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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Integer Holdings Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Doximity, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bancorp, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <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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      <invstOrSec>
        <name>RadNet, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Insmed, Inc.</name>
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        <name>Rhythm Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Soleno Therapeutics, Inc.</name>
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        <name>Merit Medical Systems, Inc.</name>
        <lei>549300OYTY138SP2CE83</lei>
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        <name>Putnam Cash Collateral Pool LLC</name>
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        <name>Dave, Inc.</name>
        <lei>N/A</lei>
        <title>Dave, Inc.</title>
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        <name>Hims &amp; Hers Health, Inc.</name>
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        <name>Leonardo DRS, Inc.</name>
        <lei>549300HMMEWVG3PPQU18</lei>
        <title>Leonardo DRS, Inc.</title>
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        <name>SPX Technologies, Inc.</name>
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        <name>RBC Bearings, Inc.</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>
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        <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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      <invstOrSec>
        <name>Vertex, Inc.</name>
        <lei>549300QMYW171MP1PL50</lei>
        <title>Vertex, Inc., Class A</title>
        <cusip>92538J106</cusip>
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        <name>Casella Waste Systems, Inc.</name>
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        <name>Legence Corp.</name>
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        <name>Verra Mobility Corp.</name>
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        <name>Agilysys, Inc.</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>Life360, Inc.</name>
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        <name>Clean Harbors, Inc.</name>
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        <title>Clean Harbors, Inc.</title>
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        <name>Ascendis Pharma A/S</name>
        <lei>549300B66JN3W3J8GH73</lei>
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        <invCountry>DK</invCountry>
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        <name>Ollie's Bargain Outlet Holdings, Inc.</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc.</title>
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      <invstOrSec>
        <name>Knife River Corp.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Axsome Therapeutics, Inc.</name>
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        <title>Axsome Therapeutics, Inc.</title>
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        <name>IES Holdings, Inc.</name>
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        <name>Eagle Materials, Inc.</name>
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      <invstOrSec>
        <name>ADMA Biologics, Inc.</name>
        <lei>N/A</lei>
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        <name>Blueprint Medicines Corp., CVR</name>
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        <name>BellRing Brands, Inc.</name>
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      <invstOrSec>
        <name>GeneDx Holdings Corp.</name>
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        <name>CSW Industrials, Inc.</name>
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        <name>StepStone Group, Inc.</name>
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      <invstOrSec>
        <name>FirstService Corp.</name>
        <lei>5493000XUDIV75BCF118</lei>
        <title>FirstService Corp.</title>
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        <name>LENZ Therapeutics, Inc.</name>
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        <name>Planet Fitness, Inc.</name>
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        <name>Camtek Ltd.</name>
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        <title>Camtek Ltd.</title>
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        <name>Patrick Industries, Inc.</name>
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        <name>Installed Building Products, Inc.</name>
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        <name>Itron, Inc.</name>
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        <name>CES Energy Solutions Corp.</name>
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        <title>CES Energy Solutions Corp.</title>
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        <name>Construction Partners, Inc.</name>
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        <name>AeroVironment, Inc.</name>
        <lei>529900PGHVI29YLZ6221</lei>
        <title>AeroVironment, Inc.</title>
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        <name>Boot Barn Holdings, Inc.</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>Boot Barn Holdings, Inc.</title>
        <cusip>099406100</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ACI Worldwide, Inc.</name>
        <lei>5493003BPVMZUJ6F5C02</lei>
        <title>ACI Worldwide, Inc.</title>
        <cusip>004498101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Huron Consulting Group, Inc.</name>
        <lei>549300NGVB9H6TKTLE36</lei>
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        <title>Rambus, Inc.</title>
        <cusip>750917106</cusip>
        <identifiers>
          <isin value="US7509171069"/>
          <other otherDesc="Inhouse Asset ID" value="46297"/>
        </identifiers>
        <balance>3100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>323020.00000000</valUSD>
        <pctVal>0.833092884858</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>FTAI Aviation Ltd.</name>
        <lei>N/A</lei>
        <title>FTAI Aviation Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3730V1059"/>
          <other otherDesc="Inhouse Asset ID" value="603559"/>
        </identifiers>
        <balance>1855.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>309525.30000000</valUSD>
        <pctVal>0.798289038182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colliers International Group, Inc.</name>
        <lei>D3O8K13PHLEXXD1DT480</lei>
        <title>Colliers International Group, Inc.</title>
        <cusip>194693107</cusip>
        <identifiers>
          <isin value="CA1946931070"/>
          <other otherDesc="Inhouse Asset ID" value="194094"/>
        </identifiers>
        <balance>2955.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39170000"/>
        <valUSD>462158.01000000</valUSD>
        <pctVal>1.191940281752</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>1465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>427428.40000000</valUSD>
        <pctVal>1.102370004416</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>11210.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1024257.70000000</valUSD>
        <pctVal>2.641637676094</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>Piper Sandler Cos.</name>
        <lei>QUQDBTUSOAKFEVMRMF78</lei>
        <title>Piper Sandler Cos.</title>
        <cusip>724078100</cusip>
        <identifiers>
          <isin value="US7240781002"/>
          <other otherDesc="Inhouse Asset ID" value="293702"/>
        </identifiers>
        <balance>605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>209928.95000000</valUSD>
        <pctVal>0.541422557646</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>2194.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>572743.70000000</valUSD>
        <pctVal>1.477149097014</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>2025-10-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
