<SEC-DOCUMENT>0000928816-24-001899.txt : 20241210
<SEC-HEADER>0000928816-24-001899.hdr.sgml : 20241210
<ACCEPTANCE-DATETIME>20241107163701
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000928816-24-001899
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ASSET ALLOCATION FUNDS
		CENTRAL INDEX KEY:			0000914209
		ORGANIZATION NAME:           	
		IRS NUMBER:				046746612
		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:		6177601000

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Putnam ETF Trust
		CENTRAL INDEX KEY:			0001845809
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		6177601060

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FOCUSED INTERNATIONAL EQUITY FUND
		CENTRAL INDEX KEY:			0000081251
		ORGANIZATION NAME:           	
		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 INCOME FUND
		CENTRAL INDEX KEY:			0000081264
		ORGANIZATION NAME:           	
		IRS NUMBER:				046013712
		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:		6172921000

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000205802
		ORGANIZATION NAME:           	
		IRS NUMBER:				046396109
		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

FILER:

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

	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 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
		ORGANIZATION NAME:           	
		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
		ORGANIZATION NAME:           	
		IRS NUMBER:				042794490
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	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 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
		ORGANIZATION NAME:           	
		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
		ORGANIZATION NAME:           	
		IRS NUMBER:				066290063
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	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 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
		ORGANIZATION NAME:           	
		IRS NUMBER:				046549525
		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:		6172921000

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

	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
		ORGANIZATION NAME:           	
		IRS NUMBER:				046649095
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	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 CAPITAL MANAGER TRUST /MA/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		ORGANIZATION NAME:           	
		IRS NUMBER:				046584465
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1117

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DIVERSIFIED INCOME TRUST
		CENTRAL INDEX KEY:			0000836622
		ORGANIZATION NAME:           	
		IRS NUMBER:				043017475
		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:		6177601000

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		ORGANIZATION NAME:           	
		IRS NUMBER:				046608976
		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:		6172921000

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		ORGANIZATION NAME:           	
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT FUNDS
		CENTRAL INDEX KEY:			0000932101
		ORGANIZATION NAME:           	
		IRS NUMBER:				043251560
		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 EQUITY FUNDS
		DATE OF NAME CHANGE:	19941028

FILER:

