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<PAGE> PAGE 2
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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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 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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<PAGE> PAGE 41
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015 A000801 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 42
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<PAGE> PAGE 43
054 G000800 N
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<PAGE> PAGE 44
070 F020800 N
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<PAGE> PAGE 45
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015 A000901 PUTNAM FIDUCIARY TRUST COMPANY
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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 H020900 N
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<PAGE> PAGE 50
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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
059 001000 Y
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<PAGE> PAGE 54
070 K021000 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
070 Q011200 N
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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
062 R001300 0.0
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070 I021300 N
070 J011300 N
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070 Q021300 N
070 R011300 N
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<PAGE> PAGE 69
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<PAGE> PAGE 70
074 Q001300 0
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015 A001401 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 71
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<PAGE> PAGE 72
048 J021400 0.000
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<PAGE> PAGE 73
068 A001400 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
052 001500 N
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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015 A001601 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 81
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<PAGE> PAGE 82
054 J001600 Y
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<PAGE> PAGE 83
070 H011600 N
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<PAGE> PAGE 84
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015 A001701 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 85
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<PAGE> PAGE 86
042 F001700 0
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<PAGE> PAGE 87
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<PAGE> PAGE 88
070 J011700 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
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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
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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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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070 I022000 N
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070 J022000 N
070 K012000 Y
070 K022000 N
070 L012000 Y
070 L022000 Y
070 M012000 Y
070 M022000 N
070 N012000 Y
070 N022000 N
070 O012000 Y
070 O022000 N
070 P012000 N
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 Y
070 R022000 N
071 A002000 145983
071 B002000 43649
071 C002000 43715
071 D002000 99
072 A002000 8
072 B002000 708
072 C002000 435
<PAGE> PAGE 103
072 D002000 0
072 E002000 0
072 F002000 208
072 G002000 2
072 H002000 0
072 I002000 11
072 J002000 125
072 K002000 0
072 L002000 0
072 M002000 1
072 N002000 0
072 O002000 0
072 P002000 0
072 Q002000 0
072 R002000 51
072 S002000 3
072 T002000 1
072 U002000 0
072 V002000 0
072 W002000 0
072 X002000 402
072 Y002000 134
072 Z002000 875
072AA002000 0
072BB002000 16
072CC012000 4925
072CC022000 0
072DD012000 909
072DD022000 15
072EE002000 0
073 A012000 0.0900
073 A022000 0.0900
073 B002000 0.0000
073 C002000 0.0000
074 A002000 5
074 B002000 12328
074 C002000 0
074 D002000 34724
074 E002000 367
074 F002000 72150
074 G002000 0
074 H002000 0
074 I002000 0
074 J002000 367
074 K002000 0
074 L002000 1011
074 M002000 0
074 N002000 120952
074 O002000 5688
074 P002000 87
074 Q002000 0
<PAGE> PAGE 104
074 R012000 0
074 R022000 0
074 R032000 0
074 R042000 51
074 S002000 0
074 T002000 115126
074 U012000 11014
074 U022000 187
074 V012000 10.28
074 V022000 10.28
074 W002000 0.0000
074 X002000 0
074 Y002000 0
075 A002000 0
075 B002000 47672
076 002000 0.00
024 002100 N
025 D002101 0
025 D002102 0
025 D002103 0
025 D002104 0
025 D002105 0
025 D002106 0
025 D002107 0
025 D002108 0
028 A012100 0
028 A022100 0
028 A032100 0
028 A042100 0
028 B012100 0
028 B022100 0
028 B032100 0
028 B042100 0
028 C012100 0
028 C022100 0
028 C032100 0
028 C042100 0
028 D012100 7660
028 D022100 0
028 D032100 0
028 D042100 0
028 E012100 4229
028 E022100 0
028 E032100 0
028 E042100 152
028 F012100 6903
028 F022100 0
028 F032100 0
028 F042100 0
028 G012100 18792
028 G022100 0
<PAGE> PAGE 105
028 G032100 0
028 G042100 152
028 H002100 18792
030 A002100 0
030 B002100 0.00
030 C002100 0.00
031 A002100 0
031 B002100 0
032 002100 0
033 002100 0
042 A002100 0
042 B002100 0
042 C002100 100
042 D002100 0
042 E002100 0
042 F002100 0
042 G002100 0
042 H002100 0
043 002100 0
044 002100 0
045 002100 Y
046 002100 N
047 002100 Y
048 002100 0.000
048 A012100 500000
048 A022100 0.650
048 B012100 500000
048 B022100 0.550
048 C012100 500000
048 C022100 0.500
048 D012100 5000000
048 D022100 0.450
048 E012100 5000000
048 E022100 0.425
048 F012100 5000000
048 F022100 0.405
048 G012100 5000000
048 G022100 0.390
048 H012100 0
048 H022100 0.000
048 I012100 0
048 I022100 0.000
048 J012100 0
048 J022100 0.000
048 K012100 21500000
048 K022100 0.380
049 002100 N
050 002100 N
051 002100 N
052 002100 N
053 A002100 N
<PAGE> PAGE 106
054 A002100 Y
054 B002100 Y
054 C002100 Y
054 D002100 N
054 E002100 N
054 F002100 N
054 G002100 N
054 H002100 N
054 I002100 N
054 J002100 Y
054 K002100 N
054 L002100 Y
054 M002100 Y
054 N002100 N
054 O002100 Y
058 A002100 N
059 002100 Y
060 A002100 Y
060 B002100 Y
061 002100 5000
062 A002100 N
062 B002100 0.0
062 C002100 0.0
062 D002100 0.0
062 E002100 0.0
062 F002100 0.0
062 G002100 0.0
062 H002100 0.0
062 I002100 0.0
062 J002100 0.0
062 K002100 0.0
062 L002100 0.0
062 M002100 0.0
062 N002100 0.0
062 O002100 0.0
062 P002100 0.0
062 Q002100 0.0
062 R002100 0.0
063 A002100 0
063 B002100 0.0
066 A002100 Y
066 C002100 Y
067 002100 N
068 A002100 N
068 B002100 N
069 002100 N
070 A012100 Y
070 A022100 Y
070 B012100 Y
070 B022100 N
070 C012100 N
<PAGE> PAGE 107
070 C022100 N
070 D012100 Y
070 D022100 N
070 E012100 Y
070 E022100 N
070 F012100 Y
070 F022100 N
070 G012100 Y
070 G022100 N
070 H012100 Y
070 H022100 N
070 I012100 N
070 I022100 N
070 J012100 Y
070 J022100 N
070 K012100 Y
070 K022100 N
070 L012100 Y
070 L022100 Y
070 M012100 Y
070 M022100 N
070 N012100 N
070 N022100 N
070 O012100 Y
070 O022100 N
070 P012100 N
070 P022100 N
070 Q012100 N
070 Q022100 N
070 R012100 N
070 R022100 N
071 A002100 23293
071 B002100 3025
071 C002100 15310
071 D002100 20
072 A002100 3
072 B002100 15
072 C002100 31
072 D002100 0
072 E002100 0
072 F002100 19
072 G002100 1
072 H002100 0
072 I002100 1
072 J002100 9
072 K002100 0
072 L002100 0
072 M002100 0
072 N002100 0
072 O002100 0
072 P002100 0
<PAGE> PAGE 108
072 Q002100 0
072 R002100 21
072 S002100 1
072 T002100 0
072 U002100 0
072 V002100 0
072 W002100 0
072 X002100 52
072 Y002100 28
072 Z002100 22
072AA002100 273
072BB002100 0
072CC012100 1979
072CC022100 0
072DD012100 22
072DD022100 0
072EE002100 12
073 A012100 0.0100
073 A022100 0.0100
073 B002100 0.0100
073 C002100 0.0000
074 A002100 0
074 B002100 1169
074 C002100 0
074 D002100 0
074 E002100 0
074 F002100 22521
074 G002100 0
074 H002100 0
074 I002100 0
074 J002100 413
074 K002100 0
074 L002100 163
074 M002100 0
074 N002100 24266
074 O002100 1355
074 P002100 10
074 Q002100 0
074 R012100 0
074 R022100 0
074 R032100 0
074 R042100 20
074 S002100 0
074 T002100 22881
074 U012100 1897
074 U022100 21
074 V012100 11.93
074 V022100 11.90
074 W002100 0.0000
074 X002100 0
074 Y002100 0
<PAGE> PAGE 109
075 A002100 0
075 B002100 11561
076 002100 0.00
042 A002200 0
042 B002200 0
042 C002200 0
042 D002200 0
042 E002200 0
042 F002200 0
042 G002200 0
042 H002200 0
043 002200 0
044 002200 0
048 002300 0.000
048 A012300 0
048 A022300 0.000
048 B012300 0
048 B022300 0.000
048 C012300 0
048 C022300 0.000
048 D012300 0
048 D022300 0.000
048 E012300 0
048 E022300 0.000
048 F012300 0
048 F022300 0.000
048 G012300 0
048 G022300 0.000
048 H012300 0
048 H022300 0.000
048 I012300 0
048 I022300 0.000
048 J012300 0
048 J022300 0.000
048 K012300 0
048 K022300 0.000
066 A003000 Y
066 E003000 Y
