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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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015 A000401 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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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
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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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<PAGE> PAGE 36
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015 A000701 PUTNAM FIDUCIARY TRUST COMPANY
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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
054 O000800 Y
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070 I020800 N
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<PAGE> PAGE 44
070 J020800 N
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<PAGE> PAGE 45
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015 A000901 PUTNAM FIDUCIARY TRUST COMPANY
015 B000901 C
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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
070 L020900 Y
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<PAGE> PAGE 50
073 A020900 0.0000
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015 A001001 PUTNAM FIDUCIARY TRUST COMPMANY
015 B001001 C
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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
070 O021000 N
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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
074 U021300 1
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015 A001401 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 71
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<PAGE> PAGE 72
054 A001400 Y
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<PAGE> PAGE 73
070 C021400 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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015 A001601 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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054 F001600 N
054 G001600 N
054 H001600 N
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<PAGE> PAGE 82
060 A001600 Y
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070 H021600 N
070 I011600 N
070 I021600 N
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070 J021600 N
070 K011600 N
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<PAGE> PAGE 83
070 L011600 Y
070 L021600 Y
070 M011600 N
070 M021600 N
070 N011600 N
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070 Q021600 N
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<PAGE> PAGE 84
073 A011600 0.0900
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015 A001701 PUTNAM FIDUCIARY TRUST COMPANY
015 B001701 C
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<PAGE> PAGE 85
025 D001708 0
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<PAGE> PAGE 86
048 001700 0.000
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050 001700 N
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054 A001700 Y
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054 E001700 N
054 F001700 N
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054 H001700 N
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<PAGE> PAGE 87
062 B001700 0.0
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070 G021700 N
070 H011700 Y
070 H021700 N
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070 I021700 N
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<PAGE> PAGE 88
070 N011700 Y
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
062 R001800 0.0
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
054 H001900 N
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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015 A002001 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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<PAGE> PAGE 102
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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>
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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 B
<S> <C>
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</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>
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<PERIOD-END> JUN-30-1998
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</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 IB
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
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</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> OTHER
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<PERIOD-END> JUN-30-1998
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<EXPENSE-RATIO> .26
<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 IB
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
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</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> OTHER
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1998
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<EXPENSE-RATIO> .35
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<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1998
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<INVESTMENTS-AT-VALUE> 1,128,418,585
<RECEIVABLES> 27,245,170
<ASSETS-OTHER> 81,829
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,155,745,584
<PAYABLE-FOR-SECURITIES> 8,350,721
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,875,069
<TOTAL-LIABILITIES> 10,225,790
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,063,728,405
<SHARES-COMMON-STOCK> 77
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 54,183,267
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,117,761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,490,361
<NET-ASSETS> 1,145,519,794
<DIVIDEND-INCOME> 4,657,871
<INTEREST-INCOME> 54,360,282
<OTHER-INCOME> 0
<EXPENSES-NET> 3,653,165
<NET-INVESTMENT-INCOME> 55,364,988
<REALIZED-GAINS-CURRENT> 7,655,251
<APPREC-INCREASE-CURRENT> (17,383,161)
<NET-CHANGE-FROM-OPS> 45,637,078
