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| SECURITIES AND EXCHANGE COMMISSION |
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| CERTIFIED SHAREHOLDER REPORT OF REGISTERED |
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| MANAGEMENT INVESTMENT COMPANIES |
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| Investment Company Act file number: | (811-00058) |
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| Exact name of registrant as specified in charter: | George Putnam Balanced Fund |
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| Address of principal executive offices: | 100 Federal Street, Boston, Massachusetts 02110 |
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| Name and address of agent for service: | Stephen Tate, Vice President |
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| | Boston, Massachusetts 02110 |
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| Copy to: | Bryan Chegwidden, Esq. |
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| | 1211 Avenue of the Americas |
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| | Boston, Massachusetts 02199 |
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| Registrant’s telephone number, including area code: | (617) 292-1000 |
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| Date of fiscal year end: | July 31, 2024 |
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| Date of reporting period: | August 1 , 2023 – July 31, 2024 |
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| Item 1. Report to Stockholders: |
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| The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: |
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George Putnam Balanced Fund | |
| Class A [PGEOX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $101 | 0.93% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class A shares of George Putnam Balanced Fund returned 17.96%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSA-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class A | 17.96 | 9.63 | 8.74 |
Class A (with sales charge) | 11.18 | 8.34 | 8.10 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSA-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSA-0924 |
942510182104031156212635137551541018621171561847021787100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
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George Putnam Balanced Fund | |
| Class B [PGEBX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class B | $182 | 1.68% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class B shares of George Putnam Balanced Fund returned 17.05%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSB-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class B 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class B | 17.05 | 8.81 | 8.09 |
Class B (with sales charge) | 12.05 | 8.52 | 8.09 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSB-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment advisor, and PIL will continue to serve as a sub-advisor to the Fund.
Effective September 5, 2024 (the “Conversion Date”), class B shares of the Fund acquired prior to the Conversion Date will convert automatically to class A shares.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSB-0924 |
1000010721108731199613014140581563618746171421845421768100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
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George Putnam Balanced Fund | |
| Class C [PGPCX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $182 | 1.68% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class C shares of George Putnam Balanced Fund returned 17.05%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSC-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class C | 17.05 | 8.80 | 8.09 |
Class C (with sales charge) | 16.05 | 8.80 | 8.09 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSC-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSC-0924 |
1000010726108811200113015140641564018753171461845921774100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
| | |
George Putnam Balanced Fund | |
| Class M [PGEMX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class M | $155 | 1.43% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class M shares of George Putnam Balanced Fund returned 17.32%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSM-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,650 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class M 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class M | 17.32 | 9.07 | 8.20 |
Class M (with sales charge) | 13.21 | 8.30 | 7.82 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSM-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSM-0924 |
965010379105551166612689137471532318418168791809121224100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
| | |
George Putnam Balanced Fund | |
| Class R [PGPRX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $128 | 1.18% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class R shares of George Putnam Balanced Fund returned 17.64%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class R | 17.64 | 9.35 | 8.47 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSR-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSR-0924 |
1000010774109811217913278144171611219414178401916022541100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
| | |
George Putnam Balanced Fund | |
| Class R5 [PGELX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R5 | $77 | 0.71% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class R5 shares of George Putnam Balanced Fund returned 18.22%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSR5-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class R5 | 18.22 | 9.91 | 9.03 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSR5-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSR5-0924 |
1000010828110981237013557148001662420134185882007723734100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
| | |
George Putnam Balanced Fund | |
| Class R6 [PGEJX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $67 | 0.61% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class R6 shares of George Putnam Balanced Fund returned 18.33%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSR6-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class R6 | 18.33 | 9.99 | 9.12 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSR6-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSR6-0924 |
1000010839111191240513608148691671620264187232022723935100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
| | |
George Putnam Balanced Fund | |
| Class Y [PGEYX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Y | $74 | 0.68% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class Y shares of George Putnam Balanced Fund returned 18.20%. The Fund compares its performance to the George Putnam Blended Index and the S&P 500 Index, which returned 15.20% and 22.15%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Overweight position relative to both benchmarks in NRG Energy, a North American energy and home services company |
| ↑ | Underweight position in Apple, a global technology firm |
| ↑ | Exposure to U.S. investment-grade corporate credit |
| ↑ | Tactical positioning in agency mortgage-backed securities |
| |
Top detractors from performance: |
| Out-of-benchmark positions in: |
| ↓ | AIA Group, a multinational insurance and finance company |
| ↓ | Hertz Global Holdings, a U.S.-based vehicle rental company |
| ↓ | Prudential, a U.K.-based multinational insurance company |
| George Putnam Balanced Fund | PAGE 1 | 38900-ATSY-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class Y | 18.20 | 9.90 | 9.01 |
Russell 3000 Index | 21.07 | 14.23 | 12.58 |
Bloomberg U.S. Aggregate Index | 5.10 | 0.19 | 1.61 |
George Putnam Blended Index | 15.20 | 9.45 | 8.83 |
S&P 500 Index | 22.15 | 15.00 | 13.15 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $2,029,089,732 |
Total Number of Portfolio Holdings* | 692 |
Total Management Fee Paid | $9,390,921 |
Portfolio Turnover Rate | 80% |
| * | Includes derivatives, if applicable. |
| George Putnam Balanced Fund | PAGE 2 | 38900-ATSY-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition (% of Total Net Assets)
| Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-adviser by Putnam Management for the Fund pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources. Putnam Management will continue to serve as the Fund’s investment adviser, and PIL will continue to serve as a sub-advisor to the Fund.
This is a summary of certain changes to the Fund since July 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| George Putnam Balanced Fund | PAGE 3 | 38900-ATSY-0924 |
1000010834111021236513547147871660920118185732005523705100001112811623134981571116819186572588223979270133270510000102821089310837107501161912795127051154711158117271000010801114691252613696148421675720193189882023623312100001112111745136291584317108191532613424921281653440362.014.112.48.30.30.20.12.6
| |
| (a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund’s investment manager, or Franklin Templeton. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investment Management, LLC and Franklin Templeton which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Franklin Templeton with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC and Franklin Templeton. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers. |
| |
| (c) In connection with the acquisition of Putnam Investments by Franklin Templeton, the Putnam Investments Code of Ethics was amended effective January 1, 2024 to reflect revised compliance processes, including: (i) Compliance with the Putnam Investments Code of Ethics will be viewed as compliance with the Franklin Templeton Code for certain Putnam employees who are dual-hatted in Franklin Templeton advisory entities (ii) Certain Franklin Templeton employees are required to hold shares of Putnam mutual funds at Putnam Investor Services, Inc. and (iii) Certain provisions of the Putnam Investments Code of Ethics are amended that are no longer needed due to organizational changes. Effective March 4, 2024, the majority of legacy Putnam employees transitioned to Franklin Templeton policies outlined in the Franklin Templeton Code. |
| |
| Item 3. Audit Committee Financial Expert: |
| |
| The Funds’ Audit, Compliance and Risk Committee is comprised solely of Trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Trustees believe that each member of the Audit, Compliance and Risk Committee also possesses a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualifies him or her for service on the Committee. In addition, the Trustees have determined that each of Mr. McGreevey and Mr. Singh qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education.The SEC has stated, and the funds’ amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit, Compliance and Risk Committee and the Board of Trustees in the absence of such designation or identification. |
| |
| Item 4. Principal Accountant Fees and Services: |
| |
| The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor: |
Fiscal year ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
July 31, 2024 | $101,439 | $ — | $13,844 | $ — |
July 31, 2023 | $96,471 | $ — | $13,844 | $ — |
| |
| For the fiscal years ended July 31, 2024 and July 31, 2023, the fund’s independent auditor billed aggregate non-audit fees in the amounts of $1,044,641 and $255,587 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund. |
| |
| Audit Fees represent fees billed for the fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements. |
| |
| Audit-Related Fees represent fees billed in the fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation. |
| |
| Tax Fees represent fees billed in the fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities. |
| |
| Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures. |
| |
| The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm. |
| |
| The following table presents fees billed by the fund’s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2–01 of Regulation S-X. |
Fiscal year ended | Audit-Related Fees | Tax Fees | All Other Fees | Total Non-Audit Fees |
July 31, 2024 | $ — | $861,963 | $168,834 | $1,030,797 |
July 31, 2023 | $ — | $241,743 | $ — | $241,743 |
| |
| Item 5. Audit Committee of Listed Registrants |
| |
| The registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements and Other Important Information in Item 7 below. |
| |
| Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
George Putnam
Balanced
Fund
Financial Statements and Other Important Information
Annual | July 31, 2024
Table of Contents
| | Financial Statements and Other Important Information—Annual | franklintempleton.com |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of George Putnam Balanced Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s portfolio, of George Putnam Balanced Fund (the “Fund”) as of July 31, 2024, the related statement of operations for the year ended July 31, 2024, the statement of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2024 and the financial highlights for each of the five years in the period ended July 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
September 16, 2024
We have served as the auditor of one or more investment companies in the Putnam Funds family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.
