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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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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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<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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<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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<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
054 K000800 N
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<PAGE> PAGE 42
070 H020800 N
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<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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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
050 001700 N
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<PAGE> PAGE 83
070 A021700 Y
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
046 001800 N
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<PAGE> PAGE 87
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<PAGE> PAGE 88
070 N011800 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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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 4,746,011,929
<INVESTMENTS-AT-VALUE> 6,720,416,105
<RECEIVABLES> 127,603,879
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<OTHER-INCOME> 0
<EXPENSES-NET> 17,409,609
<NET-INVESTMENT-INCOME> 7,058,036
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<DISTRIBUTIONS-OF-INCOME> (6,563,907)
<DISTRIBUTIONS-OF-GAINS> (526,374,820)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,850,712
<NUMBER-OF-SHARES-REDEEMED> (3,681,448)
<SHARES-REINVESTED> 11,992,310
<NET-CHANGE-IN-ASSETS> 869,072,938
<ACCUMULATED-NII-PRIOR> 6,388,437
<ACCUMULATED-GAINS-PRIOR> 502,080,922
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,110,535
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<GROSS-EXPENSE> 17,579,599
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<PER-SHARE-NII> .05
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<PER-SHARE-NAV-END> 47.96
<EXPENSE-RATIO> .29
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 4,746,011,929
<INVESTMENTS-AT-VALUE> 6,720,416,105
<RECEIVABLES> 127,603,879
<ASSETS-OTHER> 70,037
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 154,159,345
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<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 657,424,631
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,974,469,080
<NET-ASSETS> 6,676,478,344
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<NUMBER-OF-SHARES-REDEEMED> (8,414)
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<ACCUMULATED-NII-PRIOR> 6,388,437
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,110,535
<INTEREST-EXPENSE> 0
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<PER-SHARE-NII> .05
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<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (4.17)
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<EXPENSE-RATIO> .36
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 8,564,980,900
<INVESTMENTS-AT-VALUE> 10,854,205,641
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 70,971,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,050,638,863
<SHARES-COMMON-STOCK> 371,484,328
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 452,299,507
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,289,224,741
<NET-ASSETS> 10,875,544,108
<DIVIDEND-INCOME> 104,284,628
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<OTHER-INCOME> 0
<EXPENSES-NET> 25,159,122
<NET-INVESTMENT-INCOME> 84,286,587
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<APPREC-INCREASE-CURRENT> 450,846,613
<NET-CHANGE-FROM-OPS> 1,046,673,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (140,251,765)
<DISTRIBUTIONS-OF-GAINS> (699,887,168)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,653,378
<NUMBER-OF-SHARES-REDEEMED> (8,948,032)
<SHARES-REINVESTED> 31,047,267
<NET-CHANGE-IN-ASSETS> 919,574,787
<ACCUMULATED-NII-PRIOR> 139,548,823
<ACCUMULATED-GAINS-PRIOR> 641,667,817
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,574,404
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,693,160
<AVERAGE-NET-ASSETS> 10,378,829,111
<PER-SHARE-NAV-BEGIN> 28.77
<PER-SHARE-NII> .23
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<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> (2.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.18
<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 Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 8,564,980,900
<INVESTMENTS-AT-VALUE> 10,854,205,641
<RECEIVABLES> 92,309,620
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,946,515,261
<PAYABLE-FOR-SECURITIES> 55,877,841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,093,312
<TOTAL-LIABILITIES> 70,971,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,050,638,863
<SHARES-COMMON-STOCK> 1,193,045
<SHARES-COMMON-PRIOR> 263,744
<ACCUMULATED-NII-CURRENT> 83,380,997
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 452,299,507
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,289,224,741
<NET-ASSETS> 10,875,544,108
<DIVIDEND-INCOME> 104,284,628
<INTEREST-INCOME> 5,161,081
<OTHER-INCOME> 0
<EXPENSES-NET> 25,159,122
<NET-INVESTMENT-INCOME> 84,286,587
<REALIZED-GAINS-CURRENT> 511,540,105
<APPREC-INCREASE-CURRENT> 450,846,613
<NET-CHANGE-FROM-OPS> 1,046,673,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (202,648)
<DISTRIBUTIONS-OF-GAINS> (1,021,247)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 914,602
<NUMBER-OF-SHARES-REDEEMED> (30,580)
<SHARES-REINVESTED> 45,279
<NET-CHANGE-IN-ASSETS> 919,574,787
<ACCUMULATED-NII-PRIOR> 139,548,823
<ACCUMULATED-GAINS-PRIOR> 641,667,817
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,574,404
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,693,160
<AVERAGE-NET-ASSETS> 16,446,329
<PER-SHARE-NAV-BEGIN> 28.75
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> (2.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.14
<EXPENSE-RATIO> .32
[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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 1,086,268,906
<INVESTMENTS-AT-VALUE> 1,012,706,858
<RECEIVABLES> 27,060,455
<ASSETS-OTHER> 5,098,956
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,044,866,269
<PAYABLE-FOR-SECURITIES> 5,193,185
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,461,251
<TOTAL-LIABILITIES> 13,654,436
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,126,482,047
<SHARES-COMMON-STOCK> 94,182,798
<SHARES-COMMON-PRIOR> 88,260,675
<ACCUMULATED-NII-CURRENT> 53,973,896
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (75,548,448)
<ACCUM-APPREC-OR-DEPREC> (73,695,662)
<NET-ASSETS> 1,031,211,833
<DIVIDEND-INCOME> 3,865,056
<INTEREST-INCOME> 52,397,616
<OTHER-INCOME> 0
<EXPENSES-NET> 3,707,306
<NET-INVESTMENT-INCOME> 52,555,366
<REALIZED-GAINS-CURRENT> (56,047,284)
<APPREC-INCREASE-CURRENT> 43,461,325
<NET-CHANGE-FROM-OPS> 39,969,407
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (9,894,604)
<SHARES-REINVESTED> 10,149,537
<NET-CHANGE-IN-ASSETS> (3,519,420)
<ACCUMULATED-NII-PRIOR> 110,935,694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (19,501,164)
<GROSS-ADVISORY-FEES> 3,348,450
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,728,028
<AVERAGE-NET-ASSETS> 1,041,996,411
<PER-SHARE-NAV-BEGIN> 11.70
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (.13)
<PER-SHARE-DIVIDEND> (1.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> .36
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 1,086,268,906
<INVESTMENTS-AT-VALUE> 1,012,706,858
<RECEIVABLES> 27,060,455
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<OTHER-ITEMS-LIABILITIES> 8,461,251
<TOTAL-LIABILITIES> 13,654,436
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,126,482,047
