# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000869392-25-001293
**Filing Date:** 2025-7
**Character Count:** 437527
**Document Hash:** fbbf58e7f7bb1a0dd322fee67e20a0b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-25-001293.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0000869392-25-001293

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**EFFECTIVENESS DATE**: 20250714

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam ETF Trust
- **CENTRAL INDEX KEY:** 0001845809

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251120269

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6177601060

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

## Series and Classes Contracts Data

### Putnam BDC Income ETF (Series ID: S000077137)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237307 | -            |  |

### Putnam BioRevolution ETF (Series ID: S000077138)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237308 | -            |  |

### Putnam Emerging Markets ex-China ETF (Series ID: S000077139)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237309 | -            |  |

### Putnam ESG Core Bond ETF (Series ID: S000077297)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237594 | -            |  |

### Putnam ESG High Yield ETF (Series ID: S000077298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237595 | -            |  |

### Putnam ESG Ultra Short ETF (Series ID: S000077299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237596 | -            |  |

### Putnam PanAgora ESG Emerging Markets Equity ETF (Series ID: S000077300)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237597 | -            |  |

### Putnam PanAgora ESG International Equity ETF (Series ID: S000077301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237598 | -            |  |

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam PanAgora ESG Emerging Markets Equity ETF:

In planning and performing our audit of the financial statements
of Putnam PanAgora ESG Emerging Markets Equity ETF (one of the
funds constituting Putnam ETF Trust, referred to hereafter as
the  Fund ) as of and for the year ended April 30, 2025, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2025.

This report is intended solely for the information and use of
the Board of Trustees of Putnam ETF Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam PanAgora ESG International Equity ETF:

In planning and performing our audit of the financial statements
of Putnam PanAgora ESG International Equity ETF (one of the
funds constituting Putnam ETF Trust, referred to hereafter as
the Fund) as of and for the year ended April 30, 2025, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2025.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam ETF Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam ESG High Yield ETF:

In planning and performing our audit of the financial statements
of Putnam ESG High Yield ETF (one of the funds constituting
Putnam ETF Trust, referred to hereafter as the  Fund ) as of and
for the year ended April 30, 2025, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2025.

?

This report is intended solely for the information and use of the Board of
Trustees of Putnam ETF Trust and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of Putnam
ESG Core Bond ETF:

In planning and performing our audit of the financial statements of
Putnam ESG Core Bond ETF (one of the funds constituting Putnam ETF Trust,
referred to hereafter as the Fund) as of and for the year ended April 30,
2025, in accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form NCEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal control
over financial reporting.  Accordingly, we do not express an opinion on
the effectiveness of the Funds internal control over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
A companys internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles.  A companys internal control over financial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys assets that
could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.  Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis.  A material weakness is a
deficiency, or a combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control over
financial reporting that might be material weaknesses under standards
established by the PCAOB.  However, we noted no deficiencies in the Funds
internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2025.

This report is intended solely for the information and use of the Board
of Trustees of Putnam ETF Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam ESG Ultra Short ETF:

In planning and performing our audit of the financial statements
of Putnam ESG Ultra Short ETF (one of the funds constituting
Putnam ETF Trust, referred to hereafter as the Fund) as of and for
the year ended April 30, 2025, in accordance with the standards of
the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds internal control over financial
reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form NCEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting.  Accordingly, we do not express
an opinion on the effectiveness of the Funds internal control over
financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely
basis.  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However, we
noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of April 30, 2025.

?

This report is intended solely for the information and use of the
Board of Trustees of Putnam ETF Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam BioRevolutionTM ETF:

In planning and performing our audit of the financial statements
of Putnam BioRevolutionTM  ETF (one of the funds constituting
Putnam ETF Trust, referred to hereafter as the Fund) as of and for
the year ended April 30, 2025, in accordance with the standards of
the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds internal control over financial
reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form NCEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting.  Accordingly, we do not express
an opinion on the effectiveness of the Funds internal control over
financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely
basis.  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However, we
noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of April 30, 2025.

