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-31-1999
<PERIOD-END> JUNE-30-2000
<INVESTMENTS-AT-COST> 467,677,592
<INVESTMENTS-AT-VALUE> 528,129,775
<RECEIVABLES> 7,392,346
<ASSETS-OTHER> 1,876,589
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 537,728,551
<PAYABLE-FOR-SECURITIES> 5,346,619
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,983,922
<TOTAL-LIABILITIES> 10,330,541
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 460,488,346
<SHARES-COMMON-STOCK> 19,909,808
<SHARES-COMMON-PRIOR> 14,200,909
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (9,665,907)
<ACCUMULATED-NET-GAINS> 8,448,633
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,126,938
<NET-ASSETS> 527,398,010
<DIVIDEND-INCOME> 1,021,244
<INTEREST-INCOME> 609,886
<OTHER-INCOME> 0
<EXPENSES-NET> 3,048,021
<NET-INVESTMENT-INCOME> (1,416,891)
<REALIZED-GAINS-CURRENT> 9,424,669
<APPREC-INCREASE-CURRENT> (93,248,047)
<NET-CHANGE-FROM-OPS> (85,240,269)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (202,185)
<DISTRIBUTIONS-OF-GAINS> (18,986,990)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,909,961
<NUMBER-OF-SHARES-REDEEMED> (13,019,713)
<SHARES-REINVESTED> 818,651
<NET-CHANGE-IN-ASSETS> 162,862,410
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22,260,195
<OVERDISTRIB-NII-PRIOR> (9,810)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,420,804
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,138,164
<AVERAGE-NET-ASSETS> 1,300,545
<PER-SHARE-NAV-BEGIN> 23.31
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> (3.34)
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (1.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.87
<EXPENSE-RATIO> .63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
