
<APPREC-INCREASE-CURRENT> 4,599,381
<NET-CHANGE-FROM-OPS> 5,632,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (933,770)
<DISTRIBUTIONS-OF-GAINS> (1,221,426)
<DISTRIBUTIONS-OTHER> (105,318)
<NUMBER-OF-SHARES-SOLD> 15,588,769
<NUMBER-OF-SHARES-REDEEMED> (2,832,498)
<SHARES-REINVESTED> 197,659
<NET-CHANGE-IN-ASSETS> 148,384,492
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 912,290
<AVERAGE-NET-ASSETS> 76,231,161
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.10)
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust International New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 114,790,240
<INVESTMENTS-AT-VALUE> 114,080,700
<RECEIVABLES> 777,082
<ASSETS-OTHER> 528,324
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 115,386,106
<PAYABLE-FOR-SECURITIES> 6,545,424
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,840,198
<TOTAL-LIABILITIES> 8,385,622
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 112,572,237
<SHARES-COMMON-STOCK> 10,746,746
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20,027)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,087,219)
<ACCUM-APPREC-OR-DEPREC> (464,507)
<NET-ASSETS> 107,000,484
<DIVIDEND-INCOME> 368,371
<INTEREST-INCOME> 853,870
<OTHER-INCOME> 0
<EXPENSES-NET> 1,158,541
<NET-INVESTMENT-INCOME> 63,700
<REALIZED-GAINS-CURRENT> (4,862,745)
<APPREC-INCREASE-CURRENT> (464,507)
<NET-CHANGE-FROM-OPS> (5,263,552)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (308,201)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,100,759
<NUMBER-OF-SHARES-REDEEMED> (2,634,975)
<SHARES-REINVESTED> 30,962
<NET-CHANGE-IN-ASSETS> 104,500,484
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 893,002
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,191,808
<AVERAGE-NET-ASSETS> 74,621,257
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Vista Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 151,581,953
<INVESTMENTS-AT-VALUE> 173,665,713
<RECEIVABLES> 766,729
<ASSETS-OTHER> 102,353
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 174,534,795
<PAYABLE-FOR-SECURITIES> 3,582,810
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 291,565
<TOTAL-LIABILITIES> 3,874,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151,727,658
<SHARES-COMMON-STOCK> 13,848,509
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,150,998)
<ACCUM-APPREC-OR-DEPREC> 22,083,760
<NET-ASSETS> 170,660,420
<DIVIDEND-INCOME> 469,437
<INTEREST-INCOME> 295,031
<OTHER-INCOME> 0
<EXPENSES-NET> 760,451
<NET-INVESTMENT-INCOME> 4,017
<REALIZED-GAINS-CURRENT> (3,150,998)
<APPREC-INCREASE-CURRENT> 22,083,760
<NET-CHANGE-FROM-OPS> 18,936,779
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,017)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,177,780
<NUMBER-OF-SHARES-REDEEMED> (1,580,403)
<SHARES-REINVESTED> 1,132
<NET-CHANGE-IN-ASSETS> 168,160,420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 600,249
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 801,259
<AVERAGE-NET-ASSETS> 92,599,689
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 2.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.32
<EXPENSE-RATIO> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Varibale Trust New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 194,402,476
<INVESTMENTS-AT-VALUE> 202,099,849
<RECEIVABLES> 3,374,169
<ASSETS-OTHER> 190,856
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205,664,874
<PAYABLE-FOR-SECURITIES> 9,229,132
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,044,891
<TOTAL-LIABILITIES> 10,274,023
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182,416,386
<SHARES-COMMON-STOCK> 16,619,656
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,560,934
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,789,899
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,623,632
<NET-ASSETS> 195,390,851
<DIVIDEND-INCOME> 2,223,795
<INTEREST-INCOME> 387,993
<OTHER-INCOME> 0
<EXPENSES-NET> 891,506
<NET-INVESTMENT-INCOME> 1,720,282
<REALIZED-GAINS-CURRENT> 3,630,551
<APPREC-INCREASE-CURRENT> 7,623,632
<NET-CHANGE-FROM-OPS> 12,974,465
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,943,165
<NUMBER-OF-SHARES-REDEEMED> (348,509)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 195,140,851
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 757,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922,572
<AVERAGE-NET-ASSETS> 553,608,288
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.76
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Asia Pacific Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 116,630,747
<INVESTMENTS-AT-VALUE> 112,246,356
<RECEIVABLES> 5,395,910
<ASSETS-OTHER> 78,290
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117,720,556
<PAYABLE-FOR-SECURITIES> 1,216,640
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,601,843
<TOTAL-LIABILITIES> 4,818,483
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,092,105
<SHARES-COMMON-STOCK> 12,265,876
<SHARES-COMMON-PRIOR> 11,855,445
<ACCUMULATED-NII-CURRENT> 3,110,245
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,297,932)
<ACCUM-APPREC-OR-DEPREC> (3,002,345)
<NET-ASSETS> 112,902,073
<DIVIDEND-INCOME> 2,026,042
<INTEREST-INCOME> 229,492
<OTHER-INCOME> 0
<EXPENSES-NET> 1,314,356
<NET-INVESTMENT-INCOME> 941,178
<REALIZED-GAINS-CURRENT> (8,695,246)
<APPREC-INCREASE-CURRENT> (11,278,930)
<NET-CHANGE-FROM-OPS> (19,032,998)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,664,413)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,980,776
<NUMBER-OF-SHARES-REDEEMED> (14,827,774)
<SHARES-REINVESTED> 257,429
<NET-CHANGE-IN-ASSETS> (17,645,511)
<ACCUMULATED-NII-PRIOR> 1,775,888
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,367,199)
<GROSS-ADVISORY-FEES> 1,076,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,435,752
<AVERAGE-NET-ASSETS> 134,612,740
<PER-SHARE-NAV-BEGIN> 11.01
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (1.66)
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Diversified Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<SENIOR-EQUITY> 0
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</TABLE>