?

This report is intended solely for the information and use of the
Board of Trustees of Putnam ETF Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam Emerging Markets exChina ETF:

In planning and performing our audit of the financial statements
of Putnam Emerging Markets exChina ETF (one of the funds
constituting Putnam ETF Trust, referred to hereafter as the
Fund) as of and for the year ended April 30, 2025, in accordance
with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
NCEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2025.

This report is intended solely for the information and use of
the Board of Trustees of Putnam ETF Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam BDC Income ETF:

In planning and performing our audit of the financial statements
of Putnam BDC Income ETF (one of the funds constituting Putnam
ETF Trust, referred to hereafter as the Fund) as of and for the
year ended April 30, 2025, in accordance with the standards of
the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds internal control over financial
reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting.  Accordingly, we do not
express an opinion on the effectiveness of the Funds internal
control over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2025.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam ETF Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2025

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001845809

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000077300

**Series ID Record:2**
- **Series ID:** S000077301

**Series ID Record:3**
- **Series ID:** S000077298

**Series ID Record:4**
- **Series ID:** S000077297

**Series ID Record:5**
- **Series ID:** S000077299

**Series ID Record:6**
- **Series ID:** S000077138

**Series ID Record:7**
- **Series ID:** S000077139

**Series ID Record:8**
- **Series ID:** S000077137

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-04-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Putnam ETF Trust

- **Item B.1.b - Investment Company Act file number:** 811-23643

- **Item B.1.c - CIK:** 0001845809

- **Item B.1.d - LEI:** 549300EMFKH8ETCKNO35

- **Item B.2.a - Street 1:** 100 FEDERAL STREET

- **Item B.2.b - City:** BOSTON

- **Item B.2.c - State:** MA

- **Item B.2.e - Zip Code:** 02110

- **Item B.2.f - Telephone:** 1-800-225-1581

- **Item B.2.g - Public Website:** WWW.FRANKLINTEMPLETON.COM

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 2 AVENUE DE LAFAYETTE

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02111

- **g. Telephone number:** 1-617-786-3000

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Franklin Templeton Services, LLC

- **b. Street 1:** ONE FRANKLIN PARKWAY

- **c. City:** SAN MATEO

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403

- **g. Telephone number:** 1-800-632-2350

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Putnam Investment Management, LLC

- **b. Street 1:** 100 FEDERAL STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-800-225-1581

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 225 FRANKLIN STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-617-786-3000

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Franklin Distributors, LLC

- **b. Street 1:** ONE FRANKLIN PARKWAY

- **c. City:** SAN MATEO

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403

- **g. Telephone number:** 1-800-632-2350

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** PanAgora Asset Management Inc.

- **b. Street 1:** 1 INTERNATIONAL PLACE

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-617-439-6300

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Higgins Michael J.

- **b. Street 1:** 100 FEDERAL STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-800-225-1581

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Franklin Templeton Investment Management Limited

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403

- **g. Telephone number:** 1-800-632-2350

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Franklin Advisors, Inc.

- **b. Street 1:** ONE FRANKLIN PARKWAY

- **c. City:** SAN MATEO

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403

- **g. Telephone number:** 1-800-632-2350

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Putnam Family of Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 12

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                     | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                               |
|:---|:---|:---|
| McGreevy Gregory G       | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Ahamed Liaquat           | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Baumann Barbara M        | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Domotorffy Katinka       | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Reynolds Robert L        | Yes                     | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Singh Manoj P            | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Hill Catharine Bond      | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Sutphen Mona K           | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Pillai Marie             | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Trust Jane E             | Yes                     | 811-22491, 811-23408, 811-22546, 811-22405, 811-22693, 811-22338, 811-04254, 811-06740, 811-06444, 811-04052, 811-21128, 811-06310, 811-21467, 811-10407, 811-23598, 811-21343, 811-06110, 811-22334, 811-21337, 811-08709, 811-07920, 811-22444, 811-21403, 811-21477, 811-06506, 811-22294, 811-02351, 811-06629, 811-22369, 811-05497, 811-10603 |
| Putnam, III George       | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |
| Williams Murphy Jennifer | No                      | N/A                                                                                                                                                                                                                                                                                                                                                 |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Clark James F