067 003000 N
068 A003000 N
068 B003000 N
069 003000 N
048 003200 0.000
048 A013200 0
048 A023200 0.000
048 B013200 0
048 B023200 0.000
048 C013200 0
048 C023200 0.000
048 D013200 0
048 D023200 0.000
<PAGE> PAGE 110
048 E013200 0
048 E023200 0.000
048 F013200 0
048 F023200 0.000
048 G013200 0
048 G023200 0.000
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048 H023200 0.000
048 I013200 0
048 I023200 0.000
048 J013200 0
048 J023200 0.000
048 K013200 0
048 K023200 0.000
045 003300 N
048 003300 0.000
048 A013300 0
048 A023300 0.000
048 B013300 0
048 B023300 0.000
048 C013300 0
048 C023300 0.000
048 D013300 0
048 D023300 0.000
048 E013300 0
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048 F013300 0
048 F023300 0.000
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048 G023300 0.000
048 H013300 0
048 H023300 0.000
048 I013300 0
048 I023300 0.000
048 J013300 0
048 J023300 0.000
048 K013300 0
048 K023300 0.000
074 O003400 0
074 P003400 0
074 Q003400 0
074 R013400 0
074 R023400 0
074 R033400 0
074 R043400 0
074 S003400 0
074 T003400 0
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<PAGE> PAGE 111
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074 X003400 0
074 Y003400 0
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074 B003600 0
074 C003600 0
074 D003600 0
074 E003600 0
074 F003600 0
074 G003600 0
074 H003600 0
074 I003600 0
074 J003600 0
074 K003600 0
074 L003600 0
074 M003600 0
074 N003600 0
075 A003600 0
075 B003600 0
076 003600 0.00
074 O003700 0
074 P003700 0
074 Q003700 0
074 R013700 0
074 R023700 0
074 R033700 0
074 R043700 0
074 S003700 0
074 T003700 0
074 U013700 0
074 U023700 0
074 V013700 0.00
074 V023700 0.00
074 W003700 0.0000
074 X003700 0
074 Y003700 0
075 A004400 0
075 B004400 0
076 004400 0.00
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 Health Sceinces Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 124,911,399
<INVESTMENTS-AT-VALUE> 142,859,489
<RECEIVABLES> 1,365,639
<ASSETS-OTHER> 520
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,225,648
<PAYABLE-FOR-SECURITIES> 7,448,779
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212,195
<TOTAL-LIABILITIES> 7,660,974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,436,616
<SHARES-COMMON-STOCK> 12,283,877
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,823,757)
<ACCUM-APPREC-OR-DEPREC> 17,951,815
<NET-ASSETS> 136,564,674
<DIVIDEND-INCOME> 222,881
<INTEREST-INCOME> 236,556
<OTHER-INCOME> 0
<EXPENSES-NET> 375,082
<NET-INVESTMENT-INCOME> 84,355
<REALIZED-GAINS-CURRENT> (4,823,757)
<APPREC-INCREASE-CURRENT> 17,951,815
<NET-CHANGE-FROM-OPS> 13,212,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (83,480)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (32,926)
<NUMBER-OF-SHARES-SOLD> 12,220,083
<NUMBER-OF-SHARES-REDEEMED> (147,346)
<SHARES-REINVESTED> 11,140
<NET-CHANGE-IN-ASSETS> 134,563,674
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 295,300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 380,012
<AVERAGE-NET-ASSETS> 62,253,150
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.94
<EXPENSE-RATIO> .61
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 124,911,399
<INVESTMENTS-AT-VALUE> 142,859,489
<RECEIVABLES> 1,365,639
<ASSETS-OTHER> 520
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,225,648
<PAYABLE-FOR-SECURITIES> 7,448,779
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212,195
<TOTAL-LIABILITIES> 7,660,974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,436,616
<SHARES-COMMON-STOCK> 194,680
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,823,757)
<ACCUM-APPREC-OR-DEPREC> 17,951,815
<NET-ASSETS> 136,564,674
<DIVIDEND-INCOME> 222,881
<INTEREST-INCOME> 236,556
<OTHER-INCOME> 0
<EXPENSES-NET> 375,082
<NET-INVESTMENT-INCOME> 84,355
<REALIZED-GAINS-CURRENT> (4,823,757)
<APPREC-INCREASE-CURRENT> 17,951,815
<NET-CHANGE-FROM-OPS> 13,212,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,104)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (435)
<NUMBER-OF-SHARES-SOLD> 212,762
<NUMBER-OF-SHARES-REDEEMED> (18,332)
<SHARES-REINVESTED> 150
<NET-CHANGE-IN-ASSETS> 134,563,674
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 295,300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 380,012
<AVERAGE-NET-ASSETS> 339,379
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .95
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.93
<EXPENSE-RATIO> .71
<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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 114,643,666
<INVESTMENTS-AT-VALUE> 119,568,807
<RECEIVABLES> 1,378,394
<ASSETS-OTHER> 4,749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120,951,950
<PAYABLE-FOR-SECURITIES> 5,687,794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,800
<TOTAL-LIABILITIES> 5,825,594
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110,261,125
<SHARES-COMMON-STOCK> 11,013,542
<SHARES-COMMON-PRIOR> 200,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (44,081)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (15,829)
<ACCUM-APPREC-OR-DEPREC> 4,925,141
<NET-ASSETS> 115,126,356
<DIVIDEND-INCOME> 434,723
<INTEREST-INCOME> 708,080
<OTHER-INCOME> 0
<EXPENSES-NET> 268,034
<NET-INVESTMENT-INCOME> 874,769
<REALIZED-GAINS-CURRENT> (15,776)
<APPREC-INCREASE-CURRENT> 4,925,141
<NET-CHANGE-FROM-OPS> 5,784,134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (909,452)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,809,311
<NUMBER-OF-SHARES-REDEEMED> (83,984)
<SHARES-REINVESTED> 88,215
<NET-CHANGE-IN-ASSETS> 113,125,356
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 207,992
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 271,991
<AVERAGE-NET-ASSETS> 47,216,618
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> .57
<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> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 114,643,666
<INVESTMENTS-AT-VALUE> 119,568,807
<RECEIVABLES> 1,378,394
<ASSETS-OTHER> 4,749
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120,951,950
<PAYABLE-FOR-SECURITIES> 5,687,794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,800
<TOTAL-LIABILITIES> 5,825,594
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110,261,125
<SHARES-COMMON-STOCK> 187,141
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (44,081)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (15,829)
<ACCUM-APPREC-OR-DEPREC> 4,925,141
<NET-ASSETS> 115,126,356
<DIVIDEND-INCOME> 434,723
<INTEREST-INCOME> 708,080
<OTHER-INCOME> 0
<EXPENSES-NET> 268,034
<NET-INVESTMENT-INCOME> 874,769
<REALIZED-GAINS-CURRENT> (15,776)
<APPREC-INCREASE-CURRENT> 4,925,141
<NET-CHANGE-FROM-OPS> 5,784,134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,315)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 199,620
<NUMBER-OF-SHARES-REDEEMED> (14,094)
<SHARES-REINVESTED> 1,515
<NET-CHANGE-IN-ASSETS> 113,125,356
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 207,992
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 271,991
<AVERAGE-NET-ASSETS> 455,182
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .20
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> .67
<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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 211,681,348
<INVESTMENTS-AT-VALUE> 250,774,413
<RECEIVABLES> 2,558,082
<ASSETS-OTHER> 475
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 253,332,970
<PAYABLE-FOR-SECURITIES> 7,052,644
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 365,272
<TOTAL-LIABILITIES> 7,417,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 215,660,283
<SHARES-COMMON-STOCK> 20,891,466
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,838,294)
<ACCUM-APPREC-OR-DEPREC> 39,093,065
<NET-ASSETS> 245,915,054
<DIVIDEND-INCOME> 438,887
<INTEREST-INCOME> 300,888
<OTHER-INCOME> 0
<EXPENSES-NET> 566,428
<NET-INVESTMENT-INCOME> 183,347
<REALIZED-GAINS-CURRENT> (8,838,294)
<APPREC-INCREASE-CURRENT> 39,093,065
<NET-CHANGE-FROM-OPS> 30,438,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 181,901
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 110,129
<NUMBER-OF-SHARES-SOLD> 21,117,159
<NUMBER-OF-SHARES-REDEEMED> (452,016)
<SHARES-REINVESTED> 26,323
<NET-CHANGE-IN-ASSETS> 243,914,054
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 425,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 556,428
<AVERAGE-NET-ASSETS> 80,236,046
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.65
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 11.65
<EXPENSE-RATIO> .57
<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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 211,681,348
<INVESTMENTS-AT-VALUE> 250,774,413
<RECEIVABLES> 2,558,082
<ASSETS-OTHER> 475
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 253,332,970
<PAYABLE-FOR-SECURITIES> 7,052,644
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 365,272
