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        <name>PriceSmart, Inc.</name>
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        <name>Kymera Therapeutics, Inc.</name>
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        <name>Semtech Corp.</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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        <fairValLevel>1</fairValLevel>
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        <name>Solaris Energy Infrastructure, Inc.</name>
        <lei>529900MTK3C8Y8TIIC10</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Rhythm Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kodiak Gas Services, Inc.</name>
        <lei>N/A</lei>
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        <name>Tarsus Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
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        <name>Merit Medical Systems, Inc.</name>
        <lei>549300OYTY138SP2CE83</lei>
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        <name>Establishment Labs Holdings, Inc.</name>
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        <name>Energy Fuels, Inc.</name>
        <lei>529900P0GCATXMGK8I62</lei>
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        <invCountry>CA</invCountry>

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        <name>Applied Digital Corp.</name>
        <lei>2549004NE2B6RYXINZ02</lei>
        <title>Applied Digital Corp.</title>
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        <name>Nextpower, Inc.</name>
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        <name>Putnam Cash Collateral Pool LLC</name>
        <lei>5493005HRIV7IFMKD774</lei>
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        <invCountry>US</invCountry>
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        <name>Lumentum Holdings, Inc.</name>
        <lei>549300JLWRRC38DWEF52</lei>
        <title>Lumentum Holdings, Inc.</title>
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        <name>Dave, Inc.</name>
        <lei>25490061SUVXCW51RZ82</lei>
        <title>Dave, Inc.</title>
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        <name>SPX Technologies, Inc.</name>
        <lei>P761FCI0CPOG24I8JE10</lei>
        <title>SPX Technologies, Inc.</title>
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        <name>RBC Bearings, Inc.</name>
        <lei>N/A</lei>
        <title>RBC Bearings, Inc.</title>
        <cusip>75524B104</cusip>
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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>Fabrinet</name>
        <lei>5493004TETZ6IYF7CV44</lei>
        <title>Fabrinet</title>
        <cusip>N/A</cusip>
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          <isin value="KYG3323L1005"/>
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        <name>Viavi Solutions, Inc.</name>
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        <name>Casella Waste Systems, Inc.</name>
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        <name>Legence Corp.</name>
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        <name>Xenon Pharmaceuticals, Inc.</name>
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        <name>Mercury Systems, Inc.</name>
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        <name>Agilysys, Inc.</name>
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        <name>Ensign Group, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nuvalent, Inc.</name>
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        <name>VSE Corp.</name>
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        <name>Axos Financial, Inc.</name>
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        <name>Covista, 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>Federal Signal Corp.</name>
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        <title>Federal Signal Corp.</title>
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        <name>UFP Technologies, Inc.</name>
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        <name>CG oncology, Inc.</name>
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        <name>Coeur Mining, 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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        <title>Ollie's Bargain Outlet Holdings, Inc.</title>
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        <name>Axsome Therapeutics, Inc.</name>
        <lei>549300EXGR0XLRJEIB95</lei>
        <title>Axsome Therapeutics, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>IES Holdings, Inc.</name>
        <lei>549300687T8E6LN6EN72</lei>
        <title>IES Holdings, Inc.</title>
        <cusip>44951W106</cusip>
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      <invstOrSec>
        <name>ADMA Biologics, Inc.</name>
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        <name>Blueprint Medicines Corp.</name>
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        <name>Cavco Industries, Inc.</name>
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        <name>GeneDx Holdings Corp.</name>
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        <name>Piper Sandler Cos.</name>
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        <name>Camtek Ltd.</name>
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        <name>Patrick Industries, Inc.</name>
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        <name>Installed Building Products, 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>CECO Environmental Corp.</name>
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        <name>BrightSpring Health Services, Inc.</name>
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        <name>Boot Barn Holdings, Inc.</name>
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        <name>Onto Innovation, Inc.</name>
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        <name>Putnam Short Term Investment Fund</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>
        <lei>549300756XI3QLFT2U27</lei>
        <title>Advanced Energy Industries, Inc.</title>
        <cusip>007973100</cusip>
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      <invstOrSec>
        <name>Terawulf, Inc.</name>
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      <invstOrSec>
        <name>Rocket Lab Corp.</name>
        <lei>254900LNRW7906KUMM93</lei>
        <title>Rocket Lab Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Comfort Systems USA, Inc.</name>
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        <title>Comfort Systems USA, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bel Fuse, Inc.</name>
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          <isin value="US0773473006"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Modine Manufacturing Co.</name>
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        <title>Modine Manufacturing Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Halozyme Therapeutics, Inc.</name>
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        <title>Halozyme Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DigitalOcean Holdings, Inc.</name>
        <lei>549300EPISPY3RE3DL21</lei>
        <title>DigitalOcean Holdings, Inc.</title>
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          <isin value="US25402D1028"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FormFactor, Inc.</name>
        <lei>549300YCEEO6SZD1ZR61</lei>
        <title>FormFactor, Inc.</title>
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          <isin value="US3463751087"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>IRhythm Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sterling Infrastructure, Inc.</name>
        <lei>549300RZIK6K1215XU51</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Carpenter Technology Corp.</name>
        <lei>DX6I6ZD3X5WNNCDJKP85</lei>
        <title>Carpenter Technology Corp.</title>
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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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      <invstOrSec>
        <name>SiTime Corp.</name>
        <lei>N/A</lei>
        <title>SiTime Corp.</title>
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          <isin value="US82982T1060"/>
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        <invCountry>US</invCountry>
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        <name>Guardant Health, Inc.</name>
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        <name>Enova International, Inc.</name>
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        <name>Aritzia, 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>Rambus, Inc.</name>
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        <name>FTAI Aviation Ltd.</name>
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        <title>FTAI Aviation Ltd.</title>
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        <name>Colliers International Group, Inc.</name>
        <lei>D3O8K13PHLEXXD1DT480</lei>
        <title>Colliers International Group, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Dycom Industries, Inc.</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>Dycom Industries, Inc.</title>
        <cusip>267475101</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Kratos Defense &amp; Security Solutions, Inc.</name>
        <lei>5493000EKBN0UY1F3F88</lei>
        <title>Kratos Defense &amp; Security Solutions, Inc.</title>
        <cusip>50077B207</cusip>
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        </identifiers>
        <balance>6795.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>479115.45000000</valUSD>
        <pctVal>1.287273367144</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>2259.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>599357.88000000</valUSD>
        <pctVal>1.610337208520</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>2026-04-30</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>
