# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0002071691-25-008001
**Filing Date:** 2025-12
**Character Count:** 72411
**Document Hash:** 9bc4761bb4584208804028e177fb3584
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-008001.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0002071691-25-008001

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**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 INVESTMENT FUNDS
- **CENTRAL INDEX KEY:** 0000932101

**ORGANIZATION NAME:**
- **EIN:** 043251560
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07237
- **FILM NUMBER:** 251567655

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19941028

## Series and Classes Contracts Data

### Putnam Government Money Market Fund (Series ID: S000052894)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000166400 | Class A Shares |  |
| C000166402 | Class C Shares |  |
| C000166403 | Class G Shares |  |
| C000166404 | Class I Shares |  |
| C000166406 | Class P Shares |  |
| C000166407 | Class R Shares |  |

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Investment Funds and Shareholders
of Putnam Government Money Market Fund:

In planning and performing our audit of the financial statements of
Putnam Government Money Market Fund (one of the funds constituting
Putnam Investment 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 Investment 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:** 0000932101

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

**Series ID Record:1**
- **Series ID:** S000052894

### 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 Investment Funds

- **Item B.1.b - Investment Company Act file number:** 811-07237

- **Item B.1.c - CIK:** 0000932101

- **Item B.1.d - LEI:** 549300SRAF55EHI5J317

- **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):** 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: 4**

- **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: 5**

- **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: 6**

- **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: 7**

- **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: 8**

- **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: 9**

- **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: 10**

- **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: 11**

- **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:** 6

- **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                     | 811-04616, 811-21337, 811-21598, 811-06506, 811-08709, 811-22369, 811-06310, 811-23643, 811-04052, 811-22294, 811-04528, 811-06444, 811-03897, 811-05452, 811-05740, 811-22334, 811-03630, 811-06629, 811-05635, 811-02351, 811-04518, 811-07121, 811-21343, 811-06110, 811-01403, 811-10407, 811-05497, 811-06740, 811-05802, 811-23408, 811-10603, 811-21403, 811-06190, 811-21467, 811-05346, 811-04524, 811-02742, 811-07513, 811-05977, 811-04527, 811-00653, 811-02608, 811-21128, 811-21477, 811-22546, 811-00058, 811-02280, 811-07920, 811-22491, 811-07626, 811-03386, 811-22338, 811-03741, 811-04345, 811-06128, 811-05498, 811-22444, 811-04254, 811-02675 |
| Jennifer Williams Murphy | No                      | 811-05346, 811-04345, 811-21598, 811-07121, 811-04518, 811-04524, 811-05635, 811-05802, 811-02742, 811-02608, 811-02280, 811-05740, 811-23643, 811-07626, 811-05498, 811-06128, 811-03386, 811-00058, 811-01403, 811-03897, 811-04527, 811-04528, 811-05452, 811-07513, 811-06190, 811-03630, 811-05977, 811-03741, 811-00653, 811-02675, 811-04616                                                                                                                                                                                                                                                                                                                     |
| Katinka Domotorffy       | No                      | 811-07121, 811-02675, 811-04524, 811-04528, 811-04527, 811-02608, 811-05635, 811-07513, 811-05452, 811-04518, 811-03741, 811-05802, 811-06128, 811-04616, 811-03386, 811-07626, 811-05498, 811-06190, 811-01403, 811-05740, 811-23643, 811-05977, 811-02742, 811-05346, 811-00058, 811-03630, 811-00653, 811-03897, 811-02280, 811-21598, 811-04345                                                                                                                                                                                                                                                                                                                     |
| Catharine Bond Hill      | No                      | 811-04345, 811-07121, 811-03741, 811-02742, 811-02280, 811-06190, 811-23643, 811-03386, 811-05452, 811-05802, 811-01403, 811-06128, 811-02675, 811-03897, 811-04528, 811-05346, 811-04524, 811-07626, 811-00058, 811-05977, 811-02608, 811-07513, 811-00653, 811-04616, 811-04518, 811-05498, 811-05740, 811-03630, 811-05635, 811-21598, 811-04527                                                                                                                                                                                                                                                                                                                     |
| Liaquat Ahamed           | No                      | 811-03897, 811-07121, 811-03630, 811-04518, 811-05346, 811-05498, 811-02675, 811-06190, 811-07626, 811-00653, 811-04527, 811-02742, 811-07513, 811-04345, 811-21598, 811-02608, 811-04528, 811-05635, 811-00058, 811-03386, 811-05802, 811-05740, 811-05452, 811-04524, 811-04616, 811-05977, 811-06128, 811-01403, 811-03741, 811-23643, 811-02280                                                                                                                                                                                                                                                                                                                     |
| Gregory G. McGreevey     | No                      | 811-05977, 811-21598, 811-05740, 811-06190, 811-04524, 811-06128, 811-00653, 811-04345, 811-02675, 811-04616, 811-05635, 811-07121, 811-07626, 811-02742, 811-03630, 811-03386, 811-05346, 811-05498, 811-03897, 811-04518, 811-05802, 811-03741, 811-05452, 811-02280, 811-00058, 811-02608, 811-04527, 811-23643, 811-01403, 811-07513, 811-04528                                                                                                                                                                                                                                                                                                                     |
| Manoj P. Singh           | No                      | 811-02675, 811-04528, 811-04527, 811-07626, 811-05635, 811-06190, 811-03630, 811-02608, 811-07513, 811-02742, 811-05452, 811-03386, 811-05802, 811-05498, 811-02280, 811-01403, 811-05740, 811-05977, 811-04518, 811-21598, 811-03741, 811-07121, 811-05346, 811-04345, 811-04524, 811-06128, 811-03897, 811-04616, 811-00653, 811-23643, 811-00058                                                                                                                                                                                                                                                                                                                     |
| George Putnam III        | No                      | 811-03386, 811-07513, 811-04518, 811-05802, 811-02742, 811-02608, 811-05452, 811-05635, 811-04345, 811-05977, 811-04527, 811-02675, 811-05346, 811-03741, 811-03897, 811-01403, 811-07626, 811-05740, 811-06128, 811-04528, 811-03630, 811-00058, 811-06190, 811-07121, 811-21598, 811-23643, 811-05498, 811-00653, 811-04524, 811-02280, 811-04616                                                                                                                                                                                                                                                                                                                     |
| Mona K. Sutphen          | No                      | 811-04528, 811-07626, 811-03630, 811-03897, 811-05346, 811-03741, 811-06190, 811-02280, 811-05977, 811-02608, 811-04527, 811-04524, 811-04616, 811-05452, 811-02742, 811-04345, 811-23643, 811-04518, 811-07121, 811-01403, 811-00058, 811-05740, 811-06128, 811-21598, 811-03386, 811-05498, 811-00653, 811-05802, 811-02675, 811-07513, 811-05635                                                                                                                                                                                                                                                                                                                     |
| Robert L. Reynolds       | Yes                     | 811-03741, 811-02675, 811-23643, 811-00058, 811-04518, 811-04524, 811-05498, 811-04345, 811-05452, 811-03386, 811-00653, 811-02742, 811-05346, 811-02608, 811-04527, 811-06128, 811-07626, 811-07121, 811-04616, 811-03897, 811-04528, 811-05977, 811-03630, 811-07513, 811-05802, 811-05740, 811-05635, 811-02280, 811-21598, 811-06190, 811-01403                                                                                                                                                                                                                                                                                                                     |
| Marie Pillai             | No                      | 811-04524, 811-05802, 811-05498, 811-07513, 811-21598, 811-07121, 811-00058, 811-05635, 811-04528, 811-03741, 811-00653, 811-03386, 811-02608, 811-04527, 811-03897, 811-02280, 811-06190, 811-05346, 811-04345, 811-04616, 811-05740, 811-23643, 811-06128, 811-03630, 811-02675, 811-04518, 811-05977, 811-07626, 811-01403, 811-05452, 811-02742                                                                                                                                                                                                                                                                                                                     |
| Barbara M. Baumann       | No                      | 811-00058, 811-02608, 811-03741, 811-06128, 811-01403, 811-02280, 811-04345, 811-02675, 811-03386, 811-04524, 811-04616, 811-07121, 811-23643, 811-04518, 811-05346, 811-03630, 811-05740, 811-06190, 811-00653, 811-05635, 811-07626, 811-05452, 811-21598, 811-04528, 811-05498, 811-05977, 811-04527, 811-03897, 811-05802, 811-02742, 811-07513                                                                                                                                                                                                                                                                                                                     |