<TOTAL-LIABILITIES> 7,417,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 215,660,283
<SHARES-COMMON-STOCK> 225,024
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,838,294)
<ACCUM-APPREC-OR-DEPREC> 39,093,065
<NET-ASSETS> 245,915,054
<DIVIDEND-INCOME> 438,887
<INTEREST-INCOME> 300,888
<OTHER-INCOME> 0
<EXPENSES-NET> 566,428
<NET-INVESTMENT-INCOME> 183,347
<REALIZED-GAINS-CURRENT> (8,838,294)
<APPREC-INCREASE-CURRENT> 39,093,065
<NET-CHANGE-FROM-OPS> 30,438,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,605
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 972
<NUMBER-OF-SHARES-SOLD> 247,380
<NUMBER-OF-SHARES-REDEEMED> (22,691)
<SHARES-REINVESTED> 235
<NET-CHANGE-IN-ASSETS> 243,914,054
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 425,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 556,428
<AVERAGE-NET-ASSETS> 398,813
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.64
<EXPENSE-RATIO> .67
<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.31.1998
<PERIOD-END> DEC.31.1998
<INVESTMENTS-AT-COST> 278,844,842
<INVESTMENTS-AT-VALUE> 321,983,096
<RECEIVABLES> 2,683,042
<ASSETS-OTHER> 7,345
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,673,483
<PAYABLE-FOR-SECURITIES> 3,094,406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,742,883
<TOTAL-LIABILITIES> 5,837,289
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 281,984,369
<SHARES-COMMON-STOCK> 23,488,832
<SHARES-COMMON-PRIOR> 13,203,930
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (224,723)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,111,765)
<ACCUM-APPREC-OR-DEPREC> 43,188,313
<NET-ASSETS> 318,836,194
<DIVIDEND-INCOME> 3,648,930
<INTEREST-INCOME> 897,847
<OTHER-INCOME> 0
<EXPENSES-NET> 2,537,023
<NET-INVESTMENT-INCOME> 2,009,754
<REALIZED-GAINS-CURRENT> (6,419,294)
<APPREC-INCREASE-CURRENT> 38,588,932
<NET-CHANGE-FROM-OPS> 34,179,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (636,764)
<DISTRIBUTIONS-OF-GAINS> (398,324)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,731,822
<NUMBER-OF-SHARES-REDEEMED> (11,524,363)
<SHARES-REINVESTED> 77,443
<NET-CHANGE-IN-ASSETS> 167,951,702
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (138,410)
<OVERDIST-NET-GAINS-PRIOR> (983,749)
<GROSS-ADVISORY-FEES> 1,920,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,581,522
<AVERAGE-NET-ASSETS> 239,352,041
<PER-SHARE-NAV-BEGIN> 11.43
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> (.02)
<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> 1.07
<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
TABLE>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC.31.1998
<PERIOD-END> DEC.31.1998
<INVESTMENTS-AT-COST> 278,844,842
<INVESTMENTS-AT-VALUE> 321,983,096
<RECEIVABLES> 2,683,042
<ASSETS-OTHER> 7,345
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,673,483
<PAYABLE-FOR-SECURITIES> 3,094,406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,742,883
<TOTAL-LIABILITIES> 5,837,289
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 281,984,369
<SHARES-COMMON-STOCK> 91,357
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (224,723)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,111,765)
<ACCUM-APPREC-OR-DEPREC> 43,188,313
<NET-ASSETS> 318,836,194
<DIVIDEND-INCOME> 3,648,930
<INTEREST-INCOME> 897,847
<OTHER-INCOME> 0
<EXPENSES-NET> 2,537,023
<NET-INVESTMENT-INCOME> 2,009,754
<REALIZED-GAINS-CURRENT> (6,419,294)
<APPREC-INCREASE-CURRENT> 38,588,932
<NET-CHANGE-FROM-OPS> 34,179,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,477)
<DISTRIBUTIONS-OF-GAINS> (9,682)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,852,161
<NUMBER-OF-SHARES-REDEEMED> (5,762,725)
<SHARES-REINVESTED> 1,921
<NET-CHANGE-IN-ASSETS> 167,951,702
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (138,410)
<OVERDIST-NET-GAINS-PRIOR> (983,749)
<GROSS-ADVISORY-FEES> 1,920,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,581,522
<AVERAGE-NET-ASSETS> 239,352,041
<PER-SHARE-NAV-BEGIN> 13.44
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> (.02)
<PER-SHARE-NAV-END> 13.51
<EXPENSE-RATIO> .83
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 22,796,998
<INVESTMENTS-AT-VALUE> 28,670,258
<RECEIVABLES> 199,513
<ASSETS-OTHER> 213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,869,984
<PAYABLE-FOR-SECURITIES> 207,986
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,019
<TOTAL-LIABILITIES> 270,005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,459,263
<SHARES-COMMON-STOCK> 2,781,247
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,732,544)
<ACCUM-APPREC-OR-DEPREC> 5,873,260
<NET-ASSETS> 28,599,979
<DIVIDEND-INCOME> 2,404
<INTEREST-INCOME> 54,580
<OTHER-INCOME> 0
<EXPENSES-NET> 78,393
<NET-INVESTMENT-INCOME> (21,409)
<REALIZED-GAINS-CURRENT> (2,732,544)
<APPREC-INCREASE-CURRENT> 5,873,260
<NET-CHANGE-FROM-OPS> 3,119,307
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (10,506)
<NUMBER-OF-SHARES-SOLD> 3,246,140
<NUMBER-OF-SHARES-REDEEMED> (665,964)
<SHARES-REINVESTED> 1,071
<NET-CHANGE-IN-ASSETS> 26,598,979
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80,829
<AVERAGE-NET-ASSETS> 13,204,818
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> .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 OTC & EMERGING GROWTH FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 22,796,998
<INVESTMENTS-AT-VALUE> 28,670,258
<RECEIVABLES> 199,513
<ASSETS-OTHER> 213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,869,984
<PAYABLE-FOR-SECURITIES> 207,986
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,019
<TOTAL-LIABILITIES> 270,005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,459,263
<SHARES-COMMON-STOCK> 53,638
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,732,544)
<ACCUM-APPREC-OR-DEPREC> 5,873,260
<NET-ASSETS> 28,599,979
<DIVIDEND-INCOME> 2,404
<INTEREST-INCOME> 54,580
<OTHER-INCOME> 0
<EXPENSES-NET> 78,393
<NET-INVESTMENT-INCOME> (21,409)
<REALIZED-GAINS-CURRENT> (2,732,544)
<APPREC-INCREASE-CURRENT> 5,873,260
<NET-CHANGE-FROM-OPS> 3,119,307
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (91)
<NUMBER-OF-SHARES-SOLD> 60,996
<NUMBER-OF-SHARES-REDEEMED> (7,468)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 26,598,979
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80,829
<AVERAGE-NET-ASSETS> 103,374
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> .71
<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 RESEARCH FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 21,710,526
<INVESTMENTS-AT-VALUE> 23,690,022
<RECEIVABLES> 575,692
<ASSETS-OTHER> 433
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,266,147
<PAYABLE-FOR-SECURITIES> 1,355,389
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,515
<TOTAL-LIABILITIES> 1,384,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,640,566
<SHARES-COMMON-STOCK> 1,897,004
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 261,181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,979,496
<NET-ASSETS> 22,881,243
<DIVIDEND-INCOME> 30,883
<INTEREST-INCOME> 14,966
<OTHER-INCOME> 0
<EXPENSES-NET> 23,968
<NET-INVESTMENT-INCOME> 21,881
<REALIZED-GAINS-CURRENT> 273,279
<APPREC-INCREASE-CURRENT> 1,979,496
<NET-CHANGE-FROM-OPS> 2,274,656
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,723)
<DISTRIBUTIONS-OF-GAINS> (11,993)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,730,005
<NUMBER-OF-SHARES-REDEEMED> (35,497)
<SHARES-REINVESTED> 2,596
<NET-CHANGE-IN-ASSETS> 20,881,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,038
<AVERAGE-NET-ASSETS> 11,450,215
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.93
<EXPENSE-RATIO> .22
<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 RESEARCH FUND
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 21,710,526
<INVESTMENTS-AT-VALUE> 23,690,022
<RECEIVABLES> 575,692
<ASSETS-OTHER> 433
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,266,147
<PAYABLE-FOR-SECURITIES> 1,355,389
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,515
<TOTAL-LIABILITIES> 1,384,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,640,566
<SHARES-COMMON-STOCK> 21,410
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 261,181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,979,496
<NET-ASSETS> 22,881,243
<DIVIDEND-INCOME> 30,883
<INTEREST-INCOME> 14,966
<OTHER-INCOME> 0
<EXPENSES-NET> 23,968
<NET-INVESTMENT-INCOME> 21,881
<REALIZED-GAINS-CURRENT> 273,279
<APPREC-INCREASE-CURRENT> 1,979,496
<NET-CHANGE-FROM-OPS> 2,274,656
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (158)
<DISTRIBUTIONS-OF-GAINS> (105)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,319
<NUMBER-OF-SHARES-REDEEMED> (32)
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 20,881,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,038
<AVERAGE-NET-ASSETS> 110,467
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.90
<EXPENSE-RATIO> .25