<SHARES-COMMON-STOCK> 556,229
<SHARES-COMMON-PRIOR> 157,186
<ACCUMULATED-NII-CURRENT> 53,973,896
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (75,548,448)
<ACCUM-APPREC-OR-DEPREC> (73,695,662)
<NET-ASSETS> 1,031,211,833
<DIVIDEND-INCOME> 3,865,056
<INTEREST-INCOME> 52,397,616
<OTHER-INCOME> 0
<EXPENSES-NET> 3,707,306
<NET-INVESTMENT-INCOME> 52,555,366
<REALIZED-GAINS-CURRENT> (56,047,284)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 425,741
<NUMBER-OF-SHARES-REDEEMED> (66,804)
<SHARES-REINVESTED> 40,106
<NET-CHANGE-IN-ASSETS> (3,519,420)
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (19,501,164)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,728,028
<AVERAGE-NET-ASSETS> 4,011,116
<PER-SHARE-NAV-BEGIN> 11.70
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> (1.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> .43
[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 Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1,062,836,254
<INVESTMENTS-AT-VALUE> 1,032,202,432
<RECEIVABLES> 14,985,931
<ASSETS-OTHER> 5,789,754
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,052,978,117
<PAYABLE-FOR-SECURITIES> 30,172,835
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,846,088
<TOTAL-LIABILITIES> 32,018,923
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,023,759,100
<SHARES-COMMON-STOCK> 81,066,496
<SHARES-COMMON-PRIOR> 72,869,819
<ACCUMULATED-NII-CURRENT> 28,384,430
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (588,424)
<ACCUM-APPREC-OR-DEPREC> (30,595,912)
<NET-ASSETS> 1,020,959,194
<DIVIDEND-INCOME> 55,325
<INTEREST-INCOME> 33,926,377
<OTHER-INCOME> 0
<EXPENSES-NET> 3,328,649
<NET-INVESTMENT-INCOME> 30,653,053
<REALIZED-GAINS-CURRENT> 141,504
<APPREC-INCREASE-CURRENT> (51,871,121)
<NET-CHANGE-FROM-OPS> (21,076,564)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (54,771,797)
<DISTRIBUTIONS-OF-GAINS> (16,340,757)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,124,909
<NUMBER-OF-SHARES-REDEEMED> (2,523,242)
<SHARES-REINVESTED> 5,595,010
<NET-CHANGE-IN-ASSETS> 18,510,254
<ACCUMULATED-NII-PRIOR> 52,744,212
<ACCUMULATED-GAINS-PRIOR> 15,682,940
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,038,153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,400,602
<AVERAGE-NET-ASSETS> 1,021,137,754
<PER-SHARE-NAV-BEGIN> 13.73
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> (.66)
<PER-SHARE-DIVIDEND> (.72)
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.52
<EXPENSE-RATIO> .33
[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 Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1,062,836,254
<INVESTMENTS-AT-VALUE> 1,032,202,432
<RECEIVABLES> 14,985,931
<ASSETS-OTHER> 5,789,754
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,052,978,117
<PAYABLE-FOR-SECURITIES> 30,172,835
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,846,088
<TOTAL-LIABILITIES> 32,018,923
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,023,759,100
<SHARES-COMMON-STOCK> 487,549
<SHARES-COMMON-PRIOR> 166,693
<ACCUMULATED-NII-CURRENT> 28,384,430
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (588,424)
<ACCUM-APPREC-OR-DEPREC> (30,595,912)
<NET-ASSETS> 1,020,959,194
<DIVIDEND-INCOME> 55,325
<INTEREST-INCOME> 33,926,377
<OTHER-INCOME> 0
<EXPENSES-NET> 3,328,649
<NET-INVESTMENT-INCOME> 30,653,053
<REALIZED-GAINS-CURRENT> 141,504
<APPREC-INCREASE-CURRENT> (51,871,121)
<NET-CHANGE-FROM-OPS> (21,076,564)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (241,038)
<DISTRIBUTIONS-OF-GAINS> (72,111)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 337,394
<NUMBER-OF-SHARES-REDEEMED> (41,176)
<SHARES-REINVESTED> 24,638
<NET-CHANGE-IN-ASSETS> 18,510,254
<ACCUMULATED-NII-PRIOR> 52,744,212
<ACCUMULATED-GAINS-PRIOR> 15,682,940
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,038,153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,400,602
<AVERAGE-NET-ASSETS> 4,260,698
<PER-SHARE-NAV-BEGIN> 13.73
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> (.66)
<PER-SHARE-DIVIDEND> (.72)
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.52
<EXPENSE-RATIO> .41
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 706,086,556
<INVESTMENTS-AT-VALUE> 706,086,556
<RECEIVABLES> 1,183,593
<ASSETS-OTHER> 145,133
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 707,415,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,690,220
<TOTAL-LIABILITIES> 26,690,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 680,725,062
<SHARES-COMMON-STOCK> 672,386,875
<SHARES-COMMON-PRIOR> 595,158,086
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 680,725,062
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,557,876
<OTHER-INCOME> 0
<EXPENSES-NET> 1,601,791
<NET-INVESTMENT-INCOME> 14,956,085
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,956,085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,788,406)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 858,171,597
<NUMBER-OF-SHARES-REDEEMED> (795,731,214)
<SHARES-REINVESTED> 14,788,406
<NET-CHANGE-IN-ASSETS> 72,379,029
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,361,264
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,601,791
<AVERAGE-NET-ASSETS> 654,909,213
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .023
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.023)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .24
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 706,086,556
<INVESTMENTS-AT-VALUE> 706,086,556
<RECEIVABLES> 1,183,593
<ASSETS-OTHER> 145,133
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 707,415,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,690,220
<TOTAL-LIABILITIES> 26,690,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 680,725,062
<SHARES-COMMON-STOCK> 8,338,187
<SHARES-COMMON-PRIOR> 13,187,947
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 680,725,062
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,557,876
<OTHER-INCOME> 0
<EXPENSES-NET> 1,601,791
<NET-INVESTMENT-INCOME> 14,956,085
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,956,085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (167,679)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,653,529
<NUMBER-OF-SHARES-REDEEMED> (58,670,968)
<SHARES-REINVESTED> 167,679
<NET-CHANGE-IN-ASSETS> 72,379,029
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,361,264
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,601,791
<AVERAGE-NET-ASSETS> 7,744,141
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.022)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .32
[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> JUN-30-1999
<INVESTMENTS-AT-COST> 863,035,207
<INVESTMENTS-AT-VALUE> 991,869,932
<RECEIVABLES> 42,154,794
<ASSETS-OTHER> 8,233,999
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,042,258,725
<PAYABLE-FOR-SECURITIES> 34,937,655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,014,899
<TOTAL-LIABILITIES> 41,952,554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 804,091,516
<SHARES-COMMON-STOCK> 54,854,922
<SHARES-COMMON-PRIOR> 53,881,407
<ACCUMULATED-NII-CURRENT> 8,817,563
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66,146,033
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 121,251,059
<NET-ASSETS> 1,000,306,171
<DIVIDEND-INCOME> 4,190,099
<INTEREST-INCOME> 9,821,302
<OTHER-INCOME> 0
<EXPENSES-NET> 3,792,446
<NET-INVESTMENT-INCOME> 10,218,955
<REALIZED-GAINS-CURRENT> 67,544,408
<APPREC-INCREASE-CURRENT> (39,865,153)
<NET-CHANGE-FROM-OPS> 37,898,210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,732,501)
<DISTRIBUTIONS-OF-GAINS> (55,324,281)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 123,608
<NUMBER-OF-SHARES-REDEEMED> (3,373,632)
<SHARES-REINVESTED> 4,223,539
<NET-CHANGE-IN-ASSETS> (21,366,461)
<ACCUMULATED-NII-PRIOR> 18,368,225
<ACCUMULATED-GAINS-PRIOR> 54,031,084
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,247,512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,837,214