| George Putnam Balanced Fund 1 |
The fund’s portfolio 7/31/24
| | COMMON STOCKS (62.0%)* | Shares | Value |
| | Basic materials (2.2%) | | |
| | Agnico-Eagle Mines, Ltd. (Canada) | 38,929 | $3,003,735 |
| | Avery Dennison Corp. | 13,639 | 2,957,344 |
| | Corteva, Inc. | 179,731 | 10,082,909 |
| | CRH PLC | 61,974 | 5,311,172 |
| | DuPont de Nemours, Inc. | 54,364 | 4,550,267 |
| | Eastman Chemical Co. | 32,652 | 3,373,931 |
| | Glencore PLC (United Kingdom) | 601,251 | 3,322,089 |
| | Linde PLC | 4,211 | 1,909,689 |
| | PPG Industries, Inc. | 24,092 | 3,059,202 |
| | Sherwin-Williams Co. (The) | 17,508 | 6,141,806 |
| | | | 43,712,144 |
| | Capital goods (2.9%) | | |
| | Ball Corp. | 16,466 | 1,051,025 |
| | Berry Global Group, Inc. | 31,703 | 2,083,521 |
| | Boeing Co. (The)† | 6,953 | 1,325,242 |
| | Fortive Corp. | 105,935 | 7,611,430 |
| | Honeywell International, Inc. | 38,094 | 7,799,747 |
| | Howmet Aerospace, Inc. | 55,692 | 5,329,724 |
| | Ingersoll Rand, Inc. | 47,992 | 4,818,397 |
| | L3Harris Technologies, Inc. | 7,885 | 1,789,028 |
| | Northrop Grumman Corp. | 14,768 | 7,152,438 |
| | Otis Worldwide Corp. | 93,015 | 8,789,918 |
| | RTX Corp. | 44,773 | 5,260,380 |
| | Vertiv Holdings Co. Class A | 64,496 | 5,075,835 |
| | | | 58,086,685 |
| | Communication services (1.3%) | | |
| | American Tower Corp.R | 19,623 | 4,324,909 |
| | Charter Communications, Inc. Class A† | 31,755 | 12,058,009 |
| | T-Mobile US, Inc. | 54,010 | 9,844,943 |
| | | | 26,227,861 |
| | Computers (5.2%) | | |
| | Apple, Inc. | 370,240 | 82,222,899 |
| | Nutanix, Inc. Class A† | 67,581 | 3,413,516 |
| | Seagate Technology Holdings PLC | 195,384 | 19,962,383 |
| | | | 105,598,798 |
| | Consumer cyclicals (9.5%) | | |
| | 4Front Ventures Corp.† | 3,874,790 | 394,841 |
| | Amazon.com, Inc.† | 291,296 | 54,466,526 |
| | BJ’s Wholesale Club Holdings, Inc.† | 24,310 | 2,138,308 |
| | Booking Holdings, Inc. | 2,330 | 8,655,973 |
| | Clorox Co. (The) | 9,750 | 1,286,318 |
| | General Motors Co. | 47,136 | 2,089,068 |
| | Hilton Worldwide Holdings, Inc. | 25,620 | 5,499,845 |
| | Home Depot, Inc. (The) | 49,889 | 18,367,134 |
| | Levi Strauss & Co. Class A | 76,716 | 1,406,204 |
| | Lululemon Athletica, Inc. (Canada)† | 8,365 | 2,163,691 |
| | Mastercard, Inc. Class A | 45,401 | 21,052,898 |
| | Netflix, Inc.† | 10,576 | 6,645,430 |
| | Nike, Inc. Class B | 13,872 | 1,038,458 |
| | O’Reilly Automotive, Inc.† | 1,621 | 1,825,797 |
| | On Holding AG Class A (Switzerland)† S | 32,452 | 1,344,162 |
| | PulteGroup, Inc. | 80,070 | 10,569,240 |
| | Target Corp. | 33,575 | 5,050,016 |
| | Tesla, Inc.† | 60,084 | 13,943,694 |
| | TJX Cos., Inc. (The) | 39,718 | 4,488,928 |
| | United Rentals, Inc. | 7,801 | 5,906,137 |
| | Vail Resorts, Inc. | 9,469 | 1,723,453 |
| | Viking Holdings, Ltd. (Bermuda)† | 118,808 | 4,241,446 |
| | | | |
| | 2 | George Putnam Balanced Fund |
| | COMMON STOCKS (62.0%)* cont. | Shares | Value |
| | Consumer cyclicals cont. | | |
| | Walmart, Inc. | 194,122 | $13,324,534 |
| | Walt Disney Co. (The) | 44,684 | 4,186,444 |
| | | | 191,808,545 |
| | Consumer staples (3.3%) | | |
| | Chipotle Mexican Grill, Inc.† | 121,558 | 6,603,031 |
| | Coca-Cola Co. (The) | 196,971 | 13,145,845 |
| | Costco Wholesale Corp. | 8,470 | 6,962,340 |
| | General Mills, Inc. | 42,496 | 2,853,181 |
| | Monster Beverage Corp.† | 45,214 | 2,326,260 |
| | PepsiCo, Inc. | 86,779 | 14,984,130 |
| | Procter & Gamble Co. (The) | 106,687 | 17,151,002 |
| | Uber Technologies, Inc.† | 40,688 | 2,623,155 |
| | | | 66,648,944 |
| | Electronics (7.1%) | | |
| | Advanced Micro Devices, Inc.† | 187,315 | 27,063,271 |
| | Analog Devices, Inc. | 59,033 | 13,659,056 |
| | Broadcom, Inc. | 108,977 | 17,510,424 |
| | NVIDIA Corp. | 553,804 | 64,806,144 |
| | Qualcomm, Inc. | 87,490 | 15,831,316 |
| | Vontier Corp. | 125,715 | 4,931,799 |
| | | | 143,802,010 |
| | Energy (2.6%) | | |
| | BP PLC (United Kingdom) | 584,505 | 3,447,847 |
| | Cenovus Energy, Inc. (Canada) | 361,337 | 7,280,915 |
| | ConocoPhillips | 44,393 | 4,936,502 |
| | Diamond Offshore Drilling, Inc.† | 397,747 | 6,531,006 |
| | Exxon Mobil Corp. | 214,289 | 25,412,533 |
| | Shell PLC (London Exchange) (United Kingdom) | 162,084 | 5,917,627 |
| | | | 53,526,430 |
| | Financials (7.0%) | | |
| | AIA Group, Ltd. (Hong Kong) | 995,200 | 6,632,841 |
| | Apollo Global Management, Inc. | 85,360 | 10,696,462 |
| | Assured Guaranty, Ltd. | 82,019 | 6,755,905 |
| | AXA SA (France) | 250,014 | 8,791,067 |
| | Bank of America Corp. | 457,599 | 18,445,816 |
| | Berkshire Hathaway, Inc. Class B† | 16,277 | 7,137,465 |
| | BlackRock, Inc. | 1,862 | 1,632,043 |
| | Capital One Financial Corp. | 98,335 | 14,887,919 |
| | Charles Schwab Corp. (The) | 171,308 | 11,167,569 |
| | Citigroup, Inc. | 294,185 | 19,086,723 |
| | CME Group, Inc. | 11,387 | 2,205,776 |
| | Gaming and Leisure Properties, Inc.R | 152,879 | 7,674,526 |
| | JPMorgan Chase & Co. | 16,204 | 3,448,211 |
| | KKR & Co., Inc. | 19,267 | 2,378,511 |
| | Prudential PLC (United Kingdom) | 348,704 | 3,134,349 |
| | TPG, Inc. | 86,946 | 4,433,377 |
| | Visa, Inc. Class A | 42,606 | 11,319,136 |
| | Vornado Realty TrustR | 94,530 | 2,834,955 |
| | | | 142,662,651 |
| | Health care (7.6%) | | |
| | Abbott Laboratories | 33,218 | 3,519,115 |
| | AbbVie, Inc. | 93,939 | 17,408,775 |
| | Ascendis Pharma A/S ADR (Denmark)† | 47,833 | 6,385,706 |
| | Becton, Dickinson and Co. | 7,996 | 1,927,516 |
| | Bio-Rad Laboratories, Inc. Class A† S | 18,481 | 6,253,231 |
| | Boston Scientific Corp.† | 80,145 | 5,921,113 |