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 242,720,631
<INVESTMENTS-AT-VALUE> 318,456,787
<RECEIVABLES> 998,491
<ASSETS-OTHER> 300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319,455,578
<PAYABLE-FOR-SECURITIES> 5,963,413
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,028,426
<TOTAL-LIABILITIES> 6,991,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250,867,863
<SHARES-COMMON-STOCK> 21,162,504
<SHARES-COMMON-PRIOR> 13,848,509
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,140,280)
<ACCUM-APPREC-OR-DEPREC> 75,736,156
<NET-ASSETS> 312,463,739
<DIVIDEND-INCOME> 895,546
<INTEREST-INCOME> 621,919
<OTHER-INCOME> 0
<EXPENSES-NET> 1,793,226
<NET-INVESTMENT-INCOME> (275,761)
<REALIZED-GAINS-CURRENT> (10,989,282)
<APPREC-INCREASE-CURRENT> 53,652,396
<NET-CHANGE-FROM-OPS> 42,387,353
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,782,307
<NUMBER-OF-SHARES-REDEEMED> (1,468,312)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141,803,319
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,150,998)
<GROSS-ADVISORY-FEES> 1,526,540
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,818,321
<AVERAGE-NET-ASSETS> 234,705,692
<PER-SHARE-NAV-BEGIN> 12.32
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 2.42
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.72
<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 Vista Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 242,720,631
<INVESTMENTS-AT-VALUE> 318,456,787
<RECEIVABLES> 998,491
<ASSETS-OTHER> 300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319,455,578
<PAYABLE-FOR-SECURITIES> 5,963,413
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,028,426
<TOTAL-LIABILITIES> 6,991,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250,867,863
<SHARES-COMMON-STOCK> 57,810
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,140,280)
<ACCUM-APPREC-OR-DEPREC> 75,736,156
<NET-ASSETS> 312,463,739
<DIVIDEND-INCOME> 895,546
<INTEREST-INCOME> 621,919
<OTHER-INCOME> 0
<EXPENSES-NET> 1,793,226
<NET-INVESTMENT-INCOME> (275,761)
<REALIZED-GAINS-CURRENT> (10,989,282)
<APPREC-INCREASE-CURRENT> 53,652,396
<NET-CHANGE-FROM-OPS> 42,387,353
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61,163
<NUMBER-OF-SHARES-REDEEMED> (3,353)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141,803,319
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,150,998)
<GROSS-ADVISORY-FEES> 1,526,540
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,818,321
<AVERAGE-NET-ASSETS> 217,384
<PER-SHARE-NAV-BEGIN> 13.76
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .99
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.73
<EXPENSE-RATIO> .62
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 290,613,340
<INVESTMENTS-AT-VALUE> 311,384,176
<RECEIVABLES> 3,182,990
<ASSETS-OTHER> 146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 314,567,312
<PAYABLE-FOR-SECURITIES> 4,740,438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,854,072
<TOTAL-LIABILITIES> 8,594,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,979,082
<SHARES-COMMON-STOCK> 24,912,249
<SHARES-COMMON-PRIOR> 17,911,179
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (654,990)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,067,655)
<ACCUM-APPREC-OR-DEPREC> 20,716,365
<NET-ASSETS> 305,972,802
<DIVIDEND-INCOME> 5,832,917
<INTEREST-INCOME> 1,941,726
<OTHER-INCOME> 0
<EXPENSES-NET> 2,685,870
<NET-INVESTMENT-INCOME> 5,088,773
<REALIZED-GAINS-CURRENT> 4,694,683
<APPREC-INCREASE-CURRENT> 14,381,219
<NET-CHANGE-FROM-OPS> 24,164,675
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,590,484)
<DISTRIBUTIONS-OF-GAINS> (9,739,230)
<DISTRIBUTIONS-OTHER> (1,529,177)
<NUMBER-OF-SHARES-SOLD> 21,724,405
<NUMBER-OF-SHARES-REDEEMED> (15,879,232)
<SHARES-REINVESTED> 1,155,897
<NET-CHANGE-IN-ASSETS> 99,374,792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 214,309
<OVERDISTRIB-NII-PRIOR> (346,390)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,185,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,718,070
<AVERAGE-NET-ASSETS> 272,967,285
<PER-SHARE-NAV-BEGIN> 11.53
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.06
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.41)
<RETURNS-OF-CAPITAL> (.06)
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> .99
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 290,613,340
<INVESTMENTS-AT-VALUE> 311,384,176
<RECEIVABLES> 3,182,990
<ASSETS-OTHER> 146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 314,567,312
<PAYABLE-FOR-SECURITIES> 4,740,438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,854,072
<TOTAL-LIABILITIES> 8,594,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,979,082
<SHARES-COMMON-STOCK> 75,625
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (654,990)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,067,655)
<ACCUM-APPREC-OR-DEPREC> 20,716,365
<NET-ASSETS> 305,972,802
<DIVIDEND-INCOME> 5,832,917
<INTEREST-INCOME> 1,941,726
<OTHER-INCOME> 0
<EXPENSES-NET> 2,685,870
<NET-INVESTMENT-INCOME> 5,088,773
<REALIZED-GAINS-CURRENT> 4,694,683
<APPREC-INCREASE-CURRENT> 14,381,219
<NET-CHANGE-FROM-OPS> 24,164,675
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,677)
<DISTRIBUTIONS-OF-GAINS> (34,629)
<DISTRIBUTIONS-OTHER> (5,628)
<NUMBER-OF-SHARES-SOLD> 608,066
<NUMBER-OF-SHARES-REDEEMED> (536,080)
<SHARES-REINVESTED> 3,639
<NET-CHANGE-IN-ASSETS> 99,374,792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 214,309
<OVERDISTRIB-NII-PRIOR> (346,390)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,185,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,718,070
<AVERAGE-NET-ASSETS> 185,259
<PER-SHARE-NAV-BEGIN> 13.36
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.57)
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.37)
<RETURNS-OF-CAPITAL> (.06)
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> .84
<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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 611,499,838
<INVESTMENTS-AT-VALUE> 611,499,838
<RECEIVABLES> 1,686,722
<ASSETS-OTHER> 9,443
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 613,196,003
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,849,970
<TOTAL-LIABILITIES> 4,849,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 608,346,033
<SHARES-COMMON-STOCK> 595,158,086
<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> 608,346,033
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28,274,095
<OTHER-INCOME> 0
<EXPENSES-NET> 2,691,726
<NET-INVESTMENT-INCOME> 25,582,369
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25,582,369
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,507,476)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,326,313,560
<NUMBER-OF-SHARES-REDEEMED> (1,162,240,098)
<SHARES-REINVESTED> 25,507,476
<NET-CHANGE-IN-ASSETS> 202,768,885
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,267,755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,709,414
<AVERAGE-NET-ASSETS> 505,882,104
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .0510
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.0510)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<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 Money Market Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 611,499,838
<INVESTMENTS-AT-VALUE> 611,499,838
<RECEIVABLES> 1,686,722
<ASSETS-OTHER> 9,443
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 613,196,003
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,849,970
<TOTAL-LIABILITIES> 4,849,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 608,346,033
<SHARES-COMMON-STOCK> 13,187,947
<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> 608,346,033
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28,274,095
<OTHER-INCOME> 0
<EXPENSES-NET> 2,691,726
<NET-INVESTMENT-INCOME> 25,582,369
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25,582,369
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (74,893)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,825,384
<NUMBER-OF-SHARES-REDEEMED> (77,712,330)
<SHARES-REINVESTED> 74,893
<NET-CHANGE-IN-ASSETS> 202,768,885
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,267,755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,709,414
<AVERAGE-NET-ASSETS> 2,543,234
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .0338
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.0338)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .46
<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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 756,014,197
<INVESTMENTS-AT-VALUE> 1,015,065,038
<RECEIVABLES> 3,908,244
<ASSETS-OTHER> 18,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,018,992,280
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,866,239
<TOTAL-LIABILITIES> 1,866,239
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,041,702
<SHARES-COMMON-STOCK> 55,812,807
<SHARES-COMMON-PRIOR> 47,966,028
