# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0002071691-25-007998
**Filing Date:** 2025-12
**Character Count:** 195071
**Document Hash:** 45799cc2e882e3d6bb22d816af322422
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007998.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0002071691-25-007998

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**EFFECTIVENESS DATE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM ASSET ALLOCATION FUNDS
- **CENTRAL INDEX KEY:** 0000914209

**ORGANIZATION NAME:**
- **EIN:** 046746612
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 251567652

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM LIFE STAGES ASSET ALLOCATION TRUST
- **DATE OF NAME CHANGE:** 19931027

## Series and Classes Contracts Data

### Putnam Dynamic Asset Allocation Balanced Fund (Series ID: S000000778)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002307 | Class A shares | PABAX           |
| C000002308 | Class B shares | PABBX           |
| C000002309 | Class C shares | AABCX           |
| C000002311 | Class R shares | PAARX           |
| C000002312 | Class Y shares | PABYX           |
| C000117945 | Class R5       |  |
| C000117946 | Class R6       |  |
| C000174661 | Class P Shares |  |

### Putnam Dynamic Asset Allocation Conservative Fund (Series ID: S000000779)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002313 | Class A shares | PACAX           |
| C000002314 | Class B shares | PACBX           |
| C000002315 | Class C shares | PACCX           |
| C000002317 | Class R shares | PACRX           |
| C000002318 | Class Y shares | PACYX           |
| C000117947 | Class R5       |  |
| C000117948 | Class R6       |  |
| C000174662 | Class P Shares |  |

### Putnam Dynamic Asset Allocation Growth Fund (Series ID: S000000780)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002319 | Class A shares | PAEAX           |
| C000002320 | Class B shares | PAEBX           |
| C000002321 | Class C shares | PAECX           |
| C000002323 | Class R shares | PASRX           |
| C000002324 | Class Y shares | PAGYX           |
| C000117949 | Class R5       |  |
| C000117950 | Class R6       |  |
| C000174663 | Class P Shares |  |

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Asset Allocation Funds and
Shareholders of Putnam Dynamic Asset Allocation Growth Fund:

In planning and performing our audit of the financial statements
of Putnam Dynamic Asset Allocation Growth Fund (one of the funds
constituting Putnam Asset Allocation Funds, referred to hereafter
as the "Fund") as of and for the year ended September 30, 2025,
in accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Fund's
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 Fund's internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the
Fund's 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 company's 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 company's 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 company's 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 company's annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's 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 Fund's 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 September 30, 2025.

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

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
November 19, 2025

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Asset Allocation Funds and
Shareholders of Putnam Dynamic Asset Allocation Conservative Fund:

In planning and performing our audit of the financial statements of
Putnam Dynamic Asset Allocation Conservative Fund (one of the funds
constituting Putnam Asset Allocation Funds, referred to hereafter as
the "Fund") as of and for the year ended September 30, 2025, in accordance
with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Fund's 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 Fund's internal control over financial
reporting. Accordingly, we do not express an opinion on the effectiveness
of the Fund's 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 company's
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 company's 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 company's 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 company's annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's 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 Fund's
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 September 30, 2025.

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

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
November 19, 2025

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Asset Allocation Funds and
Shareholders of Putnam Dynamic Asset Allocation Balanced Fund:

In planning and performing our audit of the financial statements
of Putnam Dynamic Asset Allocation Balanced Fund (one of the funds
constituting Putnam Asset Allocation Funds, referred to hereafter
as the "Fund") as of and for the year ended September 30, 2025,
in accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Fund's
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
Fund's internal control over financial reporting. Accordingly, we do
not express an opinion on the effectiveness of the Fund's 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 company's 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 company's 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 company's 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 company's annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's 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 Fund's 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 September 30, 2025.