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 120,221,670
<ACCUMULATED-NII-PRIOR> 82,916,513
<ACCUMULATED-GAINS-PRIOR> 12,658,981
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,503,045
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,891,098
<AVERAGE-NET-ASSETS> 997
<PER-SHARE-NAV-BEGIN> 12.99
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.96
<EXPENSE-RATIO> .15
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUNE-30-1998
<INVESTMENTS-AT-COST> 836,867,730
<INVESTMENTS-AT-VALUE> 861,494,078
<RECEIVABLES> 47,309,871
<ASSETS-OTHER> 2,054,360
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 910,858,309
<PAYABLE-FOR-SECURITIES> 46,923,322
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,867,245
<TOTAL-LIABILITIES> 80,790,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 774,178,856
<SHARES-COMMON-STOCK> 62,775,955
<SHARES-COMMON-PRIOR> 58,832,286
<ACCUMULATED-NII-CURRENT> 22,984,191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,255,233
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,649,462
<NET-ASSETS> 830,067,742
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,229,658
<OTHER-INCOME> 0
<EXPENSES-NET> 2,684,963
<NET-INVESTMENT-INCOME> 24,544,695
<REALIZED-GAINS-CURRENT> 8,683,976
<APPREC-INCREASE-CURRENT> 280,875
<NET-CHANGE-FROM-OPS> 33,509,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42,868,771)
<DISTRIBUTIONS-OF-GAINS> (1,115,763)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,728,180
<NUMBER-OF-SHARES-REDEEMED> (3,194,163)
<SHARES-REINVESTED> 3,409,652
<NET-CHANGE-IN-ASSETS> 40,527,658
<ACCUMULATED-NII-PRIOR> 41,308,267
<ACCUMULATED-GAINS-PRIOR> 687,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,450,195
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,734,456
<AVERAGE-NET-ASSETS> 807,423,605
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> (.73)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.22
<EXPENSE-RATIO> .34
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUNE-30-1998
<INVESTMENTS-AT-COST> 836,867,730
<INVESTMENTS-AT-VALUE> 861,494,078
<RECEIVABLES> 47,309,871
<ASSETS-OTHER> 2,054,360
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 910,858,309
<PAYABLE-FOR-SECURITIES> 46,923,322
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,867,245
<TOTAL-LIABILITIES> 80,790,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 774,178,856
<SHARES-COMMON-STOCK> 78
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 22,984,191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,255,233
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,649,462
<NET-ASSETS> 830,067,742
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,229,658
<OTHER-INCOME> 0
<EXPENSES-NET> 2,684,963
<NET-INVESTMENT-INCOME> 24,544,695
<REALIZED-GAINS-CURRENT> 8,683,976
<APPREC-INCREASE-CURRENT> 280,875
<NET-CHANGE-FROM-OPS> 33,509,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 40,527,658
<ACCUMULATED-NII-PRIOR> 41,308,267
<ACCUMULATED-GAINS-PRIOR> 687,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,450,195
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,734,456
<AVERAGE-NET-ASSETS> 1,016
<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.22
<EXPENSE RATIO> .14
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 453,341,268
<INVESTMENTS-AT-VALUE> 453,341,268
<RECEIVABLES> 1,583,054
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 454,924,322
<PAYABLE-FOR-SECURITIES> 4,997,076
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,291,857
<TOTAL-LIABILITIES> 9,288,933
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 445,635,389
<SHARES-COMMON-STOCK> 445,634,380
<SHARES-COMMON-PRIOR> 405,577,148
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 445,635,389
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,744,125
<OTHER-INCOME> 0
<EXPENSES-NET> 1,166,904
<NET-INVESTMENT-INCOME> 10,577,221
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,577,221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,577,212)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 524,137,102
<NUMBER-OF-SHARES-REDEEMED> (494,657,082)
<SHARES-REINVESTED> 10,577,212
<NET-CHANGE-IN-ASSETS> 40,058,241
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 928,923
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,177,147
<AVERAGE-NET-ASSETS> 417,050,245
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .0256
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.0256)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .28
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 453,341,268
<INVESTMENTS-AT-VALUE> 453,341,268
<RECEIVABLES> 1,583,054
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 454,924,322
<PAYABLE-FOR-SECURITIES> 4,997,076
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,291,857
<TOTAL-LIABILITIES> 9,288,933
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 445,635,389
<SHARES-COMMON-STOCK> 1,009
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 445,635,389
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,744,125
<OTHER-INCOME> 0
<EXPENSES-NET> 1,166,904
<NET-INVESTMENT-INCOME> 10,577,221
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,577,221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 40,058,241
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 928,923
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,177,147
<AVERAGE-NET-ASSETS> 1,002
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .009
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.009)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .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 Global Asset Allocation Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 878,493,607
<INVESTMENTS-AT-VALUE> 1,038,979,737
<RECEIVABLES> 25,629,749
<ASSETS-OTHER> 7,514,718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,072,124,204
<PAYABLE-FOR-SECURITIES> 20,534,611
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,845,479
<TOTAL-LIABILITIES> 24,380,090
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 831,902,984
<SHARES-COMMON-STOCK> 56,831,485
<SHARES-COMMON-PRIOR> 50,986,362
<ACCUMULATED-NII-CURRENT> 11,610,549