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 100 FEDERAL STREET

- **d. City:** BOSTON

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 02110

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-20851
  - IC-20851
  - IC-20851
  - IC-20851
  - IC-20851
  - IC-20851
  - IC-20851
  - IC-20851

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. SEC file number:** 8-51293

- **iii. CRD number:** 000046106

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 2**

- **i. Full name:** Franklin Distributors, LLC

- **ii. SEC file number:** 8-53089

- **iii. CRD number:** 000109064

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** Yes

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PricewaterhouseCoopers LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Putnam Panagora ESG Emerging Markets Equity ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam Panagora ESG Emerging Markets Equity ETF

- **b. Series identification number, if any:** S000077300

- **c. LEI:** 549300D6DERBDQV65J18

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM PANAGORA ESG EMERGING MARKETS EQUITY ETF CL P | C000237597                                | PPEM                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** PanAgora Asset Management Inc.

- **ii. SEC file number:** 801-35497

- **iii. CRD number:** 000105201

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $33,679,423.22

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Putnam Panagora ESG International Equity ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam Panagora ESG International Equity ETF

- **b. Series identification number, if any:** S000077301

- **c. LEI:** 549300JZREZTV1HA5N68

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                             | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM PANAGORA ESG INTERNATIONAL EQUITY ETF CL P | C000237598                                | PPIE                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** PanAgora Asset Management Inc.

- **ii. SEC file number:** 801-35497

- **iii. CRD number:** 000105201

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $203,743,318.05

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Putnam ESG High Yield ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam ESG High Yield ETF

- **b. Series identification number, if any:** S000077298

- **c. LEI:** 549300AFYICW7OFX8A68

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM ESG HIGH YIELD ETF CL P | C000237595                                | PHYD                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisors, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Franklin Templeton Investment Management Limited

- **ii. SEC file number:** 801-55170

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

**Sub-adviser Record: 2**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Convert)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** Reuters (loan)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** Yes

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $21,324,188.58            |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $16,409,150.68            |
| MSCO - MORGAN STANLEY & CO. LLC                        | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $16,204,105.00            |
| JANE - Jane Street Execution Services, LLC             | 8-69254           |    000167280 | 549300HXJLXCPDWAH070 | NY      | US        | $16,192,569.55            |
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $13,883,735.43            |
| BCAP - BARCLAYS CAPITAL, INC.                          | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $13,215,452.71            |
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $10,623,612.16            |
| JEFF - JEFFERIES LLC                                   | 8-15074           |    000002347 | 58PU97L1C0WSRCWADL48 | NJ      | US        | $8,806,607.55             |
| WCHV - WELLS FARGO SECURITIES, LLC                     | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $8,268,563.30             |
| SUMI - SMBC NIKKO SECURITIES AMERICA, INC              | 8-43852           |    000028602 | 6PJDTY319315T5LR2241 | NY      | US        | $4,269,056.50             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $155,007,509.88

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $159,500,336.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Putnam ESG Core Bond ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam ESG Core Bond ETF

- **b. Series identification number, if any:** S000077297

- **c. LEI:** 549300WPUCAJ9XFIRU61

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM ESG CORE BOND ETF CL P | C000237594                                | PCRB                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisors, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Franklin Templeton Investment Management Limited

- **ii. SEC file number:** 801-55170

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

**Sub-adviser Record: 2**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $2,322,775,357.54         |
| WCHV - WELLS FARGO SECURITIES, LLC                     | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $645,304,726.89           |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $638,796,185.57           |
| MSCO - MORGAN STANLEY & CO. LLC                        | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $607,090,309.60           |
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $539,963,827.24           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.                   | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $417,909,060.52           |
| MZHO - MIZUHO SECURITIES USA LLC                       | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $319,907,415.02           |
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $74,413,703.97            |
| TDSI - TD SECURITIES (USA) LLC                         | 8-36747           |    000018476 | SUVUFHICNZMP2WKHG940 | NY      | US        | $60,358,816.92            |
| RBSF - NATWEST MARKETS PLC                             | 8-37135           |    000011707 | RR3QWICWWIPCS8A4S074 | CT      | US        | $55,591,554.69            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $5,953,979,972.06