<AVERAGE-NET-ASSETS> 1,006,936,307
<PER-SHARE-NAV-BEGIN> 18.94
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .50
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (1.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.19
<EXPENSE-RATIO> .38
[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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 863,035,207
<INVESTMENTS-AT-VALUE> 991,869,932
<RECEIVABLES> 42,154,794
<ASSETS-OTHER> 8,233,999
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,042,258,725
<PAYABLE-FOR-SECURITIES> 34,937,655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,014,899
<TOTAL-LIABILITIES> 41,952,554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 804,091,516
<SHARES-COMMON-STOCK> 134,097
<SHARES-COMMON-PRIOR> 69,604
<ACCUMULATED-NII-CURRENT> 8,817,563
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66,146,033
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 121,251,059
<NET-ASSETS> 1,000,306,171
<DIVIDEND-INCOME> 4,190,099
<INTEREST-INCOME> 9,821,302
<OTHER-INCOME> 0
<EXPENSES-NET> 3,792,446
<NET-INVESTMENT-INCOME> 10,218,955
<REALIZED-GAINS-CURRENT> 67,544,408
<APPREC-INCREASE-CURRENT> (39,865,153)
<NET-CHANGE-FROM-OPS> 37,898,210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (37,116)
<DISTRIBUTIONS-OF-GAINS> (105,178)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65,303
<NUMBER-OF-SHARES-REDEEMED> (8,273)
<SHARES-REINVESTED> 7,463
<NET-CHANGE-IN-ASSETS> (21,366,461)
<ACCUMULATED-NII-PRIOR> 18,368,225
<ACCUMULATED-GAINS-PRIOR> 54,031,084
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,247,512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,837,214
<AVERAGE-NET-ASSETS> 1,895,771
<PER-SHARE-NAV-BEGIN> 18.95
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .49
<PER-SHARE-DIVIDEND> (.37)
<PER-SHARE-DISTRIBUTIONS> (1.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.19
<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 Global Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 1,750,321,833
<INVESTMENTS-AT-VALUE> 2,088,972,854
<RECEIVABLES> 74,935,082
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,833,985
<TOTAL-ASSETS> 2,166,741,921
<PAYABLE-FOR-SECURITIES> 53,894,226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,101,016
<TOTAL-LIABILITIES> 70,995,242
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,549,981,042
<SHARES-COMMON-STOCK> 104,906,766
<SHARES-COMMON-PRIOR> 98,005,512
<ACCUMULATED-NII-CURRENT> 574,610
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 205,971,504
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 339,219,523
<NET-ASSETS> 2,095,746,679
<DIVIDEND-INCOME> 8,404,856
<INTEREST-INCOME> 448,527
<OTHER-INCOME> 0
<EXPENSES-NET> 7,217,223
<NET-INVESTMENT-INCOME> 1,636,160
<REALIZED-GAINS-CURRENT> 213,988,104
<APPREC-INCREASE-CURRENT> (62,096,416)
<NET-CHANGE-FROM-OPS> 153,527,848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,217,030)
<DISTRIBUTIONS-OF-GAINS> (171,107,572)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,840,620
<NUMBER-OF-SHARES-REDEEMED> (5,362,624)
<SHARES-REINVESTED> 9,423,258
<NET-CHANGE-IN-ASSETS> 107,829,227
<ACCUMULATED-NII-PRIOR> 7,163,966
<ACCUMULATED-GAINS-PRIOR> 163,271,934
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,995,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,253,190
<AVERAGE-NET-ASSETS> 2,012,721,022
<PER-SHARE-NAV-BEGIN> 20.28
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (1.77)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.93
<EXPENSE-RATIO> .36
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Global Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 1,750,321,833
<INVESTMENTS-AT-VALUE> 2,088,972,854
<RECEIVABLES> 74,935,082
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,833,985
<TOTAL-ASSETS> 2,166,741,921
<PAYABLE-FOR-SECURITIES> 53,894,226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,101,016
<TOTAL-LIABILITIES> 70,995,242
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,549,981,042
<SHARES-COMMON-STOCK> 268,922
<SHARES-COMMON-PRIOR> 40,606
<ACCUMULATED-NII-CURRENT> 574,610
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 205,971,504
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 339,219,523
<NET-ASSETS> 2,095,746,679
<DIVIDEND-INCOME> 8,404,856
<INTEREST-INCOME> 448,527
<OTHER-INCOME> 0
<EXPENSES-NET> 7,217,223
<NET-INVESTMENT-INCOME> 1,636,160
<REALIZED-GAINS-CURRENT> 213,988,104
<APPREC-INCREASE-CURRENT> (62,096,416)
<NET-CHANGE-FROM-OPS> 153,527,848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,486)
<DISTRIBUTIONS-OF-GAINS> (180,962)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 358,280
<NUMBER-OF-SHARES-REDEEMED> (139,925)
<SHARES-REINVESTED> 9,961
<NET-CHANGE-IN-ASSETS> 107,829,227
<ACCUMULATED-NII-PRIOR> 7,163,966
<ACCUMULATED-GAINS-PRIOR> 163,271,934
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,995,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,253,190
<AVERAGE-NET-ASSETS> 2,297,278
<PER-SHARE-NAV-BEGIN> 20.28
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (1.77)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.90
<EXPENSE-RATIO> .43
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 787,422,864
<INVESTMENTS-AT-VALUE> 1,049,712,257
<RECEIVABLES> 10,078,462
<ASSETS-OTHER> 75,432
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,059,866,151
<PAYABLE-FOR-SECURITIES> 12,268,820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,873,209
<TOTAL-LIABILITIES> 20,142,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 748,529,438
<SHARES-COMMON-STOCK> 58,681,571
<SHARES-COMMON-PRIOR> 55,812,807
<ACCUMULATED-NII-CURRENT> 15,034,854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,802,778
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 262,357,052
<NET-ASSETS> 1,039,724,122
<DIVIDEND-INCOME> 15,218,129
<INTEREST-INCOME> 3,532,102
<OTHER-INCOME> 0
<EXPENSES-NET> 3,563,725
<NET-INVESTMENT-INCOME> 15,186,506
<REALIZED-GAINS-CURRENT> 14,355,250
<APPREC-INCREASE-CURRENT> 3,286,311
<NET-CHANGE-FROM-OPS> 32,828,067
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28,075,188)
<DISTRIBUTIONS-OF-GAINS> (29,484,585)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,635,165
<NUMBER-OF-SHARES-REDEEMED> (2,356,993)
<SHARES-REINVESTED> 3,590,592
<NET-CHANGE-IN-ASSETS> 22,598,081
<ACCUMULATED-NII-PRIOR> 28,000,418
<ACCUMULATED-GAINS-PRIOR> 29,013,180
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,223,591
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,563,725
<AVERAGE-NET-ASSETS> 998,094,237
<PER-SHARE-NAV-BEGIN> 18.19
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.50)
<PER-SHARE-DISTRIBUTIONS> (.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.64
<EXPENSE-RATIO> .36
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Utilities Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 787,422,864
<INVESTMENTS-AT-VALUE> 1,049,712,257
<RECEIVABLES> 10,078,462
<ASSETS-OTHER> 75,432
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,059,866,151
<PAYABLE-FOR-SECURITIES> 12,268,820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,873,209
<TOTAL-LIABILITIES> 20,142,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 748,529,438
<SHARES-COMMON-STOCK> 245,144
<SHARES-COMMON-PRIOR> 98,901
<ACCUMULATED-NII-CURRENT> 15,034,854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,802,778
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 262,357,052
<NET-ASSETS> 1,039,724,122
<DIVIDEND-INCOME> 15,218,129
<INTEREST-INCOME> 3,532,102
<OTHER-INCOME> 0
<EXPENSES-NET> 3,563,725
<NET-INVESTMENT-INCOME> 15,186,506
<REALIZED-GAINS-CURRENT> 14,355,250
<APPREC-INCREASE-CURRENT> 3,286,311
<NET-CHANGE-FROM-OPS> 32,828,067
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (76,882)
<DISTRIBUTIONS-OF-GAINS> (81,067)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 148,313
<NUMBER-OF-SHARES-REDEEMED> (12,099)
<SHARES-REINVESTED> 10,029
<NET-CHANGE-IN-ASSETS> 22,598,081
<ACCUMULATED-NII-PRIOR> 28,000,418