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

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
November 19, 2025

```

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000914209

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

**Series ID Record:1**
- **Series ID:** S000000779

**Series ID Record:2**
- **Series ID:** S000000780

**Series ID Record:3**
- **Series ID:** S000000778

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

**Item A.1.a - Report for period ending:** 2025-09-30

**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 Asset Allocation Funds

- **Item B.1.b - Investment Company Act file number:** 811-07121

- **Item B.1.c - CIK:** 0000914209

- **Item B.1.d - LEI:** 54930003OF6WJCA42O09

- **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):** Michael J. Higgins

- **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: 2**

- **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: 3**

- **a. Name of person (e.g., a custodian of records):** The Putnam Advisory Company, 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 related to its functions as Investment manager

**Location books Record: 4**

- **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: 5**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 390 Madison Avenue

- **c. City:** New York

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 10017

- **g. Telephone number:** 212-464-1909

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Custodian

**Location books Record: 6**

- **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:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Administrative manager

**Location books Record: 7**

- **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 related to its functions as Investment manager

**Location books Record: 8**

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

- **b. Street 1:** Cannon Place

- **Street 2:** 78 Cannon Street

- **c. City:** London

- **f. Zip code and zip code extension, or foreign postal code:** EC4N 6HL

- **g. Telephone number:** 44-20-7073-8500

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment manager

**Location books Record: 9**

- **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:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Principal underwriter

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Franklin Advisers, 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:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment manager

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Putnam Investor Services, Inc.

- **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 related to its functions as Transfer agent

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 380 Madison Avenue

- **c. City:** New York

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 10017

- **g. Telephone number:** 212-270-6000

- **h. Briefly describe the books and records kept at this location:** Records relating to its functions as Sub-Administrator and Fund Accounting Agent

- **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:** Franklin Templeton Group 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:** 4

- **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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|:---|:---|:---|
| Jane E. Trust            | Yes                     | 811-07513, 811-21403, 811-23408, 811-05452, 811-03741, 811-00058, 811-05977, 811-22491, 811-22546, 811-22369, 811-21343, 811-00653, 811-07237, 811-06190, 811-06740, 811-05740, 811-07626, 811-04524, 811-22444, 811-02351, 811-05802, 811-10603, 811-21467, 811-03386, 811-03897, 811-06629, 811-01403, 811-05635, 811-22338, 811-06128, 811-04528, 811-06110, 811-21337, 811-06444, 811-22294, 811-04616, 811-04254, 811-02675, 811-05497, 811-23643, 811-22334, 811-21128, 811-05346, 811-21477, 811-10407, 811-06506, 811-02742, 811-02280, 811-06310, 811-04518, 811-03630, 811-04345, 811-21598, 811-04052, 811-05498, 811-07920, 811-02608, 811-04527, 811-08709 |
| Jennifer Williams Murphy | No                      | 811-05346, 811-04528, 811-05452, 811-05635, 811-03386, 811-03741, 811-06128, 811-04616, 811-04527, 811-02675, 811-02742, 811-05498, 811-06190, 811-03897, 811-02280, 811-07237, 811-05802, 811-04518, 811-03630, 811-23643, 811-00653, 811-21598, 811-07513, 811-04524, 811-04345, 811-07626, 811-05740, 811-01403, 811-05977, 811-00058, 811-02608                                                                                                                                                                                                                                                                                                                     |
| Katinka Domotorffy       | No                      | 811-07237, 811-05977, 811-05452, 811-02675, 811-23643, 811-03897, 811-04616, 811-05802, 811-06128, 811-02608, 811-04527, 811-01403, 811-04524, 811-03741, 811-05740, 811-05346, 811-06190, 811-07626, 811-03630, 811-07513, 811-04528, 811-05498, 811-02280, 811-02742, 811-00058, 811-04345, 811-00653, 811-05635, 811-21598, 811-03386, 811-04518                                                                                                                                                                                                                                                                                                                     |
| Catharine Bond Hill      | No                      | 811-01403, 811-05498, 811-06128, 811-04345, 811-23643, 811-03386, 811-02280, 811-07513, 811-05977, 811-03741, 811-04527, 811-07626, 811-21598, 811-05802, 811-02742, 811-02608, 811-00653, 811-04528, 811-05635, 811-05452, 811-00058, 811-04524, 811-03897, 811-05346, 811-07237, 811-04616, 811-06190, 811-05740, 811-04518, 811-03630, 811-02675                                                                                                                                                                                                                                                                                                                     |
| Liaquat Ahamed           | No                      | 811-04345, 811-00653, 811-03386, 811-07626, 811-02675, 811-02608, 811-05346, 811-05498, 811-03897, 811-05635, 811-04524, 811-04527, 811-07237, 811-07513, 811-00058, 811-02280, 811-02742, 811-03741, 811-04518, 811-04528, 811-05740, 811-06190, 811-05977, 811-04616, 811-05452, 811-23643, 811-06128, 811-01403, 811-05802, 811-03630, 811-21598                                                                                                                                                                                                                                                                                                                     |
| Gregory G. McGreevey     | No                      | 811-07237, 811-06128, 811-05802, 811-05740, 811-03897, 811-04528, 811-02742, 811-04524, 811-04616, 811-02675, 811-00653, 811-03386, 811-05346, 811-06190, 811-07513, 811-07626, 811-02608, 811-05635, 811-21598, 811-03741, 811-00058, 811-05977, 811-01403, 811-04345, 811-03630, 811-05452, 811-04518, 811-04527, 811-05498, 811-23643, 811-02280                                                                                                                                                                                                                                                                                                                     |