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $663,363,757.29

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Putnam ESG Ultra Short ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam ESG Ultra Short ETF

- **b. Series identification number, if any:** S000077299

- **c. LEI:** 549300NQ9F4P4U3AVO48

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM ESG ULTRA SHORT ETF CL P | C000237596                                | PULT                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisors, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Franklin Templeton Investment Management Limited

- **ii. SEC file number:** 801-55170

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

**Sub-adviser Record: 2**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $271,604,644.07           |
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $175,049,641.99           |
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $155,854,912.76           |
| WCHV - WELLS FARGO SECURITIES, LLC                     | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $85,611,104.07            |
| MZHO - MIZUHO SECURITIES USA LLC                       | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $65,721,802.27            |
| BCAP - BARCLAYS CAPITAL, INC.                          | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $50,326,547.60            |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $42,279,251.21            |
| BONY - BANK OF NEW YORK                                | 8-35255           |    000017454 | N/A                  | NY      | US        | $38,129,552.88            |
| RBCD - RBC CAPITAL MARKETS LLC                         | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $29,612,351.56            |
| STCM - TRUIST BANK                                     | 8-17212           |    000006271 | CSVTK36R0PNGXEM7NS14 | GA      | US        | $16,348,440.69            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,010,727,979.27

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $107,118,024.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Putnam BioRevolution ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam BioRevolution ETF

- **b. Series identification number, if any:** S000077138

- **c. LEI:** 5493008EYTUACODOQI60

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM BIOREVOLUTION ETF CL P | C000237308                                | SYNB                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Franklin Templeton Investment Management Limited

- **ii. SEC file number:** 801-55170

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

**Sub-adviser Record: 2**

- **i. Full name:** Franklin Advisors, Inc

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $169.74

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $146.45

**Brokers Record: 3**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $130.63

**Brokers Record: 4**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $37.77

**Brokers Record: 5**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $30.96

**Brokers Record: 6**

- **i. Full name of broker:** COWN - COWEN & COMPANY, L.L.C.

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25.80

**Brokers Record: 7**

- **i. Full name of broker:** STFL - STIFEL, NICOLAUS & COMPANY INCORPORATED

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19.36

**Brokers Record: 8**

- **i. Full name of broker:** BARD - BAIRD (ROBERT W.) & CO., INCORPORATED

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10.20

**Brokers Record: 9**

- **i. Full name of broker:** CANT - CANTOR FITZGERALD & CO.

- **ii. SEC file number:** 8-3271

- **iii. CRD number:** 000000134

- **iv. LEI, if any:** 5493004J7H4GCPG6OB62

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1.41

**Brokers Record: 10**

- **i. Full name of broker:** FSB - Fidelity Service Bureau

- **ii. SEC file number:** 8-23292

- **iii. CRD number:** 000007784

- **iv. LEI, if any:** 549300ZA3W0M0O9BHO64

- **v. State, if applicable:** RI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.75

**Aggregate Commission:** $573.80

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $5,357,964.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Putnam Emerging Markets ex-China ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam Emerging Markets ex-China ETF

- **b. Series identification number, if any:** S000077139

- **c. LEI:** 549300O5GUFQ0IEIQS09

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM EMERGING MARKETS EX-CHINA ETF CL P | C000237309                                | PEMX                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Franklin Templeton Investment Management Limited