<ACCUMULATED-GAINS-PRIOR> 29,013,180
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,223,591
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,563,725
<AVERAGE-NET-ASSETS> 2,792,531
<PER-SHARE-NAV-BEGIN> 18.19
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> (.50)
<PER-SHARE-DISTRIBUTIONS> (.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.64
<EXPENSE-RATIO> .43
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 682,358,298
<INVESTMENTS-AT-VALUE> 645,753,592
<RECEIVABLES> 14,879,622
<ASSETS-OTHER> 2,806,149
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 663,439,363
<PAYABLE-FOR-SECURITIES> 1,491,804
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,253,706
<TOTAL-LIABILITIES> 3,745,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 706,302,113
<SHARES-COMMON-STOCK> 66,860,630
<SHARES-COMMON-PRIOR> 63,809,394
<ACCUMULATED-NII-CURRENT> 24,950,038
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (35,734,080)
<ACCUM-APPREC-OR-DEPREC> (35,824,218)
<NET-ASSETS> 659,693,853
<DIVIDEND-INCOME> 936,224
<INTEREST-INCOME> 26,835,653
<OTHER-INCOME> 0
<EXPENSES-NET> 2,524,847
<NET-INVESTMENT-INCOME> 25,247,030
<REALIZED-GAINS-CURRENT> (17,327,017)
<APPREC-INCREASE-CURRENT> (6,296,803)
<NET-CHANGE-FROM-OPS> 1,623,210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (46,355,564)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,181,092
<NUMBER-OF-SHARES-REDEEMED> (2,855,194)
<SHARES-REINVESTED> 4,725,338
<NET-CHANGE-IN-ASSETS> (11,322,608)
<ACCUMULATED-NII-PRIOR> 46,307,097
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (18,407,063)
<GROSS-ADVISORY-FEES> 2,229,018
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,542,664
<AVERAGE-NET-ASSETS> 662,121,016
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.35)
<PER-SHARE-DIVIDEND> (.74)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> .38
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 682,358,298
<INVESTMENTS-AT-VALUE> 645,753,592
<RECEIVABLES> 14,879,622
<ASSETS-OTHER> 2,806,149
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 663,439,363
<PAYABLE-FOR-SECURITIES> 1,491,804
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,253,706
<TOTAL-LIABILITIES> 3,745,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 706,302,113
<SHARES-COMMON-STOCK> 626,630
<SHARES-COMMON-PRIOR> 187,484
<ACCUMULATED-NII-CURRENT> 24,950,038
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (35,734,080)
<ACCUM-APPREC-OR-DEPREC> (35,824,218)
<NET-ASSETS> 659,693,853
<DIVIDEND-INCOME> 936,224
<INTEREST-INCOME> 26,835,653
<OTHER-INCOME> 0
<EXPENSES-NET> 2,524,847
<NET-INVESTMENT-INCOME> 25,247,030
<REALIZED-GAINS-CURRENT> (17,327,017)
<APPREC-INCREASE-CURRENT> (6,296,803)
<NET-CHANGE-FROM-OPS> 1,623,210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (248,525)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 441,280
<NUMBER-OF-SHARES-REDEEMED> (27,520)
<SHARES-REINVESTED> 25,386
<NET-CHANGE-IN-ASSETS> (11,322,608)
<ACCUMULATED-NII-PRIOR> 46,307,097
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (18,407,063)
<GROSS-ADVISORY-FEES> 2,229,018
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,542,664
<AVERAGE-NET-ASSETS> 3,710,443
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.35)
<PER-SHARE-DIVIDEND> (.73)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> .66
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2,870,732,385
<INVESTMENTS-AT-VALUE> 4,136,728,475
<RECEIVABLES> 66,094,929
<ASSETS-OTHER> 3,651,100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,206,474,504
<PAYABLE-FOR-SECURITIES> 27,385,064
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,399,639
<TOTAL-LIABILITIES> 58,784,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,536,069,167
<SHARES-COMMON-STOCK> 143,313,984
<SHARES-COMMON-PRIOR> 137,628,302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,649,390)
<ACCUMULATED-NET-GAINS> 350,274,095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,265,995,929
<NET-ASSETS> 4,147,689,801
<DIVIDEND-INCOME> 3,946,254
<INTEREST-INCOME> 2,484,690
<OTHER-INCOME> 0
<EXPENSES-NET> 11,080,334
<NET-INVESTMENT-INCOME> (4,649,390)
<REALIZED-GAINS-CURRENT> 354,759,049
<APPREC-INCREASE-CURRENT> 102,556,423
<NET-CHANGE-FROM-OPS> 452,666,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (51,876,522)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,899,153
<NUMBER-OF-SHARES-REDEEMED> (8,108,158)
<SHARES-REINVESTED> 1,894,687
<NET-CHANGE-IN-ASSETS> 560,106,377
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47,433,308
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,276,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,188,517
<AVERAGE-NET-ASSETS> 3,793,002,356
<PER-SHARE-NAV-BEGIN> 26.06
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 3.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.37)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.90
<EXPENSE-RATIO> .29
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2,870,732,385
<INVESTMENTS-AT-VALUE> 4,136,728,475
<RECEIVABLES> 66,094,929
<ASSETS-OTHER> 3,651,100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,206,474,504
<PAYABLE-FOR-SECURITIES> 27,385,064
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,399,639
<TOTAL-LIABILITIES> 58,784,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,536,069,167
<SHARES-COMMON-STOCK> 223,311
<SHARES-COMMON-PRIOR> 52,178
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,649,390)
<ACCUMULATED-NET-GAINS> 350,274,095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,265,995,929
<NET-ASSETS> 4,147,689,801
<DIVIDEND-INCOME> 3,946,254
<INTEREST-INCOME> 2,484,690
<OTHER-INCOME> 0
<EXPENSES-NET> 11,080,334
<NET-INVESTMENT-INCOME> (4,649,390)
<REALIZED-GAINS-CURRENT> 354,759,049
<APPREC-INCREASE-CURRENT> 102,556,423
<NET-CHANGE-FROM-OPS> 452,666,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (41,740)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,004
<NUMBER-OF-SHARES-REDEEMED> (4,397)
<SHARES-REINVESTED> 1,526
<NET-CHANGE-IN-ASSETS> 560,106,377
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47,433,308
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,276,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,188,517
<AVERAGE-NET-ASSETS> 3,100,802
<PER-SHARE-NAV-BEGIN> 26.04
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.37)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.85
<EXPENSE-RATIO> .37
[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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 100,665,935
<INVESTMENTS-AT-VALUE> 129,326,031
<RECEIVABLES> 11,212,138
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 268,857
<TOTAL-ASSETS> 140,807,026
<PAYABLE-FOR-SECURITIES> 468,089
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 579,340
<TOTAL-LIABILITIES> 1,047,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,766,499
<SHARES-COMMON-STOCK> 12,654,435
<SHARES-COMMON-PRIOR> 10,883,238
<ACCUMULATED-NII-CURRENT> 266,308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (23,893,130)
<ACCUM-APPREC-OR-DEPREC> 28,619,920
<NET-ASSETS> 139,759,597
<DIVIDEND-INCOME> 842,043
<INTEREST-INCOME> 45,247
<OTHER-INCOME> 0
<EXPENSES-NET> 608,688
<NET-INVESTMENT-INCOME> 278,602
<REALIZED-GAINS-CURRENT> 12,928,340
<APPREC-INCREASE-CURRENT> 16,702,683
<NET-CHANGE-FROM-OPS> 29,909,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,644,640
<NUMBER-OF-SHARES-REDEEMED> (9,873,443)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 48,981,580
<ACCUMULATED-NII-PRIOR> (12,294)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (36,821,470)
<GROSS-ADVISORY-FEES> 413,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 611,029
<AVERAGE-NET-ASSETS> 104,012,103
<PER-SHARE-NAV-BEGIN> 8.33
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.90
<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 Asia Pacific Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 100,665,935
<INVESTMENTS-AT-VALUE> 129,326,031
<RECEIVABLES> 11,212,138