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46,476,445
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 157,754,136
<NET-ASSETS> 1,047,744,114
<DIVIDEND-INCOME> 4,900,140
<INTEREST-INCOME> 12,612,042
<OTHER-INCOME> 0
<EXPENSES-NET> 3,797,342
<NET-INVESTMENT-INCOME> 13,714,840
<REALIZED-GAINS-CURRENT> 45,698,970
<APPREC-INCREASE-CURRENT> 39,932,903
<NET-CHANGE-FROM-OPS> 99,346,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,801,279)
<DISTRIBUTIONS-OF-GAINS> (93,644,097)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 992,937
<NUMBER-OF-SHARES-REDEEMED> (1,428,847)
<SHARES-REINVESTED> 6,281,033
<NET-CHANGE-IN-ASSETS> 91,211,955
<ACCUMULATED-NII-PRIOR> 19,696,988
<ACCUMULATED-GAINS-PRIOR> 94,421,572
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,266,682
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,944,615
<AVERAGE-NET-ASSETS> 1,016,952,768
<PER-SHARE-NAV-BEGIN> 18.76
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 1.71
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> (1.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.44
<EXPENSE-RATIO> .39
<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 IB
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 878,493,607
<INVESTMENTS-AT-VALUE> 1,038,979,737
<RECEIVABLES> 25,629,749
<ASSETS-OTHER> 7,514,718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,072,124,204
<PAYABLE-FOR-SECURITIES> 20,534,611
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,845,479
<TOTAL-LIABILITIES> 24,380,090
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 831,902,984
<SHARES-COMMON-STOCK> 175
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,610,549
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46,476,445
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 157,754,136
<NET-ASSETS> 1,047,744,114
<DIVIDEND-INCOME> 4,900,140
<INTEREST-INCOME> 12,612,042
<OTHER-INCOME> 0
<EXPENSES-NET> 3,797,342
<NET-INVESTMENT-INCOME> 13,714,840
<REALIZED-GAINS-CURRENT> 45,698,970
<APPREC-INCREASE-CURRENT> 39,932,903
<NET-CHANGE-FROM-OPS> 99,346,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 175
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 91,211,955
<ACCUMULATED-NII-PRIOR> 19,696,988
<ACCUMULATED-GAINS-PRIOR> 94,421,572
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,266,682
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,944,615
<AVERAGE-NET-ASSETS> 1,408
<PER-SHARE-NAV-BEGIN> 18.16
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.44
<EXPENSE-RATIO> .16
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 2,289,926,837
<INVESTMENTS-AT-VALUE> 3,266,076,086
<RECEIVABLES> 35,441,231
<ASSETS-OTHER> 1,159,074
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,302,676,391
<PAYABLE-FOR-SECURITIES> 9,458,349
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,437,309
<TOTAL-LIABILITIES> 13,895,658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,256,694,954
<SHARES-COMMON-STOCK> 132,476,697
<SHARES-COMMON-PRIOR> 122,008,086
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,885,167)
<ACCUMULATED-NET-GAINS> 57,821,505
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 976,149,441
<NET-ASSETS> 3,288,780,733
<DIVIDEND-INCOME> 4,289,926
<INTEREST-INCOME> 2,506,581
<OTHER-INCOME> 0
<EXPENSES-NET> 8,681,674
<NET-INVESTMENT-INCOME> (1,885,167)
<REALIZED-GAINS-CURRENT> 62,639,280
<APPREC-INCREASE-CURRENT> 434,260,773
<NET-CHANGE-FROM-OPS> 495,014,886
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (40,377,073)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,212,413
<NUMBER-OF-SHARES-REDEEMED> (5,419,198)
<SHARES-REINVESTED> 1,675,396
<NET-CHANGE-IN-ASSETS> 698,536,875
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,559,298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,162,503
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,862,780
<AVERAGE-NET-ASSETS> 2,943,840,523
<PER-SHARE-NAV-BEGIN> 21.23
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 3.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.83
<EXPENSE-RATIO> .30
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 2,289,926,837
<INVESTMENTS-AT-VALUE> 3,266,076,086
<RECEIVABLES> 35,441,231
<ASSETS-OTHER> 1,159,074
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,302,676,391
<PAYABLE-FOR-SECURITIES> 9,458,349
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,437,309
<TOTAL-LIABILITIES> 13,895,658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,256,694,954
<SHARES-COMMON-STOCK> 42
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,885,167)
<ACCUMULATED-NET-GAINS> 57,821,505
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 976,149,441
<NET-ASSETS> 3,288,780,733
<DIVIDEND-INCOME> 4,289,926
<INTEREST-INCOME> 2,506,581
<OTHER-INCOME> 0
<EXPENSES-NET> 8,681,674
<NET-INVESTMENT-INCOME> (1,885,167)
<REALIZED-GAINS-CURRENT> 62,639,280
<APPREC-INCREASE-CURRENT> 434,260,773
<NET-CHANGE-FROM-OPS> 495,014,886
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 698,536,875
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,559,298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,162,503
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,862,780
<AVERAGE-NET-ASSETS> 994
<PER-SHARE-NAV-BEGIN> 23.94
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .91
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.83
<EXPENSE-RATIO> .13
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 691,214,746
<INVESTMENTS-AT-VALUE> 878,536,416
<RECEIVABLES> 8,021,261
<ASSETS-OTHER> 36,378
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 886,594,055
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,619,383
<TOTAL-LIABILITIES> 1,619,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 664,067,459
<SHARES-COMMON-STOCK> 53,780,037
<SHARES-COMMON-PRIOR> 47,966,028
<ACCUMULATED-NII-CURRENT> 13,769,269
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,819,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 187,318,122
<NET-ASSETS> 884,974,672
<DIVIDEND-INCOME> 11,853,027
<INTEREST-INCOME> 5,084,045
<OTHER-INCOME> 0
<EXPENSES-NET> 3,081,997
<NET-INVESTMENT-INCOME> 13,855,075
<REALIZED-GAINS-CURRENT> 20,411,235
<APPREC-INCREASE-CURRENT> (1,059,411)