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

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CONVERTIBLE SECURITIES FUND
		CENTRAL INDEX KEY:			0000081247
		ORGANIZATION NAME:           	
		IRS NUMBER:				042493360
		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 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
		ORGANIZATION NAME:           	
		IRS NUMBER:				046386436
		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 DAILY DIVIDEND TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Franklin Templeton</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">November 7, 2024</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; text-align: justify">Re:&#9;Comments on public filings with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) for each of the registered investment companies and series thereof identified on
Exhibit A hereto (each, a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;)</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Dear Ms. Rotter:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">This letter responds to
the comments that you provided by videoconference to Kevin Blatchford, Venice Monagan, and Jeff White of Franklin Templeton, representing
Franklin Advisers, Inc. and Putnam Investment Management, LLC, each an investment manager to certain of the Funds (each, an &ldquo;Investment
Manager&rdquo;), and James Forbes of Ropes &amp; Gray LLP, counsel to the Funds, on behalf of the staff of the Commission (the &ldquo;Staff&rdquo;)
on October 8, 2024, regarding the annual reports of the Funds on Form N-CSR for their fiscal years ended between August 31, 2023 and April
30, 2024. 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 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U>: <I>For Putnam Focused International Equity Fund, Putnam
Focused Large Cap Growth ETF, Putnam Focused Large Cap Value ETF, Putnam Global Income Trust, Putnam Municipal Opportunities Trust, Putnam
VT Emerging Markets Equity Fund, Putnam VT Focused International Equity Fund, Putnam VT Global Health Care Fund, and Putnam VT Large Cap
Growth Fund only: </I></B>Please confirm in correspondence that each Fund noted above seeks to operate as a &ldquo;non-diversified company&rdquo;
(as defined in Section 5(b)(2) of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) continues to maintain its
non-diversified status. The Staff notes that, if any Fund has operated as a &ldquo;diversified company&rdquo; (as defined in Section 5(b)(1)
of the 1940 Act) for more than three years, the Fund will require shareholder approval prior to changing its status back to non-diversified.
</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: Putnam Focused
Large Cap Value ETF is classified as a non-diversified company but has been operating as diversified since May 2024. Putnam Municipal
Opportunities Trust is classified as a non-diversified company but has been operating as diversified since September 2013. We confirm
that each other Fund noted above continues to maintain its non&#45;diversified status. We note that the Investment Manager&rsquo;s compliance
team actively monitors each Fund&rsquo;s non-diversified status.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: For each Fund with a unitary fee structure, please
confirm in correspondence that the Fund&rsquo;s Investment Manager is current with all payments to Fund service providers. Additionally,
please describe if agreements filed with the Commission contain provisions as to whether the Fund is contractually obligated to pay such
providers. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: We confirm that,
with respect to each Fund with a unitary fee structure, the applicable Investment Manager is current with all payments to Fund service
providers. Each such Fund is subject to contractual obligations to pay service providers under certain agreements filed with the Commission,
which may include, but are not necessarily limited to, a management contract, a master custodian agreement, a credit agreement, a distribution
agreement, and an investor servicing agreement. Subject to limited exceptions provided for by the applicable management contract and disclosed
in a Fund&rsquo;s registration statement (such as fees payable to the Investment Manager under the management contract management fees
and expenses incurred in connection with a distribution/Rule 12b-1 plan), the Investment Manager is contractually obligated under the
management contract to reimburse each Fund for all expenses incurred by the Fund, including (to the extent not covered by the exceptions)
payments made by the Fund under these agreements. Payments to service providers contemplated by other agreements filed with the Commission
(such as sub-management agreements, sub-advisory agreements, and master sub-accounting services agreements) are the responsibility of
other service providers (<I>e.g.</I>, the Investment Manager or the Funds&rsquo; administrator) and not the Funds.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment:</U> <I>For Putnam Focused Large Cap Growth ETF, Putnam Focused
Large Cap Value ETF, Putnam Sustainable Future ETF, and Putnam Sustainable Leaders ETF only: </I></B>The Staff notes the inclusion of
an &ldquo;Other&rdquo; category of expenses in the statement of operations for each Fund noted above, which appear to have unitary management
fee structures. Please explain in correspondence what these other expenses represent. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><B><U>Response</U></B>: The Staff has correctly
noted that each of Putnam Focused Large Cap Value ETF, Putnam Focused Large Cap Growth ETF, Putnam Sustainable Future ETF, and Putnam
Sustainable Leaders ETF has all-inclusive (unitary) management fee. Although Putnam Management, in consideration of the management fee
it receives as Investment Manager to each Fund, generally undertakes in its management contract to pay, or reimburse the Funds, for all
of the Funds&rsquo; organizational and other operating expenses, certain categories of expenses are excluded from that undertaking. In
respect of each Fund, these excluded categories of expenses include: (i) interest and taxes (including, but not limited to, income, excise,
transfer and withholding taxes); (ii) expenses of the Fund incurred with respect to the acquisition and disposition of portfolio securities,
commodities or other financial instruments and the execution of portfolio transactions, including brokerage commissions; (iii) expenses