| | Cigna Group (The) | 15,975 | 5,570,003 |
| | Danaher Corp. | 23,372 | 6,475,914 |
| | Dexcom, Inc.† | 20,233 | 1,372,202 |
| | Elevance Health, Inc. | 3,153 | 1,677,491 |
| | Eli Lilly and Co. | 18,339 | 14,749,508 |
| | | | |
| | George Putnam Balanced Fund | 3 |
| | COMMON STOCKS (62.0%)* cont. | Shares | Value |
| | Health care cont. | | |
| | Exact Sciences Corp.† S | 19,810 | $904,921 |
| | Innoviva, Inc.† | 413,026 | 7,781,410 |
| | Intuitive Surgical, Inc.† | 14,877 | 6,614,463 |
| | Johnson & Johnson | 44,239 | 6,983,126 |
| | McKesson Corp. | 16,809 | 10,371,489 |
| | Medtronic PLC | 31,716 | 2,547,429 |
| | Merck & Co., Inc. | 75,793 | 8,574,462 |
| | Regeneron Pharmaceuticals, Inc.† | 3,573 | 3,855,946 |
| | Stryker Corp. | 3,796 | 1,243,000 |
| | Thermo Fisher Scientific, Inc. | 14,653 | 8,987,271 |
| | UnitedHealth Group, Inc. | 40,577 | 23,378,844 |
| | Zoetis, Inc. | 9,926 | 1,787,077 |
| | | | 154,290,012 |
| | Software (5.8%) | | |
| | Microsoft Corp. | 213,876 | 89,475,018 |
| | Oracle Corp. | 203,218 | 28,338,750 |
| | | | 117,813,768 |
| | Technology services (4.3%) | | |
| | Alphabet, Inc. Class A | 275,957 | 47,337,664 |
| | Fair Isaac Corp.† | 3,218 | 5,148,800 |
| | Meta Platforms, Inc. Class A | 68,557 | 32,552,920 |
| | Salesforce, Inc. | 10,418 | 2,696,178 |
| | | | 87,735,562 |
| | Transportation (1.5%) | | |
| | Canadian Pacific Kansas City, Ltd. (Canada) | 51,792 | 4,341,205 |
| | FedEx Corp. | 46,043 | 13,916,497 |
| | Old Dominion Freight Line, Inc. | 16,669 | 3,503,490 |
| | Southwest Airlines Co. | 105,058 | 2,830,263 |
| | Union Pacific Corp. | 27,375 | 6,754,234 |
| | | | 31,345,689 |
| | Utilities and power (1.7%) | | |
| | Constellation Energy Corp. | 4,284 | 813,103 |
| | Exelon Corp. | 148,998 | 5,542,726 |
| | NextEra Energy, Inc. | 93,935 | 7,175,695 |
| | NRG Energy, Inc. | 132,549 | 9,963,708 |
| | PG&E Corp. | 224,367 | 4,094,698 |
| | PPL Corp. | 129,697 | 3,854,595 |
| | Southern Co. (The) | 30,573 | 2,553,457 |
| | | | 33,997,982 |
| | Total common stocks (cost $722,072,058) | $1,257,257,081 |
| | CORPORATE BONDS AND NOTES (14.3%)* | Principal amount | Value |
| | Basic materials (0.9%) | | | |
| | Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.55%, 11/15/30 (Germany) | | $540,000 | $575,115 |
| | Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.33%, 7/15/29 (Germany) | | 232,000 | 242,887 |
| | Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.165%, 7/15/27 (Germany) | | 1,199,000 | 1,231,604 |
| | Celanese US Holdings, LLC company guaranty sr. unsec. notes 1.40%, 8/5/26 (Germany) | | 750,000 | 697,066 |
| | CF Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43 | | 1,539,000 | 1,384,595 |
| | CF Industries, Inc. 144A company guaranty sr. notes 4.50%, 12/1/26 | | 76,000 | 75,003 |
| | FMC Corp. sr. unsec. unsub. notes 5.65%, 5/18/33 | | 990,000 | 1,002,073 |
| | Georgia-Pacific, LLC 144A sr. unsec. sub. notes 2.10%, 4/30/27 | | 1,525,000 | 1,425,219 |
| | Glencore Funding, LLC 144A company guaranty sr. unsec. bonds 5.634%, 4/4/34 | | 1,185,000 | 1,194,426 |
| | Glencore Funding, LLC 144A company guaranty sr. unsec. notes 2.50%, 9/1/30 | | 1,998,000 | 1,736,023 |
| | Huntsman International, LLC sr. unsec. notes 4.50%, 5/1/29 | | 1,600,000 | 1,543,819 |
| | International Flavors & Fragrances, Inc. sr. unsec. notes 4.45%, 9/26/28 | | 625,000 | 612,854 |
| | International Flavors & Fragrances, Inc. 144A company guaranty sr. unsec. bonds 3.468%, 12/1/50 | | 204,000 | 137,810 |
| | International Flavors & Fragrances, Inc. 144A sr. unsec. notes 2.30%, 11/1/30 | | 356,000 | 304,180 |
| | Nutrien, Ltd. sr. unsec. notes 4.00%, 12/15/26 (Canada) | | 1,170,000 | 1,146,429 |
| | Sherwin-Williams Co. (The) sr. unsec. unsub. bonds 3.45%, 6/1/27 | | 801,000 | 774,009 |
| | Westlake Corp. sr. unsec. bonds 3.125%, 8/15/51 | | 1,857,000 | 1,205,065 |
| | | | | |
| | 4 | George Putnam Balanced Fund |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Basic materials cont. | | | |
| | Westlake Corp. sr. unsec. bonds 2.875%, 8/15/41 | | $928,000 | $643,741 |
| | WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 8.20%, 1/15/30 | | 1,040,000 | 1,203,470 |
| | WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 7.95%, 2/15/31 | | 187,000 | 216,109 |
| | Weyerhaeuser Co. sr. unsec. unsub. notes 7.375%, 3/15/32R | | 156,000 | 177,816 |
| | | | | 17,529,313 |
| | Capital goods (0.8%) | | | |
| | BAE Systems PLC 144A sr. unsec. bonds 5.50%, 3/26/54 (United Kingdom) | | 500,000 | 500,992 |
| | BAE Systems PLC 144A sr. unsec. notes 5.125%, 3/26/29 (United Kingdom) | | 1,145,000 | 1,160,480 |
| | Berry Global, Inc. company guaranty sr. notes 5.50%, 4/15/28 | | 81,000 | 82,050 |
| | Berry Global, Inc. 144A company guaranty sr. notes 4.875%, 7/15/26 | | 30,000 | 29,636 |
| | Berry Global, Inc. 144A company guaranty sr. notes 1.65%, 1/15/27 | | 964,000 | 890,969 |
| | Berry Global, Inc. 144A company guaranty sr. notes 1.57%, 1/15/26 | | 1,167,000 | 1,109,439 |
| | Boeing Co. (The) sr. unsec. bonds 5.805%, 5/1/50 | | 340,000 | 317,060 |
| | Boeing Co. (The) sr. unsec. notes 2.196%, 2/4/26 | | 1,405,000 | 1,337,558 |
| | Boeing Co. (The) sr. unsec. unsub. bonds 3.375%, 6/15/46 | | 310,000 | 203,970 |
| | Boeing Co. (The) sr. unsec. unsub. notes 6.125%, 2/15/33 | | 1,165,000 | 1,200,740 |
| | Boeing Co. (The) 144A sr. unsec. bonds 6.858%, 5/1/54 | | 631,000 | 668,630 |
| | Boeing Co. (The) 144A sr. unsec. bonds 6.528%, 5/1/34 | | 317,000 | 332,894 |