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 268,857
<TOTAL-ASSETS> 140,807,026
<PAYABLE-FOR-SECURITIES> 468,089
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 579,340
<TOTAL-LIABILITIES> 1,047,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,766,499
<SHARES-COMMON-STOCK> 165,495
<SHARES-COMMON-PRIOR> 13,353
<ACCUMULATED-NII-CURRENT> 266,308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (23,893,130)
<ACCUM-APPREC-OR-DEPREC> 28,619,920
<NET-ASSETS> 139,759,597
<DIVIDEND-INCOME> 842,043
<INTEREST-INCOME> 45,247
<OTHER-INCOME> 0
<EXPENSES-NET> 608,688
<NET-INVESTMENT-INCOME> 278,602
<REALIZED-GAINS-CURRENT> 12,928,340
<APPREC-INCREASE-CURRENT> 16,702,683
<NET-CHANGE-FROM-OPS> 29,909,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 927,985
<NUMBER-OF-SHARES-REDEEMED> (775,843)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 48,981,580
<ACCUMULATED-NII-PRIOR> (12,294)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (36,821,470)
<GROSS-ADVISORY-FEES> 413,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 611,029
<AVERAGE-NET-ASSETS> 257,758
<PER-SHARE-NAV-BEGIN> 8.33
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> .66
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 317,186,600
<INVESTMENTS-AT-VALUE> 347,714,392
<RECEIVABLES> 20,320,883
<ASSETS-OTHER> 6,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 368,041,275
<PAYABLE-FOR-SECURITIES> 5,699,220
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 912,831
<TOTAL-LIABILITIES> 6,612,051
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,679,257
<SHARES-COMMON-STOCK> 25,759,950
<SHARES-COMMON-PRIOR> 24,912,249
<ACCUMULATED-NII-CURRENT> 2,831,051
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,379,055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,539,861
<NET-ASSETS> 361,429,224
<DIVIDEND-INCOME> 4,746,811
<INTEREST-INCOME> 314,705
<OTHER-INCOME> 0
<EXPENSES-NET> 1,575,475
<NET-INVESTMENT-INCOME> 3,486,041
<REALIZED-GAINS-CURRENT> 28,446,710
<APPREC-INCREASE-CURRENT> 9,823,496
<NET-CHANGE-FROM-OPS> 41,756,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,188,743
<NUMBER-OF-SHARES-REDEEMED> (13,341,042)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 55,456,422
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (654,990)
<OVERDIST-NET-GAINS-PRIOR> (2,067,655)
<GROSS-ADVISORY-FEES> 1,276,232
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,579,551
<AVERAGE-NET-ASSETS> 320,377,348
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.51
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 13.89
<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 International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 317,186,600
<INVESTMENTS-AT-VALUE> 347,714,392
<RECEIVABLES> 20,320,883
<ASSETS-OTHER> 6,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 368,041,275
<PAYABLE-FOR-SECURITIES> 5,699,220
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 912,831
<TOTAL-LIABILITIES> 6,612,051
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,679,257
<SHARES-COMMON-STOCK> 269,832
<SHARES-COMMON-PRIOR> 75,625
<ACCUMULATED-NII-CURRENT> 2,831,051
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,379,055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,539,861
<NET-ASSETS> 361,429,224
<DIVIDEND-INCOME> 4,746,811
<INTEREST-INCOME> 314,705
<OTHER-INCOME> 0
<EXPENSES-NET> 1,575,475
<NET-INVESTMENT-INCOME> 3,486,041
<REALIZED-GAINS-CURRENT> 28,446,710
<APPREC-INCREASE-CURRENT> 9,823,496
<NET-CHANGE-FROM-OPS> 41,756,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,175,028
<NUMBER-OF-SHARES-REDEEMED> (980,821)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 55,456,422
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (654,990)
<OVERDIST-NET-GAINS-PRIOR> (2,067,655)
<GROSS-ADVISORY-FEES> 1,276,232
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,579,551
<AVERAGE-NET-ASSETS> 1,466,255
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.51
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 13.89
<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 International Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 341,845,310
<INVESTMENTS-AT-VALUE> 398,192,637
<RECEIVABLES> 7,780,894
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,495,463
<TOTAL-ASSETS> 408,468,994
<PAYABLE-FOR-SECURITIES> 9,128,593
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 931,844
<TOTAL-LIABILITIES> 10,060,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 319,740,621
<SHARES-COMMON-STOCK> 25,921,902
<SHARES-COMMON-PRIOR> 23,488,832
<ACCUMULATED-NII-CURRENT> 1,329,760
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,944,729
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56,393,447
<NET-ASSETS> 398,408,557
<DIVIDEND-INCOME> 3,255,267
<INTEREST-INCOME> 166,275
<OTHER-INCOME> 0
<EXPENSES-NET> 1,755,635
<NET-INVESTMENT-INCOME> 1,665,907
<REALIZED-GAINS-CURRENT> 27,157,210
<APPREC-INCREASE-CURRENT> 13,205,134
<NET-CHANGE-FROM-OPS> 42,028,251
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,522,993
<NUMBER-OF-SHARES-REDEEMED> (7,089,923)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 79,572,363
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (336,147)
<OVERDIST-NET-GAINS-PRIOR> (6,212,481)
<GROSS-ADVISORY-FEES> 1,413,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,775,828
<AVERAGE-NET-ASSETS> 353,763,507
<PER-SHARE-NAV-BEGIN> 13.52
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.19
<EXPENSE-RATIO> 0.50
[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 International Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 341,845,310
<INVESTMENTS-AT-VALUE> 398,192,637
<RECEIVABLES> 7,780,894
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,495,463
<TOTAL-ASSETS> 408,468,994
<PAYABLE-FOR-SECURITIES> 9,128,593
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 931,844
<TOTAL-LIABILITIES> 10,060,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 319,740,621
<SHARES-COMMON-STOCK> 314,327
<SHARES-COMMON-PRIOR> 91,357
<ACCUMULATED-NII-CURRENT> 1,329,760
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,944,729
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56,393,447
<NET-ASSETS> 398,408,557
<DIVIDEND-INCOME> 3,255,267
<INTEREST-INCOME> 166,275
<OTHER-INCOME> 0
<EXPENSES-NET> 1,755,635
<NET-INVESTMENT-INCOME> 1,665,907
<REALIZED-GAINS-CURRENT> 27,157,210
<APPREC-INCREASE-CURRENT> 13,205,134
<NET-CHANGE-FROM-OPS> 42,028,251
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 866,618
<NUMBER-OF-SHARES-REDEEMED> (643,648)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 79,572,363
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (336,147)
<OVERDIST-NET-GAINS-PRIOR> (6,212,481)
<GROSS-ADVISORY-FEES> 1,413,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,775,828
<AVERAGE-NET-ASSETS> 2,631,672
<PER-SHARE-NAV-BEGIN> 13.51
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.17
<EXPENSE-RATIO> 0.57
[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 International New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 118,657,413
<INVESTMENTS-AT-VALUE> 155,373,349
<RECEIVABLES> 14,147,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 477,608
<TOTAL-ASSETS> 169,998,094
<PAYABLE-FOR-SECURITIES> 3,145,110
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 521,916
<TOTAL-LIABILITIES> 3,667,026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,565,305
<SHARES-COMMON-STOCK> 11,932,063
<SHARES-COMMON-PRIOR> 11,788,244
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (259,523)
<ACCUMULATED-NET-GAINS> 2,012,845
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,012,441
<NET-ASSETS> 166,331,068
<DIVIDEND-INCOME> 1,044,494
<INTEREST-INCOME> 102,253
<OTHER-INCOME> 0
<EXPENSES-NET> 1,115,066
<NET-INVESTMENT-INCOME> 31,681
<REALIZED-GAINS-CURRENT> 15,850,617
<APPREC-INCREASE-CURRENT> 11,002,434
<NET-CHANGE-FROM-OPS> 26,884,732
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (57,846)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,421,618
