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> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUNE-30-2000
<INVESTMENTS-AT-COST> 43,692,202
<INVESTMENTS-AT-VALUE> 45,838,265
<RECEIVABLES> 1,151,265
<ASSETS-OTHER> 778
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,990,308
<PAYABLE-FOR-SECURITIES> 100,868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 817,764
<TOTAL-LIABILITIES> 918,632
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,799,217
<SHARES-COMMON-STOCK> 2,594,341
<SHARES-COMMON-PRIOR> 1,192,923
<ACCUMULATED-NII-CURRENT> 57,514
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,146,063
<NET-ASSETS> 46,071,676
<DIVIDEND-INCOME> 207,875
<INTEREST-INCOME> 40,925
<OTHER-INCOME> 0
<EXPENSES-NET> 191,286
<NET-INVESTMENT-INCOME> 57,514
<REALIZED-GAINS-CURRENT> 201,063
<APPREC-INCREASE-CURRENT> 1,721,363
<NET-CHANGE-FROM-OPS> 1,979,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,540,892
<NUMBER-OF-SHARES-REDEEMED> (139,474)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27,390,033
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (132,181)
<GROSS-ADVISORY-FEES> 128,186
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 197,745
<AVERAGE-NET-ASSETS> 21,116,577
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.03
<EXPENSE-RATIO> .59
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