| | Boeing Co. (The) 144A sr. unsec. notes 6.298%, 5/1/29 | | 178,000 | 184,197 |
| | Boeing Co. (The) 144A sr. unsec. notes 6.259%, 5/1/27 | | 87,000 | 88,923 |
| | Howmet Aerospace, Inc. sr. unsec. unsub. bonds 5.95%, 2/1/37 | | 572,000 | 601,652 |
| | Howmet Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29 | | 942,000 | 868,310 |
| | MasTec, Inc. sr. unsec. notes 5.90%, 6/15/29 | | 1,185,000 | 1,208,244 |
| | Oshkosh Corp. sr. unsec. unsub. notes 3.10%, 3/1/30 | | 164,000 | 149,093 |
| | Republic Services, Inc. sr. unsec. unsub. notes 5.00%, 11/15/29 | | 1,670,000 | 1,700,468 |
| | RTX Corp. sr. unsec. notes 5.15%, 2/27/33 | | 380,000 | 385,597 |
| | Waste Connections, Inc. sr. unsec. bonds 5.00%, 3/1/34 | | 580,000 | 582,679 |
| | Waste Connections, Inc. sr. unsec. notes 4.25%, 12/1/28 | | 1,318,000 | 1,298,373 |
| | Waste Management, Inc. company guaranty sr. unsec. notes 4.875%, 2/15/29 | | 880,000 | 894,669 |
| | | | | 15,796,623 |
| | Communication services (1.1%) | | | |
| | American Tower Corp. sr. unsec. bonds 2.70%, 4/15/31R | | 2,165,000 | 1,880,317 |
| | American Tower Corp. sr. unsec. notes 3.125%, 1/15/27R | | 1,710,000 | 1,641,996 |
| | American Tower Corp. sr. unsec. notes 2.90%, 1/15/30R | | 921,000 | 833,802 |
| | American Tower Corp. sr. unsec. sub. notes 2.75%, 1/15/27R | | 686,000 | 652,266 |
| | AT&T, Inc. company guaranty sr. unsec. unsub. notes 2.30%, 6/1/27 | | 1,049,000 | 984,044 |
| | AT&T, Inc. sr. unsec. bonds 3.55%, 9/15/55 | | 62,000 | 43,019 |
| | AT&T, Inc. sr. unsec. unsub. bonds 2.55%, 12/1/33 | | 1,634,000 | 1,336,973 |
| | AT&T, Inc. sr. unsec. unsub. bonds 2.25%, 2/1/32 | | 1,107,000 | 922,480 |
| | AT&T, Inc. sr. unsec. unsub. notes 4.75%, 5/15/46 | | 106,000 | 94,757 |
| | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. notes 2.25%, 1/15/29 | | 274,000 | 239,769 |
| | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. sr. bonds 3.70%, 4/1/51 | | 65,000 | 41,053 |
| | Comcast Corp. company guaranty sr. unsec. notes 3.45%, 2/1/50 | | 1,618,000 | 1,177,423 |
| | Comcast Corp. company guaranty sr. unsec. unsub. bonds 3.999%, 11/1/49 | | 921,000 | 738,049 |
| | Comcast Corp. company guaranty sr. unsec. unsub. bonds 2.35%, 1/15/27 | | 289,000 | 274,157 |
| | Crown Castle, Inc. sr. unsec. bonds 3.80%, 2/15/28R | | 458,000 | 441,332 |
| | Crown Castle, Inc. sr. unsec. bonds 3.65%, 9/1/27R | | 549,000 | 529,743 |
| | Crown Castle, Inc. sr. unsec. notes 4.75%, 5/15/47R | | 185,000 | 162,242 |
| | Equinix, Inc. sr. unsec. sub. notes 3.20%, 11/18/29R | | 1,483,000 | 1,370,951 |
| | Rogers Communications, Inc. company guaranty sr. unsec. bonds 8.75%, 5/1/32 (Canada) | | 95,000 | 113,969 |
| | Rogers Communications, Inc. company guaranty sr. unsec. notes 5.00%, 2/15/29 (Canada) | | 1,050,000 | 1,053,784 |
| | Rogers Communications, Inc. company guaranty sr. unsec. unsub. bonds 4.30%, 2/15/48 (Canada) | | 100,000 | 81,328 |
| | Rogers Communications, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 3.80%, 3/15/32 (Canada) | | 608,000 | 556,442 |
| | Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 | | 1,613,000 | 1,730,638 |
| | T-Mobile USA, Inc. company guaranty sr. notes 3.875%, 4/15/30 | | 48,000 | 45,790 |
| | T-Mobile USA, Inc. company guaranty sr. notes 3.75%, 4/15/27 | | 1,762,000 | 1,717,688 |
| | T-Mobile USA, Inc. company guaranty sr. unsec. bonds 5.05%, 7/15/33 | | 660,000 | 661,346 |
| | Time Warner Cable Enterprises, LLC company guaranty sr. unsub. notes 8.375%, 7/15/33 | | 670,000 | 760,626 |
| | Verizon Communications, Inc. sr. unsec. bonds 3.70%, 3/22/61 | | 960,000 | 693,816 |
| | | | | |
| | George Putnam Balanced Fund | 5 |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Communication services cont. | | | |
| | Verizon Communications, Inc. sr. unsec. unsub. notes 4.329%, 9/21/28 | | $1,904,000 | $1,886,963 |
| | Verizon Communications, Inc. sr. unsec. unsub. notes 2.355%, 3/15/32 | | 700,000 | 585,805 |
| | | | | 23,252,568 |
| | Consumer cyclicals (1.0%) | | | |
| | Alimentation Couche-Tard, Inc. 144A company guaranty sr. unsec. notes 3.55%, 7/26/27 (Canada) | | 995,000 | 961,102 |
| | Alimentation Couche-Tard, Inc. 144A sr. unsec. notes 2.95%, 1/25/30 (Canada) | | 919,000 | 839,651 |
| | Amazon.com, Inc. sr. unsec. notes 3.15%, 8/22/27 | | 375,000 | 361,607 |
| | Amazon.com, Inc. sr. unsec. unsub. bonds 2.70%, 6/3/60 | | 1,542,000 | 937,295 |
| | Autonation, Inc. company guaranty sr. unsec. notes 4.50%, 10/1/25 | | 137,000 | 135,680 |
| | Brunswick Corp/DE sr. unsec. notes 5.85%, 3/18/29 | | 565,000 | 574,055 |
| | Discovery Communications, LLC company guaranty sr. unsec. unsub. notes 3.625%, 5/15/30 | | 27,000 | 23,836 |
| | Home Depot, Inc./The sr. unsec. notes 4.95%, 6/25/34 | | 511,000 | 516,214 |
| | Home Depot, Inc./The sr. unsec. unsub. bonds 5.30%, 6/25/54 | | 511,000 | 508,874 |
| | Home Depot, Inc./The sr. unsec. unsub. notes 4.75%, 6/25/29 | | 511,000 | 517,457 |
| | Hyundai Capital America 144A sr. unsec. notes 6.375%, 4/8/30 (South Korea) | �� | 106,000 | 112,812 |
| | Hyundai Capital America 144A sr. unsec. notes 5.40%, 1/8/31 (South Korea) | | 254,000 | 257,997 |
| | Hyundai Capital America 144A sr. unsec. notes 5.35%, 3/19/29 (South Korea) | | 540,000 | 548,552 |
| | Interpublic Group of Cos., Inc. (The) sr. unsec. sub. bonds 4.65%, 10/1/28 | | 1,668,000 | 1,657,478 |
| | Netflix, Inc. sr. unsec. bonds 5.40%, 8/15/54 | | 305,000 | 308,642 |
| | Netflix, Inc. sr. unsec. bonds 4.90%, 8/15/34 | | 225,000 | 226,336 |
| | Netflix, Inc. 144A sr. unsec. bonds 5.375%, 11/15/29 | | 1,578,000 | 1,632,886 |
