# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0002071691-25-002493
**Filing Date:** 2025-10
**Character Count:** 143718
**Document Hash:** ac76ccc32e77106e5eae58d4c02c260a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002493.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0002071691-25-002493

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 4

**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 FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251388101

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

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

## Series and Classes Contracts Data

### Putnam Ultra Short Duration Income Fund (Series ID: S000034192)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000105375 | Class A        |  |
| C000105376 | Class B        |  |
| C000105377 | Class C        |  |
| C000105379 | Class R        |  |
| C000105380 | Class Y        |  |
| C000118012 | Class R6       |  |
| C000207666 | Class N Shares |  |

### Putnam Short Term Investment Fund (Series ID: S000039730)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000123084 | Class P        |  |
| C000219759 | Class G Shares |  |

### Putnam Ultra Short MAC Series (Series ID: S000080127)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241800 | -            |  |

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Funds Trust and Shareholders
of Putnam Short Term Investment Fund:

In planning and performing our audit of the financial statements
of Putnam Short Term Investment Fund (one of the funds constituting
Putnam Funds Trust, 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 Funds Trust and the Securities
and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
September 18, 2025

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Funds Trust and Shareholders
of Putnam Ultra Short Duration Income Fund:

In planning and performing our audit of the financial statements
of Putnam Ultra Short Duration Income Fund (one of the funds constituting
Putnam Funds Trust, 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 Funds Trust and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
September 18, 2025

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Funds Trust and Shareholders
of Putnam Ultra Short MAC Series:

In planning and performing our audit of the financial statements
of Putnam Ultra Short MAC Series (one of the funds constituting
Putnam Funds Trust, 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 Funds Trust and the
Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these
specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
September 18, 2025

```

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001005942

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

**Series ID Record:1**
- **Series ID:** S000034192

**Series ID Record:2**
- **Series ID:** S000039730

**Series ID Record:3**
- **Series ID:** S000080127

### 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 Funds Trust

- **Item B.1.b - Investment Company Act file number:** 811-07513

- **Item B.1.c - CIK:** 0001005942

- **Item B.1.d - LEI:** 549300S9JYWEMKQCLW53

- **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 Advisers, Inc.

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

- **c. City:** San Mateo

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

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

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

**Location books Record: 2**

- **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: 3**

- **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: 4**

- **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: 5**

- **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: 6**

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

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

- **c. City:** San Mateo

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

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

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

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Putnam 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: 8**

- **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: 9**

- **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: 10**

- **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: 11**

- **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

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

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

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

- **Item B.5.a.i - Full name of family of investment companies:** Franklin Templeton Group of Funds

### Item B.6 - Organization

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

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

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

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

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

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

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

- **Item B.6.i - Total number of Series:** 16

- **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                     | 811-02608, 811-04528, 811-07920, 811-23408, 811-04524, 811-22546, 811-06444, 811-21343, 811-22444, 811-07121, 811-05977, 811-06506, 811-05497, 811-05740, 811-10603, 811-02742, 811-21477, 811-08709, 811-06740, 811-04345, 811-05498, 811-07237, 811-03386, 811-21128, 811-04527, 811-07626, 811-06128, 811-22334, 811-06629, 811-04254, 811-02280, 811-01403, 811-21598, 811-05452, 811-02675, 811-22491, 811-22294, 811-22338, 811-05802, 811-03897, 811-23643, 811-06310, 811-05346, 811-10407, 811-06110, 811-21403, 811-00058, 811-04616, 811-05635, 811-22369, 811-00653, 811-06190, 811-04518, 811-21467, 811-02351, 811-21337, 811-03630, 811-03741, 811-04052 |
| Jennifer Williams Murphy | No                      | 811-04345, 811-00058, 811-04528, 811-03741, 811-05452, 811-05635, 811-02742, 811-03630, 811-00653, 811-07121, 811-04527, 811-06190, 811-01403, 811-07237, 811-04518, 811-03897, 811-02675, 811-23643, 811-07626, 811-21598, 811-04616, 811-05802, 811-05498, 811-04524, 811-03386, 811-02280, 811-06128, 811-02608, 811-05346, 811-05740, 811-05977                                                                                                                                                                                                                                                                                                                     |
| Katinka Domotorffy       | No                      | 811-23643, 811-03386, 811-05802, 811-03630, 811-03741, 811-02608, 811-00653, 811-06190, 811-06128, 811-07626, 811-04527, 811-04528, 811-02742, 811-05452, 811-01403, 811-05635, 811-21598, 811-02675, 811-05977, 811-05740, 811-07121, 811-03897, 811-04518, 811-00058, 811-05498, 811-04524, 811-04616, 811-04345, 811-02280, 811-07237, 811-05346                                                                                                                                                                                                                                                                                                                     |
| Catharine Bond Hill      | No                      | 811-06128, 811-03741, 811-05635, 811-04518, 811-05740, 811-05346, 811-05802, 811-03386, 811-05452, 811-03897, 811-02675, 811-03630, 811-00653, 811-04528, 811-05977, 811-02742, 811-00058, 811-04527, 811-04345, 811-23643, 811-01403, 811-07237, 811-07121, 811-06190, 811-04616, 811-05498, 811-02608, 811-07626, 811-04524, 811-02280, 811-21598                                                                                                                                                                                                                                                                                                                     |
| Liaquat Ahamed           | No                      | 811-03630, 811-04527, 811-07626, 811-05346, 811-02675, 811-00058, 811-07121, 811-04528, 811-02742, 811-05740, 811-07237, 811-04518, 811-06128, 811-02280, 811-01403, 811-05635, 811-02608, 811-03386, 811-05802, 811-05498, 811-03741, 811-21598, 811-23643, 811-04345, 811-04616, 811-00653, 811-06190, 811-05977, 811-03897, 811-05452, 811-04524                                                                                                                                                                                                                                                                                                                     |
| Gregory G. McGreevey     | No                      | 811-04528, 811-04345, 811-05977, 811-04518, 811-05635, 811-07626, 811-04524, 811-03897, 811-04527, 811-05498, 811-06128, 811-02280, 811-05802, 811-05452, 811-06190, 811-23643, 811-05346, 811-07237, 811-21598, 811-05740, 811-00653, 811-03386, 811-07121, 811-02742, 811-04616, 811-02675, 811-01403, 811-00058, 811-02608, 811-03630, 811-03741                                                                                                                                                                                                                                                                                                                     |
| Manoj P. Singh           | No                      | 811-06190, 811-02280, 811-04518, 811-00058, 811-02742, 811-05740, 811-04527, 811-00653, 811-04528, 811-02608, 811-07626, 811-03741, 811-03630, 811-05452, 811-04616, 811-03386, 811-05802, 811-05977, 811-07121, 811-04345, 811-01403, 811-05498, 811-05346, 811-23643, 811-02675, 811-04524, 811-06128, 811-05635, 811-03897, 811-07237, 811-21598                                                                                                                                                                                                                                                                                                                     |
| George Putnam III        | No                      | 811-06128, 811-03741, 811-04616, 811-23643, 811-05346, 811-06190, 811-01403, 811-04528, 811-03897, 811-04527, 811-02675, 811-05452, 811-03386, 811-07237, 811-21598, 811-04524, 811-05740, 811-04345, 811-05977, 811-05635, 811-05802, 811-02742, 811-04518, 811-00058, 811-02608, 811-07121, 811-07626, 811-02280, 811-00653, 811-05498, 811-03630                                                                                                                                                                                                                                                                                                                     |
| Mona K. Sutphen          | No                      | 811-05740, 811-04518, 811-03897, 811-23643, 811-04345, 811-04527, 811-05635, 811-02608, 811-00058, 811-03386, 811-04524, 811-03741, 811-00653, 811-06128, 811-05452, 811-04616, 811-05977, 811-07121, 811-05346, 811-02675, 811-07237, 811-03630, 811-04528, 811-21598, 811-01403, 811-02742, 811-05498, 811-02280, 811-06190, 811-07626, 811-05802                                                                                                                                                                                                                                                                                                                     |
| Robert L. Reynolds       | Yes                     | 811-05635, 811-07626, 811-03630, 811-00058, 811-02675, 811-05977, 811-02280, 811-06128, 811-03897, 811-23643, 811-07237, 811-05346, 811-07121, 811-01403, 811-06190, 811-02608, 811-21598, 811-00653, 811-04528, 811-04345, 811-04518, 811-04527, 811-05802, 811-03741, 811-02742, 811-05498, 811-04524, 811-05452, 811-04616, 811-03386, 811-05740                                                                                                                                                                                                                                                                                                                     |