<NET-CHANGE-FROM-OPS> 33,206,899
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,052,399)
<DISTRIBUTIONS-OF-GAINS> (43,178,545)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,655,555
<NUMBER-OF-SHARES-REDEEMED> (910,166)
<SHARES-REINVESTED> 4,068,820
<NET-CHANGE-IN-ASSETS> 62,718,131
<ACCUMULATED-NII-PRIOR> 24,966,593
<ACCUMULATED-GAINS-PRIOR> 42,587,132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,800,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,111,859
<AVERAGE-NET-ASSETS> 858,151,268
<PER-SHARE-NAV-BEGIN> 17.14
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> (.51)
<PER-SHARE-DISTRIBUTIONS> (.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.46
<EXPENSE-RATIO> .36
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 691,214,746
<INVESTMENTS-AT-VALUE> 878,536,416
<RECEIVABLES> 8,021,261
<ASSETS-OTHER> 36,378
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 886,594,055
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,619,383
<TOTAL-LIABILITIES> 1,619,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 664,067,459
<SHARES-COMMON-STOCK> 62
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13,769,269
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,819,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 187,318,122
<NET-ASSETS> 884,974,672
<DIVIDEND-INCOME> 11,853,027
<INTEREST-INCOME> 5,084,045
<OTHER-INCOME> 0
<EXPENSES-NET> 3,081,997
<NET-INVESTMENT-INCOME> 13,855,075
<REALIZED-GAINS-CURRENT> 20,411,235
<APPREC-INCREASE-CURRENT> (1,059,411)
<NET-CHANGE-FROM-OPS> 33,206,899
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62,718,131
<ACCUMULATED-NII-PRIOR> 24,966,593
<ACCUMULATED-GAINS-PRIOR> 42,587,132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,800,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,111,859
<AVERAGE-NET-ASSETS> 1,011
<PER-SHARE-NAV-BEGIN> 16.19
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.46
<EXPENSE-RATIO> .15
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 268,395,010
<INVESTMENTS-AT-VALUE> 297,227,572
<RECEIVABLES> 4,849,531
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 302,077,103
<PAYABLE-FOR-SECURITIES> 3,388,691
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,564,119
<TOTAL-LIABILITIES> 4,952,810
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257,721,892
<SHARES-COMMON-STOCK> 22,379,002
<SHARES-COMMON-PRIOR> 17,911,179
<ACCUMULATED-NII-CURRENT> 4,149,774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,080,388
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,172,239
<NET-ASSETS> 297,124,293
<DIVIDEND-INCOME> 4,254,905
<INTEREST-INCOME> 1,527,903
<OTHER-INCOME> 0
<EXPENSES-NET> 1,286,644
<NET-INVESTMENT-INCOME> 4,496,164
<REALIZED-GAINS-CURRENT> 7,551,922
<APPREC-INCREASE-CURRENT> 21,837,093
<NET-CHANGE-FROM-OPS> 33,885,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (685,843)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,060,021
<NUMBER-OF-SHARES-REDEEMED> (6,643,353)
<SHARES-REINVESTED> 51,155
<NET-CHANGE-IN-ASSETS> 90,526,283
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 214,309
<OVERDISTRIB-NII-PRIOR> (346,390)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,040,378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,304,765
<AVERAGE-NET-ASSETS> 257,971,075
<PER-SHARE-NAV-BEGIN> 11.53
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 1.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.28
<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 International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 268,395,010
<INVESTMENTS-AT-VALUE> 297,227,572
<RECEIVABLES> 4,849,531
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 302,077,103
<PAYABLE-FOR-SECURITIES> 3,388,691
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,564,119
<TOTAL-LIABILITIES> 4,952,810
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257,721,892
<SHARES-COMMON-STOCK> 400
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,149,774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,080,388
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,172,239
<NET-ASSETS> 297,124,293
<DIVIDEND-INCOME> 4,254,905
<INTEREST-INCOME> 1,527,903
<OTHER-INCOME> 0
<EXPENSES-NET> 1,286,644
<NET-INVESTMENT-INCOME> 4,496,164
<REALIZED-GAINS-CURRENT> 7,551,922
<APPREC-INCREASE-CURRENT> 21,837,093
<NET-CHANGE-FROM-OPS> 33,885,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 400
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 90,526,283
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 214,309
<OVERDISTRIB-NII-PRIOR> (346,390)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,040,378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,304,765
<AVERAGE-NET-ASSETS> 2,522
<PER-SHARE-NAV-BEGIN> 13.36
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> (.23)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.28
<EXPENSE-RATIO> .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 Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 237,982,723
<INVESTMENTS-AT-VALUE> 271,618,195
<RECEIVABLES> 7,542,902
<ASSETS-OTHER> 307,654
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279,468,751
<PAYABLE-FOR-SECURITIES> 15,958,613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 971,431
<TOTAL-LIABILITIES> 16,930,044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,011,253
<SHARES-COMMON-STOCK> 19,172,477
<SHARES-COMMON-PRIOR> 13,203,930
<ACCUMULATED-NII-CURRENT> 1,919,185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,398,560
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,209,709
<NET-ASSETS> 262,538,707
<DIVIDEND-INCOME> 2,724,880
<INTEREST-INCOME> 389,017
<OTHER-INCOME> 0
<EXPENSES-NET> 1,056,302
<NET-INVESTMENT-INCOME> 2,057,595
<REALIZED-GAINS-CURRENT> 2,382,309
<APPREC-INCREASE-CURRENT> 28,610,328
<NET-CHANGE-FROM-OPS> 33,050,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,898,875
<NUMBER-OF-SHARES-REDEEMED> (2,930,328)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 111,654,215
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (138,410)
<OVERDIST-NET-GAINS-PRIOR> (938,749)
<GROSS-ADVISORY-FEES> 802,671
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,078,394
