# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0002071691-25-002491
**Filing Date:** 2025-10
**Character Count:** 135336
**Document Hash:** 5902e1a8f4dfb1bc321f89f589115ee0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002491.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0002071691-25-002491

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**EFFECTIVENESS DATE**: 20251010

**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:** 251388099

**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 Large Cap Growth Fund (Series ID: S000003848)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010751 | Class A Shares | POGAX           |
| C000010752 | Class B Shares | POGBX           |
| C000010753 | Class C Shares | POGCX           |
| C000010755 | Class R Shares | PGORX           |
| C000010756 | Class Y Shares | PGOYX           |
| C000118093 | Class R5       |  |
| C000118094 | Class R6       |  |

### Putnam U.S. Research Fund (Series ID: S000003853)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010781 | Class A Shares  | PNRAX           |
| C000010783 | Class C Shares  | PRACX           |
| C000010785 | Class R Shares  | PRSRX           |
| C000010786 | Class Y Shares  | PURYX           |
| C000158892 | Class R6 Shares |  |

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Investment Funds and
Shareholders of Putnam Research Fund:

In planning and performing our audit of the financial statements
of Putnam Research Fund (one of the funds constituting Putnam
Investment Funds, referred to hereafter as the "Fund") as of
and for the year ended July 31, 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 July 31, 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.

PricewaterhouseCoopers LLP
Boston, Massachusetts
September 18, 2025

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Investment Funds and
Shareholders of Putnam Large Cap Growth Fund:

In planning and performing our audit of the financial statements
of Putnam Large Cap Growth Fund (one of the funds constituting
Putnam Investment Funds, referred to hereafter as the "Fund")
as of and for the year ended July 31, 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 July 31, 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.

PricewaterhouseCoopers LLP
Boston, Massachusetts
September 18, 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:** S000003853

**Series ID Record:2**
- **Series ID:** S000003848

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

**Item A.1.a - Report for period ending:** 2025-07-31

**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):** 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: 2**

- **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

**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 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):** 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: 5**

- **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: 6**

- **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: 7**

- **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: 8**

- **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 include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 9**

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

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

- **c. City:** BOSTON

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

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

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

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

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

**Location books Record: 10**

- **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: 11**

- **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: 12**

- **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

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

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

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

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

### Item B.6 - Organization

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

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

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

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

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

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

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

- **Item B.6.i - Total number of Series:** 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, 811-06506, 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, 811-21598 |
| Jennifer Williams Murphy | No                      | 811-05346, 811-04345, 811-07121, 811-04518, 811-04524, 811-05635, 811-05802, 811-21598, 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, 811-21598, 811-06190, 811-01403, 811-05740, 811-23643, 811-05977, 811-02742, 811-05346, 811-00058, 811-03630, 811-00653, 811-03897, 811-02280, 811-04345                                                                                                                                                                                                                                                                                                                     |
| Catharine Bond Hill      | No                      | 811-04345, 811-07121, 811-03741, 811-02742, 811-02280, 811-06190, 811-23643, 811-03386, 811-05452, 811-05802, 811-21598, 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, 811-04527                                                                                                                                                                                                                                                                                                                     |
| 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, 811-02608, 811-04528, 811-05635, 811-00058, 811-03386, 811-05802, 811-05740, 811-21598, 811-05452, 811-04524, 811-04616, 811-05977, 811-06128, 811-01403, 811-03741, 811-23643, 811-02280                                                                                                                                                                                                                                                                                                                     |
| Gregory G. McGreevey     | No                      | 811-05977, 811-05740, 811-06190, 811-04524, 811-06128, 811-00653, 811-04345, 811-02675, 811-04616, 811-21598, 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, 811-03741, 811-07121, 811-05346, 811-04345, 811-04524, 811-06128, 811-03897, 811-04616, 811-00653, 811-23643, 811-00058, 811-21598                                                                                                                                                                                                                                                                                                                     |
| 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, 811-23643, 811-05498, 811-00653, 811-04524, 811-02280, 811-04616, 811-21598                                                                                                                                                                                                                                                                                                                     |
| 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, 811-03386, 811-05498, 811-00653, 811-05802, 811-02675, 811-07513, 811-05635, 811-21598                                                                                                                                                                                                                                                                                                                     |
| 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, 811-21598, 811-07626, 811-07121, 811-04616, 811-03897, 811-04528, 811-05977, 811-03630, 811-07513, 811-05802, 811-05740, 811-05635, 811-02280, 811-06190, 811-01403                                                                                                                                                                                                                                                                                                                     |
| Marie Pillai             | No                      | 811-04524, 811-05802, 811-05498, 811-07513, 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, 811-21598, 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, 811-04528, 811-05498, 811-05977, 811-04527, 811-03897, 811-05802, 811-02742, 811-07513, 811-21598                                                                                                                                                                                                                                                                                                                     |

