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      <invstOrSec>
        <name>Valero Energy Corp.</name>
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        <name>CRH plc</name>
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        <name>N/A</name>
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        <name>Amazon.com, Inc.</name>
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        <name>N/A</name>
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        <name>Hilton Worldwide Holdings, Inc.</name>
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        <title>Hilton Worldwide Holdings, Inc.</title>
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        <name>Northrop Grumman Corp.</name>
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        <name>BJ's Wholesale Club Holdings, Inc.</name>
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        <name>N/A</name>
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        <name>Waters Corp.</name>
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        <title>Waters Corp.</title>
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        <name>Shell plc</name>
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        <name>Boston Scientific Corp.</name>
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        <name>N/A</name>
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        <name>Sanofi SA</name>
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        <name>Southwest Airlines Co.</name>
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        <name>Kroger Co. (The)</name>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>PPL Corp.</name>
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        <name>RTX Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>General Motors Co.</name>
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        <name>FedEx Corp.</name>
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        <name>American Tower Corp.</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15242209.50000000</valUSD>
        <pctVal>0.612733762624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eastman Chemical Co.</name>
        <lei>FDPVHDGJ1IQZFK9KH630</lei>
        <title>Eastman Chemical Co.</title>
        <cusip>277432100</cusip>
        <identifiers>
          <isin value="US2774321002"/>
          <other otherDesc="Inhouse Asset ID" value="25187"/>
        </identifiers>
        <balance>130361.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9949151.52000000</valUSD>
        <pctVal>0.399953894202</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>