<AVERAGE-NET-ASSETS> 202,326,994
<PER-SHARE-NAV-BEGIN> 11.43
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL>
<PER-SHARE-NAV-END> 13.69
<EXPENSE-RATIO> .53
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 237,982,723
<INVESTMENTS-AT-VALUE> 271,618,195
<RECEIVABLES> 7,542,902
<ASSETS-OTHER> 307,654
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279,468,751
<PAYABLE-FOR-SECURITIES> 15,958,613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 971,431
<TOTAL-LIABILITIES> 16,930,044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,011,253
<SHARES-COMMON-STOCK> 806
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,919,185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,398,560
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,209,709
<NET-ASSETS> 262,538,707
<DIVIDEND-INCOME> 2,724,880
<INTEREST-INCOME> 389,017
<OTHER-INCOME> 0
<EXPENSES-NET> 1,056,302
<NET-INVESTMENT-INCOME> 2,057,595
<REALIZED-GAINS-CURRENT> 2,382,309
<APPREC-INCREASE-CURRENT> 28,610,328
<NET-CHANGE-FROM-OPS> 33,050,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 806
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 111,654,215
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (138,410)
<OVERDIST-NET-GAINS-PRIOR> (938,749)
<GROSS-ADVISORY-FEES> 802,671
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,078,394
<AVERAGE-NET-ASSETS> 11,024
<PER-SHARE-NAV-BEGIN> 13.44
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.69
<EXPENSE-RATIO> .21
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 115,917,550
<INVESTMENTS-AT-VALUE> 134,757,155
<RECEIVABLES> 2,087,044
<ASSETS-OTHER> 372,185
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,216,384
<PAYABLE-FOR-SECURITIES> 5,336,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 467,392
<TOTAL-LIABILITIES> 5,804,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,337,451
<SHARES-COMMON-STOCK> 11,368,991
<SHARES-COMMON-PRIOR> 10,746,746
<ACCUMULATED-NII-CURRENT> 8,531
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,770,324)
<ACCUM-APPREC-OR-DEPREC> 18,836,512
<NET-ASSETS> 131,412,170
<DIVIDEND-INCOME> 1,007,805
<INTEREST-INCOME> 184,762
<OTHER-INCOME> 0
<EXPENSES-NET> 928,123
<NET-INVESTMENT-INCOME> 264,444
<REALIZED-GAINS-CURRENT> (1,683,105)
<APPREC-INCREASE-CURRENT> 19,301,019
<NET-CHANGE-FROM-OPS> 17,882,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (235,866)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,515,441
<NUMBER-OF-SHARES-REDEEMED> (3,913,497)
<SHARES-REINVESTED> 20,301
<NET-CHANGE-IN-ASSETS> 24,411,686
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (20,027)
<OVERDIST-NET-GAINS-PRIOR> (5,087,219)
<GROSS-ADVISORY-FEES> 732,427
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 940,136
<AVERAGE-NET-ASSETS> 123,082,439
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.60
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.56
<EXPENSE-RATIO> .76
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 115,917,550
<INVESTMENTS-AT-VALUE> 134,757,155
<RECEIVABLES> 2,087,044
<ASSETS-OTHER> 372,185
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,216,384
<PAYABLE-FOR-SECURITIES> 5,336,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 467,392
<TOTAL-LIABILITIES> 5,804,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,337,451
<SHARES-COMMON-STOCK> 88
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 8,531
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,770,324)
<ACCUM-APPREC-OR-DEPREC> 18,836,512
<NET-ASSETS> 131,412,170
<DIVIDEND-INCOME> 1,007,805
<INTEREST-INCOME> 184,762
<OTHER-INCOME> 0
<EXPENSES-NET> 928,123
<NET-INVESTMENT-INCOME> 264,444
<REALIZED-GAINS-CURRENT> (1,683,105)
<APPREC-INCREASE-CURRENT> 19,301,019
<NET-CHANGE-FROM-OPS> 17,882,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,411,686
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (20,027)
<OVERDIST-NET-GAINS-PRIOR> (5,087,219)
<GROSS-ADVISORY-FEES> 732,427
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 940,136
<AVERAGE-NET-ASSETS> 1,013
<PER-SHARE-NAV-BEGIN> 11,39
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.56
<EXPENSE-RATIO> .29
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-31-1998
<INVESTMENTS-AT-COST> 208,746,781
<INVESTMENTS-AT-VALUE> 258,936,485
<RECEIVABLES> 780,710
<ASSETS-OTHER> 85,437
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,802,632
<PAYABLE-FOR-SECURITIES> 2,028,661
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 425,618
<TOTAL-LIABILITIES> 2,454,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205,749,952
<SHARES-COMMON-STOCK> 17,876,064
<SHARES-COMMON-PRIOR> 13,848,509
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (150,390)
<ACCUMULATED-NET-GAINS> 1,559,087
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,189,704
<NET-ASSETS> 257,348,353
<DIVIDEND-INCOME> 389,429
<INTEREST-INCOME> 269,823
<OTHER-INCOME> 0
<EXPENSES-NET> 809,642
<NET-INVESTMENT-INCOME> (150,390)
<REALIZED-GAINS-CURRENT> 4,710,085
<APPREC-INCREASE-CURRENT> 28,105,944
<NET-CHANGE-FROM-OPS> 32,665,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,443,076
<NUMBER-OF-SHARES-REDEEMED> (415,521)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 86,687,933
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,150,998)
<GROSS-ADVISORY-FEES> 679,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 828,210
<AVERAGE-NET-ASSETS> 210,820,000
<PER-SHARE-NAV-BEGIN> 12.32
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 2.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.40
<EXPENSE-RATIO> .39
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-31-1998
<INVESTMENTS-AT-COST> 208,746,781
<INVESTMENTS-AT-VALUE> 258,936,485
<RECEIVABLES> 780,710
<ASSETS-OTHER> 85,437
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,802,632
<PAYABLE-FOR-SECURITIES> 2,028,661
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 425,618
<TOTAL-LIABILITIES> 2,454,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205,749,952
<SHARES-COMMON-STOCK> 889
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (150,390)
<ACCUMULATED-NET-GAINS> 1,559,087
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,189,704