| Manoj P. Singh           | No                      | 811-00058, 811-07513, 811-04616, 811-02675, 811-05977, 811-06190, 811-07237, 811-05635, 811-06128, 811-04527, 811-04528, 811-03630, 811-02608, 811-07626, 811-04524, 811-05802, 811-02280, 811-00653, 811-01403, 811-03386, 811-05346, 811-21598, 811-05740, 811-05452, 811-04345, 811-23643, 811-04518, 811-03897, 811-05498, 811-02742, 811-03741                                                                                                                                                                                                                                                                                                                     |
| George Putnam III        | No                      | 811-04345, 811-21598, 811-04527, 811-00058, 811-04518, 811-05452, 811-05498, 811-04524, 811-03630, 811-02280, 811-07513, 811-05977, 811-06190, 811-05802, 811-02742, 811-03741, 811-02608, 811-05635, 811-06128, 811-05740, 811-02675, 811-05346, 811-07626, 811-03897, 811-07237, 811-00653, 811-04528, 811-23643, 811-01403, 811-04616, 811-03386                                                                                                                                                                                                                                                                                                                     |
| Mona K. Sutphen          | No                      | 811-02280, 811-03386, 811-06128, 811-03630, 811-23643, 811-04616, 811-03741, 811-01403, 811-03897, 811-02608, 811-04527, 811-04518, 811-02742, 811-04524, 811-00058, 811-05635, 811-05802, 811-00653, 811-05452, 811-05740, 811-04528, 811-07513, 811-21598, 811-04345, 811-05498, 811-07626, 811-05977, 811-06190, 811-05346, 811-07237, 811-02675                                                                                                                                                                                                                                                                                                                     |
| Robert L. Reynolds       | Yes                     | 811-23643, 811-02742, 811-01403, 811-04527, 811-04345, 811-02675, 811-04524, 811-00653, 811-05346, 811-03630, 811-04528, 811-06128, 811-05802, 811-07626, 811-07237, 811-03741, 811-05977, 811-00058, 811-02608, 811-04616, 811-21598, 811-05635, 811-05452, 811-07513, 811-03386, 811-02280, 811-05740, 811-06190, 811-05498, 811-03897, 811-04518                                                                                                                                                                                                                                                                                                                     |
| Marie Pillai             | No                      | 811-00653, 811-02675, 811-02280, 811-05452, 811-05802, 811-02742, 811-04527, 811-00058, 811-03741, 811-04518, 811-01403, 811-03386, 811-04524, 811-07626, 811-06190, 811-21598, 811-05740, 811-06128, 811-04616, 811-02608, 811-07513, 811-05977, 811-05635, 811-23643, 811-05346, 811-05498, 811-03630, 811-03897, 811-04528, 811-07237, 811-04345                                                                                                                                                                                                                                                                                                                     |
| Barbara M. Baumann       | No                      | 811-04345, 811-05635, 811-07626, 811-04616, 811-04527, 811-01403, 811-05452, 811-02675, 811-06128, 811-04528, 811-02280, 811-05740, 811-03386, 811-03741, 811-23643, 811-06190, 811-02608, 811-05346, 811-05498, 811-07237, 811-02742, 811-04524, 811-07513, 811-00653, 811-04518, 811-21598, 811-05802, 811-00058, 811-05977, 811-03630, 811-03897                                                                                                                                                                                                                                                                                                                     |

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

**Chief compliance officer Record: 1**

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

- **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-25271

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

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

- **ii. SEC file number:** 8-5889

- **iii. CRD number:** 000000332

- **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.20 - Have there been material changes in the method of valuation?:** 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

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Putnam Dynamic Asset Allocation Conservative Fund

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

- **a. Full Name of the Fund:** Putnam Dynamic Asset Allocation Conservative Fund

- **b. Series identification number, if any:** S000000779

- **c. LEI:** 549300NETFHIDLGCN871

- **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?:** 7

- **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 DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL R6 | C000117948                                | PCCEX                        |
|                           2 | PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL Y  | C000002318                                | PACYX                        |
|                           3 | PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL R  | C000002317                                | PACRX                        |
|                           4 | PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL R5 | C000117947                                | PACDX                        |
|                           5 | PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL C  | C000002315                                | PACCX                        |
|                           6 | PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL A  | C000002313                                | PACAX                        |
|                           7 | PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND CL P  | C000174662                                | N/A                          |

**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

-   [ ] 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

- [x] 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?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Advisers, Inc.

- **ii. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **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 12d1-4 (17 CFR 270.12d1-4)

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

- 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 Advisers, Inc.

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

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

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