<ACCUMULATED-NII-CURRENT> 28,000,418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,013,180
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 259,070,741
<NET-ASSETS> 1,017,126,041
<DIVIDEND-INCOME> 25,421,491
<INTEREST-INCOME> 9,268,474
<OTHER-INCOME> 0
<EXPENSES-NET> 6,330,486
<NET-INVESTMENT-INCOME> 28,359,479
<REALIZED-GAINS-CURRENT> 29,497,527
<APPREC-INCREASE-CURRENT> 70,693,208
<NET-CHANGE-FROM-OPS> 128,550,214
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,052,399)
<DISTRIBUTIONS-OF-GAINS> (43,178,545)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,091,793
<NUMBER-OF-SHARES-REDEEMED> (3,313,634)
<SHARES-REINVESTED> 4,068,620
<NET-CHANGE-IN-ASSETS> 194,869,500
<ACCUMULATED-NII-PRIOR> 24,966,593
<ACCUMULATED-GAINS-PRIOR> 42,587,132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,824,579
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,416,736
<AVERAGE-NET-ASSETS> 887,558,555
<PER-SHARE-NAV-BEGIN> 17.14
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (.51)
<PER-SHARE-DISTRIBUTIONS> (.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.19
<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 Utilities Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 756,014,197
<INVESTMENTS-AT-VALUE> 1,015,065,038
<RECEIVABLES> 3,908,244
<ASSETS-OTHER> 18,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,018,992,280
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,866,239
<TOTAL-LIABILITIES> 1,866,239
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,041,702
<SHARES-COMMON-STOCK> 98,901
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 28,000,418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,013,180
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 259,070,741
<NET-ASSETS> 1,017,126,041
<DIVIDEND-INCOME> 25,421,491
<INTEREST-INCOME> 9,268,474
<OTHER-INCOME> 0
<EXPENSES-NET> 6,330,486
<NET-INVESTMENT-INCOME> 28,359,479
<REALIZED-GAINS-CURRENT> 29,497,527
<APPREC-INCREASE-CURRENT> 70,693,208
<NET-CHANGE-FROM-OPS> 128,550,214
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 104,468
<NUMBER-OF-SHARES-REDEEMED> (5,567)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 194,869,500
<ACCUMULATED-NII-PRIOR> 24,966,593
<ACCUMULATED-GAINS-PRIOR> 42,587,132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,824,579
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,416,736
<AVERAGE-NET-ASSETS> 316,280
<PER-SHARE-NAV-BEGIN> 16.19
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 1.71
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.19
<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 New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 240,992,289
<INVESTMENTS-AT-VALUE> 256,108,199
<RECEIVABLES> 986,308
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,094,543
<PAYABLE-FOR-SECURITIES> 159,828
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 766,931
<TOTAL-LIABILITIES> 926,759
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,846,959
<SHARES-COMMON-STOCK> 21,267,484
<SHARES-COMMON-PRIOR> 16,619,656
<ACCUMULATED-NII-CURRENT> 57,759
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,147,156
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,115,910
<NET-ASSETS> 256,167,784
<DIVIDEND-INCOME> 4,459,875
<INTEREST-INCOME> 460,965
<OTHER-INCOME> 0
<EXPENSES-NET> 1,804,057
<NET-INVESTMENT-INCOME> 3,116,783
<REALIZED-GAINS-CURRENT> 3,733,085
<APPREC-INCREASE-CURRENT> 7,492,278
<NET-CHANGE-FROM-OPS> 14,342,146
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,522,395)
<DISTRIBUTIONS-OF-GAINS> (4,472,218)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,966,193
<NUMBER-OF-SHARES-REDEEMED> (1,068,232)
<SHARES-REINVESTED> 749,867
<NET-CHANGE-IN-ASSETS> 60,776,933
<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> 1,622,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,871,516
<AVERAGE-NET-ASSETS> 231,764,555
<PER-SHARE-NAV-BEGIN> 11.76
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .57
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.03
<EXPENSE-RATIO> .81
<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 Value Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 240,992,289
<INVESTMENTS-AT-VALUE> 256,108,199
<RECEIVABLES> 986,308
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,094,543
<PAYABLE-FOR-SECURITIES> 159,828
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 766,931
<TOTAL-LIABILITIES> 926,759
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,846,959
<SHARES-COMMON-STOCK> 34,458
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 57,759
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,147,156
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,115,910
<NET-ASSETS> 256,167,784
<DIVIDEND-INCOME> 4,459,875
<INTEREST-INCOME> 460,965
<OTHER-INCOME> 0
<EXPENSES-NET> 1,804,057
<NET-INVESTMENT-INCOME> 3,116,783
<REALIZED-GAINS-CURRENT> 3,733,085
<APPREC-INCREASE-CURRENT> 7,492,278
<NET-CHANGE-FROM-OPS> 14,342,146
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,988)
<DISTRIBUTIONS-OF-GAINS> (755)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,641
<NUMBER-OF-SHARES-REDEEMED> (2,418)
<SHARES-REINVESTED> 235
<NET-CHANGE-IN-ASSETS> 60,776,933
<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> 1,622,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,871,516
<AVERAGE-NET-ASSETS> 88,472
<PER-SHARE-NAV-BEGIN> 11.91
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.02
<EXPENSE-RATIO> .65
<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> OTHER
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 1,135,682,518
<INVESTMENTS-AT-VALUE> 1,018,532,273
<RECEIVABLES> 22,500,760
<ASSETS-OTHER> 398
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,041,033,431
<PAYABLE-FOR-SECURITIES> 3,364,066
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,938,112
<TOTAL-LIABILITIES> 6,302,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,060,453,710
<SHARES-COMMON-STOCK> 88,260,675
<SHARES-COMMON-PRIOR> 75,287,731
<ACCUMULATED-NII-CURRENT> 110,935,694
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (19,501,164)
<ACCUM-APPREC-OR-DEPREC> (117,156,987)
<NET-ASSETS> 1,034,731,253
<DIVIDEND-INCOME> 10,360,123
<INTEREST-INCOME> 108,393,204
<OTHER-INCOME> 0
<EXPENSES-NET> 7,404,349
<NET-INVESTMENT-INCOME> 111,348,978
<REALIZED-GAINS-CURRENT> (19,658,042)
<APPREC-INCREASE-CURRENT> (155,030,509)
<NET-CHANGE-FROM-OPS> (63,339,573)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (84,098,235)
<DISTRIBUTIONS-OF-GAINS> (13,196,473)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,556,404
<NUMBER-OF-SHARES-REDEEMED> (13,073,429)
<SHARES-REINVESTED> 7,489,969
<NET-CHANGE-IN-ASSETS> 9,433,129
<ACCUMULATED-NII-PRIOR> 82,916,513
<ACCUMULATED-GAINS-PRIOR> 12,658,981
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,936,557
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,633,346
<AVERAGE-NET-ASSETS> 1,079,308,554
<PER-SHARE-NAV-BEGIN> 13.62
<PER-SHARE-NII> 1.31
<PER-SHARE-GAIN-APPREC> (1.98)
<PER-SHARE-DIVIDEND> (1.08)
<PER-SHARE-DISTRIBUTIONS> (.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.70
<EXPENSE-RATIO> .71
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 1,135,682,518
<INVESTMENTS-AT-VALUE> 1,018,532,273
<RECEIVABLES> 22,500,760
<ASSETS-OTHER> 398
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,041,033,431
<PAYABLE-FOR-SECURITIES> 3,364,066
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,938,112
<TOTAL-LIABILITIES> 6,302,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,060,453,710
<SHARES-COMMON-STOCK> 157,186
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 110,935,694
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (19,501,164)
<ACCUM-APPREC-OR-DEPREC> (117,156,987)
<NET-ASSETS> 1,034,731,253
<DIVIDEND-INCOME> 10,360,123
<INTEREST-INCOME> 108,393,204
<OTHER-INCOME> 0
<EXPENSES-NET> 7,404,349
<NET-INVESTMENT-INCOME> 111,348,978
<REALIZED-GAINS-CURRENT> (19,658,042)
<APPREC-INCREASE-CURRENT> (155,030,509)
<NET-CHANGE-FROM-OPS> (63,339,573)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,952
<NUMBER-OF-SHARES-REDEEMED> (14,766)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,433,129
<ACCUMULATED-NII-PRIOR> 82,916,513
<ACCUMULATED-GAINS-PRIOR> 12,658,981
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,936,557
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,633,346
<AVERAGE-NET-ASSETS> 40,828
<PER-SHARE-NAV-BEGIN> 12.99
<PER-SHARE-NII> 0.77
<PER-SHARE-GAIN-APPREC> (2.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.70
<EXPENSE-RATIO> .58
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 80,459,159
<INVESTMENTS-AT-VALUE> 92,357,140
<RECEIVABLES> 586,779
<ASSETS-OTHER> 48,180
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92,992,099
<PAYABLE-FOR-SECURITIES> 281,984
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,932,098
<TOTAL-LIABILITIES> 2,214,082
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,694,544