<NET-ASSETS> 257,348,353
<DIVIDEND-INCOME> 389,429
<INTEREST-INCOME> 269,823
<OTHER-INCOME> 0
<EXPENSES-NET> 809,642
<NET-INVESTMENT-INCOME> (150,390)
<REALIZED-GAINS-CURRENT> 4,710,085
<APPREC-INCREASE-CURRENT> 28,105,944
<NET-CHANGE-FROM-OPS> 32,665,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 889
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 86,687,933
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,150,998)
<GROSS-ADVISORY-FEES> 679,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 828,210
<AVERAGE-NET-ASSETS> 11,284
<PER-SHARE-NAV-BEGIN> 13.76
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.40
<EXPENSE-RATIO> .16
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 234,844,769
<INVESTMENTS-AT-VALUE> 244,415,082
<RECEIVABLES> 6,414,072
<ASSETS-OTHER> 76,742
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250,905,896
<PAYABLE-FOR-SECURITIES> 3,495,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 466,709
<TOTAL-LIABILITIES> 3,962,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 231,279,361
<SHARES-COMMON-STOCK> 20,735,973
<SHARES-COMMON-PRIOR> 16,619,656
<ACCUMULATED-NII-CURRENT> 1,306,543
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,782,150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,575,343
<NET-ASSETS> 246,943,397
<DIVIDEND-INCOME> 2,079,018
<INTEREST-INCOME> 285,903
<OTHER-INCOME> 0
<EXPENSES-NET> 890,068
<NET-INVESTMENT-INCOME> 1,474,853
<REALIZED-GAINS-CURRENT> 4,939,441
<APPREC-INCREASE-CURRENT> 1,951,711
<NET-CHANGE-FROM-OPS> 8,366,005
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,729,244)
<DISTRIBUTIONS-OF-GAINS> (3,947,190)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,971,581
<NUMBER-OF-SHARES-REDEEMED> (322,501)
<SHARES-REINVESTED> 467,237
<NET-CHANGE-IN-ASSETS> 51,552,546
<ACCUMULATED-NII-PRIOR> 1,560,934
<ACCUMULATED-GAINS-PRIOR> 3,789,899
0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 787,678
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 918,633
<AVERAGE-NET-ASSETS> 226,915,566
<PER-SHARE-NAV-BEGIN> 11.76
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.21)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.91
<EXPENSE-RATIO> .40
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 234,844,769
<INVESTMENTS-AT-VALUE> 244,415,082
<RECEIVABLES> 6,414,072
<ASSETS-OTHER> 76,742
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250,905,896
<PAYABLE-FOR-SECURITIES> 3,495,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 466,709
<TOTAL-LIABILITIES> 3,962,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 231,279,361
<SHARES-COMMON-STOCK> 84
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,306,543
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,782,150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,575,343
<NET-ASSETS> 246,943,397
<DIVIDEND-INCOME> 2,079,018
<INTEREST-INCOME> 285,903
<OTHER-INCOME> 0
<EXPENSES-NET> 890,068
<NET-INVESTMENT-INCOME> 1,474,853
<REALIZED-GAINS-CURRENT> 4,939,441
<APPREC-INCREASE-CURRENT> 1,951,711
<NET-CHANGE-FROM-OPS> 8,366,005
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 51,552,546
<ACCUMULATED-NII-PRIOR> 1,560,934
<ACCUMULATED-GAINS-PRIOR> 3,789,899
0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 787,678
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 918,633
<AVERAGE-NET-ASSETS> 1,003
<PER-SHARE-NAV-BEGIN> 11.91
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.91
<EXPENSE-RATIO> .16
<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 INVESTORS FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 35,491,918
<INVESTMENTS-AT-VALUE> 37,001,546
<RECEIVABLES> 944,338
<ASSETS-OTHER> 623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,946,507
<PAYABLE-FOR-SECURITIES> 2,916,695
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,920
<TOTAL-LIABILITIES> 2,939,615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,536,697
<SHARES-COMMON-STOCK> 3,305,660
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24,075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (63,508)
<ACCUM-APPREC-OR-DEPREC> 1,509,628
<NET-ASSETS> 35,006,892
<DIVIDEND-INCOME> 20,880
<INTEREST-INCOME> 26,509
<OTHER-INCOME> 0
<EXPENSES-NET> 23,314
<NET-INVESTMENT-INCOME> 24,075
<REALIZED-GAINS-CURRENT> (63,508)
<APPREC-INCREASE-CURRENT> 1,509,628
<NET-CHANGE-FROM-OPS> 1,470,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,105,660
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 33,005,892
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,555
<AVERAGE-NET-ASSETS> 16,774,685
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> .14
<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 INVESTORS FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 35,491,918
<INVESTMENTS-AT-VALUE> 37,001,546
<RECEIVABLES> 944,338
<ASSETS-OTHER> 623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,946,507
<PAYABLE-FOR-SECURITIES> 2,916,695
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,920
<TOTAL-LIABILITIES> 2,939,615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,536,697
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24,075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (63,508)
<ACCUM-APPREC-OR-DEPREC> 1,509,628
<NET-ASSETS> 35,006,892
<DIVIDEND-INCOME> 20,880
<INTEREST-INCOME> 26,509
<OTHER-INCOME> 0
<EXPENSES-NET> 23,314
<NET-INVESTMENT-INCOME> 24,075
<REALIZED-GAINS-CURRENT> (63,508)
<APPREC-INCREASE-CURRENT> 1,509,628
<NET-CHANGE-FROM-OPS> 1,470,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 33,005,892
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,555
<AVERAGE-NET-ASSETS> 1,011
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> .17
<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 OTC & EMERGING GROWTH FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8,466,459
<INVESTMENTS-AT-VALUE> 8,897,853
<RECEIVABLES> 269,998
<ASSETS-OTHER> 1,722
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,169,563
<PAYABLE-FOR-SECURITIES> 111,849
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,828
<TOTAL-LIABILITIES> 131,677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,731,309
<SHARES-COMMON-STOCK> 9,036,863