| | Omnicom Group, Inc./Omnicom Capital, Inc. sr. unsec. unsub. notes 3.60%, 4/15/26 | | 416,000 | 406,553 |
| | Owens Corning sr. unsec. sub. bonds 5.70%, 6/15/34 | | 905,000 | 936,322 |
| | Paramount Global sr. unsec. unsub. notes 4.20%, 6/1/29 | | 815,000 | 751,312 |
| | Paramount Global sr. unsec. unsub. notes 3.70%, 6/1/28 | | 640,000 | 590,186 |
| | Paramount Global sr. unsec. unsub. notes 2.90%, 1/15/27 | | 240,000 | 225,656 |
| | S&P Global, Inc. company guaranty sr. unsec. bonds 2.50%, 12/1/29 | | 1,550,000 | 1,403,121 |
| | S&P Global, Inc. company guaranty sr. unsec. notes 1.25%, 8/15/30 | | 423,000 | 351,386 |
| | Sands China, Ltd. sr. unsec. sub. notes 3.80%, 1/8/26 (Hong Kong) | | 1,010,000 | 980,823 |
| | Stellantis Finance US, Inc. 144A company guaranty sr. unsec. notes 1.711%, 1/29/27 | | 800,000 | 740,105 |
| | Tapestry, Inc. company guaranty sr. unsec. notes 7.85%, 11/27/33 | | 332,000 | 354,220 |
| | Toll Brothers Finance Corp. company guaranty sr. unsec. unsub. notes 4.35%, 2/15/28 | | 501,000 | 490,733 |
| | Toll Brothers Finance Corp. company guaranty sr. unsec. notes 3.80%, 11/1/29 | | 605,000 | 571,632 |
| | ViacomCBS, Inc. sr. unsec. notes 4.20%, 5/19/32 | | 8,000 | 6,826 |
| | Walt Disney Co. (The) company guaranty sr. unsec. bonds 4.75%, 9/15/44 | | 30,000 | 27,958 |
| | Warnermedia Holdings, Inc. company guaranty sr. unsec. bonds 5.05%, 3/15/42 | | 200,000 | 157,875 |
| | Warnermedia Holdings, Inc. company guaranty sr. unsec. notes 3.755%, 3/15/27 | | 2,386,000 | 2,273,276 |
| | | | | 20,388,458 |
| | Consumer staples (0.7%) | | | |
| | Ashtead Capital, Inc. 144A company guaranty sr. unsec. notes 2.45%, 8/12/31 | | 660,000 | 548,588 |
| | Ashtead Capital, Inc. 144A notes 4.375%, 8/15/27 | | 1,155,000 | 1,129,162 |
| | Ashtead Capital, Inc. 144A notes 4.00%, 5/1/28 | | 1,190,000 | 1,141,995 |
| | Campbell Soup Co. sr. unsec. unsub. notes 5.20%, 3/21/29 | | 395,000 | 403,160 |
| | ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 7.00%, 10/15/37 | | 1,434,000 | 1,671,081 |
| | ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 5.625%, 3/15/42 | | 566,000 | 580,706 |
| | ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 3.85%, 11/15/24 | | 875,000 | 870,964 |
| | Haleon US Capital, LLC company guaranty sr. unsec. unsub. notes 3.375%, 3/24/27 | | 740,000 | 715,830 |
| | JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 144A company guaranty sr. unsec. bonds 6.75%, 3/15/34 (Luxembourg) | | 743,000 | 795,583 |
| | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 5.75%, 4/1/33 (Luxembourg) | | 236,000 | 237,291 |
| | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 3.00%, 2/2/29 (Luxembourg) | | 1,090,000 | 987,952 |
| | Kenvue, Inc. company guaranty sr. unsec. notes Ser. REGS, 4.90%, 3/22/33 | | 1,662,000 | 1,678,443 |
| | Kenvue, Inc. company guaranty sr. unsec. unsub. notes 5.05%, 3/22/28 | | 253,000 | 257,863 |
| | Kenvue, Inc. company guaranty sr. unsec. unsub. notes Ser. REGS, 5.05%, 3/22/53 | | 300,000 | 290,238 |
| | McDonald’s Corp. sr. unsec. unsub. bonds Ser. MTN, 6.30%, 10/15/37 | | 660,000 | 733,243 |
| | Philip Morris International, Inc. sr. unsec. unsub. notes 5.125%, 2/15/30 | | 1,517,000 | 1,542,563 |
| | | | | 13,584,662 |
| | | | | |
| | 6 | George Putnam Balanced Fund |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Energy (0.6%) | | | |
| | Canadian Natural Resources, Ltd. sr. unsec. notes 7.20%, 1/15/32 (Canada) | | $1,055,000 | $1,186,641 |
| | Cheniere Energy Partners LP company guaranty sr. unsec. notes 4.50%, 10/1/29 | | 1,645,000 | 1,593,003 |
| | Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 3.25%, 1/31/32 | | 522,000 | 455,784 |
| | Columbia Pipelines Operating Co., LLC 144A sr. unsec. bonds 6.544%, 11/15/53 | | 585,000 | 634,428 |
| | Columbia Pipelines Operating Co., LLC 144A sr. unsec. notes 5.927%, 8/15/30 | | 555,000 | 579,432 |
| | Occidental Petroleum Corp. sr. unsec. sub. notes 7.50%, 5/1/31 | | 1,920,000 | 2,157,853 |
| | Occidental Petroleum Corp. sr. unsec. unsub. bonds 5.55%, 10/1/34 | | 660,000 | 664,026 |
| | Occidental Petroleum Corp. sr. unsec. unsub. notes 5.20%, 8/1/29 | | 255,000 | 256,723 |
| | ONEOK, Inc. company guaranty sr. unsec. sub. bonds 6.05%, 9/1/33 | | 120,000 | 126,322 |
| | ONEOK, Inc. company guaranty sr. unsec. unsub. notes 6.10%, 11/15/32 | | 1,015,000 | 1,073,220 |
| | Ovintiv, Inc. company guaranty sr. unsec. bonds 6.25%, 7/15/33 | | 215,000 | 224,991 |
| | Ovintiv, Inc. company guaranty sr. unsec. notes 5.65%, 5/15/28 | | 278,000 | 284,044 |
| | Ovintiv, Inc. company guaranty sr. unsec. notes 5.65%, 5/15/25 | | 217,000 | 217,193 |
| | Targa Resources Partners LP/Targa Resources Partners Finance Corp. company guaranty sr. unsec. unsub. notes 5.00%, 1/15/28 | | 1,030,000 | 1,021,148 |
| | Targa Resources Partners LP/Targa Resources Partners Finance Corp. company guaranty sr. unsec. unsub. notes 4.875%, 2/1/31 | | 1,090,000 | 1,057,328 |
| | | | | 11,532,136 |
| | Financials (4.8%) | | | |
| | AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty jr. unsec. sub. bonds 6.95%, 3/10/55 (Ireland) | | 590,000 | 596,858 |
| | AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. bonds 3.30%, 1/30/32 (Ireland) | | 2,190,000 | 1,929,047 |
| | AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. notes 5.10%, 1/19/29 (Ireland) | | 285,000 | 286,914 |
| | Air Lease Corp. sr. unsec. notes Ser. MTN, 3.00%, 2/1/30 | | 1,625,000 | 1,473,806 |
| | Air Lease Corp. sr. unsec. sub. bonds 4.625%, 10/1/28 | | 328,000 | 323,680 |