- **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:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **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

**Sub-adviser Record: 2**

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

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

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** MLH7B1BVFWXZVST01715

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

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

**Sub-adviser Record: 3**

- **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

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

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

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **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)?:** Yes

- **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:** PricingDirect Inc.

- **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: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

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

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **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: 4**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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:** LSEG US FIN CORP.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007FV67QQ13CGJ43

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

- **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:** N/A

- **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))

**Custodians Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

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

- **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:** Putnam Investor Services, Inc.

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

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

- **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

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

**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:** 549300DFD0POOJZ42788

- **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?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

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

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

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

- **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:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 8-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,512.45

**Brokers Record: 2**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $62,396.18

**Brokers Record: 3**

- **i. Full name of broker:** 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:** $11,081.93

**Brokers Record: 4**

- **i. Full name of broker:** 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:** $46,776.89

**Brokers Record: 5**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **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:** $60,422.38

**Brokers Record: 6**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,093.39

**Brokers Record: 7**

- **i. Full name of broker:** 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:** $4,009.92

**Brokers Record: 8**

- **i. Full name of broker:** Piper Sandler & Co.

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,993.98

**Brokers Record: 9**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **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:** $38,049.37

**Brokers Record: 10**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $27,491.85

**Aggregate Commission:** $286,367.69

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

| Name                          | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Mizuho Securities USA LLC     | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $874,401,870.38           |
| Goldman Sachs & Co. LLC       | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,958,584,830.27         |
| Wells Fargo Securities, LLC   | 8-65876           | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,353,841,594.20         |
| BofA Securities, Inc.         | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $1,196,332,286.56         |
| J.P. Morgan Securities LLC    | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $3,463,857,896.47         |
| Citigroup Global Markets Inc. | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,598,411,778.20         |
| Bank of Montreal              | N/A               | N/A          | NQQ6HPCNCCU6TUTQYE16 |  |  | $755,457,343.75           |
| Barclays Capital, Inc.        | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $463,696,883.53           |
| Morgan Stanley & Co. LLC      | 8-15869           | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,531,354,863.62         |
| HSBC Securities (USA) Inc.    | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $273,894,697.57           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $13,861,058,758.26

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

- **Item C.19.a - Fund's monthly average net assets:** $571,925,165.13

**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:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 2 Name of institution:** THE BANK OF NEW YORK MELLON

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

  - **Line Institutions Record: 4 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 6 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 7 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 8 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 9 Name of institution:** GOLDMAN SACHS BANK USA

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

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

- **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 Dynamic Asset Allocation Growth Fund

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

- **a. Full Name of the Fund:** Putnam Dynamic Asset Allocation Growth Fund

- **b. Series identification number, if any:** S000000780

- **c. LEI:** 54930008K7GIJC4BGQ63

- **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?:** 7

- **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 DYNAMIC ASSET ALLOCATION GROWTH FUND CL Y  | C000002324                                | PAGYX                        |
|                           2 | PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND CL R5 | C000117949                                | PADEX                        |
|                           3 | PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND R     | C000002323                                | PASRX                        |
|                           4 | PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND CL C  | C000002321                                | PAECX                        |
|                           5 | PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND CL P  | C000174663                                | N/A                          |
|                           6 | PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND CL A  | C000002319                                | PAEAX                        |
|                           7 | PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND CL R6 | C000117950                                | PAEEX                        |