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (129,035)
<ACCUM-APPREC-OR-DEPREC> 431,394
<NET-ASSETS> 9,037,886
<DIVIDEND-INCOME> 675
<INTEREST-INCOME> 10,039
<OTHER-INCOME> 0
<EXPENSES-NET> 6,496
<NET-INVESTMENT-INCOME> 4,218
<REALIZED-GAINS-CURRENT> (129,035)
<APPREC-INCREASE-CURRENT> 431,394
<NET-CHANGE-FROM-OPS> 306,577
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 866,163
<NUMBER-OF-SHARES-REDEEMED> (182,727)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,036,886
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,402
<AVERAGE-NET-ASSETS> 5,495,170
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> .15
<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 OTC & EMERGING GROWTH FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8,466,459
<INVESTMENTS-AT-VALUE> 8,897,853
<RECEIVABLES> 269,998
<ASSETS-OTHER> 1,722
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,169,563
<PAYABLE-FOR-SECURITIES> 111,849
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,828
<TOTAL-LIABILITIES> 131,677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,731,309
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (129,035)
<ACCUM-APPREC-OR-DEPREC> 431,394
<NET-ASSETS> 9,037,886
<DIVIDEND-INCOME> 675
<INTEREST-INCOME> 10,039
<OTHER-INCOME> 0
<EXPENSES-NET> 6,496
<NET-INVESTMENT-INCOME> 4,218
<REALIZED-GAINS-CURRENT> (129,035)
<APPREC-INCREASE-CURRENT> 431,394
<NET-CHANGE-FROM-OPS> 306,577
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,036,886
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,402
<AVERAGE-NET-ASSETS> 969
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> .18
<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 The George Putnam Fund of Boston
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 17,781,363
<INVESTMENTS-AT-VALUE> 17,766,487
<RECEIVABLES> 615,204
<ASSETS-OTHER> 62,807
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,444,498
<PAYABLE-FOR-SECURITIES> 1,011,323
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,851
<TOTAL-LIABILITIES> 1,024,174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,395,629
<SHARES-COMMON-STOCK> 1,747,228
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 46,408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,837)
<ACCUM-APPREC-OR-DEPREC> (14,876)
<NET-ASSETS> 17,420,324
<DIVIDEND-INCOME> 19,791
<INTEREST-INCOME> 39,476
<OTHER-INCOME> 0
<EXPENSES-NET> 12,859
<NET-INVESTMENT-INCOME> 46,408
<REALIZED-GAINS-CURRENT> (6,837)
<APPREC-INCREASE-CURRENT> (14,876)
<NET-CHANGE-FROM-OPS> 24,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,549,891
<NUMBER-OF-SHARES-REDEEMED> (2,663)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,419,324
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,833
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,859
<AVERAGE-NET-ASSETS> 8,905,055
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .14
<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 The George Putnam Fund of Boston
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 17,781,363
<INVESTMENTS-AT-VALUE> 17,766,487
<RECEIVABLES> 615,204
<ASSETS-OTHER> 62,807
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,444,498
<PAYABLE-FOR-SECURITIES> 1,011,323
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,851
<TOTAL-LIABILITIES> 1,024,174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,395,629
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 46,408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,837)
<ACCUM-APPREC-OR-DEPREC> (14,876)
<NET-ASSETS> 17,420,324
<DIVIDEND-INCOME> 19,791
<INTEREST-INCOME> 39,476
<OTHER-INCOME> 0
<EXPENSES-NET> 12,859
<NET-INVESTMENT-INCOME> 46,408
<REALIZED-GAINS-CURRENT> (6,837)
<APPREC-INCREASE-CURRENT> (14,876)
<NET-CHANGE-FROM-OPS> 24,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,419,324
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,833
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,859
<AVERAGE-NET-ASSETS> 995
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .17
<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 Health Sceinces Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1998
<INVESTMENTS-AT-COST> 32,212,648
<INVESTMENTS-AT-VALUE> 32,734,036
<RECEIVABLES> 925,137
<ASSETS-OTHER> 35,920
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,695,093
<PAYABLE-FOR-SECURITIES> 3,025,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,106
<TOTAL-LIABILITIES> 3,048,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,152,621
<SHARES-COMMON-STOCK> 3,043,654
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,635
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (47,084)
<ACCUM-APPREC-OR-DEPREC> 521,264
<NET-ASSETS> 30,646,436
<DIVIDEND-INCOME> 12,584
<INTEREST-INCOME> 30,564
<OTHER-INCOME> 0
<EXPENSES-NET> 24,201
<NET-INVESTMENT-INCOME> 19,635
<REALIZED-GAINS-CURRENT> (47,084)
<APPREC-INCREASE-CURRENT> (521,264)
<NET-CHANGE-FROM-OPS> 493,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,848,779
<NUMBER-OF-SHARES-REDEEMED> (5,125)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,645,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,824
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,201
<AVERAGE-NET-ASSETS> 15,829,866
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> .15
<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 Health Sceinces Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1998
<INVESTMENTS-AT-COST> 32,212,648
<INVESTMENTS-AT-VALUE> 32,734,036
<RECEIVABLES> 925,137
<ASSETS-OTHER> 35,920
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,695,093
<PAYABLE-FOR-SECURITIES> 3,025,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,106
<TOTAL-LIABILITIES> 3,048,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,152,621
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,635
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (47,084)
<ACCUM-APPREC-OR-DEPREC> 521,264
<NET-ASSETS> 30,646,436
<DIVIDEND-INCOME> 12,584
<INTEREST-INCOME> 30,564
<OTHER-INCOME> 0
<EXPENSES-NET> 24,201
<NET-INVESTMENT-INCOME> 19,635
<REALIZED-GAINS-CURRENT> (47,084)
<APPREC-INCREASE-CURRENT> (521,264)