| | Air Lease Corp. sr. unsec. sub. notes 3.25%, 10/1/29 | | 928,000 | 857,034 |
| | Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 | | 725,000 | 816,513 |
| | Ares Capital Corp. sr. unsec. sub. notes 7.00%, 1/15/27 | | 325,000 | 335,483 |
| | Ares Capital Corp. sr. unsec. sub. notes 3.875%, 1/15/26 | | 1,555,000 | 1,515,880 |
| | Athene Global Funding 144A notes 5.526%, 7/11/31 | | 1,080,000 | 1,095,789 |
| | Athene Holding, Ltd. sr. unsec. bonds 6.25%, 4/1/54 | | 345,000 | 352,239 |
| | Athene Holding, Ltd. sr. unsec. bonds 5.875%, 1/15/34 | | 1,296,000 | 1,322,216 |
| | Australia and New Zealand Banking Group, Ltd. 144A unsec. sub. FRB 2.57%, 11/25/35 (Australia) | | 920,000 | 776,295 |
| | Australia and New Zealand Banking Group, Ltd./United Kingdom 144A jr. unsec. sub. FRB 6.75%, perpetual maturity (United Kingdom) | | 200,000 | 202,095 |
| | Aviation Capital Group, LLC 144A sr. unsec. notes 5.375%, 7/15/29 | | 1,055,000 | 1,059,721 |
| | Banco Santander SA jr. unsec. sub. FRB 9.625%, 11/21/53 (Spain) | | 600,000 | 686,316 |
| | Banco Santander SA sr. unsec. unsub. FRN 1.722%, 9/14/27 (Spain) | | 3,800,000 | 3,531,038 |
| | Banco Santander SA unsec. sub. notes 5.179%, 11/19/25 (Spain) | | 1,200,000 | 1,195,745 |
| | Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity | | 314,000 | 313,833 |
| | Bank of America Corp. sr. unsec. FRB 5.468%, 1/23/35 | | 405,000 | 414,279 |
| | Bank of America Corp. sr. unsec. FRN Ser. MTN, 2.551%, 2/4/28 | | 655,000 | 618,988 |
| | Bank of America Corp. unsec. sub. FRB 3.846%, 3/8/37 | | 3,665,000 | 3,299,131 |
| | Bank of America Corp. unsec. sub. FRN (CME Term SOFR 3 Month +1.02%), 6.361%, 9/15/26 | | 275,000 | 275,765 |
| | Bank of America Corp. unsec. sub. notes 6.11%, 1/29/37 | | 600,000 | 645,642 |
| | Bank of Montreal unsec. sub. FRN 3.803%, 12/15/32 (Canada) | | 390,000 | 372,343 |
| | Berkshire Hathaway Finance Corp. company guaranty sr. unsec. bonds 2.85%, 10/15/50 | | 5,000 | 3,342 |
| | Berkshire Hathaway Finance Corp. company guaranty sr. unsec. notes 4.30%, 5/15/43 | | 808,000 | 732,297 |
| | BNP Paribas SA 144A unsec. sub. FRB 2.588%, 8/12/35 (France) | | 695,000 | 590,182 |
| | BPCE SA 144A unsec. sub. FRB 3.648%, 1/14/37 (France) | | 482,000 | 411,549 |
| | BPCE SA 144A unsec. sub. notes 4.50%, 3/15/25 (France) | | 1,060,000 | 1,050,362 |
| | CaixaBank SA 144A sr. unsec. notes 5.673%, 3/15/30 (Spain) | | 700,000 | 713,699 |
| | Capital One Financial Corp. sr. unsec. unsub. FRN 7.624%, 10/30/31 | | 427,000 | 477,757 |
| | Capital One Financial Corp. sr. unsec. unsub. notes 3.75%, 3/9/27 | | 1,146,000 | 1,112,767 |
| | Capital One Financial Corp. unsec. sub. notes 4.20%, 10/29/25 | | 227,000 | 223,805 |
| | Citigroup, Inc. jr. unsec. sub. bonds Ser. CC, 7.125%, 5/29/74 | | 965,000 | 968,142 |
| | Citigroup, Inc. jr. unsec. sub. FRN 3.875%, perpetual maturity | | 1,055,000 | 1,002,504 |
| | Citigroup, Inc. sr. unsec. FRB 3.668%, 7/24/28 | | 10,000 | 9,663 |
| | Citigroup, Inc. sr. unsec. FRN 5.61%, 9/29/26 | | 1,755,000 | 1,762,838 |
| | | | | |
| | George Putnam Balanced Fund | 7 |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Financials cont. | | | |
| | Citigroup, Inc. sub. unsec. bonds 6.174%, 5/25/34 | | $303,000 | $314,688 |
| | Citigroup, Inc. unsec. sub. bonds 4.75%, 5/18/46 | | 1,540,000 | 1,372,326 |
| | Citigroup, Inc. unsec. sub. bonds 4.45%, 9/29/27 | | 3,039,000 | 3,001,086 |
| | CNA Financial Corp. sr. unsec. notes 5.125%, 2/15/34 | | 659,000 | 655,414 |
| | CNO Financial Group, Inc. sr. unsec. bonds 6.45%, 6/15/34 | | 1,555,000 | 1,592,950 |
| | CNO Financial Group, Inc. sr. unsec. unsub. notes 5.25%, 5/30/25 | | 241,000 | 240,240 |
| | Commonwealth Bank of Australia 144A unsec. sub. notes 5.837%, 3/13/34 (Australia) | | 1,285,000 | 1,321,568 |
| | Commonwealth Bank of Australia 144A unsec. sub. notes 2.688%, 3/11/31 (Australia) | | 535,000 | 455,395 |
| | Cooperatieve Rabobank UA 144A sr. unsec. FRN 1.98%, 12/15/27 (Netherlands) | | 285,000 | 265,377 |
| | Corebridge Financial, Inc. sr. unsec. notes 3.85%, 4/5/29 | | 765,000 | 730,096 |
| | Credit Agricole SA 144A unsec. sub. FRN 4.00%, 1/10/33 (France) | | 340,000 | 322,121 |
| | Deutsche Bank AG/New York, NY sr. unsec. unsub. FRN 2.311%, 11/16/27 (Germany) | | 1,035,000 | 967,719 |
| | Deutsche Bank AG/New York, NY unsec. sub. FRB 3.729%, 1/14/32 (Germany) | | 1,730,000 | 1,499,770 |
| | EPR Properties company guaranty sr. unsec. unsub. notes 4.50%, 6/1/27R | | 255,000 | 248,580 |
| | F&G Annuities & Life, Inc. company guaranty sr. unsec. notes 6.50%, 6/4/29 | | 740,000 | 752,005 |
| | Fairfax Financial Holdings, Ltd. sr. unsec. notes 4.85%, 4/17/28 (Canada) | | 1,225,000 | 1,222,190 |
| | Fidelity National Financial, Inc. sr. unsec. bonds 3.20%, 9/17/51 | | 573,000 | 363,008 |
| | Fifth Third Bancorp sr. unsec. unsub. FRN 6.339%, 7/27/29 | | 795,000 | 828,762 |
| | First-Citizens Bank & Trust Co. unsec. sub. notes 6.125%, 3/9/28 | | 1,259,000 | 1,299,730 |
| | Ford Motor Co. sr. unsec. unsub. notes 5.80%, 3/5/27 | | 1,120,000 | 1,130,871 |
| | General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 4.00%, 1/15/25 | | 175,000 | 173,756 |
| | General Motors Financial Co., Inc. sr. unsec. notes 5.80%, 1/7/29 | | 715,000 | 735,571 |
| | GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. bonds 3.25%, 1/15/32R | | 505,000 | 433,718 |
| | GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. sub. notes 6.75%, 12/1/33R | | 770,000 | 826,637 |
| | Goldman Sachs Group, Inc. (The) jr. unsec. sub. FRN 3.65%, 7/28/51 | | 207,000 | 191,781 |