### 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

### 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 Government Money Market Fund

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

- **a. Full Name of the Fund:** Putnam Government Money Market Fund

- **b. Series identification number, if any:** S000052894

- **c. LEI:** 549300SEUI2XMME8T893

- **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?:** 6

- **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 GOVERNMENT MONEY MARKET FUND - CLASS A | C000166400                                | PGDXX                        |
|                           2 | PUTNAM GOVERNMENT MONEY MARKET FUND - CLASS I | C000166404                                | N/A                          |
|                           3 | PUTNAM GOVERNMENT MONEY MARKET FUND - CLASS G | C000166403                                | N/A                          |
|                           4 | PUTNAM GOVERNMENT MONEY MARKET FUND - CLASS C | C000166402                                | PGEXX                        |
|                           5 | PUTNAM GOVERNMENT MONEY MARKET FUND - CLASS R | C000166407                                | PGRXX                        |
|                           6 | PUTNAM GOVERNMENT MONEY MARKET FUND - CLASS P | C000166406                                | 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

- [x] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

**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:** 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.**

No Brokers reported.

**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        | $11,200,091,378.94        |
| BofA Securities, Inc.        | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $35,765,674,030.29        |
| RBC Capital Markets, LLC     | 8-45411           | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $4,482,389,588.74         |
| BNP Paribas Securities Corp. | 8-32682           | 000015794    | RCNB6OTYUAMMP879YW96 | NY      | US        | $52,002,088,479.90        |
| ODEON CAPITAL GROUP LLC      | 8-68033           | 000148493    | 549300S158163H2DN048 | NY      | US        | $66,806,000.00            |
| Scotia Capital (USA) Inc.    | 8-03716           | 000002739    | 549300BLWPABP1VNME36 | NY      | US        | $714,925,161.74           |
| J.P. Morgan Securities LLC   | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $13,699,016,962.98        |
| UBS Securities LLC           | 8-22651           | 000007654    | T6FIZBDPKLYJKFCRVK44 | NY      | US        | $12,535,701,000.00        |
| Bank of Montreal             | N/A               | N/A          | NQQ6HPCNCCU6TUTQYE16 |  |  | $2,481,725,346.97         |
| Barclays Capital, Inc.       | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $17,445,136,809.17        |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $150,515,409,309.48

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

- **Item C.19.b - Money market fund's daily average net assets:** $362,636,041.79

**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:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 3 Name of institution:** THE BANK OF NEW YORK MELLON

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

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

  - **Line Institutions Record: 6 Name of institution:** BANK OF AMERICA, N.A.

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

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

  - **Line Institutions Record: 9 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 10 Name of institution:** DEUTSCHE BANK SECURITIES INC.

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

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

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

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

## 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 Investment Funds

**Date:** 2025-09-30

**Signature:** Monica Krogh

**Title:** Assistant Treasurer