<NET-CHANGE-FROM-OPS> 493,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,645,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,824
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,201
<AVERAGE-NET-ASSETS> 987
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> .18
<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> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 98,900,270
<INVESTMENTS-AT-VALUE> 93,753,854
<RECEIVABLES> 3,026,440
<ASSETS-OTHER> 9,944
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,790,238
<PAYABLE-FOR-SECURITIES> 3,271,383
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,117,084
<TOTAL-LIABILITIES> 4,388,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,051,480
<SHARES-COMMON-STOCK> 11,927,665
<SHARES-COMMON-PRIOR> 12,265,876
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (845,708)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (25,185,891)
<ACCUM-APPREC-OR-DEPREC> (5,618,110)
<NET-ASSETS> 92,401,771
<DIVIDEND-INCOME> 1,185,038
<INTEREST-INCOME> 53,783
<OTHER-INCOME> 0
<EXPENSES-NET> 551,197
<NET-INVESTMENT-INCOME> 687,624
<REALIZED-GAINS-CURRENT> (10,887,959)
<APPREC-INCREASE-CURRENT> (2,615,765)
<NET-CHANGE-FROM-OPS> (12,816,100)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,643,577)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,204,521
<NUMBER-OF-SHARES-REDEEMED> (10,065,094)
<SHARES-REINVESTED> 522,362
<NET-CHANGE-IN-ASSETS> (20,500,302)
<ACCUMULATED-NII-PRIOR> 3,110,245
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,297,932)
<GROSS-ADVISORY-FEES> 429,127
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 576,786
<AVERAGE-NET-ASSETS> 106,406,930
<PER-SHARE-NAV-BEGIN> 9.20
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (1.12)
<PER-SHARE-DIVIDEND> (.39)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.75
<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 Asia Pacific Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 98,900,270
<INVESTMENTS-AT-VALUE> 93,753,854
<RECEIVABLES> 3,026,440
<ASSETS-OTHER> 9,944
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,790,238
<PAYABLE-FOR-SECURITIES> 3,271,383
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,117,084
<TOTAL-LIABILITIES> 4,388,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,051,480
<SHARES-COMMON-STOCK> 117
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (845,708)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (25,185,891)
<ACCUM-APPREC-OR-DEPREC> (5,618,110)
<NET-ASSETS> 92,401,771
<DIVIDEND-INCOME> 1,185,038
<INTEREST-INCOME> 53,783
<OTHER-INCOME> 0
<EXPENSES-NET> 551,197
<NET-INVESTMENT-INCOME> 687,624
<REALIZED-GAINS-CURRENT> (10,887,959)
<APPREC-INCREASE-CURRENT> (2,615,765)
<NET-CHANGE-FROM-OPS> (12,816,100)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 117
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (20,500,302)
<ACCUMULATED-NII-PRIOR> 3,110,245
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,297,932)
<GROSS-ADVISORY-FEES> 429,127
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 576,786
<AVERAGE-NET-ASSETS> 937
<PER-SHARE-NAV-BEGIN> 8.57
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.83)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.75
<EXPENSE-RATIO> .21
<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 Diversified Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 668,772,476
<INVESTMENTS-AT-VALUE> 673,162,823
<RECEIVABLES> 17,549,818
<ASSETS-OTHER> 7,924,755
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 698,637,396
<PAYABLE-FOR-SECURITIES> 27,083,720
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,587,195
<TOTAL-LIABILITIES> 32,670,915
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 639,759,540
<SHARES-COMMON-STOCK> 60,900,841
<SHARES-COMMON-PRIOR> 53,760,037
<ACCUMULATED-NII-CURRENT> 25,612,863
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,464,878)
<ACCUM-APPREC-OR-DEPREC> 4,058,956
<NET-ASSETS> 665,966,481
<DIVIDEND-INCOME> 1,265,945
<INTEREST-INCOME> 28,488,662
<OTHER-INCOME> 0
<EXPENSES-NET> 2,405,762
<NET-INVESTMENT-INCOME> 27,348,845
<REALIZED-GAINS-CURRENT> (3,853,794)
<APPREC-INCREASE-CURRENT> (6,074,956)
<NET-CHANGE-FROM-OPS> 17,420,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,682,103)
<DISTRIBUTIONS-OF-GAINS> (11,333,017)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,277,164
<NUMBER-OF-SHARES-REDEEMED> (623,918)
<SHARES-REINVESTED> 3,487,558
<NET-CHANGE-IN-ASSETS> 57,818,808
<ACCUMULATED-NII-PRIOR> 24,946,121
<ACCUMULATED-GAINS-PRIOR> 11,721,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,164,331
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,557,583
<AVERAGE-NET-ASSETS> 638,456,212
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> (.16)
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> (.21)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.94
<EXPENSE-RATIO> .40
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 668,772,476
<INVESTMENTS-AT-VALUE> 673,162,823
<RECEIVABLES> 17,549,818
<ASSETS-OTHER> 7,924,755
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 698,637,396
<PAYABLE-FOR-SECURITIES> 27,083,720
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,587,195
<TOTAL-LIABILITIES> 32,670,915
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 639,759,540
<SHARES-COMMON-STOCK> 1,430
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 25,612,863
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,464,878)
<ACCUM-APPREC-OR-DEPREC> 4,058,956
<NET-ASSETS> 665,966,481
<DIVIDEND-INCOME> 1,265,945
<INTEREST-INCOME> 28,488,662
<OTHER-INCOME> 0
<EXPENSES-NET> 2,405,762
<NET-INVESTMENT-INCOME> 27,348,845
<REALIZED-GAINS-CURRENT> (3,853,794)
<APPREC-INCREASE-CURRENT> (6,074,956)
<NET-CHANGE-FROM-OPS> 17,420,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,430
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 57,818,808
<ACCUMULATED-NII-PRIOR> 24,946,121
<ACCUMULATED-GAINS-PRIOR> 11,721,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,164,331
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,557,583
<AVERAGE-NET-ASSETS> 4,663
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.94
<EXPENSE-RATIO> .23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