**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

-   [ ] 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

- [x] 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?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Advisers, Inc.

- **ii. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **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 12d1-4 (17 CFR 270.12d1-4)

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

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

**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 Advisers, Inc.

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

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

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

- **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:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **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

**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

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

**Sub-adviser Record: 3**

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

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

- **iii. CRD number:** 000111360

- **iv. LEI, if any:** MLH7B1BVFWXZVST01715

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

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

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

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **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)?:** Yes

- **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:** LSEG US FIN CORP.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007FV67QQ13CGJ43

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

- **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:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

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

**Pricing Services Record: 4**

- **i. Full name:** PricingDirect Inc.

- **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: 5**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **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:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

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

- **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))

**Custodians Record: 2**

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

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

- **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:** Putnam Investor Services, Inc.

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

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

- **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

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

**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:** 549300DFD0POOJZ42788

- **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?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

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

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

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

- **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:** Piper Sandler & Co.

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $33,547.90

**Brokers Record: 2**

- **i. Full name of broker:** 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:** $310,189.95

**Brokers Record: 3**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $288,808.65

**Brokers Record: 4**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **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:** $453,914.08

**Brokers Record: 5**

- **i. Full name of broker:** 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:** $85,277.41

**Brokers Record: 6**

- **i. Full name of broker:** 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:** $26,910.50

**Brokers Record: 7**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $40,228.43

**Brokers Record: 8**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $240,554.48

**Brokers Record: 9**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $85,609.25

**Brokers Record: 10**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **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:** $411,508.77

**Aggregate Commission:** $2,171,559.21

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

| Name                          | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Barclays Capital, Inc.        | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $474,587,313.78           |
| J.P. Morgan Securities LLC    | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $4,117,680,452.29         |
| BofA Securities, Inc.         | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $1,199,206,941.20         |
| Goldman Sachs & Co. LLC       | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $2,427,968,587.23         |
| Wells Fargo Securities, LLC   | 8-65876           | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,420,893,384.40         |
| Bank of Montreal              | N/A               | N/A          | NQQ6HPCNCCU6TUTQYE16 |  |  | $2,357,615,221.04         |
| Citigroup Global Markets Inc. | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $2,283,583,381.59         |
| Morgan Stanley & Co. LLC      | 8-15869           | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,730,176,524.56         |
| HSBC Securities (USA) Inc.    | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $1,374,207,465.45         |
| Mizuho Securities USA LLC     | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $982,725,522.16           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $18,787,459,564.55

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

- **Item C.19.a - Fund's monthly average net assets:** $2,728,531,071.65

**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:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 2 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 3 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 4 Name of institution:** THE BANK OF NEW YORK MELLON

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

  - **Line Institutions Record: 6 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 7 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 8 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 9 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 10 Name of institution:** JPMORGAN CHASE BANK, N.A.

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

- **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 Dynamic Asset Allocation Balanced Fund

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

- **a. Full Name of the Fund:** Putnam Dynamic Asset Allocation Balanced Fund

- **b. Series identification number, if any:** S000000778

- **c. LEI:** 549300QO7FH593DLXC23

- **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?:** 7

- **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 DYNAMIC ASSET ALLOCATION BALANCED FUND CL A  | C000002307                                | PABAX                        |
|                           2 | PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND CL P  | C000174661                                | N/A                          |
