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        <name>BlackRock, Inc.</name>
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      <invstOrSec>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Alphabet, Inc.</name>
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        <name>Walmart, Inc.</name>
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        <name>CME Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CRH plc</name>
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        <balance>7265.00000000</balance>
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        <invCountry>IE</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Robinhood Markets, Inc.</name>
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        <name>N/A</name>
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        <name>NVIDIA Corp.</name>
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        <title>NVIDIA Corp.</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Hilton Worldwide Holdings, Inc.</name>
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        <name>Northrop Grumman Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
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        <name>Waters Corp.</name>
        <lei>5T547R1474YC9HOD8Q74</lei>
        <title>Waters Corp.</title>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Devon Energy Corp.</name>
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        <lei>AR5L2ODV9HN37376R084</lei>
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        <name>US Foods Holding Corp.</name>
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        <name>KKR &amp; Co., Inc.</name>
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        <name>Airbus SE</name>
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        <name>Ralph Lauren Corp.</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>Ralph Lauren Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bio-Rad Laboratories, Inc.</name>
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      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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      <invstOrSec>
        <name>BP plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Honeywell International, Inc.</name>
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        <title>Honeywell International, Inc.</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>Airbnb, Inc.</name>
        <lei>549300HMUDNO0RY56D37</lei>
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      <invstOrSec>
        <name>Cenovus Energy, Inc.</name>
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        <title>Cenovus Energy, Inc.</title>
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        <name>Corteva, Inc.</name>
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        <name>Liberty Media Corp.-Liberty Formula One Corp.</name>
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        <name>Nasdaq, Inc.</name>
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        <name>N/A</name>
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        <balance>1.00000000</balance>
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        <name>Otis Worldwide Corp.</name>
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        <name>N/A</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Canadian Dollar</name>
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        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Abbott Laboratories</name>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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      <invstOrSec>
        <name>Costco Wholesale Corp.</name>
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        <name>N/A</name>
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        <name>Aon plc</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>N/A</name>
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        <name>Palantir Technologies, Inc.</name>
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        <name>Keurig Dr. Pepper, Inc.</name>
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        <name>Arch Capital Group Ltd.</name>
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        <name>Netflix, Inc.</name>
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        <name>Starbucks Corp.</name>
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        <name>Advanced Micro Devices, Inc.</name>
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        <name>Constellation Energy Corp.</name>
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        <name>SLB Ltd.</name>
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        <name>Ameren Corp.</name>
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        <name>Welltower, Inc.</name>
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        <name>ARM Holdings plc</name>
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        <name>General Motors Co.</name>
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        <name>FedEx Corp.</name>
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        <name>McDonald's Corp.</name>
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        <name>N/A</name>
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        <name>On Holding AG</name>
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        <name>United States of America</name>
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        <name>PulteGroup, Inc.</name>
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        <name>N/A</name>
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        <name>CVS Health Corp.</name>
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        <name>N/A</name>
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        <name>NRG Energy, Inc.</name>
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        <name>American Tower Corp.</name>
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    </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>2026-07-30</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>