<NUMBER-OF-SHARES-REDEEMED> (10,282,498)
<SHARES-REINVESTED> 4,699
<NET-CHANGE-IN-ASSETS> 30,794,944
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (233,349)
<OVERDIST-NET-GAINS-PRIOR> (13,837,772)
<GROSS-ADVISORY-FEES> 850,598
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,119,064
<AVERAGE-NET-ASSETS> 142,595,065
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.73
<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 International New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 118,657,413
<INVESTMENTS-AT-VALUE> 155,373,349
<RECEIVABLES> 14,147,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 477,608
<TOTAL-ASSETS> 169,998,094
<PAYABLE-FOR-SECURITIES> 3,145,110
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 521,916
<TOTAL-LIABILITIES> 3,667,026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,565,305
<SHARES-COMMON-STOCK> 185,330
<SHARES-COMMON-PRIOR> 7,405
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (259,523)
<ACCUMULATED-NET-GAINS> 2,012,845
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,012,441
<NET-ASSETS> 166,331,068
<DIVIDEND-INCOME> 1,044,494
<INTEREST-INCOME> 102,253
<OTHER-INCOME> 0
<EXPENSES-NET> 1,115,066
<NET-INVESTMENT-INCOME> 31,681
<REALIZED-GAINS-CURRENT> 15,850,617
<APPREC-INCREASE-CURRENT> 11,002,434
<NET-CHANGE-FROM-OPS> 26,884,732
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,298,173
<NUMBER-OF-SHARES-REDEEMED> (1,120,249)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 30,794,944
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (233,349)
<OVERDIST-NET-GAINS-PRIOR> (13,837,772)
<GROSS-ADVISORY-FEES> 850,598
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,119,064
<AVERAGE-NET-ASSETS> 372,733
<PER-SHARE-NAV-BEGIN> 11.48
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 2.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.72
<EXPENSE-RATIO> .86
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 316,907,600
<INVESTMENTS-AT-VALUE> 389,972,464
<RECEIVABLES> 4,623,305
<ASSETS-OTHER> 36,273
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 394,632,042
<PAYABLE-FOR-SECURITIES> 15,668,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 641,278
<TOTAL-LIABILITIES> 16,310,026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,339,777
<SHARES-COMMON-STOCK> 22,603,195
<SHARES-COMMON-PRIOR> 21,162,504
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,311,878
<OVERDISTRIBUTION-GAINS> (394,503)
<ACCUM-APPREC-OR-DEPREC> 73,064,864
<NET-ASSETS> 378,322,016
<DIVIDEND-INCOME> 652,623
<INTEREST-INCOME> 241,783
<OTHER-INCOME> 0
<EXPENSES-NET> 1,288,909
<NET-INVESTMENT-INCOME> (394,503)
<REALIZED-GAINS-CURRENT> 44,452,158
<APPREC-INCREASE-CURRENT> (2,671,292)
<NET-CHANGE-FROM-OPS> 41,386,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,239,426
<NUMBER-OF-SHARES-REDEEMED> (798,735)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65,858,277
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,140,280)
<GROSS-ADVISORY-FEES> 1,102,029
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,292,378
<AVERAGE-NET-ASSETS> 340,426,923
<PER-SHARE-NAV-BEGIN> 14.72
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.60
<EXPENSE-RATIO> .38
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 316,907,600
<INVESTMENTS-AT-VALUE> 389,972,464
<RECEIVABLES> 4,623,305
<ASSETS-OTHER> 36,273
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 394,632,042
<PAYABLE-FOR-SECURITIES> 15,668,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 641,278
<TOTAL-LIABILITIES> 16,310,026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,339,777
<SHARES-COMMON-STOCK> 189,097
<SHARES-COMMON-PRIOR> 57,810
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,311,878
<OVERDISTRIBUTION-GAINS> (394,503)
<ACCUM-APPREC-OR-DEPREC> 73,064,864
<NET-ASSETS> 378,322,016
<DIVIDEND-INCOME> 652,623
<INTEREST-INCOME> 241,783
<OTHER-INCOME> 0
<EXPENSES-NET> 1,288,909
<NET-INVESTMENT-INCOME> (394,503)
<REALIZED-GAINS-CURRENT> 44,452,158
<APPREC-INCREASE-CURRENT> (2,671,292)
<NET-CHANGE-FROM-OPS> 41,386,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,320
<NUMBER-OF-SHARES-REDEEMED> (9,033)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65,858,277
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,140,280)
<GROSS-ADVISORY-FEES> 1,102,029
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,292,378
<AVERAGE-NET-ASSETS> 1,637,110
<PER-SHARE-NAV-BEGIN> 14.73
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.89
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.59
<EXPENSE-RATIO> .45
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 268,031,534
<INVESTMENTS-AT-VALUE> 302,293,151
<RECEIVABLES> 8,249,315
<ASSETS-OTHER> 23,431
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 310,565,897
<PAYABLE-FOR-SECURITIES> 7,775,440
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 543,505
<TOTAL-LIABILITIES> 8,318,945
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,409,661
<SHARES-COMMON-STOCK> 22,154,744
<SHARES-COMMON-PRIOR> 21,267,484
<ACCUMULATED-NII-CURRENT> 1,838,514
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,737,160
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,261,617
<NET-ASSETS> 302,246,952
<DIVIDEND-INCOME> 2,677,763
<INTEREST-INCOME> 178,285
<OTHER-INCOME> 0
<EXPENSES-NET> 1,054,948
<NET-INVESTMENT-INCOME> 1,801,100
<REALIZED-GAINS-CURRENT> 14,897,544
<APPREC-INCREASE-CURRENT> 19,145,707
<NET-CHANGE-FROM-OPS> 35,844,351
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,345)
<DISTRIBUTIONS-OF-GAINS> (4,292,862)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,132,360
<NUMBER-OF-SHARES-REDEEMED> (1,591,821)
<SHARES-REINVESTED> 346,721
<NET-CHANGE-IN-ASSETS> 46,079,168
<ACCUMULATED-NII-PRIOR> 57,759
<ACCUMULATED-GAINS-PRIOR> 3,147,156
0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 942,782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,080,386
<AVERAGE-NET-ASSETS> 270,704,130
<PER-SHARE-NAV-BEGIN> 12.03
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.21)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.53
<EXPENSE-RATIO> .40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 268,031,534
<INVESTMENTS-AT-VALUE> 302,293,151
<RECEIVABLES> 8,249,315
<ASSETS-OTHER> 23,431
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 310,565,897
<PAYABLE-FOR-SECURITIES> 7,775,440
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 543,505
<TOTAL-LIABILITIES> 8,318,945
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,409,661
<SHARES-COMMON-STOCK> 180,530
<SHARES-COMMON-PRIOR> 34,458
<ACCUMULATED-NII-CURRENT> 1,838,514
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,737,160
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,261,617
<NET-ASSETS> 302,246,952
<DIVIDEND-INCOME> 2,677,763
<INTEREST-INCOME> 178,285
<OTHER-INCOME> 0
<EXPENSES-NET> 1,054,948
<NET-INVESTMENT-INCOME> 1,801,100
<REALIZED-GAINS-CURRENT> 14,897,544
<APPREC-INCREASE-CURRENT> 19,145,707
<NET-CHANGE-FROM-OPS> 35,844,351
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,678)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,352
<NUMBER-OF-SHARES-REDEEMED> (9,461)
<SHARES-REINVESTED> 1,181
<NET-CHANGE-IN-ASSETS> 46,079,168
<ACCUMULATED-NII-PRIOR> 57,759
<ACCUMULATED-GAINS-PRIOR> 3,147,156
0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 942,782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,080,386
<AVERAGE-NET-ASSETS> 1,040,899
<PER-SHARE-NAV-BEGIN> 12.02
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.21)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> .47
[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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 41,303,122
<INVESTMENTS-AT-VALUE> 53,918,851
<RECEIVABLES> 3,300,546
<ASSETS-OTHER> 35,078
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,254,475
<PAYABLE-FOR-SECURITIES> 2,373,011
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,750,246
<TOTAL-LIABILITIES> 5,123,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,589,948