|                           3 | PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND CL R5 | C000117945                                | PAADX                        |
|                           4 | PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND CL Y  | C000002312                                | PABYX                        |
|                           5 | PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND CL R  | C000002311                                | PAARX                        |
|                           6 | PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND CL R6 | C000117946                                | PAAEX                        |
|                           7 | PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND CL C  | C000002309                                | AABCX                        |

**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

-   [ ] 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

- [x] 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?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Advisers, Inc.

- **ii. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

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

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

- Rule 12d1-4 (17 CFR 270.12d1-4)

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

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

- **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:** Franklin Advisers, Inc.

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

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

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

- **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:** MLH7B1BVFWXZVST01715

- **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

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

**Sub-adviser Record: 3**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **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:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **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)?:** Yes

- **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:** LSEG US FIN CORP.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007FV67QQ13CGJ43

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

- **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:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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:** ICE Data Pricing & Reference Data, LLC

- **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: 4**

- **i. Full name:** PricingDirect Inc.

- **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: 5**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

- **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:** N/A

- **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))

**Custodians Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

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

- **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:** Putnam Investor Services, Inc.

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

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

- **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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

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

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

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

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

**Administrators Record: 2**

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

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **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?:** No

- **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:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 8-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,589.51

**Brokers Record: 2**

- **i. Full name of broker:** 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:** $19,508.91

**Brokers Record: 3**

- **i. Full name of broker:** 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:** $54,837.65

**Brokers Record: 4**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $220,315.54

**Brokers Record: 5**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $96,583.76

**Brokers Record: 6**

- **i. Full name of broker:** 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:** $174,239.12

**Brokers Record: 7**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $54,128.45

**Brokers Record: 8**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **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:** $247,609.86

**Brokers Record: 9**

- **i. Full name of broker:** Piper Sandler & Co.

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,924.70

**Brokers Record: 10**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **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:** $176,231.17

**Aggregate Commission:** $1,160,716.56

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

| Name                          | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| HSBC Securities (USA) Inc.    | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $1,254,045,412.45         |
| Wells Fargo Securities, LLC   | 8-65876           | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $2,614,576,868.37         |
| Barclays Capital, Inc.        | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $914,682,459.24           |
| Goldman Sachs & Co. LLC       | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $4,035,465,019.49         |
| Citigroup Global Markets Inc. | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $3,289,232,817.63         |
| J.P. Morgan Securities LLC    | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $6,668,466,318.80         |
| Mizuho Securities USA LLC     | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $1,843,902,576.04         |
| Bank of Montreal              | N/A               | N/A          | NQQ6HPCNCCU6TUTQYE16 |  |  | $2,038,173,249.58         |
| Morgan Stanley & Co. LLC      | 8-15869           | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,992,877,137.03         |
| BofA Securities, Inc.         | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $2,034,659,592.72         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $28,407,859,961.37

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

- **Item C.19.a - Fund's monthly average net assets:** $2,165,662,267.33

**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:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 2 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 3 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 4 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 5 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 6 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 7 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 8 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 9 Name of institution:** CITIBANK, N.A.

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

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

- **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

## 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 Asset Allocation Funds

**Date:** 2025-09-30

**Signature:** Monica Krogh

**Title:** Assistant Treasurer