<SEC-DOCUMENT>0000928816-21-000807.txt : 20211217
<SEC-HEADER>0000928816-21-000807.hdr.sgml : 20211217
<ACCEPTANCE-DATETIME>20210813170325
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000928816-21-000807
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ASSET ALLOCATION FUNDS
		CENTRAL INDEX KEY:			0000914209
		IRS NUMBER:				046746612
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUNDS TRUST
		CENTRAL INDEX KEY:			0001005942
		IRS NUMBER:				043299786
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921010

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FOCUSED INTERNATIONAL EQUITY FUND
		CENTRAL INDEX KEY:			0000081251
		IRS NUMBER:				046145734
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL EQUITY FUND
		DATE OF NAME CHANGE:	20030707

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND
		DATE OF NAME CHANGE:	19900722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000205802
		IRS NUMBER:				046396109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM LARGE CAP VALUE FUND
		CENTRAL INDEX KEY:			0000216934
		IRS NUMBER:				046407893
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20190212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY INCOME FUND/NEW/
		DATE OF NAME CHANGE:	19940302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000711402
		IRS NUMBER:				042786284
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6172921562

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST
		DATE OF NAME CHANGE:	19941214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000719712
		IRS NUMBER:				042794490
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NEW YORK TAX EXEMPT INCOME TRUST
		DATE OF NAME CHANGE:	19940603

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NEW YORK TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MORTGAGE SECURITIES FUND
		CENTRAL INDEX KEY:			0000732337
		IRS NUMBER:				042811119
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM U S GOVERNMENT INCOME TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM U S GOVERNMENT GUARANTEED SECURITIES INCOME TRUST
		DATE OF NAME CHANGE:	19910102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM UNITED STATES GOVERNMENT SECURITIES INCOME FUND
		DATE OF NAME CHANGE:	19840806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD FUND
		CENTRAL INDEX KEY:			0000787836
		IRS NUMBER:				066290063
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD ADVANTAGE FUND
		DATE OF NAME CHANGE:	19920716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST II
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL INCOME TRUST
		CENTRAL INDEX KEY:			0000794614
		IRS NUMBER:				046549525
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME GLOBAL TRUST
		DATE OF NAME CHANGE:	19870225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GOVERNMENT INCOME TRUST
		DATE OF NAME CHANGE:	19870115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VARIABLE TRUST
		CENTRAL INDEX KEY:			0000822671
		IRS NUMBER:				046649095
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CAPITAL MANAGER TRUST /MA/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DIVERSIFIED INCOME TRUST
		CENTRAL INDEX KEY:			0000836622
		IRS NUMBER:				043017475
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT FUNDS
		CENTRAL INDEX KEY:			0000932101
		IRS NUMBER:				043251560
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		PUTNAM EQUITY FUNDS
		STREET 2:		ONE POST OFFICE SQUARE MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CONVERTIBLE SECURITIES FUND
		CENTRAL INDEX KEY:			0000081247
		IRS NUMBER:				042493360
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE INCOME GROWTH TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND
		DATE OF NAME CHANGE:	19841212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000081248
		IRS NUMBER:				046386436
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	MAIL ADDRESS:	
		STREET 1:		MAILSTOP A-14 LEGAL DEPARTMENT
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM DAILY DIVIDEND TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<HEAD>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Putnam Management</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">100 Federal Street</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Boston, MA 02110</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">August 13, 2021</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Securities and Exchange Commission</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">100 F Street, NE</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Washington, DC 20549</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Attn: Mindy Rotter</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: white; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Re:&#9;Comments on public filings with the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) for registered investment companies (the &ldquo;Funds&rdquo;) sponsored by Putnam Investment
Management, LLC (&ldquo;Putnam Management&rdquo;)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Dear Ms. Rotter:</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">This letter responds to the comments that