| Marie Pillai             | No                      | 811-05740, 811-04345, 811-02675, 811-03386, 811-03897, 811-05635, 811-05498, 811-00058, 811-04616, 811-02742, 811-04527, 811-23643, 811-04524, 811-02280, 811-07121, 811-07626, 811-01403, 811-03741, 811-06190, 811-04518, 811-00653, 811-03630, 811-21598, 811-05802, 811-07237, 811-05977, 811-04528, 811-02608, 811-06128, 811-05452, 811-05346                                                                                                                                                                                                                                                                                                                     |
| Barbara M. Baumann       | No                      | 811-04524, 811-06128, 811-01403, 811-03741, 811-04616, 811-05802, 811-05740, 811-05635, 811-02280, 811-23643, 811-07237, 811-00058, 811-03386, 811-07626, 811-04345, 811-04518, 811-04527, 811-02742, 811-03630, 811-05346, 811-05977, 811-00653, 811-02675, 811-07121, 811-06190, 811-03897, 811-02608, 811-05452, 811-05498, 811-04528, 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-24210
  - IC-20851
  - IC-18998

### 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

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Putnam Ultra Short Duration Income Fund

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

- **a. Full Name of the Fund:** Putnam Ultra Short Duration Income Fund

- **b. Series identification number, if any:** S000034192

- **c. LEI:** 549300AUL3M7GYSCX444

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

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

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 6

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

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

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

|   Shares Outstanding Record | i. Full name of Class                              | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM ULTRA SHORT DURATION INCOME FUND - CLASS A  | C000105375                                | PSDTX                        |
|                           2 | PUTNAM ULTRA SHORT DURATION INCOME FUND - CLASS R  | C000105379                                | PSDRX                        |
|                           3 | PUTNAM ULTRA SHORT DURATION INCOME FUND - CLASS Y  | C000105380                                | PSDYX                        |
|                           4 | PUTNAM ULTRA SHORT DURATION INCOME FUND - CLASS R6 | C000118012                                | PSDQX                        |
|                           5 | PUTNAM ULTRA SHORT DURATION INCOME FUND - CLASS C  | C000105377                                | PSDLX                        |
|                           6 | PUTNAM ULTRA SHORT DURATION INCOME FUND - CLASS N  | C000207666                                | PSDNX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

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

  **Idemnity Providers Record: 1**

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

  - **2. LEI, if any:** —

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

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

**Collateral Managers Record: 1**

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

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

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

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

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

- [x] Revenue sharing split

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

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

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

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

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

Did the Fund rely on the following rules?

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

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

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

- 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:** Franklin Advisers, Inc.

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

- **iii. CRD number:** 000104517

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000111360

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

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

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

**Sub-adviser Record: 2**

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

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

- **iii. CRD number:** 000106629

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

**Pricing Services Record: 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

**Pricing Services Record: 3**

- **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: 4**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

**Custodians Record: 2**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| RBC Capital Markets, LLC      | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $2,964,472,929.52         |
| Wells Fargo Securities, LLC   | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $10,201,769,832.66        |
| MUFG Securities Americas Inc. | 8-43026           |    000019685 | K5HU16E3LMSVCCJJJ255 | NY      | US        | $1,223,775,036.88         |
| BofA Securities, Inc.         | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $97,895,716,959.68        |
| Goldman Sachs & Co. LLC       | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $4,431,134,135.84         |
| J.P. Morgan Securities LLC    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $47,054,697,350.54        |
| Barclays Capital, Inc.        | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $5,512,471,212.08         |
| Citigroup Global Markets Inc. | 8-08177           |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $47,424,570,353.48        |
| Truist Securities, Inc.       | 8-17212           |    000006271 | CSVTK36R0PNGXEM7NS14 | GA      | US        | $1,955,517,702.34         |
| Mizuho Securities USA LLC     | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $14,873,252,073.58        |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $236,164,746,229.45

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

- **Item C.19.a - Fund's monthly average net assets:** $10,009,413,037.39

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

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

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

**Line of Credit details Record: 1**

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

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

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

  - **Line Institutions Record: 1 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 2 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 3 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 4 Name of institution:** BANK OF AMERICA, N.A.

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

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

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

  - **Line Institutions Record: 8 Name of institution:** DEUTSCHE BANK SECURITIES INC.

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

  - **Line Institutions Record: 10 Name of institution:** HSBC BANK USA, 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 Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Putnam Core Bond Fund (f/k/a Putnam Fixed Income Absolute Return Fund)                        | 811-07513         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| ClearBridge Value Fund                                                                        | 811-22338         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| Templeton World Fund                                                                          | 811-02781         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| Western Asset Bond ETF                                                                        | 811-23124         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| International Equity Series                                                                   | 811-06135         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Research Fund                                                                          | 811-07237         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| Putnam VT Core Equity Fund (f/k/a Putnam VT Multi-Cap Core Fund)                              | 811-05346         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| Templeton International Bond Fund                                                             | 811-04706         |
| ClearBridge Growth Fund                                                                       | 811-06444         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam International Value Fund                                                               | 811-07513         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin Mutual Small-Mid Cap Value Fund                                                      | 811-05878         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Floating Rate Master Series                                                          | 811-09869         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Putnam Income Fund                                                                            | 811-00653         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Putnam Core Equity Fund (f/k/a Putnam Multi-Cap Core Fund)                                    | 811-07513         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Franklin Core Plus Bond Fund                                                                  | 811-06243         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Putnam VT Large Cap Growth Fund (f/k/a Putnam VT Growth Opportunities Fund)                   | 811-05346         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| Franklin Income Fund                                                                          | 811-00537         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| ClearBridge International Value Fund                                                          | 811-06444         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| Putnam Large Cap Growth Fund (f/k/a Putnam Growth Opportunities Fund)                         | 811-07237         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| ClearBridge Variable Growth Portfolio                                                         | 811-21128         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| Western Asset California Municipals Fund                                                      | 811-04254         |