<SHARES-COMMON-STOCK> 10,883,238
<SHARES-COMMON-PRIOR> 12,265,876
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,294)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,821,470)
<ACCUM-APPREC-OR-DEPREC> 11,917,237
<NET-ASSETS> 90,778,017
<DIVIDEND-INCOME> 1,928,037
<INTEREST-INCOME> 106,549
<OTHER-INCOME> 0
<EXPENSES-NET> 1,063,746
<NET-INVESTMENT-INCOME> 970,840
<REALIZED-GAINS-CURRENT> (22,230,884)
<APPREC-INCREASE-CURRENT> 14,919,582
<NET-CHANGE-FROM-OPS> (6,340,462)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,516,269)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (127,308)
<NUMBER-OF-SHARES-SOLD> 14,515,839
<NUMBER-OF-SHARES-REDEEMED> (16,420,839)
<SHARES-REINVESTED> 522,362
<NET-CHANGE-IN-ASSETS> (22,124,056)
<ACCUMULATED-NII-PRIOR> 3,110,245
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,297,932)
<GROSS-ADVISORY-FEES> 769,751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,072,026
<AVERAGE-NET-ASSETS> 96,100,003
<PER-SHARE-NAV-BEGIN> 9.20
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.56)
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 8.33
<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 Asia Pacific Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 80,459,159
<INVESTMENTS-AT-VALUE> 92,357,140
<RECEIVABLES> 586,779
<ASSETS-OTHER> 48,180
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92,992,099
<PAYABLE-FOR-SECURITIES> 281,984
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,932,098
<TOTAL-LIABILITIES> 2,214,082
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,694,544
<SHARES-COMMON-STOCK> 13,353
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,294)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,821,470)
<ACCUM-APPREC-OR-DEPREC> 11,917,237
<NET-ASSETS> 90,778,017
<DIVIDEND-INCOME> 1,928,037
<INTEREST-INCOME> 106,549
<OTHER-INCOME> 0
<EXPENSES-NET> 1,063,746
<NET-INVESTMENT-INCOME> 970,840
<REALIZED-GAINS-CURRENT> (22,230,884)
<APPREC-INCREASE-CURRENT> 14,919,582
<NET-CHANGE-FROM-OPS> (6,340,462)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,802
<NUMBER-OF-SHARES-REDEEMED> (40,449)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (22,124,056)
<ACCUMULATED-NII-PRIOR> 3,110,245
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,297,932)
<GROSS-ADVISORY-FEES> 769,751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,072,026
<AVERAGE-NET-ASSETS> 24,590
<PER-SHARE-NAV-BEGIN> 8.57
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.23)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.33
<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 US Government and High Quality Bond Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,044,313,520
<INVESTMENTS-AT-VALUE> 1,065,660,432
<RECEIVABLES> 13,561,735
<ASSETS-OTHER> 139,237
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,079,361,404
<PAYABLE-FOR-SECURITIES> 74,926,744
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,985,720
<TOTAL-LIABILITIES> 76,912,464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 912,746,579
<SHARES-COMMON-STOCK> 72,869,819
<SHARES-COMMON-PRIOR> 58,832,286
<ACCUMULATED-NII-CURRENT> 52,744,212
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,682,940
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,275,209
<NET-ASSETS> 1,002,448,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 59,006,505
<OTHER-INCOME> 0
<EXPENSES-NET> 5,706,429
<NET-INVESTMENT-INCOME> 53,300,076
<REALIZED-GAINS-CURRENT> 17,116,323
<APPREC-INCREASE-CURRENT> (3,093,378)
<NET-CHANGE-FROM-OPS> 67,323,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42,868,771)
<DISTRIBUTIONS-OF-GAINS> (1,115,763)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,955,653
<NUMBER-OF-SHARES-REDEEMED> (7,327,772)
<SHARES-REINVESTED> 3,409,652
<NET-CHANGE-IN-ASSETS> 212,908,856
<ACCUMULATED-NII-PRIOR> 41,308,267
<ACCUMULATED-GAINS-PRIOR> 687,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,276,417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,857,496
<AVERAGE-NET-ASSETS> 868,479,471
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> .82
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.73)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.73
<EXPENSE-RATIO> .67
<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
TABLE>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,044,313,520
<INVESTMENTS-AT-VALUE> 1,065,660,432
<RECEIVABLES> 13,561,735
<ASSETS-OTHER> 139,237
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,079,361,404
<PAYABLE-FOR-SECURITIES> 74,926,744
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,985,720
<TOTAL-LIABILITIES> 76,912,464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 912,746,579
<SHARES-COMMON-STOCK> 166,693
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 52,744,212
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,682,940
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,275,209
<NET-ASSETS> 1,002,448,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 59,006,505
<OTHER-INCOME> 0
<EXPENSES-NET> 5,706,429
<NET-INVESTMENT-INCOME> 53,300,076
<REALIZED-GAINS-CURRENT> 17,116,323
<APPREC-INCREASE-CURRENT> (3,093,378)
<NET-CHANGE-FROM-OPS> 67,323,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 179,630
<NUMBER-OF-SHARES-REDEEMED> (12,937)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 212,908,856
<ACCUMULATED-NII-PRIOR> 41,308,267
<ACCUMULATED-GAINS-PRIOR> 687,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,276,417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,857,496
<AVERAGE-NET-ASSETS> 604,804
<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> .35
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.73
<EXPENSE-RATIO> .56
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 109,212,054
<INVESTMENTS-AT-VALUE> 135,210,654
<RECEIVABLES> 3,274,155
<ASSETS-OTHER> 696,034
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,180,843
<PAYABLE-FOR-SECURITIES> 2,122,562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,522,157
<TOTAL-LIABILITIES> 3,644,719
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,597,238
<SHARES-COMMON-STOCK> 11,788,244
<SHARES-COMMON-PRIOR> 10,746,746
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (233,349)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13,837,772)
<ACCUM-APPREC-OR-DEPREC> 26,010,007
<NET-ASSETS> 135,536,124
<DIVIDEND-INCOME> 1,204,897
<INTEREST-INCOME> 312,196
<OTHER-INCOME> 0
<EXPENSES-NET> 1,958,683
<NET-INVESTMENT-INCOME> (441,590)
<REALIZED-GAINS-CURRENT> (8,286,399)
<APPREC-INCREASE-CURRENT> 26,474,514
<NET-CHANGE-FROM-OPS> 17,746,525
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (235,886)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,231,470
<NUMBER-OF-SHARES-REDEEMED> (11,210,273)
<SHARES-REINVESTED> 20,301
<NET-CHANGE-IN-ASSETS> 28,535,640
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (20,027)
<OVERDIST-NET-GAINS-PRIOR> (5,087,219)
<GROSS-ADVISORY-FEES> 1,488,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,985,342
<AVERAGE-NET-ASSETS> 124,052,154
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.49
<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 International New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 109,212,054
<INVESTMENTS-AT-VALUE> 135,210,654
<RECEIVABLES> 3,274,155
<ASSETS-OTHER> 696,034
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,180,843
<PAYABLE-FOR-SECURITIES> 2,122,562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,522,157
<TOTAL-LIABILITIES> 3,644,719
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,597,238
<SHARES-COMMON-STOCK> 7,405
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (233,349)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13,837,772)
<ACCUM-APPREC-OR-DEPREC> 26,010,007
<NET-ASSETS> 135,536,124
<DIVIDEND-INCOME> 1,204,897
<INTEREST-INCOME> 312,196
<OTHER-INCOME> 0
<EXPENSES-NET> 1,958,683
<NET-INVESTMENT-INCOME> (441,590)
<REALIZED-GAINS-CURRENT> (8,286,399)
<APPREC-INCREASE-CURRENT> 26,474,514
<NET-CHANGE-FROM-OPS> 17,746,525
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,166
<NUMBER-OF-SHARES-REDEEMED> (100,761)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,535,640
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (20,027)
<OVERDIST-NET-GAINS-PRIOR> (5,087,219)
<GROSS-ADVISORY-FEES> 1,488,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,985,342
<AVERAGE-NET-ASSETS> 43,007
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> .14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> 1.18
<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 Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3,993,934,689
<INVESTMENTS-AT-VALUE> 5,814,233,174
<RECEIVABLES> 18,411,680
<ASSETS-OTHER> 919,473
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,833,564,327
<PAYABLE-FOR-SECURITIES> 19,074,048
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,084,873