you provided telephonically to representatives of Putnam Management on behalf of the staff of the Commission (the &ldquo;Staff&rdquo;)
on July 16, 2021 regarding various of the Funds&rsquo; filings with the Commission. For convenience of reference, I have summarized each
of the Staff&rsquo;s comments before the Funds&rsquo; response.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">1.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B><U>:</U> The Staff notes that, for each Fund that has merged or liquidated, the
Fund&rsquo;s status on EDGAR should be changed from active to inactive. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: We confirm that each Fund that
has merged or liquidated will have its status on EDGAR changed from active to inactive. For each Fund that is a series of a registered
investment company, this typically occurs after the Fund has made its final Form N-CEN filing. For each Fund that is a registered investment
company, this typically occurs after the Fund has submitted an application for deregistration as an investment company on Form N-8F, an
order under section 8(f) of the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) has been issued declaring that the Fund is
no longer an investment company, and the Fund has made its final Form N-CEN filing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">2.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: The Staff requests an explanation for how the benchmark index for Putnam VT George
Putnam Balanced Fund satisfies the Form N-1A requirement for an &ldquo;appropriate broad-based securities market index&rdquo; including
being administered by an organization that is not an affiliated person of the fund, its investment adviser, or principal underwriter,
unless the index is widely recognized and used. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: The primary benchmark index for
Putnam VT George Putnam Balanced Fund is the George Putnam Balanced Index, an unmanaged index, 60% of which is based on the S&amp;P 500
Index and 40% of which is based on the Bloomberg Barclays U.S. Aggregate Bond Index. The S&amp;P 500 Index is a widely recognized and
used unmanaged index of large U.S. company stocks, administered by S&amp;P Dow Jones Indices. The</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">Bloomberg Barclays U.S. Aggregate Bond Index is a widely
recognized and used unmanaged index of U.S. investment-grade fixed-income securities, administered by Bloomberg Barclays. Furthermore,
neither S&amp;P Dow Jones Indices nor Bloomberg Barclays is an affiliated person of the Fund, its investment adviser, or its principal
underwriter. Putnam Management calculates the George Putnam Balanced Index, using the S&amp;P 500 Index and Bloomberg Barclays U.S. Aggregate
Bond Index, as reported by S&amp;P Dow Jones Indices and Bloomberg Barclays, in fixed 60% and 40% portions. Putnam Management does not
administer the George Putnam Balanced Index in the sense contemplated by Form N-1A in that it does not determine index constituents
or exercise any discretion whatsoever. We believe that the use of a blended index composed, in fixed proportions, of widely recognized
and used broad-based securities market indexes administered by unaffiliated organizations satisfies the applicable Form N-1A requirement
for an &ldquo;appropriate broad-based securities market index.&rdquo; We additionally note that the individual returns for the S&amp;P
500 Index and Bloomberg Barclays U.S. Aggregate Bond Index are presented in both the Fund&rsquo;s prospectus and shareholder report.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">We are not aware of any authoritative guidance from the
Commission or Staff indicating that a blended index cannot represent an &ldquo;appropriate broad-based securities market index&rdquo;
as that term is used in Form N-1A. We also believe that the Fund&rsquo;s use of a blended index approach is consistent with the limited
authoritative guidance from the Commission and the Staff regarding the definition and purpose of an &ldquo;appropriate broad-based securities
market index.&rdquo; The Commission has stated that the purpose of including performance information for a broad-based securities market
index is &ldquo;to provide investors with a basis for evaluating a fund&rsquo;s performance and risks relative to the market&rdquo;<SUP>1</SUP>
and that a fund has &ldquo;a considerable degree of flexibility to select an index that it believes best reflects the markets in which
the fund invests.&rdquo;<SUP>2</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">3.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: The Staff notes that the &ldquo;Opinion on the Financial Statements&rdquo; section
of the Report of Independent Registered Public Accounting Firm for Putnam Dynamic Asset Allocation Growth Fund included in the Fund&rsquo;s
annual shareholder report filed on November 23, 2020 incorrectly references &ldquo;Putnam Dynamic Asset Allocation Fund.&rdquo; </FONT></TD></TR></TABLE>

<BR>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: We confirm that the erroneous
reference to &ldquo;Putnam Dynamic Asset Allocation Fund&rdquo; will be corrected in the opinion for Putnam Dynamic Asset Allocation Growth
