<PAGE> PAGE 1
000 A000000 06/30/97
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002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
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062 A000100 N
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<PAGE> PAGE 2
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<PAGE> PAGE 3
075 A000300 0
075 B000300 6472487
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<PAGE> PAGE 4
072 A000500 6
074 N000500 914175
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071 B000600 738113
071 C000600 755357
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074 N000600 992356
074 T000600 758724
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071 A000700 0
<PAGE> PAGE 5
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 6
074 N000700 502037
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071 A000800 244903
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<PAGE> PAGE 6
062 Q000900 33.5
062 R000900 3.2
071 A000900 753184
071 B000900 691741
071 C000900 495895
071 D000900 139
072 A000900 6
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074 T000900 549349
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062 A001000 N
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<PAGE> PAGE 7
062 N001100 0.0
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071 A001100 81823
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Asia Pacific Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 133,106,924
<INVESTMENTS-AT-VALUE> 151,031,807
<RECEIVABLES> 3,009,294
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<OTHER-ITEMS-ASSETS> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,842,740
<SHARES-COMMON-STOCK> 12,993,008
<SHARES-COMMON-PRIOR> 11,855,445
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,932,107)
<ACCUM-APPREC-OR-DEPREC> 17,924,557
<NET-ASSETS> 149,538,105
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<INTEREST-INCOME> 103,330
<OTHER-INCOME> 0
<EXPENSES-NET> 615,438
<NET-INVESTMENT-INCOME> 591,440
<REALIZED-GAINS-CURRENT> (564,908)
<APPREC-INCREASE-CURRENT> 9,647,972
<NET-CHANGE-FROM-OPS> 9,674,504
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<DISTRIBUTIONS-OF-INCOME> (2,664,413)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,366,168
<NUMBER-OF-SHARES-REDEEMED> (7,486,034)
<SHARES-REINVESTED> 257,429
<NET-CHANGE-IN-ASSETS> 18,990,521
<ACCUMULATED-NII-PRIOR> 1,775,888
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,367,199)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 679,459
<AVERAGE-NET-ASSETS> 134,473,091
<PER-SHARE-NAV-BEGIN> 11.01
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .67
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.51
<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 Diversified Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 539,717,659
<INVESTMENTS-AT-VALUE> 547,186,888
<RECEIVABLES> 17,428,343
<ASSETS-OTHER> 4,602,479
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 569,217,710
<PAYABLE-FOR-SECURITIES> 11,848,779
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,019,791
<TOTAL-LIABILITIES> 19,868,570
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 530,598,341
<SHARES-COMMON-STOCK> 50,937,166
<SHARES-COMMON-PRIOR> 43,893,169
<ACCUMULATED-NII-CURRENT> 17,651,061
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,564,379)
<ACCUM-APPREC-OR-DEPREC> 5,664,117
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<OTHER-INCOME> 0
<EXPENSES-NET> 2,041,719
<NET-INVESTMENT-INCOME> 19,041,690
<REALIZED-GAINS-CURRENT> (2,716,827)
<APPREC-INCREASE-CURRENT> (3,581,303)
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<DISTRIBUTIONS-OF-INCOME> (29,111,301)
<DISTRIBUTIONS-OF-GAINS> (4,589,202)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,685,780
<NUMBER-OF-SHARES-REDEEMED> (1,885,336)
<SHARES-REINVESTED> 3,243,553
<NET-CHANGE-IN-ASSETS> 54,537,825
<ACCUMULATED-NII-PRIOR> 27,720,672
<ACCUMULATED-GAINS-PRIOR> 2,741,650
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,093,087
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<PER-SHARE-NAV-BEGIN> 11.27
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.63)
<PER-SHARE-DISTRIBUTIONS> (.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<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 Global Asset Allocation Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 772,889,446
<INVESTMENTS-AT-VALUE> 899,665,976
<RECEIVABLES> 26,749,522
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 934,771,707
<PAYABLE-FOR-SECURITIES> 34,646,012
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<OTHER-ITEMS-LIABILITIES> 16,199,372
<TOTAL-LIABILITIES> 50,845,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 703,897,122
<SHARES-COMMON-STOCK> 49,869,027
<SHARES-COMMON-PRIOR> 43,350,143
<ACCUMULATED-NII-CURRENT> 10,163,727
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 48,525,931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 121,339,543