- **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 Short Term Investment Fund

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

- **a. Full Name of the Fund:** Putnam Short Term Investment Fund

- **b. Series identification number, if any:** S000039730

- **c. LEI:** 5493003MK0Q7JP8CPP42

- **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?:** 2

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

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

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

|   Shares Outstanding Record | i. Full name of Class                     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM SHORT TERM INVESTMENT FUND CLASS P | C000123084                                | N/A                          |
|                           2 | PUTNAM SHORT TERM INVESTMENT FUND CLASS G | C000219759                                | N/A                          |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

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

  **Idemnity Providers Record: 1**

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

  - **2. LEI, if any:** —

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

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

**Collateral Managers Record: 1**

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

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

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

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

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

- [x] Revenue sharing split

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

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000104517

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000106629

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

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

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

**Sub-adviser Record: 2**

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

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

- **iii. CRD number:** 000111360

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

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

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

**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:** PricingDirect Inc.

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

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

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

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

**Pricing Services Record: 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.**

No Brokers reported.

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

| Name                          | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Citigroup Global Markets Inc. | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $58,133,754,721.78        |
| HSBC Securities (USA) Inc.    | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $54,161,324,548.12        |
| BofA Securities, Inc.         | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $37,565,527,226.52        |
| J.P. Morgan Securities LLC    | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $107,959,405,402.55       |
| Bank of Montreal              | N/A               | N/A          | NQQ6HPCNCCU6TUTQYE16 |  |  | $39,296,280,009.29        |
| BNP Paribas Securities Corp.  | 8-32682           | 000015794    | RCNB6OTYUAMMP879YW96 | NY      | US        | $28,124,916,858.80        |
| Barclays Capital, Inc.        | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $90,835,756,764.17        |
| Scotia Capital (USA) Inc.     | 8-03716           | 000002739    | 549300BLWPABP1VNME36 | NY      | US        | $1,456,849,542.79         |
| Goldman Sachs & Co. LLC       | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $101,149,777,612.02       |
| RBC Capital Markets, LLC      | 8-45411           | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $50,798,031,955.97        |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $571,638,894,807.08

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

- **Item C.19.a - Fund's monthly average net assets:** $2,278,513,797.25

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

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

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

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

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

### Management Investment Record: 3 - Putnam Ultra Short MAC Series

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

- **a. Full Name of the Fund:** Putnam Ultra Short MAC Series

- **b. Series identification number, if any:** S000080127

- **c. LEI:** 5493000EKV1S0SOBPZ21

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

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

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

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

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

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

|   Shares Outstanding Record | i. Full name of Class                 | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM ULTRA SHORT MAC SERIES CLASS A | C000241800                                | PULTX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

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

  **Idemnity Providers Record: 1**

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

  - **2. LEI, if any:** —

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

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

**Collateral Managers Record: 1**

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

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

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

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

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

- [x] Revenue sharing split

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

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000104517

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000111360

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

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

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

**Sub-adviser Record: 2**

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

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

- **iii. CRD number:** 000106629

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

**Pricing Services Record: 3**

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

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

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

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

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

**Pricing Services Record: 4**

- **i. Full name:** 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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

**Custodians Record: 2**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Mizuho Securities USA LLC           | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $30,896,613.39            |
| Goldman Sachs & Co. LLC             | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $6,240,518.67             |
| TD SECURITIES (USA) LLC             | 8-36747           |    000018476 | SUVUFHICNZMP2WKHG940 | NY      | US        | $1,983,789.45             |
| RBC Capital Markets, LLC            | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $7,451,721.33             |
| Wells Fargo Securities, LLC         | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $22,236,743.89            |
| BofA Securities, Inc.               | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $87,406,984.75            |
| Citigroup Global Markets Inc.       | 8-08177           |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $109,052,501.32           |
| Barclays Capital, Inc.              | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $14,126,120.17            |
| SMBC Nikko Securities America, Inc. | 8-43852           |    000028602 | 6PJDTY319315T5LR2241 | NY      | US        | $1,756,158.28             |
| J.P. Morgan Securities LLC          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $162,351,008.27           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $447,396,616.86

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

- **Item C.19.a - Fund's monthly average net assets:** $27,433,743.78

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

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

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

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

  - **Line Institutions Record: 7 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 8 Name of institution:** DEUTSCHE BANK SECURITIES INC.

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

  - **Line Institutions Record: 10 Name of institution:** THE BANK OF NEW YORK MELLON

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

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

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

- **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 Funds Trust

**Date:** 2025-07-31

**Signature:** Monica Krogh

**Title:** Assistant Treasurer