| | Goldman Sachs Group, Inc. (The) sr. unsec. FRB 4.223%, 5/1/29 | | 804,000 | 785,632 |
| | Goldman Sachs Group, Inc. (The) sr. unsec. unsub. notes 5.70%, 11/1/24 | | 1,470,000 | 1,470,486 |
| | ING Groep NV sr. unsec. unsub. FRN 6.083%, 9/11/27 (Netherlands) | | 1,015,000 | 1,036,247 |
| | Intercontinental Exchange, Inc. sr. unsec. bonds 1.85%, 9/15/32 | | 482,000 | 385,614 |
| | Intercontinental Exchange, Inc. sr. unsec. notes 4.35%, 6/15/29 | | 522,000 | 514,093 |
| | Intesa Sanpaolo SpA 144A unsec. sub. bonds 4.198%, 6/1/32 (Italy) | | 1,710,000 | 1,481,588 |
| | Jefferies Financial Group, Inc. sr. unsec. notes 6.20%, 4/14/34 | | 630,000 | 654,196 |
| | Jefferies Financial Group, Inc. sr. unsec. notes 6.05%, 3/12/25 | | 1,015,000 | 1,014,960 |
| | JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. HH, 4.60%, perpetual maturity | | 1,113,000 | 1,107,414 |
| | JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. W, (CME Term SOFR 3 Month +1.26%), 6.584%, 5/15/47 | | 664,000 | 608,748 |
| | JPMorgan Chase & Co. jr. unsec. sub. FRN 3.65%, perpetual maturity | | 195,000 | 185,658 |
| | JPMorgan Chase & Co. sr. unsec. unsub. FRN 3.782%, 2/1/28 | | 2,088,000 | 2,036,044 |
| | JPMorgan Chase & Co. unsec. sub. FRB 5.717%, 9/14/33 | | 1,710,000 | 1,771,809 |
| | KKR Group Finance Co. VI, LLC 144A company guaranty sr. unsec. bonds 3.75%, 7/1/29 | | 105,000 | 100,586 |
| | Lloyds Banking Group PLC unsec. sub. FRB 3.369%, 12/14/46 (United Kingdom) | | 735,000 | 526,164 |
| | Lloyds Banking Group PLC unsec. sub. notes 4.65%, 3/24/26 (United Kingdom) | | 315,000 | 311,873 |
| | LPL Holdings, Inc. company guaranty sr. unsec. notes 6.75%, 11/17/28 | | 529,000 | 558,763 |
| | Marsh & McLennan Cos., Inc. sr. unsec. sub. notes 4.375%, 3/15/29 | | 1,422,000 | 1,414,679 |
| | Massachusetts Mutual Life Insurance Co. 144A unsec. sub. bonds 3.729%, 10/15/70 | | 1,457,000 | 1,006,402 |
| | MetLife Capital Trust IV 144A jr. unsec. sub. notes 7.875%, 12/15/37 | | 2,564,000 | 2,778,904 |
| | Morgan Stanley sr. unsec. notes 5.123%, 2/1/29 | | 1,030,000 | 1,039,890 |
| | Morgan Stanley sr. unsec. sub. bonds 5.942%, 2/7/39 | | 830,000 | 844,604 |
| | Morgan Stanley unsec. sub. notes Ser. GMTN, 4.35%, 9/8/26 | | 3,409,000 | 3,368,494 |
| | Nasdaq, Inc. sr. unsec. sub. bonds 5.55%, 2/15/34 | | 187,000 | 192,146 |
| | NatWest Group PLC sr. unsec. unsub. FRN 5.847%, 3/2/27 (United Kingdom) | | 790,000 | 798,189 |
| | PNC Financial Services Group, Inc. (The) unsec. sub. FRB 4.626%, 6/6/33 | | 2,855,000 | 2,727,442 |
| | Prologis LP sr. unsec. unsub. FRN 5.00%, 3/15/34R | | 565,000 | 566,480 |
| | Prologis LP sr. unsec. unsub. notes 2.25%, 4/15/30R | | 467,000 | 412,167 |
| | Prologis LP sr. unsec. unsub. notes 2.125%, 4/15/27R | | 194,000 | 181,755 |
| | Royal Bank of Canada sr. unsec. notes Ser. GMTN, 5.20%, 8/1/28 (Canada) | | 1,950,000 | 1,995,016 |
| | Royal Bank of Canada unsec. sub. notes Ser. GMTN, 4.65%, 1/27/26 (Canada) | | 322,000 | 320,191 |
| | Societe Generale SA 144A jr. unsec. sub. FRB 10.00%, 11/14/73 (France) | | 573,000 | 606,415 |
| | Teachers Insurance & Annuity Association of America 144A unsec. sub. notes 6.85%, 12/16/39 | | 263,000 | 302,379 |
| | Toronto-Dominion Bank (The) sr. unsec. notes 4.108%, 6/8/27 (Canada) | | 734,000 | 721,730 |
| | Truist Bank unsec. sub. FRN Ser. BKNT, 2.636%, 9/17/29 | | 575,000 | 567,327 |
| | Truist Financial Corp. sr. unsec. unsub. FRB Ser. MTN, 5.711%, 1/24/35 | | 1,045,000 | 1,068,860 |
| | | | |
| | 8 | George Putnam Balanced Fund |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Financials cont. | | | |
| | UBS Group AG 144A sr. unsec. bonds 3.869%, 1/12/29 (Switzerland) | | $443,000 | $426,138 |
| | UBS Group AG 144A sr. unsec. FRB 9.016%, 11/15/33 (Switzerland) | | 1,090,000 | 1,344,317 |
| | UBS Group AG 144A sr. unsec. FRN 2.193%, 6/5/26 (Switzerland) | | 320,000 | 311,571 |
| | US Bancorp unsec. sub. FRB 2.491%, 11/3/36 | | 1,815,000 | 1,463,900 |
| | VICI Properties LP sr. unsec. unsub. bonds 5.75%, 4/1/34 | | 840,000 | 853,329 |
| | VICI Properties LP sr. unsec. unsub. notes 4.75%, 2/15/28R | | 760,000 | 751,976 |
| | VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 4.50%, 1/15/28 | | 945,000 | 921,466 |
| | VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 3.875%, 2/15/29 | | 245,000 | 230,146 |
| | VICI Properties LP/VICI Note Co., Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/27R | | 285,000 | 274,208 |
| | Wells Fargo & Co. jr. unsec. sub. FRN 3.90%, perpetual maturity | | 610,000 | 585,509 |
| | Wells Fargo Bank, NA unsec. sub. notes Ser. BKNT, 6.60%, 1/15/38 | | 1,095,000 | 1,233,600 |
| | Westpac Banking Corp. unsec. sub. bonds 4.421%, 7/24/39 (Australia) | | 670,000 | 614,735 |
| | Westpac Banking Corp. unsec. sub. bonds 2.963%, 11/16/40 (Australia) | | 597,000 | 431,581 |
| | | | | 99,206,337 |
| | Health care (1.0%) | | | |
| | AbbVie, Inc. sr. unsec. bonds 5.05%, 3/15/34 | | 335,000 | 341,323 |
| | AbbVie, Inc. sr. unsec. notes 4.95%, 3/15/31 | | 1,177,000 | 1,200,548 |
| | Amgen, Inc. sr. unsec. bonds 4.663%, 6/15/51 | | 710,000 | 622,517 |
| | Amgen, Inc. sr. unsec. unsub. bonds 5.75%, 3/2/63 | | 755,000 | 760,675 |
| | Amgen, Inc. sr. unsec. unsub. bonds 5.65%, 3/2/53 | | 358,000 | 360,984 |
| | Amgen, Inc. sr. unsec. unsub. notes 5.25%, 3/2/30 | | 726,000 | 745,581 |
| | Becton, Dickinson and Co. sr. unsec. notes 2.823%, 5/20/30 | | 820,000 | 740,621 |
| | Bristol-Myers Squibb Co. sr. unsec. notes 4.90%, 2/22/29 | | 256,000 | 260,090 |