<SHARES-COMMON-STOCK> 4,236,952
<SHARES-COMMON-PRIOR> 2,781,247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (120,652)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,953,807)
<ACCUM-APPREC-OR-DEPREC> 12,615,729
<NET-ASSETS> 52,131,218
<DIVIDEND-INCOME> 1,165
<INTEREST-INCOME> 48,507
<OTHER-INCOME> 0
<EXPENSES-NET> 170,324
<NET-INVESTMENT-INCOME> (120,652)
<REALIZED-GAINS-CURRENT> (221,263)
<APPREC-INCREASE-CURRENT> 6,742,469
<NET-CHANGE-FROM-OPS> 6,400,554
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,121,750
<NUMBER-OF-SHARES-REDEEMED> (1,666,045)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,531,239
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,732,544)
<GROSS-ADVISORY-FEES> 132,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,048
<AVERAGE-NET-ASSETS> 37,226,749
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.92
<EXPENSE-RATIO> .45
[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> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 41,303,122
<INVESTMENTS-AT-VALUE> 53,918,851
<RECEIVABLES> 3,300,546
<ASSETS-OTHER> 35,078
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,254,475
<PAYABLE-FOR-SECURITIES> 2,373,011
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,750,246
<TOTAL-LIABILITIES> 5,123,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,589,948
<SHARES-COMMON-STOCK> 135,250
<SHARES-COMMON-PRIOR> 53,638
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (120,652)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,953,807)
<ACCUM-APPREC-OR-DEPREC> 12,615,729
<NET-ASSETS> 52,131,218
<DIVIDEND-INCOME> 1,165
<INTEREST-INCOME> 48,507
<OTHER-INCOME> 0
<EXPENSES-NET> 170,324
<NET-INVESTMENT-INCOME> (120,652)
<REALIZED-GAINS-CURRENT> (221,263)
<APPREC-INCREASE-CURRENT> 6,742,469
<NET-CHANGE-FROM-OPS> 6,400,554
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,815
<NUMBER-OF-SHARES-REDEEMED> (16,203)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,531,239
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,732,544)
<GROSS-ADVISORY-FEES> 132,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,048
<AVERAGE-NET-ASSETS> 942,341
<PER-SHARE-NAV-BEGIN> 10.08
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.88
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.92
<EXPENSE-RATIO> .52
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 225,487,831
<INVESTMENTS-AT-VALUE> 235,047,429
<RECEIVABLES> 4,559,713
<ASSETS-OTHER> 1,194,073
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,801,215
<PAYABLE-FOR-SECURITIES> 2,278,257
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 401,529
<TOTAL-LIABILITIES> 2,679,786
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223,210,964
<SHARES-COMMON-STOCK> 20,996,641
<SHARES-COMMON-PRIOR> 11,013,542
<ACCUMULATED-NII-CURRENT> 2,412,988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,937,879
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,559,598
<NET-ASSETS> 238,121,429
<DIVIDEND-INCOME> 1,062,650
<INTEREST-INCOME> 2,105,947
<OTHER-INCOME> 0
<EXPENSES-NET> 711,528
<NET-INVESTMENT-INCOME> 2,457,069
<REALIZED-GAINS-CURRENT> 3,211,844
<APPREC-INCREASE-CURRENT> 4,634,457
<NET-CHANGE-FROM-OPS> 10,303,370
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (251,289)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,893,879
<NUMBER-OF-SHARES-REDEEMED> (935,012)
<SHARES-REINVESTED> 24,232
<NET-CHANGE-IN-ASSETS> 122,995,073
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (44,081)
<OVERDIST-NET-GAINS-PRIOR> (15,829)
<GROSS-ADVISORY-FEES> 560,880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 722,824
<AVERAGE-NET-ASSETS> 169,205,080
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> .41
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 225,487,831
<INVESTMENTS-AT-VALUE> 235,047,429
<RECEIVABLES> 4,559,713
<ASSETS-OTHER> 1,194,073
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,801,215
<PAYABLE-FOR-SECURITIES> 2,278,257
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 401,529
<TOTAL-LIABILITIES> 2,679,786
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223,210,964
<SHARES-COMMON-STOCK> 885,726
<SHARES-COMMON-PRIOR> 187,141
<ACCUMULATED-NII-CURRENT> 2,412,988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,937,879
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,559,598
<NET-ASSETS> 238,121,429
<DIVIDEND-INCOME> 1,062,650
<INTEREST-INCOME> 2,105,947
<OTHER-INCOME> 0
<EXPENSES-NET> 711,528
<NET-INVESTMENT-INCOME> 2,457,069
<REALIZED-GAINS-CURRENT> 3,211,844
<APPREC-INCREASE-CURRENT> 4,634,457
<NET-CHANGE-FROM-OPS> 10,303,370
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6,847)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 727,309
<NUMBER-OF-SHARES-REDEEMED> (29,384)
<SHARES-REINVESTED> 660
<NET-CHANGE-IN-ASSETS> 122,995,073
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (44,081)
<OVERDIST-NET-GAINS-PRIOR> (15,829)
<GROSS-ADVISORY-FEES> 560,880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 722,824
<AVERAGE-NET-ASSETS> 4,803,512
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<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 Health Sceinces Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 183,711,848
<INVESTMENTS-AT-VALUE> 198,246,826
<RECEIVABLES> 2,535,302
<ASSETS-OTHER> 19,929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,802,057
<PAYABLE-FOR-SECURITIES> 1,587,409
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,590,330
<TOTAL-LIABILITIES> 3,177,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,677,215
<SHARES-COMMON-STOCK> 18,884,687
<SHARES-COMMON-PRIOR> 12,283,877
<ACCUMULATED-NII-CURRENT> 139,803
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,732,040)
<ACCUM-APPREC-OR-DEPREC> 14,539,340
<NET-ASSETS> 197,624,318
<DIVIDEND-INCOME> 623,415
<INTEREST-INCOME> 237,952
<OTHER-INCOME> 0
<EXPENSES-NET> 721,564
<NET-INVESTMENT-INCOME> 139,803
<REALIZED-GAINS-CURRENT> (7,908,283)
<APPREC-INCREASE-CURRENT> (3,412,475)
<NET-CHANGE-FROM-OPS> (11,180,955)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,985,059
<NUMBER-OF-SHARES-REDEEMED> (384,249)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 61,059,644
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,823,757)
<GROSS-ADVISORY-FEES> 595,283
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 723,713
<AVERAGE-NET-ASSETS> 168,450,223
<PER-SHARE-NAV-BEGIN> 10.94
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.76)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> .42
[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> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 183,711,848
<INVESTMENTS-AT-VALUE> 198,246,826
<RECEIVABLES> 2,535,302
<ASSETS-OTHER> 19,929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,802,057
<PAYABLE-FOR-SECURITIES> 1,587,409
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,590,330
<TOTAL-LIABILITIES> 3,177,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,677,215
<SHARES-COMMON-STOCK> 507,349
<SHARES-COMMON-PRIOR> 194,680
<ACCUMULATED-NII-CURRENT> 139,803
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,732,040)
<ACCUM-APPREC-OR-DEPREC> 14,539,340
<NET-ASSETS> 197,624,318
<DIVIDEND-INCOME> 623,415
<INTEREST-INCOME> 237,952
<OTHER-INCOME> 0
<EXPENSES-NET> 721,564
<NET-INVESTMENT-INCOME> 139,803
<REALIZED-GAINS-CURRENT> (7,908,283)
<APPREC-INCREASE-CURRENT> (3,412,475)
<NET-CHANGE-FROM-OPS> (11,180,955)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 329,266
<NUMBER-OF-SHARES-REDEEMED> (16,597)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 61,059,644
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,823,757)
<GROSS-ADVISORY-FEES> 595,283
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 723,713
<AVERAGE-NET-ASSETS> 3,165,532
<PER-SHARE-NAV-BEGIN> 10.93
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.74)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<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 RESEARCH FUND