- **ii. SEC file number:** 801-55170

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

**Sub-adviser Record: 2**

- **i. Full name:** Franklin Advisors, Inc

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** Yes

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,159.72

**Brokers Record: 2**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,118.65

**Brokers Record: 3**

- **i. Full name of broker:** MSUS - MACQUARIE CAPITAL (USA) INC

- **ii. SEC file number:** 8-47198

- **iii. CRD number:** 000036368

- **iv. LEI, if any:** 549300670K07JRB5UQ40

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,469.16

**Brokers Record: 4**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $913.33

**Brokers Record: 5**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $668.40

**Brokers Record: 6**

- **i. Full name of broker:** HSBCP - HSBC BANK PLC

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** MP6I5ZYZBEU3UXPYFY54

- **vii. Gross commissions paid by the Fund for the reporting period:** $618.44

**Brokers Record: 7**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $469.99

**Brokers Record: 8**

- **i. Full name of broker:** CLSA - CLSA LIMITED

- **ii. SEC file number:** 8-69166

- **iii. CRD number:** 000165533

- **iv. LEI, if any:** 213800CF5G9GRZD2RV79

- **vii. Gross commissions paid by the Fund for the reporting period:** $147.89

**Brokers Record: 9**

- **i. Full name of broker:** MZHO - MIZUHO SECURITIES USA LLC

- **ii. SEC file number:** 8-37710

- **iii. CRD number:** 000019647

- **iv. LEI, if any:** 7TK5RJIZDFROZCA6XF66

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $24.07

**Brokers Record: 10**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5.06

**Aggregate Commission:** $14,600.66

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $7,902,283.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Putnam BDC Income ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam BDC Income ETF

- **b. Series identification number, if any:** S000077137

- **c. LEI:** 549300HYA2LSODFWQ702

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM BDC INCOME ETF CL P | C000237307                                | PBDC                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Franklin Templeton Investment Management Limited

- **ii. SEC file number:** 801-55170

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

**Sub-adviser Record: 2**

- **i. Full name:** Franklin Advisors, Inc

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. SEC file number:** 85-05003

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** ME

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** RAJA - RAYMOND JAMES & ASSOCIATES, INC.

- **ii. SEC file number:** 8-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $158,571.88

**Brokers Record: 2**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,429.90

**Brokers Record: 3**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,409.39

**Brokers Record: 4**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,606.09

**Brokers Record: 5**

- **i. Full name of broker:** KBWI - KEEFE, BRUYETTE & WOODS, INC.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,504.97

**Brokers Record: 6**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,202.18

**Brokers Record: 7**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,936.59

**Brokers Record: 8**

- **i. Full name of broker:** STFL - STIFEL, NICOLAUS & COMPANY INCORPORATED

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,341.84

**Brokers Record: 9**

- **i. Full name of broker:** PIJF - PIPER SANDLER (formerly PIPER JAFFRAY & CO))

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,305.62

**Brokers Record: 10**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,113.43

**Aggregate Commission:** $195,462.26

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| RBCD - RBC CAPITAL MARKETS LLC | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $1,553,000.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,553,000.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $128,433,981.37

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 5 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam Core Equity Fund                                                                       | 811-07513         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam Large Cap Growth Fund                                                                  | 811-07237         |
| Putnam Research Fund                                                                          | 811-07237         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Core Bond Fund                                                                         | 811-07513         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Income Fund                                                                            | 811-00653         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Putnam VT Large Cap Growth Fund                                                               | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Core Equity Fund                                                                    | 811-05346         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Mutual Financial Services Fund                                                       | 811-05387         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Strategic Income Fund                                                                | 811-06243         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Franklin MicroCap Value Fund                                                                  | 811-05878         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Templeton World Fund                                                                          | 811-02781         |
| Templeton International Climate Change Fund                                                   | 811-02781         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| International Equity Series                                                                   | 811-06135         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund (USD Hedged)                                | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| BrandywineGLOBAL - Small Cap Value Fund                                                       | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| ClearBridge Value Trust                                                                       | 811-22338         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Strategic Real Return Fund (fka QS Strategic Real Return Fund)                       | 811-22338         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| ClearBridge Aggressive Growth Fund                                                            | 811-06444         |
| ClearBridge All Cap Value Fund                                                                | 811-06444         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Small Cap Value Fund                                                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Global Dividend Fund                                                                 | 811-06444         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| ClearBridge Variable Aggressive Growth Portfolio                                              | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Macro Opportunities Fund                                                        | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