### 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-25271
  - 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.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 Research Fund

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

- **a. Full Name of the Fund:** Putnam Research Fund

- **b. Series identification number, if any:** S000003853

- **c. LEI:** 549300117TPVVMBVZ589

- **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?:** 5

- **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?:** 1

**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 RESEARCH FUND CLASS C  | C000010783                                | PRACX                        |
|                           2 | PUTNAM RESEARCH FUND CLASS R  | C000010785                                | PRSRX                        |
|                           3 | PUTNAM RESEARCH FUND CLASS A  | C000010781                                | PNRAX                        |
|                           4 | PUTNAM RESEARCH FUND CLASS R6 | C000158892                                | PLJMX                        |
|                           5 | PUTNAM RESEARCH FUND CLASS Y  | C000010786                                | PURYX                        |

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

- 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?** Yes

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106629

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

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

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

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

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

**Sub-adviser Record: 1**

- **i. Full name:** 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 Advisers, Inc.

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

- **iii. CRD number:** 000104517

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

- **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:** 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: 2**

- **i. Full name:** LSEG

- **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: 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

- **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:** 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:** $21,215.43

**Brokers Record: 2**

- **i. Full name of broker:** Stifel, Nicolaus & Company, Incorporated

- **ii. SEC file number:** 8-01447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,904.86

**Brokers Record: 3**

- **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:** $36,628.85

**Brokers Record: 4**

- **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:** $15,977.48

**Brokers Record: 5**

- **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:** $79,558.93

**Brokers Record: 6**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,975.65

**Brokers Record: 7**

- **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:** $21,720.49

**Brokers Record: 8**

- **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:** $17,221.28

**Brokers Record: 9**

- **i. Full name of broker:** Mizuho Securities USA LLC

- **ii. SEC file number:** 8-37710

- **iii. CRD number:** 000019647

- **iv. LEI, if any:** 7TK5RJIZDFROZCA6XF66

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,658.13

**Brokers Record: 10**

- **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:** $64,423.49

**Aggregate Commission:** $350,735.83

**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        | $1,854,755.56             |
| BNP Paribas Securities Corp.        | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $196,921.87               |
| BMO Capital Markets Corp.           | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $4,126,943.06             |
| Goldman Sachs & Co. LLC             | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $233,639.70               |
| Citadel Securities LLC              | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | FL      | US        | $1,083,819.50             |
| Citigroup Global Markets Inc.       | 8-08177           |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,884,650.58             |
| BofA Securities, Inc.               | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $2,421,268.33             |
| SMBC Nikko Securities America, Inc. | 8-43852           |    000028602 | 6PJDTY319315T5LR2241 | NY      | US        | $196,093.13               |
| Morgan Stanley & Co. LLC            | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $550,827.72               |
| J.P. Morgan Securities LLC          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,623,660.97             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $14,277,598.63

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

- **Item C.19.a - Fund's monthly average net assets:** $576,901,795.34

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

  - **Line Institutions Record: 3 Name of institution:** BANK OF AMERICA, N.A.

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

  - **Line Institutions Record: 5 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 6 Name of institution:** DEUTSCHE BANK SECURITIES INC.

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

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

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, 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   |
|:---|:---|
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam Core Bond Fund (f/k/a Putnam Fixed Income Absolute Return Fund)                        | 811-07513         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Templeton World Fund                                                                          | 811-02781         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Putnam Large Cap Growth Fund (f/k/a Putnam Growth Opportunities Fund)                         | 811-07237         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| ClearBridge Growth Fund                                                                       | 811-06444         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Putnam Income Fund                                                                            | 811-00653         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| ClearBridge Value Fund                                                                        | 811-22338         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Franklin Mutual Small-Mid Cap Value Fund                                                      | 811-05878         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Putnam VT Core Equity Fund (f/k/a Putnam VT Multi-Cap Core Fund)                              | 811-05346         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Western Asset Bond ETF                                                                        | 811-23124         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Western Asset Income Fund                                                                     | 811-04254         |
| International Equity Series                                                                   | 811-06135         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Putnam International Value Fund                                                               | 811-07513         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Templeton International Bond Fund                                                             | 811-04706         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Putnam VT Large Cap Growth Fund (f/k/a Putnam VT Growth Opportunities Fund)                   | 811-05346         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| ClearBridge Variable Growth Portfolio                                                         | 811-21128         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Putnam Core Equity Fund (f/k/a Putnam Multi-Cap Core Fund)                                    | 811-07513         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin Core Plus Bond Fund                                                                  | 811-06243         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |

- **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 Large Cap Growth Fund

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

- **a. Full Name of the Fund:** Putnam Large Cap Growth Fund

- **b. Series identification number, if any:** S000003848

- **c. LEI:** 5493007F7Y4GQFGNWX67

- **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?:** 1

**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 LARGE CAP GROWTH FUND CLASS R  | C000010755                                | PGORX                        |
|                           2 | PUTNAM LARGE CAP GROWTH FUND CLASS R5 | C000118093                                | PGODX                        |
|                           3 | PUTNAM LARGE CAP GROWTH FUND CLASS R6 | C000118094                                | PGOEX                        |
|                           4 | PUTNAM LARGE CAP GROWTH FUND CLASS Y  | C000010756                                | PGOYX                        |
|                           5 | PUTNAM LARGE CAP GROWTH FUND CLASS C  | C000010753                                | POGCX                        |
|                           6 | PUTNAM LARGE CAP GROWTH FUND CLASS A  | C000010751                                | POGAX                        |

**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'?** Yes

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**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:** $6,582,077.00

- **g. Provide the net income from securities lending activities:** $86,285.00

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106629

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000111360

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

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

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

**Sub-adviser Record: 2**

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

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

- **iii. CRD number:** 000104517

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

- **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

- **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.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **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:** $255,075.72

**Brokers Record: 2**

- **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:** $105,952.46

**Brokers Record: 3**

- **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:** $231,460.13

**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:** $251,542.00

**Brokers Record: 5**

- **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:** $183,317.64

**Brokers Record: 6**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $213,736.63

**Brokers Record: 7**

- **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:** $159,858.70

**Brokers Record: 8**

- **i. Full name of broker:** Stifel, Nicolaus & Company, Incorporated

- **ii. SEC file number:** 8-01447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $170,590.88

**Brokers Record: 9**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $89,760.26

**Brokers Record: 10**

- **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:** $271,704.02

**Aggregate Commission:** $2,773,834.67

**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        | $4,803,945.00             |
| Wells Fargo Securities, LLC   | 8-65876           | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $9,894,995.83             |
| RBC Capital Markets, LLC      | 8-45411           | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $307,109,861.11           |
| Citigroup Global Markets Inc. | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,371,886,000.00         |
| J.P. Morgan Securities LLC    | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $1,159,289,750.00         |
| HSBC Securities (USA) Inc.    | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $126,827,000.00           |
| Bank of Montreal              | N/A               | N/A          | NQQ6HPCNCCU6TUTQYE16 |  |  | $197,114,000.00           |
| BofA Securities, Inc.         | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $392,331,000.00           |
| BNP Paribas Securities Corp.  | 8-32682           | 000015794    | RCNB6OTYUAMMP879YW96 | NY      | US        | $91,223,000.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $3,660,655,573.80

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

- **Item C.19.a - Fund's monthly average net assets:** $11,683,466,522.47

**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:** GOLDMAN SACHS BANK USA

  - **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:** CITIBANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 6 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 7 Name of institution:** JPMORGAN CHASE BANK, N.A.

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

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, 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   |
|:---|:---|
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| ClearBridge Variable Growth Portfolio                                                         | 811-21128         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| International Equity Series                                                                   | 811-06135         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Templeton World Fund                                                                          | 811-02781         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| ClearBridge Growth Fund                                                                       | 811-06444         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Putnam Core Equity Fund (f/k/a Putnam Multi-Cap Core Fund)                                    | 811-07513         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| ClearBridge Value Fund                                                                        | 811-22338         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Putnam VT Core Equity Fund (f/k/a Putnam VT Multi-Cap Core Fund)                              | 811-05346         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Putnam VT Large Cap Growth Fund (f/k/a Putnam VT Growth Opportunities Fund)                   | 811-05346         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Putnam Core Bond Fund (f/k/a Putnam Fixed Income Absolute Return Fund)                        | 811-07513         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Franklin Mutual Small-Mid Cap Value Fund                                                      | 811-05878         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Putnam International Value Fund                                                               | 811-07513         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Putnam Research Fund                                                                          | 811-07237         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Western Asset Bond ETF                                                                        | 811-23124         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Income Fund                                                                            | 811-00653         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Franklin Core Plus Bond Fund                                                                  | 811-06243         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| Franklin Income Fund                                                                          | 811-00537         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |

- **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 Investment Funds

**Date:** 2025-07-31

**Signature:** Monica Krogh

**Title:** Assistant Treasurer