incurred in connection with any distribution plan adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act, including distribution
fees; (iv) expenses of printing and mailing proxy materials to shareholders of the Fund; (v) all other expenses incidental to holding
meetings of the Fund&rsquo;s shareholders, including proxy solicitations therefor; (vi) litigation expenses (including, but not limited
to, any indemnification obligation, attorneys&rsquo; fees, expenses, costs, judgments, amounts paid in settlement, fines, penalties, fees
of expert witnesses, document production fees, and all other liabilities whatsoever incurred or paid by the Fund or a person indemnified
by the</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">Fund); (vii) the fee payable to Putnam Management
under the management contract; (viii) any extraordinary expenses (which, for the avoidance of doubt, do not include expenses related to
the organization of any subsidiary for the Fund or the ongoing corporate expenses of maintaining such subsidiary); and (ix) acquired fund
fees and expenses.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">During the fiscal year ended August 31, 2023,
each of the Funds incurred expenses in connection with the printing and mailing of proxy materials to Fund shareholders. Pursuant to the
terms of the expense undertaking described above, these expenses were not paid or reimbursed by Putnam Management as part of the unitary
management fee and instead were borne by the Funds. As a result, these expenses are presented as a separate line item in each Fund&rsquo;s
statement of operations for the fiscal year ended August 31, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment:</U> <I>For Putnam Floating Rate Income Fund, Putnam Global
Income Trust, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Trust, and Putnam Municipal Opportunities Trust only:
</I></B>According to the Funds&rsquo; statements of changes in net assets, each Fund had return of capital distributions. Please confirm
in correspondence that there are no references in the Funds&rsquo; marketing materials, financial statement disclosures, and/or website
disclosures to yield or dividends when describing distributions that may contain a return of capital distribution, as those items may
be misinterpreted as income. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: We note that,
although recent shareholder reports for each of the Funds noted above include references to the Fund&rsquo;s &ldquo;current dividend rate,&rdquo;
that term is footnoted in each case to clarify that the rate is based on the Fund&rsquo;s most recent distribution &ldquo;<I>including
any return of capital </I>and excluding capital gains,&rdquo; annualized and divided by NAV or market price (in the case of closed-end
Funds) or by share price before or after sales charge (in the case of open-end Funds) at period-end. We confirm that, to the extent that
comparable information is included in future shareholder reports, references will be to the &ldquo;distribution rate&rdquo; rather than
the &ldquo;dividend rate.&rdquo; We also confirm that the terms &ldquo;yield&rdquo; and &ldquo;dividends&rdquo; are not used in the Funds&rsquo;
marketing materials, financial statement disclosures, or website disclosures to describe distributions that may contain a return of capital
distribution.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U>: <I>For Putnam Global Income Trust, Putnam Managed Municipal
Income Trust, Putnam Master Intermediate Trust, and Putnam Municipal Opportunities Trust only: </I></B>The Staff notes that each Fund
noted above paid distributions from return of capital during its most recently ended fiscal year but did not check &ldquo;Yes&rdquo; (to
indicate that, during the reporting period, the Fund paid any dividend or made any distribution in the nature of a dividend payment required
to be accompanied by a written statement pursuant to section 19(a) of the 1940 Act) on Item B.23 (Rule 19a-1 notice) of the Form N-CEN
filed with respect to that fiscal year. Please explain in correspondence why these distributions were not accompanied by a written statement
pursuant to section 19(a) of the 1940 Act. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: We have determined
that, although each of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, and Putnam Municipal Opportunities
Trust responded &ldquo;No&rdquo; to Item B.23 of the Form N-CEN filed with respect to the referenced fiscal year, each Fund should have
responded &ldquo;Yes&rdquo; to that item. Each Fund filed an</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify">amended Form N-CEN on November 4, 2024
to correct its response to Item B.23. Each Fund&rsquo;s amended Form N-CEN filing included an explanation of what changes were made.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify">For Putnam Global Income Trust, the return
of capital presented in the Fund&rsquo;s Statement of changes in net assets for the referenced fiscal year reflects tax adjustments that
are not taken into account for purposes of section 19(a) of the 1940 Act. We confirm that, on a book (GAAP) basis, the Fund earned more
net income than it paid out in distributions for the fiscal year. Accordingly, we believe that the Fund&rsquo;s response of &ldquo;No&rdquo;
to Item B.23 of its Form N-CEN filing with respect to the fiscal year is appropriate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: <B><I>For Putnam Managed Municipal Income Trust,
Putnam Master Intermediate Trust, and Putnam Municipal Opportunities Trust only: </I></B>The &ldquo;View Historical Distributions Data&rdquo;
section of the website for each Fund noted above refers readers to the Fund&rsquo;s statement of additional information (&ldquo;SAI&rdquo;)
for specific information regarding distributions. The Staff was unable to locate this document. Please provide a hyperlink to the SAI
in correspondence. In addition, please explain in correspondence how a Fund shareholder can locate the SAI on the website. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><B><U>Response</U></B>: With respect to each
Fund referenced above, we will revise the final sentence appearing under the &ldquo;View Historical Distributions Data&rdquo; section