<TOTAL-LIABILITIES> 26,158,921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,478,638,960
<SHARES-COMMON-STOCK> 126,573,538
<SHARES-COMMON-PRIOR> 116,119,974
<ACCUMULATED-NII-CURRENT> 6,388,437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,020,809,202
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,820,297,087
<NET-ASSETS> 5,807,405,406
<DIVIDEND-INCOME> 26,259,119
<INTEREST-INCOME> 9,058,506
<OTHER-INCOME> 0
<EXPENSES-NET> 28,534,958
<NET-INVESTMENT-INCOME> 6,782,667
<REALIZED-GAINS-CURRENT> 508,086,665
<APPREC-INCREASE-CURRENT> 594,982,328
<NET-CHANGE-FROM-OPS> 1,109,851,660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,793,024)
<DISTRIBUTIONS-OF-GAINS> (287,749,794)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,376,573
<NUMBER-OF-SHARES-REDEEMED> (7,792,260)
<SHARES-REINVESTED> 6,869,251
<NET-CHANGE-IN-ASSETS> 1,268,870,264
<ACCUMULATED-NII-PRIOR> 11,397,910
<ACCUMULATED-GAINS-PRIOR> 281,744,935
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,815,677
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,041,360
<AVERAGE-NET-ASSETS> 5,013,493,075
<PER-SHARE-NAV-BEGIN> 39.08
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 9.26
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (2.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 45.85
<EXPENSE-RATIO> .58
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3,993,934,689
<INVESTMENTS-AT-VALUE> 5,814,233,174
<RECEIVABLES> 18,411,680
<ASSETS-OTHER> 919,473
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,833,564,327
<PAYABLE-FOR-SECURITIES> 19,074,048
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,084,873
<TOTAL-LIABILITIES> 26,158,921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,478,638,960
<SHARES-COMMON-STOCK> 94,559
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,388,437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,020,809,202
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,820,297,087
<NET-ASSETS> 5,807,405,406
<DIVIDEND-INCOME> 26,259,119
<INTEREST-INCOME> 9,058,506
<OTHER-INCOME> 0
<EXPENSES-NET> 28,534,958
<NET-INVESTMENT-INCOME> 6,782,667
<REALIZED-GAINS-CURRENT> 508,086,665
<APPREC-INCREASE-CURRENT> 594,982,328
<NET-CHANGE-FROM-OPS> 1,109,851,660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98,970
<NUMBER-OF-SHARES-REDEEMED> (4,411)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,268,870,264
<ACCUMULATED-NII-PRIOR> 11,397,910
<ACCUMULATED-GAINS-PRIOR> 281,744,935
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,815,677
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,041,360
<AVERAGE-NET-ASSETS> 980,591
<PER-SHARE-NAV-BEGIN> 41.55
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 4.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 45.81
<EXPENSE-RATIO> .49
<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 Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,577,608,901
<INVESTMENTS-AT-VALUE> 1,978,917,470
<RECEIVABLES> 8,703,179
<ASSETS-OTHER> 7,209,354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,994,830,003
<PAYABLE-FOR-SECURITIES> 4,026,719
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,885,832
<TOTAL-LIABILITIES> 6,912,551
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,416,165,613
<SHARES-COMMON-STOCK> 98,005,512
<SHARES-COMMON-PRIOR> 87,869,535
<ACCUMULATED-NII-CURRENT> 7,163,966
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 163,271,931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 401,315,939
<NET-ASSETS> 1,987,917,452
<DIVIDEND-INCOME> 15,240,465
<INTEREST-INCOME> 1,876,290
<OTHER-INCOME> 0
<EXPENSES-NET> 12,503,387
<NET-INVESTMENT-INCOME> 4,613,368
<REALIZED-GAINS-CURRENT> 196,526,598
<APPREC-INCREASE-CURRENT> 258,892,378
<NET-CHANGE-FROM-OPS> 460,032,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45,115,988)
<DISTRIBUTIONS-OF-GAINS> (225,579,941)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,476,202
<NUMBER-OF-SHARES-REDEEMED> (10,353,865)
<SHARES-REINVESTED> 15,013,640
<NET-CHANGE-IN-ASSETS> 376,413,994
<ACCUMULATED-NII-PRIOR> 39,155,023
<ACCUMULATED-GAINS-PRIOR> 201,097,344
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,690,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,815,041
<AVERAGE-NET-ASSETS> 1,783,008,821
<PER-SHARE-NAV-BEGIN> 18.34
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 5.01
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> (2.60)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.28
<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 Global Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,577,608,901
<INVESTMENTS-AT-VALUE> 1,978,917,470
<RECEIVABLES> 8,703,179
<ASSETS-OTHER> 7,209,354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,994,830,003
<PAYABLE-FOR-SECURITIES> 4,026,719
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,885,832
<TOTAL-LIABILITIES> 6,912,551
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,416,165,613
<SHARES-COMMON-STOCK> 40,606
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,163,966
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 163,271,931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 401,315,939
<NET-ASSETS> 1,987,917,452
<DIVIDEND-INCOME> 15,240,465
<INTEREST-INCOME> 1,876,290
<OTHER-INCOME> 0
<EXPENSES-NET> 12,503,387
<NET-INVESTMENT-INCOME> 4,613,368
<REALIZED-GAINS-CURRENT> 196,526,598
<APPREC-INCREASE-CURRENT> 258,892,378
<NET-CHANGE-FROM-OPS> 460,032,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,380
<NUMBER-OF-SHARES-REDEEMED> (1,774)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 376,413,994
<ACCUMULATED-NII-PRIOR> 39,155,023
<ACCUMULATED-GAINS-PRIOR> 201,097,344
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,690,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,815,041
<AVERAGE-NET-ASSETS> 155,765
<PER-SHARE-NAV-BEGIN> 18.03
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 2.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.28
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 8,152,437,905
<INVESTMENTS-AT-VALUE> 9,990,816,033
<RECEIVABLES> 37,210,550
<ASSETS-OTHER> 564,068
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,028,590,556
<PAYABLE-FOR-SECURITIES> 60,871,662
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,749,573
<TOTAL-LIABILITIES> 72,621,235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,336,374,553
<SHARES-COMMON-STOCK> 345,731,715
<SHARES-COMMON-PRIOR> 294,356,911
<ACCUMULATED-NII-CURRENT> 139,548,823
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 641,667,817
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,838,378,128
<NET-ASSETS> 9,955,969,321
<DIVIDEND-INCOME> 182,340,001
<INTEREST-INCOME> 8,178,035
<OTHER-INCOME> 0
<EXPENSES-NET> 44,830,726
<NET-INVESTMENT-INCOME> 145,687,310
<REALIZED-GAINS-CURRENT> 655,020,567
<APPREC-INCREASE-CURRENT> 495,099,517
<NET-CHANGE-FROM-OPS> 1,295,807,394
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (149,956,847)
<DISTRIBUTIONS-OF-GAINS> (978,918,294)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,985,496
<NUMBER-OF-SHARES-REDEEMED> (10,426,008)
<SHARES-REINVESTED> 40,815,316
<NET-CHANGE-IN-ASSETS> 1,618,635,248
<ACCUMULATED-NII-PRIOR> 145,500,331
<ACCUMULATED-GAINS-PRIOR> 963,025,316
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,223,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,905,917
<AVERAGE-NET-ASSETS> 1,052,980
<PER-SHARE-NAV-BEGIN> 28.32
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> 3.77
<PER-SHARE-DIVIDEND> (.50)
<PER-SHARE-DISTRIBUTIONS> (3.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.77
<EXPENSE-RATIO> .50
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 8,152,437,905
<INVESTMENTS-AT-VALUE> 9,990,816,033
<RECEIVABLES> 37,210,550
<ASSETS-OTHER> 564,068
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,028,590,556
<PAYABLE-FOR-SECURITIES> 60,871,662
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,749,573
<TOTAL-LIABILITIES> 72,621,235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,336,374,553
<SHARES-COMMON-STOCK> 263,744
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 139,548,823
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 641,667,817
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,838,378,128
<NET-ASSETS> 9,955,969,321
<DIVIDEND-INCOME> 182,340,001
<INTEREST-INCOME> 8,178,035
<OTHER-INCOME> 0
<EXPENSES-NET> 44,830,726
<NET-INVESTMENT-INCOME> 145,687,310
<REALIZED-GAINS-CURRENT> 655,020,567
<APPREC-INCREASE-CURRENT> 495,099,517
<NET-CHANGE-FROM-OPS> 1,295,807,394
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20511)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (4,648)
<NUMBER-OF-SHARES-SOLD> 276,080
<NUMBER-OF-SHARES-REDEEMED> (12,336)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,618,635,248
<ACCUMULATED-NII-PRIOR> 145,500,331
<ACCUMULATED-GAINS-PRIOR> 963,025,316
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,223,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,905,917