Fund included in future filings.</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>1</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Registration Form Used by Open-End Management Investment Companies</I>, SEC Rel. No. IC-23064 (Mar. 13, 1998).</FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>2</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Disclosure and Analysis of Mutual Fund Performance Information; Portfolio Manager Disclosure</I>, SEC Rel. No. IC-17294 (Jan. 8, 1990).</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">4.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: The Staff notes that, with respect to Putnam Government Money Market Fund, the
response to Item B.17(f) (&ldquo;<I>Has the independent public accountant changed since the last filing?&rdquo;)</I> was marked &ldquo;N&rdquo;
in the Form N-CEN filed for the Fund on December 3, 2020, yet the Report of Independent Registered Public Accounting Firm and the notes
to financial statement included in the Fund&rsquo;s annual shareholder report filed on November 23, 2020 indicates that there had been
a change in the Fund&rsquo;s independent registered public accountant. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: We confirm that a change in independent
registered public accountant for Putnam Government Money Market Fund occurred in 2020 and that the most recent Form N-CEN filed for the
Fund should have marked &ldquo;Y&rdquo; rather than &ldquo;N&rdquo; in response to Item B.17(f). We note that an amended Form N-CEN was
filed for the Fund on July 27, 2021 to correct this.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">5.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment:</U></B> The Staff requests confirmation that, in the Funds&rsquo; future annual and semiannual
shareholder reports, the footnotes to the table appearing under the caption &ldquo;Compare expenses using the SEC&rsquo;s method&rdquo;
will state the specific number of days in the reference period for the relevant Fund as required by Item 27 of Form N-1A. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response:</U></B> We confirm that, in the Funds&rsquo;
future annual and semiannual shareholder reports, the footnotes to the table appearing under the caption &ldquo;Compare expenses using
the SEC&rsquo;s method&rdquo; will state the specific number of days in the reference period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">6.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment:</U></B> The Staff requests confirmation of the primary benchmark of Putnam VT Global
Asset Allocation Fund. Please consider identifying the primary benchmark of the Fund as such in the Fund&rsquo;s future annual and semiannual
shareholder reports. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: The primary benchmark for Putnam
VT Global Asset Allocation Fund is the Russell 3000 Index, and the Fund&rsquo;s secondary benchmark is the Putnam Balanced Blended Index.
We anticipate identifying the Russell 3000 Index as the Fund&rsquo;s primary benchmark in future annual and semiannual shareholder reports.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">7.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment: </U></B>For Funds that had exposure to derivatives during a reporting period but do not
include a discussion regarding the impact of derivatives on performance in the Management Discussion of Fund Performance (&ldquo;MDFP&rdquo;)
in the shareholder report covering that period, please explain why such discussion is not included. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: The inclusion of a discussion
of the impact of derivatives within a Fund&rsquo;s MDFP is based on whether the Fund&rsquo;s derivative investments had a significant
impact on the Fund&rsquo;s performance during the period covered by the shareholder report. If one or more of a Fund&rsquo;s derivative
positions are determined to significantly impact the Fund&rsquo;s performance during the reporting period, they will be discussed in the
MDFP. Where a Fund had exposure to derivatives during a reporting period but the MDFP covering that</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">period does not discuss the impact of derivatives on the
Fund&rsquo;s performance, we have determined that the Fund&rsquo;s derivative activity did not have a significant impact on the Fund&rsquo;s
performance for that period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">8.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment:</U></B> With respect to those Funds that made a return of capital distribution during
a reporting period, the Staff requests confirmation of the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 12pt">That a discussion of each Fund&rsquo;s distribution policy will be included in the MDFP covering the
reporting period per Item 27(b)(7)(iii) of Form N-1A;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 12pt">That each Fund has complied with applicable shareholder notice requirements relating to its return of