of the Fund&rsquo;s website as follows to remove the reference to the Fund&rsquo;s SAI (deletions denoted with strikethrough text):</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 1in; text-align: justify">Refer to the fund&rsquo;s annual report
<STRIKE>or statement of additional information</STRIKE> for specific information regarding distributions.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment:</U> <I>For Putnam Municipal Opportunities Trust only:</I></B>
Please explain in correspondence what &ldquo;Increase from shares repurchased&rdquo; represents in the Fund&rsquo;s financial highlights
included with the Fund&rsquo;s Form N-CSR for the fiscal year ended April 30, 2024. In addition, given the significant impact of the &ldquo;Increase
from shares repurchased&rdquo; line item on the Fund&rsquo;s financial highlights for the fiscal year ended April 30, 2024, going forward,
please include disclosure in the notes to the Fund&rsquo;s financial statements explaining how the &ldquo;Decrease from shares repurchased&rdquo;
noted on the Fund&rsquo;s statement of changes in net assets for a particular fiscal year relates to the &ldquo;Increase in shares purchased&rdquo;
noted in the Fund&rsquo;s financial highlights for the same fiscal year. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><B><U>Response</U></B>: The &ldquo;Increase
from shares repurchased&rdquo; line item in the Fund&rsquo;s financial highlights and &ldquo;Decrease from shares repurchased&rdquo; line
item in the Fund&rsquo;s statement of changes in net assets both relate to the impact of the Fund&rsquo;s share repurchase program, which
was instituted in 2005. Pursuant to the share repurchase program, during the most recent program year, the Fund was permitted to purchase
up to 10% of its common shares during the 365-day period ended September 30, 2024 (based on the shares outstanding as of September 30,
2023). Because the Fund only engages in share repurchases when its shares are trading at a discount to net asset value, the Fund is able
to retain the difference between the net asset value of the shares repurchased and the market value paid by the Fund to repurchase those
shares, enhancing the Fund&rsquo;s net asset value per share for remaining Fund shareholders. The &ldquo;Decrease from shares repurchased&rdquo;
line item in the Fund&rsquo;s statement of changes in net assets reflects the market value that the Fund paid over</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">a particular period to repurchase its common
shares. The &ldquo;Increase in shares repurchased&rdquo; line item in the Fund&rsquo;s financial highlights reflects the increase in the
Fund&rsquo;s net asset value (on a per-share basis) resulting from share repurchases over a particular fiscal year.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">Going forward, we will update disclosure
in the &ldquo;Shares repurchased&rdquo; footnote to the Fund&rsquo;s financial statements, which describes the Fund&rsquo;s share repurchase
program, to clarify that share repurchases increase the net asset value of the Fund, as indicated below (additions denoted with underlined/italicized
text). We will also add a reference in the Fund&rsquo;s financial highlights to the &ldquo;Shares repurchased&rdquo; footnote to the Fund&rsquo;s
financial statements.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>Note 5: Shares repurchased</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">In September 2023, the Trustees approved the
renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 365 day period ending
September 30, 2024 (based on shares outstanding as of September 30, 2023). Prior to this renewal, the Trustees had approved a repurchase
program to allow the fund to repurchase up to 10% of its outstanding common shares over the 365 day period ending September 30, 2023 (based
on shares outstanding as of September 30, 2022). Repurchases are made when the fund&rsquo;s shares are trading at less than net asset
value <I>(<U>and, therefore, increase the net asset value per share of the fund&rsquo;s remaining shares)</U></I> and in accordance with
procedures approved by the fund&rsquo;s Trustees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment:</U> <I>For Putnam Focused International Equity Fund only:
</I></B>The internal control report included with the Form N-CEN filed on January 1, 2024 for Putnam Focused International Equity Fund
appears to be for Putnam Large Cap Value Fund. Please confirm in correspondence that an amended Form N-CEN will be filed for Putnam Focused
International Equity Fund with the appropriate internal control report as soon as possible.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Fund filed
an amended Form N-CEN on November 4, 2024 that includes the appropriate internal control report.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U>: <I>For Putnam Focused International Equity Fund only:
</I></B>The notes to the Fund&rsquo;s financial statements indicate that the Fund seeks to operate as a &ldquo;non-diversified company&rdquo;
(as defined in Section 5(b)(2) of the 1940 Act). However, the Fund responded &ldquo;No&rdquo; to Item C.4 (Diversification) on its Form
N-CEN filed on January 9, 2024, indicating that the Fund does not seek to operate as a &ldquo;non-diversified company.&rdquo; Please explain
in correspondence the difference in disclosure and, if appropriate, correct the Fund&rsquo;s response to Item C.4 in an amended Form N-CEN
filing. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: We confirm that
the Fund seeks to operate as a &ldquo;non-diversified company.&rdquo; The Fund filed an amended Form N-CEN on November 4, 2024 that includes
a corrected response to Item C.4.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: <B><I>For Putnam Managed Municipal Income Trust only:
</I></B>The internal control report for the Fund was not included with its Form N-CEN filed on January 9, 2024. Please confirm in correspondence
that the Fund will file an amended Form N-CEN that includes its internal control report as soon as possible. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Fund filed
an amended Form N-CEN on November 4, 2024 that includes its internal control report.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U>: <I>For Putnam Sustainable Future ETF only: </I></B>In
its Form N-CEN filed on November 13, 2023, the Fund responded &ldquo;No&rdquo; to Item C.8.a (<I>&ldquo;Did the Fund have an expense limitation
arrangement in place during the reporting period?&rdquo;</I>). However, the Fund&rsquo;s response to Item C.8.b (<I>&ldquo;Were any of
expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period?&rdquo;</I>) was &ldquo;Yes.&rdquo;
Please explain in correspondence those responses should be reconciled.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify"><B><U>Response</U></B>: The Fund invests
a portion of its assets in Putnam Government Money Market Fund, an open-end management investment company managed by Putnam Management.
Management fees paid by the Fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with
respect to assets invested by the Fund in Putnam Government Money Market Fund. This waiver is in place to avoid double counting of management
fees paid to Putnam Management (or its affiliates) for the same assets. As a result, the Fund should have responded &ldquo;Yes&rdquo;
to Item C.8.a in its Form N-CEN filed on November 13, 2023. The Fund filed an amended Form N-CEN on November 4, 2024 that includes a corrected
response to Item C.8.a.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Comment</U></B>: <B><I>For Putnam Core Equity Fund, Putnam Municipal
Opportunities Trust, and Putnam Sustainable Future Fund only: </I></B>Each Fund noted above filed an amended Form N-CEN with respect to
its most recently ended fiscal year. Please explain in correspondence what changed requiring each amendment and confirm going forward
that, when an amended Form N-CEN is filed, an explanation of what changed will be provided with the filing. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><B><U>Response</U></B>: For each Fund noted
above, the reason for filing an amended Form N-CEN filing was to replace Janet Smith with Kevin Blatchford as the authorized signatory
for the filing. We confirm that, going forward, we will include an explanation of what changed for any amended Form N-CEN filings made
for the Funds.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">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; text-align: justify">Very truly yours,</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Franklin Templeton</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in; text-align: justify">James M. Forbes, Esq., Ropes &amp;
Gray LLP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.25in; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><U>Exhibit A</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM ASSET ALLOCATION FUNSD</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Dynamic Asset Allocation Balanced Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Dynamic Asset Allocation Conservative Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Dynamic Asset Allocation Growth Fund</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM CONVERTIBLE SECURITIES FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM DIVERSIFIED INCOME TRUST</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM ETF TRUST</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Focused Large Cap Growth ETF</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Focused Large Cap Value ETF</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Sustainable Future ETF</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Sustainable Leaders ETF</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM FOCUSED INTERNATIONAL EQUITY FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM FUNDS TRUST</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Core Bond Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Core Equity Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Floating Rate Income Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Intermediate-Term Municipal Income Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Short Duration Bond Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Short-Term Municipal Income Fund</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM GLOBAL INCOME TRUST</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM HIGH YIELD FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM INCOME FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM INVESTMENT FUNDS</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Government Money Market Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Small Cap Value Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam Sustainable Future Fund</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM LARGE CAP VALUE FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM MANAGED MUNICIPAL INCOME TRUST</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM MASTER INTERMEDIATE INCOME TRUST</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM MONEY MARKET FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM MORTGAGE SECURITIES FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM NEW YORK TAX EXEMPT INCOME FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM TAX EXEMPT INCOME FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PUTNAM VARIABLE TRUST</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Core Equity Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Diversified Income Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Emerging Markets Equity Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Focused International Equity Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT George Putnam Balanced Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Global Asset Allocation Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Global Health Care Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Government Money Market Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT High Yield Fund</FONT></TD></TR></TABLE>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Income Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT International Equity Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT International Value Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Large Cap Growth Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Large Cap Value Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Mortgage Securities Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Research Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Small Cap Growth Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Small Cap Value Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Sustainable Future Fund</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Putnam VT Sustainable Leaders Fund</FONT></TD></TR></TABLE>




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