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      <invstOrSec>
        <name>Integer Holdings Corp.</name>
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      <invstOrSec>
        <name>Doximity, Inc.</name>
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        <name>Bancorp, Inc. (The)</name>
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        <name>BJ's Wholesale Club Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Grindr, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kinsale Capital Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Medpace Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RadNet, Inc.</name>
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        <name>Insmed, Inc.</name>
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        <name>Rhythm Pharmaceuticals, Inc.</name>
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        <name>Merit Medical Systems, Inc.</name>
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        <name>Lantheus Holdings, Inc.</name>
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        <name>Blueprint Medicines Corp.</name>
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        <name>Hims &amp; Hers Health, Inc.</name>
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        <name>Leonardo DRS, Inc.</name>
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        <name>SPX Technologies, Inc.</name>
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        <name>RBC Bearings, Inc.</name>
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        <name>PROCEPT BioRobotics Corp.</name>
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        <name>Fabrinet</name>
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        <title>Fabrinet</title>
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        <name>Kirby Corp.</name>
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        <title>Kirby Corp.</title>
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        <name>Pegasystems, Inc.</name>
        <lei>549300FMCOKPL06FYN26</lei>
        <title>Pegasystems, Inc.</title>
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        <name>Descartes Systems Group, Inc. (The)</name>
        <lei>875500NEPA7JI5EOMN45</lei>
        <title>Descartes Systems Group, Inc. (The)</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vertex, Inc.</name>
        <lei>549300QMYW171MP1PL50</lei>
        <title>Vertex, Inc., Class A</title>
        <cusip>92538J106</cusip>
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        <name>Verra Mobility Corp.</name>
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        <name>Skyward Specialty Insurance Group, Inc.</name>
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        <name>VSE Corp.</name>
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        <name>Loar Holdings, Inc.</name>
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        <name>Adtalem Global Education, Inc.</name>
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        <name>Encompass Health Corp.</name>
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        <name>Nova Ltd.</name>
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        <name>JBT Marel Corp.</name>
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        <name>Stride, Inc.</name>
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        <name>Federal Signal Corp.</name>
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        <name>UFP Technologies, Inc.</name>
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        <name>Clearwater Analytics Holdings, Inc.</name>
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        <name>Clean Harbors, Inc.</name>
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        <name>Ascendis Pharma A/S</name>
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        <name>Ollie's Bargain Outlet Holdings, Inc.</name>
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        <name>Knife River Corp.</name>
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        <name>Verona Pharma plc</name>
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        <name>IES Holdings, Inc.</name>
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        <name>Eagle Materials, Inc.</name>
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        <name>BellRing Brands, Inc.</name>
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        <name>GeneDx Holdings Corp.</name>
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        <name>FirstService Corp.</name>
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        <name>Planet Fitness, Inc.</name>
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        <name>Camtek Ltd.</name>
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        <name>Itron, Inc.</name>
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        <name>CES Energy Solutions Corp.</name>
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        <name>Construction Partners, Inc.</name>
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        <name>Boot Barn Holdings, Inc.</name>
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        <name>Intapp, Inc.</name>
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        <name>Putnam Funds Trust</name>
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        <name>Perella Weinberg Partners</name>
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        <name>Bridgebio Pharma, Inc.</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>Bridgebio Pharma, Inc.</title>
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        <name>Advanced Energy Industries, Inc.</name>
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      <invstOrSec>
        <name>Rocket Lab Corp.</name>
        <lei>N/A</lei>
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        <name>Comfort Systems USA, Inc.</name>
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        <name>Halozyme Therapeutics, Inc.</name>
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        <name>Badger Meter, Inc.</name>
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        <name>Varonis Systems, Inc.</name>
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        <name>Murphy USA, Inc.</name>
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        <name>Centrus Energy Corp.</name>
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        <name>Mr. Cooper Group, Inc.</name>
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        <name>Carpenter Technology Corp.</name>
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        <name>SiTime Corp.</name>
        <lei>N/A</lei>
        <title>SiTime Corp.</title>
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        <name>Enova International, Inc.</name>
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        <name>Commvault Systems, Inc.</name>
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        <name>Aritzia, Inc.</name>
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        <name>Q2 Holdings, Inc.</name>
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        <name>Texas Roadhouse, Inc.</name>
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        <name>Crane Co.</name>
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        <name>Archrock, Inc.</name>
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        <name>Sprouts Farmers Market, Inc.</name>
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        <name>Vericel Corp.</name>
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        <name>Rambus, Inc.</name>
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        <name>FTAI Aviation Ltd.</name>
        <lei>N/A</lei>
        <title>FTAI Aviation Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Colliers International Group, Inc.</name>
        <lei>D3O8K13PHLEXXD1DT480</lei>
        <title>Colliers International Group, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="194094"/>
        </identifiers>
        <balance>2300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>300929.69000000</valUSD>
        <pctVal>0.851334403819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dycom Industries, Inc.</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>Dycom Industries, Inc.</title>
        <cusip>267475101</cusip>
        <identifiers>
          <isin value="US2674751019"/>
          <other otherDesc="Inhouse Asset ID" value="61404"/>
        </identifiers>
        <balance>1815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443567.85000000</valUSD>
        <pctVal>1.254859801747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kratos Defense &amp; Security Solutions, Inc.</name>
        <lei>5493000EKBN0UY1F3F88</lei>
        <title>Kratos Defense &amp; Security Solutions, Inc.</title>
        <cusip>50077B207</cusip>
        <identifiers>
          <isin value="US50077B2079"/>
          <other otherDesc="Inhouse Asset ID" value="178574"/>
        </identifiers>
        <balance>11315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>525581.75000000</valUSD>
        <pctVal>1.486878299694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Industrial Technologies, Inc.</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies, Inc.</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <isin value="US03820C1053"/>
          <other otherDesc="Inhouse Asset ID" value="203673"/>
        </identifiers>
        <balance>2249.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>522780.05000000</valUSD>
        <pctVal>1.478952250260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