### Putnam Panagora ESG Emerging Markets Equity ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PPEM

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| J.P. Morgan Securities LLC/JPMC           | $15,543,302.08   | $3,214,214.55  |
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| Virtu Americas LLC                        | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |
| UBS Securities LLC                        | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $3,696,402.40    | $0.00          |
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| RBC Capital Markets, LLC                  | $0.00            | $0.00          |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 100.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $100.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.10%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam Panagora ESG International Equity ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PPIE

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $1,193,793.95    | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $607,071.88      | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $75,537,312.43   | $0.00          |
| RBC Capital Markets, LLC                  | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |
| UBS Securities LLC                        | $0.00            | $29,146,164.08 |
| Virtu Americas LLC                        | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 70.19%

- **c.i. Average percentage of value composed of cash (redeemed):** 4.11%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $300.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.04%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam ESG High Yield ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PHYD

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |
| Virtu Americas LLC                        | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $20,513,754.89   | $1,236,614.13  |
| RBC Capital Markets, LLC                  | $0.00            | $0.00          |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $31,970,218.64   | $0.00          |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| UBS Securities LLC                        | $0.00            | $0.00          |
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 100.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $100.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.40%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam ESG Core Bond ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PCRB

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| UBS Securities LLC                        | $0.00            | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |
| RBC Capital Markets, LLC                  | $0.00            | $0.00          |
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $126,393,436.07  | $7,287,681.45  |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $63,468,241.07   | $25,445,337.63 |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| Virtu Americas LLC                        | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 100.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $100.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.20%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam ESG Ultra Short ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PULT

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| UBS Securities LLC                        | $0.00            | $0.00          |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $5,061,653.51    | $0.00          |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $40,252,822.71   | $0.00          |
| Virtu Americas LLC                        | $2,521,180.20    | $0.00          |
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| RBC Capital Markets, LLC                  | $26,479,801.12   | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $100.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.10%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam BioRevolution ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** SYNB

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |
| RBC Capital Markets, LLC                  | $0.00            | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $0.00            | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| UBS Securities LLC                        | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $0.00            | $0.00          |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| Virtu Americas LLC                        | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $0.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam Emerging Markets ex-China ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PEMX

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| Citadel Securities LLC                    | $0.00            | $0.00          |
| RBC Capital Markets, LLC                  | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $0.00            | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $0.00            | $0.00          |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |
| Citigroup Global Markets Inc.             | $0.00            | $0.00          |
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| UBS Securities LLC                        | $0.00            | $0.00          |
| Virtu Americas LLC                        | $0.00            | $0.00          |
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $0.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

### Putnam BDC Income ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** PBDC

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Mizuho Securities USA LLC                 | $0.00            | $0.00          |
| J.P. Morgan Securities LLC/JPMC           | $0.00            | $0.00          |
| Goldman Sachs & Co. LLC                   | $1,757,699.08    | $6,810,363.06  |
| UBS Securities LLC                        | $0.00            | $0.00          |
| Merrill Lynch Professional Clearing Corp. | $40,685,548.21   | $0.00          |
| Citigroup Global Markets Inc.             | $3,604,829.03    | $3,608,506.98  |
| J.P. Morgan Securities LLC                | $0.00            | $0.00          |
| Citadel Securities LLC                    | $1,732,896.05    | $838,388.15    |
| BofA Securities, Inc.                     | $0.00            | $0.00          |
| Virtu Americas LLC                        | $24,825,196.33   | $0.00          |
| RBC Capital Markets, LLC                  | $73,395,156.43   | $2,477,744.75  |
| Morgan Stanley & Co. LLC                  | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 9.45%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.48%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $237.26

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Putnam ETF Trust

**Date:** 2025-06-30

**Signature:** Kevin R Blatchford

**Title:** Assistant Treasuer