<AVERAGE-NET-ASSETS> 1,052,980
<PER-SHARE-NAV-BEGIN> 28.02
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.75
<EXPENSE-RATIO> .49
<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> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 694,750,810
<INVESTMENTS-AT-VALUE> 665,505,335
<RECEIVABLES> 12,970,788
<ASSETS-OTHER> 342,090
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 678,350,323
<PAYABLE-FOR-SECURITIES> 3,051,402
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,282,460
<TOTAL-LIABILITIES> 7,333,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 672,457,467
<SHARES-COMMON-STOCK> 63,809,394
<SHARES-COMMON-PRIOR> 53,760,037
<ACCUMULATED-NII-CURRENT> 47,501,141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (19,414,732)
<ACCUM-APPREC-OR-DEPREC> (29,527,415)
<NET-ASSETS> 671,016,461
<DIVIDEND-INCOME> 2,453,732
<INTEREST-INCOME> 53,844,425
<OTHER-INCOME> 0
<EXPENSES-NET> 4,837,510
<NET-INVESTMENT-INCOME> 51,460,647
<REALIZED-GAINS-CURRENT> (22,036,826)
<APPREC-INCREASE-CURRENT> (39,661,327)
<NET-CHANGE-FROM-OPS> (10,237,506)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,682,103)
<DISTRIBUTIONS-OF-GAINS> (11,333,017)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,709,460
<NUMBER-OF-SHARES-REDEEMED> (2,147,661)
<SHARES-REINVESTED> 3,487,558
<NET-CHANGE-IN-ASSETS> 62,868,788
<ACCUMULATED-NII-PRIOR> 29,946,121
<ACCUMULATED-GAINS-PRIOR> 11,721,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,373,212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,063,817
<AVERAGE-NET-ASSETS> 647,996,894
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> .86
<PER-SHARE-GAIN-APPREC> (.99)
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> (.21)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.49
<EXPENSE-RATIO> .78
<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 B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 694,750,810
<INVESTMENTS-AT-VALUE> 665,505,335
<RECEIVABLES> 12,790,788
<ASSETS-OTHER> 342,090
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 678,350,323
<PAYABLE-FOR-SECURITIES> 3,051,402
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,282,460
<TOTAL-LIABILITIES> 7,333,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 672,457,467
<SHARES-COMMON-STOCK> 187,484
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 47,501,141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (19,414,732)
<ACCUM-APPREC-OR-DEPREC> (29,527,415)
<NET-ASSETS> 671,016,461
<DIVIDEND-INCOME> 2,453,732
<INTEREST-INCOME> 53,844,425
<OTHER-INCOME> 0
<EXPENSES-NET> 4,837,510
<NET-INVESTMENT-INCOME> 51,460,647
<REALIZED-GAINS-CURRENT> (22,036,826)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 195,858
<NUMBER-OF-SHARES-REDEEMED> (8,374)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62,868,788
<ACCUMULATED-NII-PRIOR> 29,946,121
<ACCUMULATED-GAINS-PRIOR> 11,721,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,063,817
<AVERAGE-NET-ASSETS> 307,869
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> (.94)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 10.47
<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 New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> Annual
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,421,374,980
<INVESTMENTS-AT-VALUE> 3,584,814,486
<RECEIVABLES> 12,509,764
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 4,448,361
<TOTAL-LIABILITIES> 11,141,943
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,376,710,610
<SHARES-COMMON-STOCK> 137,628,302
<SHARES-COMMON-PRIOR> 122,008,086
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<ACCUM-APPREC-OR-DEPREC> 1,163,439,506
<NET-ASSETS> 3,587,583,424
<DIVIDEND-INCOME> 8,256,052
<INTEREST-INCOME> 4,885,727
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<EXPENSES-NET> 17,821,274
<NET-INVESTMENT-INCOME> (4,679,495)
<REALIZED-GAINS-CURRENT> 52,243,397
<APPREC-INCREASE-CURRENT> 621,550,838
<NET-CHANGE-FROM-OPS> 669,114,740
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (40,377,073)
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<NUMBER-OF-SHARES-SOLD> 27,436,458
<NUMBER-OF-SHARES-REDEEMED> (13,491,638)
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<NET-CHANGE-IN-ASSETS> 997,339,566
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 18,095,009
<AVERAGE-NET-ASSETS> 2,978,837,725
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<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 5.19
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<PER-SHARE-DISTRIBUTIONS> (.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.06
<EXPENSE-RATIO> .61
<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> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> Annual
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,421,374,980
<INVESTMENTS-AT-VALUE> 3,584,814,486
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<OTHER-ITEMS-LIABILITIES> 4,448,361
<TOTAL-LIABILITIES> 11,141,943
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,376,710,610
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,433,308
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,163,439,506
<NET-ASSETS> 3,587,583,424
<DIVIDEND-INCOME> 8,256,052
<INTEREST-INCOME> 4,885,727
<OTHER-INCOME> 0
<EXPENSES-NET> 17,821,274
<NET-INVESTMENT-INCOME> (4,679,495)
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> (570)
<NET-CHANGE-IN-ASSETS> 997,339,566
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,559,298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,639,549
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,095,009
<AVERAGE-NET-ASSETS> 327,796
<PER-SHARE-NAV-BEGIN> 23.94
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 2.15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.04
<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 Global Asset Allocation Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 834,022,547
<INVESTMENTS-AT-VALUE> 993,714,391
<RECEIVABLES> 12,347,561
<ASSETS-OTHER> 37,322,651
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,043,384,603
<PAYABLE-FOR-SECURITIES> 16,359,482
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<PAID-IN-CAPITAL-COMMON> 788,157,111
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<ACCUMULATED-NII-CURRENT> 18,368,225
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<ACCUMULATED-NET-GAINS> 54,031,084
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 161,116,212
<NET-ASSETS> 1,021,672,632
<DIVIDEND-INCOME> 8,677,729
<INTEREST-INCOME> 24,283,063
<OTHER-INCOME> 0
<EXPENSES-NET> 7,605,134
<NET-INVESTMENT-INCOME> 25,355,658
<REALIZED-GAINS-CURRENT> 48,568,169
<APPREC-INCREASE-CURRENT> 43,294,979
<NET-CHANGE-FROM-OPS> 117,218,806
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,801,279)
<DISTRIBUTIONS-OF-GAINS> (93,644,097)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,663,813
<NUMBER-OF-SHARES-REDEEMED> (5,049,801)
<SHARES-REINVESTED> 6,281,033
<NET-CHANGE-IN-ASSETS> 65,140,473
<ACCUMULATED-NII-PRIOR> 19,696,988
<ACCUMULATED-GAINS-PRIOR> 94,421,572
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,476,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,767,260
<AVERAGE-NET-ASSETS> 997,164,941
<PER-SHARE-NAV-BEGIN> 18.76
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> (1.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.94
<EXPENSE-RATIO> .78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Global Asset Allocation Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 834,022,547
<INVESTMENTS-AT-VALUE> 993,714,391
<RECEIVABLES> 12,347,561
<ASSETS-OTHER> 37,322,651
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,043,384,603
<PAYABLE-FOR-SECURITIES> 16,359,482
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,352,489
<TOTAL-LIABILITIES> 21,711,971
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 788,157,111
<SHARES-COMMON-STOCK> 69,604
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,368,225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 54,031,084
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 161,116,212
<NET-ASSETS> 1,021,672,632
<DIVIDEND-INCOME> 8,677,729
<INTEREST-INCOME> 24,283,063
<OTHER-INCOME> 0
<EXPENSES-NET> 7,605,134
<NET-INVESTMENT-INCOME> 25,355,658
<REALIZED-GAINS-CURRENT> 48,568,169
<APPREC-INCREASE-CURRENT> 43,294,979
<NET-CHANGE-FROM-OPS> 117,218,806
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,750
<NUMBER-OF-SHARES-REDEEMED> (27,146)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65,140,473
<ACCUMULATED-NII-PRIOR> 19,696,988
<ACCUMULATED-GAINS-PRIOR> 94,421,572
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,476,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,767,260
<AVERAGE-NET-ASSETS> 378,433
<PER-SHARE-NAV-BEGIN> 18.16
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 18.95
<EXPENSE-RATIO> .63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