capital under section 19(a) of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) and Rule 19a-1 thereunder;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 12pt">That there are no references to yield or dividends when describing shareholder distributions that may
include a return of capital in the Funds&rsquo; marketing materials, financial statement disclosure, and/or website disclosure, as those
terms may be interpreted as income.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B><U>Response</U></B>:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Item 27(b)(7)(iii) of Form N-1A states: &ldquo;Discuss the effect of any policy or practice of maintaining
a specified level of distributions to shareholders on the Fund&rsquo;s investment strategies and per share net asset value during the
last fiscal year. Also discuss the extent to which the Fund&rsquo;s distribution policy resulted in distributions of capital.&rdquo; None
of the open-end Funds covered by the Staff&rsquo;s review that made return of capital distributions has policies or practices of maintaining
a &ldquo;specified level of distributions.&rdquo; As such, we do not believe additional disclosure is required for these Funds pursuant
to Item 27(b)(7)(iii). </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt">As for the closed-end Funds covered by the Staff&rsquo;s review, each of Putnam Master Intermediate Income Trust, Putnam Managed
Municipal Income Trust, and Putnam Premier Income Trust use targeted distribution policies, and Putnam Managed Municipal Income Trust
has adopted a managed distribution policy in reliance on exemptive relief issued by the Commission on May 14, 2019 (Rel. No. 33474). We
confirm that if any of the closed-end Funds makes a return of capital distribution during a reporting period, that Fund will disclose, in its MDFP
covering that period, the effect of its policy to maintain a specified level of distributions to shareholders on the Fund&rsquo;s investment
strategies and per share NAV, as well as the extent to which the Fund&rsquo;s distribution policy resulted in distributions of capital.<I><SUP>3</SUP></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 12pt">We confirm that each Fund covered by the Staff&rsquo;s review that made a return of capital distribution
during the reporting period complied with applicable</FONT></TD></TR></TABLE>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>3</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See <I>Securities Offering Reform for Closed-End Investment Companies</I>, Rel. No. 33-10771 (Apr. 20, 2020).</FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt">shareholder notice requirements under Section 19(a) under the
1940 Act and Rule 19a-1 thereunder.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 12pt">We confirm that, when a dividend yield is disclosed in the Funds&rsquo; shareholder reports (including
financial statements) or any other marketing material or website disclosure, it is described as a &ldquo;Current Dividend Rate&rdquo;
or &ldquo;Distribution Rate&rdquo;, not as yield. Each rate reported in those materials is also accompanied by footnote disclosure substantially in the form of the
disclosure below, which makes it clear to shareholders that it may include return of capital distributions (emphasis added): </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 76.5pt">&ldquo;Most recent distribution, <I><U>including any return
of capital</U></I> and excluding capital gains, annualized and divided by share price before or after sales charge at period-end.&rdquo;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 76.5pt">This footnote disclosure was developed as the result of our
discussions with the Staff in connection with the Staff&rsquo;s review of the Funds in 2013.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">9.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment:</U></B> The Staff notes that the information provided under the captions &ldquo;The Fund&rsquo;s
portfolio&rdquo; and &ldquo;Forward Currency Contracts&rdquo; in Putnam High Yield Fund&rsquo;s annual shareholder report filed on January
26, 2021 are labeled as &ldquo;unaudited.&rdquo; Please explain why they are so labeled. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B><U>Response</U></B>: The information provided under the captions
&ldquo;The fund&rsquo;s portfolio&rdquo; and &ldquo;Forward Currency Contracts&rdquo; in Putnam High Yield Fund&rsquo;s annual shareholder
report filed on January 26, 2021 were incorrectly labeled &ldquo;unaudited&rdquo; due to a typographical error. As noted in the Report
of the Independent Registered Public Accounting Firm on page 25 of the annual shareholder report, the independent registered public accounting
firm&rsquo;s audit of the Fund&rsquo;s financial statements included a review of the Fund&rsquo;s portfolio, and the independent registered
public accounting firm issued an unqualified opinion with respect to that audit.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">10.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment:</U></B> The Staff notes that Putnam Global Income Trust and Putnam VT Global Health Care
Fund are identified in their respective annual shareholder reports as non-diversified funds; however, each Fund appears to be operating