<NET-ASSETS> 883,926,323
<DIVIDEND-INCOME> 4,742,743
<INTEREST-INCOME> 11,212,980
<OTHER-INCOME> 0
<EXPENSES-NET> 3,090,362
<NET-INVESTMENT-INCOME> 12,865,361
<REALIZED-GAINS-CURRENT> 51,544,206
<APPREC-INCREASE-CURRENT> 36,481,684
<NET-CHANGE-FROM-OPS> 100,891,251
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,727,346)
<DISTRIBUTIONS-OF-GAINS> (45,683,547)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,282,610
<NUMBER-OF-SHARES-REDEEMED> (1,272,499)
<SHARES-REINVESTED> 4,508,773
<NET-CHANGE-IN-ASSETS> 136,192,064
<ACCUMULATED-NII-PRIOR> 24,025,712
<ACCUMULATED-GAINS-PRIOR> 42,665,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,665,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,138,012
<AVERAGE-NET-ASSETS> 812,540,430
<PER-SHARE-NAV-BEGIN> 17.25
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> 1.85
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.72
<EXPENSE-RATIO> .39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust Global Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,424,105,520
<INVESTMENTS-AT-VALUE> 1,653,437,943
<RECEIVABLES> 42,586,239
<ASSETS-OTHER> 6,263,455
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,702,287,637
<PAYABLE-FOR-SECURITIES> 55,384,629
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,866,207
<TOTAL-LIABILITIES> 61,250,836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,229,930,660
<SHARES-COMMON-STOCK> 88,109,767
<SHARES-COMMON-PRIOR> 79,683,919
<ACCUMULATED-NII-CURRENT> 3,983,408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 177,547,130
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 229,575,603
<NET-ASSETS> 1,641,036,801
<DIVIDEND-INCOME> 11,884,349
<INTEREST-INCOME> 1,704,822
<OTHER-INCOME> 0
<EXPENSES-NET> 5,216,217
<NET-INVESTMENT-INCOME> 8,372,954
<REALIZED-GAINS-CURRENT> 179,088,582
<APPREC-INCREASE-CURRENT> 37,226,168
<NET-CHANGE-FROM-OPS> 224,687,704
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,624,622)
<DISTRIBUTIONS-OF-GAINS> (36,166,970)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,087,439
<NUMBER-OF-SHARES-REDEEMED> (5,951,040)
<SHARES-REINVESTED> 4,289,449
<NET-CHANGE-IN-ASSETS> 296,149,969
<ACCUMULATED-NII-PRIOR> 29,235,076
<ACCUMULATED-GAINS-PRIOR> 34,625,518
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,338,339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,399,154
<AVERAGE-NET-ASSETS> 1,459,856,288
<PER-SHARE-NAV-BEGIN> 16.88
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 2.50
<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> (.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.62
<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 Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 5,731,262,888
<INVESTMENTS-AT-VALUE> 7,262,847,659
<RECEIVABLES> 215,958,524
<ASSETS-OTHER> 514,035
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,479,320,218
<PAYABLE-FOR-SECURITIES> 115,922,761
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,456,485
<TOTAL-LIABILITIES> 124,379,246
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,446,381,398
<SHARES-COMMON-STOCK> 278,494,007
<SHARES-COMMON-PRIOR> 231,214,083
<ACCUMULATED-NII-CURRENT> 73,818,892
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 303,154,532
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,531,586,150
<NET-ASSETS> 7,354,940,972
<DIVIDEND-INCOME> 85,394,233
<INTEREST-INCOME> 10,176,465
<OTHER-INCOME> 0
<EXPENSES-NET> 16,425,650
<NET-INVESTMENT-INCOME> 79,145,048
<REALIZED-GAINS-CURRENT> (1,050)
<APPREC-INCREASE-CURRENT> 556,053,854
<NET-CHANGE-FROM-OPS> 955,631,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (128,693,999)
<DISTRIBUTIONS-OF-GAINS> (313,245,624)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,418,248
<NUMBER-OF-SHARES-REDEEMED> (1,063,450)
<SHARES-REINVESTED> 18,862,126
<NET-CHANGE-IN-ASSETS> 1,675,841,370
<ACCUMULATED-NII-PRIOR> 29,235,076
<ACCUMULATED-GAINS-PRIOR> 34,625,518
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,298,728
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,568,500
<AVERAGE-NET-ASSETS> 6,472,487,317
<PER-SHARE-NAV-BEGIN> 24.56
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 3.39
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> (1.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.41
<EXPENSE-RATIO> .26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 857,914,780
<INVESTMENTS-AT-VALUE> 879,140,567
<RECEIVABLES> 30,704,428
<ASSETS-OTHER> 4,330,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 914,175,404
<PAYABLE-FOR-SECURITIES> 38,902,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,487,092
<TOTAL-LIABILITIES> 40,389,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 812,653,979
<SHARES-COMMON-STOCK> 69,276,624
<SHARES-COMMON-PRIOR> 59,425,005
<ACCUMULATED-NII-CURRENT> 38,912,606
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,008,644
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,210,223
<NET-ASSETS> 873,785,452