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 74,419,249
<INVESTMENTS-AT-VALUE> 78,882,359
<RECEIVABLES> 476,874
<ASSETS-OTHER> 110,850
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,470,083
<PAYABLE-FOR-SECURITIES> 1,917,219
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,864
<TOTAL-LIABILITIES> 2,019,083
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,095,489
<SHARES-COMMON-STOCK> 5,627,891
<SHARES-COMMON-PRIOR> 1,897,004
<ACCUMULATED-NII-CURRENT> 122,885
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,769,516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,463,110
<NET-ASSETS> 77,451,000
<DIVIDEND-INCOME> 272,876
<INTEREST-INCOME> 46,217
<OTHER-INCOME> 0
<EXPENSES-NET> 196,208
<NET-INVESTMENT-INCOME> 122,885
<REALIZED-GAINS-CURRENT> 2,863,146
<APPREC-INCREASE-CURRENT> 2,483,614
<NET-CHANGE-FROM-OPS> 5,469,645
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (347,942)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,357,624
<NUMBER-OF-SHARES-REDEEMED> (654,752)
<SHARES-REINVESTED> 28,015
<NET-CHANGE-IN-ASSETS> 54,569,757
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 261,181
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198,835
<AVERAGE-NET-ASSETS> 45,790,635
<PER-SHARE-NAV-BEGIN> 11.93
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.27
<EXPENSE-RATIO> .42
[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> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 74,419,249
<INVESTMENTS-AT-VALUE> 78,882,359
<RECEIVABLES> 476,874
<ASSETS-OTHER> 110,850
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,470,083
<PAYABLE-FOR-SECURITIES> 1,917,219
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,864
<TOTAL-LIABILITIES> 2,019,083
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,095,489
<SHARES-COMMON-STOCK> 210,459
<SHARES-COMMON-PRIOR> 21,410
<ACCUMULATED-NII-CURRENT> 122,885
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,769,516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,463,110
<NET-ASSETS> 77,451,000
<DIVIDEND-INCOME> 272,876
<INTEREST-INCOME> 46,217
<OTHER-INCOME> 0
<EXPENSES-NET> 196,208
<NET-INVESTMENT-INCOME> 122,885
<REALIZED-GAINS-CURRENT> 2,863,146
<APPREC-INCREASE-CURRENT> 2,483,614
<NET-CHANGE-FROM-OPS> 5,469,645
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6,869)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 203,008
<NUMBER-OF-SHARES-REDEEMED> (14,512)
<SHARES-REINVESTED> 553
<NET-CHANGE-IN-ASSETS> 54,569,757
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 261,181
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198,835
<AVERAGE-NET-ASSETS> 975,766
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.25
<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 Small Cap Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 4,799,867
<INVESTMENTS-AT-VALUE> 5,076,119
<RECEIVABLES> 498,407
<ASSETS-OTHER> 51,954
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,626,480
<PAYABLE-FOR-SECURITIES> 285,601
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,836
<TOTAL-LIABILITIES> 297,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,029,153
<SHARES-COMMON-STOCK> 446,244
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,349)
<ACCUMULATED-NET-GAINS> 27,987
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 276,252
<NET-ASSETS> 5,329,043
<DIVIDEND-INCOME> 4,824
<INTEREST-INCOME> 2,968
<OTHER-INCOME> 0
<EXPENSES-NET> 12,141
<NET-INVESTMENT-INCOME> (4,349)
<REALIZED-GAINS-CURRENT> 27,987
<APPREC-INCREASE-CURRENT> 276,252
<NET-CHANGE-FROM-OPS> 299,890
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 380,659
<NUMBER-OF-SHARES-REDEEMED> (34,315)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,329,043
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,100
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,313
<AVERAGE-NET-ASSETS> 2,904,313
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.99
<EXPENSE-RATIO> .40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Small Cap Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUNE-30-1999
<INVESTMENTS-AT-COST> 4,799,867
<INVESTMENTS-AT-VALUE> 5,076,119
<RECEIVABLES> 498,407
<ASSETS-OTHER> 51,954
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,626,480
<PAYABLE-FOR-SECURITIES> 285,601
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,836
<TOTAL-LIABILITIES> 297,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,029,153
<SHARES-COMMON-STOCK> 38,725
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,349)
<ACCUMULATED-NET-GAINS> 27,987
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 276,252
<NET-ASSETS> 5,329,043
<DIVIDEND-INCOME> 4,824
<INTEREST-INCOME> 2,968
<OTHER-INCOME> 0
<EXPENSES-NET> 12,141
<NET-INVESTMENT-INCOME> (4,349)
<REALIZED-GAINS-CURRENT> 27,987
<APPREC-INCREASE-CURRENT> 276,252
<NET-CHANGE-FROM-OPS> 299,890
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,640
<NUMBER-OF-SHARES-REDEEMED> (15)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,329,043
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,100
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,313
<AVERAGE-NET-ASSETS> 161,061
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.99
<EXPENSE-RATIO> .43
[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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 483,338,621
<INVESTMENTS-AT-VALUE> 568,444,019
<RECEIVABLES> 6,024,990
<ASSETS-OTHER> 122,493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 574,591,502
<PAYABLE-FOR-SECURITIES> 4,406,506
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,282,557
<TOTAL-LIABILITIES> 7,689,063
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 496,649,334
<SHARES-COMMON-STOCK> 43,116,574
<SHARES-COMMON-PRIOR> 20,891,466
<ACCUMULATED-NII-CURRENT> 11,692
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,863,985)
<ACCUM-APPREC-OR-DEPREC> 85,105,398
<NET-ASSETS> 566,902,439
<DIVIDEND-INCOME> 1,098,298
<INTEREST-INCOME> 437,086
<OTHER-INCOME> 0
<EXPENSES-NET> 1,523,692
<NET-INVESTMENT-INCOME> 11,692
<REALIZED-GAINS-CURRENT> (6,025,691)
<APPREC-INCREASE-CURRENT> 46,012,333
<NET-CHANGE-FROM-OPS> 39,998,334
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,552,209
<NUMBER-OF-SHARES-REDEEMED> (327,101)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 320,987,385
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,838,294)
<GROSS-ADVISORY-FEES> 1,314,947
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,528,564
<AVERAGE-NET-ASSETS> 402,297,366
<PER-SHARE-NAV-BEGIN> 11.65
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.79
<EXPENSE-RATIO> .37
[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> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 483,338,621
<INVESTMENTS-AT-VALUE> 568,444,019
<RECEIVABLES> 6,024,990
<ASSETS-OTHER> 122,493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 574,591,502
<PAYABLE-FOR-SECURITIES> 4,406,506
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,282,557
<TOTAL-LIABILITIES> 7,689,063
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 496,649,334
<SHARES-COMMON-STOCK> 1,206,795
<SHARES-COMMON-PRIOR> 225,024
<ACCUMULATED-NII-CURRENT> 11,692
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,863,985)
<ACCUM-APPREC-OR-DEPREC> 85,105,398
<NET-ASSETS> 566,902,439
<DIVIDEND-INCOME> 1,098,298
<INTEREST-INCOME> 437,086
<OTHER-INCOME> 0
<EXPENSES-NET> 1,523,692
<NET-INVESTMENT-INCOME> 11,692
<REALIZED-GAINS-CURRENT> (6,025,691)
<APPREC-INCREASE-CURRENT> 46,012,333
<NET-CHANGE-FROM-OPS> 39,998,334
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 989,353
<NUMBER-OF-SHARES-REDEEMED> (7,582)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 320,987,385
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,838,294)
<GROSS-ADVISORY-FEES> 1,314,947
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,528,564
<AVERAGE-NET-ASSETS> 6,538,546
<PER-SHARE-NAV-BEGIN> 11.64
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.78
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