as a diversified fund. With respect to each Fund, if the Fund has been operating as a diversified fund for more than three years, please
confirm that the Fund will receive shareholder approval prior to changing its status back to a non-diversified fund. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>: Both Putnam Global Income Trust
and Putnam VT Global Health Care Fund are classified as non-diversified funds but currently operate as diversified funds. We confirm that
each Fund has operated as a non-diversified fund within the past three years and, therefore, that neither Fund at present requires shareholder approval
to resume operating as a non-diversified fund.</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">11.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment: </U></B>The Staff notes that some of the Funds&rsquo; annual shareholder reports disclose
a trading error. For those Funds that had a trading error during the reporting period, please:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Describe the nature and dollar impact of the trading error;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Describe what, if any, reprocessing was required;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Confirm that any affected shareholders were made whole and reprocessing was accurate; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">d.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Confirm that procedures have been implemented to minimize the recurrence of such type of error. </FONT></TD></TR></TABLE>

<BR>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response</U></B>:</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">a. The trading errors impacting Putnam Diversified Income
Trust, Putnam Premier Income Trust, Putnam Master Intermediate Income Trust, Putnam Fixed Income Absolute Return Fund, Putnam Global Income
Trust, Putnam Income Fund, and Putnam VT Diversified Income Fund were the result of a portfolio transaction that was effected in the incorrect
direction. In response to this error, Putnam Management has reinforced existing controls and procedures with the individuals involved
in these transactions.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">The trading errors impacting Putnam Dynamic Asset Allocation
Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund and Putnam Dynamic Asset Allocation Growth Fund were the result of a
rights instrument held by each Fund expiring worthless due to a process error. In response to this error, Putnam Management has made enhancements
to its system for providing notification alerts related to rights elections.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">Putnam Management has agreed to reimburse the Funds for
trading errors that result in losses to the Funds. The amounts reimbursed with respect to the trading errors described above were Putnam
Dynamic Asset Allocation Growth Fund ($19,660), Putnam Dynamic Asset Allocation Conservative Fund ($4,384), Putnam Dynamic Asset Allocation
Balanced Fund ($13,476), Putnam Master Intermediate Income Trust ($2,182), Putnam Diversified Income Trust ($6,988), Putnam Fixed Income
Absolute Return Fund ($2,862), Putnam Global Income Trust ($1,717), Putnam Income Fund ($5,035) and Putnam VT Diversified Income Fund
($4,863). The occurrence of the trading error, the amount of the reimbursement by Putnam Management, and the impact of the error on the
Fund&rsquo;s return were disclosed in each Fund&rsquo;s financial statement footnotes in substantially the following form:</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">&ldquo;Putnam Management voluntarily reimbursed the fund
$[ ] for a trading error which occurred during the reporting period. The effect of the loss incurred and the reimbursement by Putnam Management
of such amounts had no material impact on total return.&rdquo;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">b. For each trading error referenced above, Putnam Management
determined that no reprocessing of shareholder transactions was required.</P>


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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">c. As stated in our response in paragraphs (a) and (b)
above, Putnam Management reimbursed each affected Fund for the total amount of losses attributable to the trading error and determined
that no reprocessing of shareholder transactions was required under the Funds&rsquo; Pricing Procedures.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">d. Please see our response in paragraph (a) above for
information about the remedial measures that Putnam Management has implemented to minimize the recurrence of these trading errors.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">12.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment:</U></B> The Staff notes that one or more of the Funds&rsquo; annual shareholder reports
disclose a compliance violation. For those Funds, please:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Describe the nature of the violation; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Confirm that procedures have been implemented or enhanced to minimize the recurrence of such type of