<DIVIDEND-INCOME> 1,873,647
<INTEREST-INCOME> 40,091,556
<OTHER-INCOME> 0
<EXPENSES-NET> 2,891,050
<NET-INVESTMENT-INCOME> 39,074,153
<REALIZED-GAINS-CURRENT> 7,602,652
<APPREC-INCREASE-CURRENT> 1,295,551
<NET-CHANGE-FROM-OPS> 47,972,356
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58,024,885)
<DISTRIBUTIONS-OF-GAINS> (6,728,418)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,366,657
<NUMBER-OF-SHARES-REDEEMED> (8,947,363)
<SHARES-REINVESTED> 5,432,325
<NET-CHANGE-IN-ASSETS> 103,867,653
<ACCUMULATED-NII-PRIOR> 57,863,338
<ACCUMULATED-GAINS-PRIOR> 134,410
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,692,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,967,020
<AVERAGE-NET-ASSETS> 821,912,948
<PER-SHARE-NAV-BEGIN> 12.96
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .17
<PER-SHARE-DIVIDEND> (.94)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.61
<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 International Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 88,538,924
<INVESTMENTS-AT-VALUE> 93,652,880
<RECEIVABLES> 1,584,938
<ASSETS-OTHER> 91,280
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 95,329,098
<PAYABLE-FOR-SECURITIES> 12,421,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 172,992
<TOTAL-LIABILITIES> 12,594,472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,586,119
<SHARES-COMMON-STOCK> 7,151,183
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 425,201
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 487,687
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,235,619
<NET-ASSETS> 82,734,626
<DIVIDEND-INCOME> 460,401
<INTEREST-INCOME> 129,715
<OTHER-INCOME> 0
<EXPENSES-NET> 164,915
<NET-INVESTMENT-INCOME> 425,201
<REALIZED-GAINS-CURRENT> 487,687
<APPREC-INCREASE-CURRENT> 5,235,619
<NET-CHANGE-FROM-OPS> 6,148,507
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,971,657
<NUMBER-OF-SHARES-REDEEMED> (70,474)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 80,234,626
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 121,346
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 182,019
<AVERAGE-NET-ASSETS> 30,929,625
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.57
<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 International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 109,605,496
<INVESTMENTS-AT-VALUE> 115,754,005
<RECEIVABLES> 2,241,818
<ASSETS-OTHER> 157,657
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,153,480
<PAYABLE-FOR-SECURITIES> 7,122,924
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,637
<TOTAL-LIABILITIES> 7,371,561
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101,886,068
<SHARES-COMMON-STOCK> 9,576,069
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 778,690
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,678,169
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,438,992
<NET-ASSETS> 110,781,919
<DIVIDEND-INCOME> 849,879
<INTEREST-INCOME> 191,758
<OTHER-INCOME> 0
<EXPENSES-NET> 262,947
<NET-INVESTMENT-INCOME> 778,690
<REALIZED-GAINS-CURRENT> 1,678,169
<APPREC-INCREASE-CURRENT> 6,438,992
<NET-CHANGE-FROM-OPS> 8,895,851
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,625,100
<NUMBER-OF-SHARES-REDEEMED> (299,031)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 108,281,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 189,684
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,527
<AVERAGE-NET-ASSETS> 47,813,993
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.57
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Variable Trust New Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,687,302,129
<INVESTMENTS-AT-VALUE> 2,076,065,602
<RECEIVABLES> 19,408,557
<ASSETS-OTHER> 857,026
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,096,331,185
<PAYABLE-FOR-SECURITIES> 9,847,130
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,928,642
<TOTAL-LIABILITIES> 12,775,772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,765,125,559
<SHARES-COMMON-STOCK> 109,952,394
<SHARES-COMMON-PRIOR> 97,206,802
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (39,188)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (70,294,624)
<ACCUM-APPREC-OR-DEPREC> 388,763,666
<NET-ASSETS> 2,083,555,413
<DIVIDEND-INCOME> 3,880,261
<INTEREST-INCOME> 1,832,278
<OTHER-INCOME> 0
<EXPENSES-NET> 5,748,427
<NET-INVESTMENT-INCOME> (35,888)
<REALIZED-GAINS-CURRENT> (37,539,487)
<APPREC-INCREASE-CURRENT> 223,327,162
<NET-CHANGE-FROM-OPS> 185,751,787
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,041,315
<NUMBER-OF-SHARES-REDEEMED> (9,295,723)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 409,358,716
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,355,476
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,851,998
<AVERAGE-NET-ASSETS> 1,813,354,228
<PER-SHARE-NAV-BEGIN> 17.22
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.95
<EXPENSE-RATIO> .32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