violation.</FONT></TD></TR></TABLE>

<BR>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B><U>Response</U></B>:</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">a. An investment compliance exception occurred in connection
with the participation by Putnam Diversified Income Trust in the purchase of a new issue of convertible bonds when, per Putnam&rsquo;s
policies, the fund should not have transacted directly with the issuer. As disclosed in Putnam Diversified Income Trust&rsquo;s annual
shareholder report, Putnam Management voluntarily reimbursed the Fund (along with other affected client accounts) for losses attributable
to the investment compliance exception.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">b. Additional procedures have been added to Putnam Management&rsquo;s
pre-trade compliance review for new issuances to reduce the risk of recurrence.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">13.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment</U>: </B>The Staff requests confirmation that any other expense item that exceeds 5% of
a Fund&rsquo;s total expenses has been separately identified on the Fund&rsquo;s statement of operations in accordance with Rule 6-07
of Regulation S-X. This comment applies to the following funds: Putnam Master Intermediate Income Trust, Putnam Money Market Fund, Putnam
Mortgage Securities Fund, Putnam Tax Exempt Income Fund, Putnam Government Money Market Fund, Putnam Managed Municipal Income Trust, Putnam
Global Income Trust, Putnam Multi-Asset Absolute Return Fund, Putnam Short-Term Municipal Income Fund, Putnam VT Mortgage Securities Fund,
Putnam VT Global Health Care Fund, Putnam VT International Equity Fund, Putnam VT Government Money Market Fund, Putnam VT Small Cap Value
Fund, Putnam VT George Putnam Balanced Fund, Putnam VT Focused International Equity Fund (Putnam VT Global Equity Fund prior to 4/30/21),
Putnam Small Cap Value Fund, and Putnam Floating Rate Income Fund. </FONT></TD></TR></TABLE>

<BR>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response:</U></B> With respect to each of the aforementioned
Funds, we confirm that there are no other expenses items exceeding 5% of the Fund&rsquo;s total expenses that should have</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in">been, but were not, separately identified on the Fund&rsquo;s
statement of operations in accordance with Rule 6-07 of Regulation S-X.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">14.</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B><U>Comment</U>: </B>The Staff notes that the amount of aggregate non-audit fees billed by the Funds&rsquo;
independent auditor that are reported in Item 4 of Form N-CSR are not consistent across Funds with the same fiscal year end. For example,
for the fiscal year ended 12/31/2020, Putnam VT Mortgage Securities Fund reported $620,767 in aggregate non-audit fees and Putnam VT Growth
Opportunities Fund reported $618,385 in aggregate non-audit fees. Please explain why the reported fees are different in this example and
in any similar circumstances where the fees were reported inconsistently during the applicable reporting periods for the Funds under review.
</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in"><B><U>Response:</U></B> The aggregate non-audit fees reported
in Item 4 of Form N-CSR consist of two parts: 1) Fund-specific fees for tax compliance, tax planning, and tax advice services (&ldquo;Tax
Fees&rdquo;) incurred during the relevant Fund&rsquo;s fiscal year and 2) fees billed for non-audit services required to be approved under
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the latter of which are presented separately in the Funds&rsquo; responses to Item
4 of Form N-CSR. While the amounts reported in Item 4 of Form N-CSR for fees required to be pre-approved under paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X are consistent across Funds with a given fiscal year end, the Tax Fees reported in Item 4 will be specific
to a given Fund, which can create differences in the aggregate non-audit fees reported, as is the case with Funds identified in the Staff&rsquo;s
comment.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; color: red">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">I believe this letter addresses the Staff&rsquo;s comments.
Should you have any further questions, please do not hesitate to call me at (617) 760-2577. Thank you for your assistance.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Very truly yours,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">/s/ Venice Monagan</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Venice Monagan</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Senior Counsel</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam Management</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">cc: James E. Thomas, Esq., Ropes &amp; Gray LLP</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Peter T. Fariel, Esq., Putnam Management&#9;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 22.5pt">&nbsp;</P>


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