| | CVS Pass-Through Trust 144A sr. mtge. notes 7.507%, 1/10/32 | | 393,925 | 414,951 |
| | CVS Pass-Through Trust 144A sr. mtge. notes 4.704%, 1/10/36 | | 453,464 | 418,988 |
| | DH Europe Finance II SARL company guaranty sr. unsec. notes 2.60%, 11/15/29 (Luxembourg) | | 600,000 | 546,668 |
| | Eli Lilly and Co. sr. unsec. unsub. bonds 4.875%, 2/27/53 | | 445,000 | 425,902 |
| | GE Healthcare Holding, LLC company guaranty sr. unsec. notes 5.65%, 11/15/27 | | 675,000 | 692,059 |
| | HCA, Inc. company guaranty sr. bonds 5.25%, 6/15/26 | | 143,000 | 143,365 |
| | HCA, Inc. company guaranty sr. unsec. bonds 6.00%, 4/1/54 | | 637,000 | 642,300 |
| | HCA, Inc. company guaranty sr. unsec. bonds 5.60%, 4/1/34 | | 483,000 | 491,219 |
| | HCA, Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26 | | 458,000 | 460,147 |
| | HCA, Inc. company guaranty sr. unsec. sub. notes 3.625%, 3/15/32 | | 275,000 | 247,691 |
| | HCA, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 2/1/25 | | 475,000 | 474,165 |
| | Humana, Inc. sr. unsec. unsub. notes 5.75%, 3/1/28 | | 1,025,000 | 1,057,086 |
| | Icon Investments Six DAC company guaranty sr. notes 5.849%, 5/8/29 (Ireland) | | 238,000 | 246,216 |
| | Icon Investments Six DAC company guaranty sr. notes 5.809%, 5/8/27 (Ireland) | | 557,000 | 568,318 |
| | Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 5.30%, 5/19/53 (Singapore) | | 703,000 | 694,747 |
| | Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.75%, 5/19/33 (Singapore) | | 687,000 | 685,067 |
| | Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.45%, 5/19/28 (Singapore) | | 985,000 | 982,821 |
| | Royalty Pharma PLC company guaranty sr. unsec. bonds 5.40%, 9/2/34 | | 829,000 | 828,658 |
| | Royalty Pharma PLC company guaranty sr. unsec. notes 5.15%, 9/2/29 | | 666,000 | 670,739 |
| | Service Corp. International sr. unsec. notes 4.625%, 12/15/27 | | 185,000 | 180,013 |
| | Service Corp. International sr. unsec. notes 3.375%, 8/15/30 | | 165,000 | 146,156 |
| | Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31 | | 1,335,000 | 1,204,136 |
| | Thermo Fisher Scientific, Inc. sr. unsec. notes 4.80%, 11/21/27 | | 1,650,000 | 1,667,785 |
| | Viatris, Inc. company guaranty sr. unsec. notes 2.30%, 6/22/27 | | 565,000 | 523,761 |
| | Wyeth, LLC company guaranty sr. unsec. bonds 5.95%, 4/1/37 | | 340,000 | 367,472 |
| | Zoetis, Inc. sr. unsec. sub. notes 2.00%, 5/15/30 | | 621,000 | 536,542 |
| | | | | 20,349,311 |
| | Technology (1.2%) | | | |
| | Analog Devices, Inc. sr. unsec. notes 5.05%, 4/1/34 | | 905,000 | 924,735 |
| | Apple, Inc. sr. unsec. bonds 3.95%, 8/8/52 | | 1,313,000 | 1,104,883 |
| | Apple, Inc. sr. unsec. unsub. notes 4.375%, 5/13/45 | | 342,000 | 315,589 |
| | Apple, Inc. sr. unsec. unsub. notes 3.85%, 5/4/43 | | 486,000 | 421,308 |
| | Atlassian Corp. sr. unsec. bonds 5.50%, 5/15/34 | | 256,000 | 259,842 |
| | Atlassian Corp. sr. unsec. notes 5.25%, 5/15/29 | | 384,000 | 389,543 |
| | Broadcom, Inc. company guaranty sr. unsec. bonds 4.15%, 11/15/30 | | 1,119,000 | 1,078,397 |
| | Broadcom, Inc. 144A sr. unsec. bonds 4.926%, 5/15/37 | | 2,755,000 | 2,660,094 |
| | Broadcom, Inc. 144A sr. unsec. bonds 3.187%, 11/15/36 | | 676,000 | 551,663 |
| | Cisco Systems, Inc. sr. unsec. bonds 5.30%, 2/26/54 | | 785,000 | 791,722 |
| | | | | |
| | George Putnam Balanced Fund | 9 |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Technology cont. | | | |
| | Cisco Systems, Inc. sr. unsec. notes 5.05%, 2/26/34 | | $1,100,000 | $1,125,484 |
| | Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 | | 609,000 | 557,260 |
| | Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29 | | 141,000 | 131,300 |
| | Marvell Technology, Inc. sr. unsec. notes 5.95%, 9/15/33 | | 807,000 | 848,421 |
| | Marvell Technology, Inc. sr. unsec. notes 5.75%, 2/15/29 | | 808,000 | 837,695 |
| | Meta Platforms, Inc. sr. unsec. bonds 5.75%, 5/15/63 | | 430,000 | 451,912 |
| | Meta Platforms, Inc. sr. unsec. bonds 5.60%, 5/15/53 | | 2,144,000 | 2,236,858 |
| | Meta Platforms, Inc. sr. unsec. notes 4.95%, 5/15/33 | | 531,000 | 542,255 |
| | Meta Platforms, Inc. sr. unsec. unsub. bonds 4.45%, 8/15/52 | | 856,000 | 751,580 |
| | Meta Platforms, Inc. sr. unsec. unsub. notes 3.50%, 8/15/27 | | 474,000 | 461,810 |
| | Motorola Solutions, Inc. sr. unsec. unsub. bonds 5.40%, 4/15/34 | | 348,000 | 354,349 |
| | MSCI, Inc. 144A company guaranty sr. unsec. notes 3.625%, 9/1/30 | | 1,598,000 | 1,462,389 |
| | Oracle Corp. sr. unsec. bonds 3.65%, 3/25/41 | | 1,750,000 | 1,376,089 |
| | Oracle Corp. sr. unsec. notes 6.50%, 4/15/38 | | 435,000 | 478,633 |
| | Oracle Corp. sr. unsec. notes 1.65%, 3/25/26 | | 1,385,000 | 1,314,425 |
| | salesforce.com, Inc. sr. unsec. bonds 3.05%, 7/15/61 | | 553,000 | 353,603 |
| | salesforce.com, Inc. sr. unsec. bonds 2.90%, 7/15/51 | | 1,462,000 | 971,359 |
| | Sensata Technologies, Inc. 144A company guaranty sr. unsec. notes 3.75%, 2/15/31 | | 1,310,000 | 1,158,186 |
| | ServiceNow, Inc. sr. unsec. notes 1.40%, 9/1/30 | | 1,520,000 | 1,270,859 |
| | | | | 25,182,243 |
| | Transportation (0.3%) | | | |
| | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A sr. unsec. bonds 3.40%, 11/15/26 | | 595,000 | 575,609 |
| | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A sr. unsec. notes 4.40%, 7/1/27 | | 2,165,000 | 2,134,338 |
| | SMBC Aviation Capital Finance DAC 144A company guaranty sr. unsec. notes 5.70%, 7/25/33 (Ireland) | | 400,000 | 407,437 |
| | SMBC Aviation Capital Finance DAC 144A company guaranty sr. unsec. notes 5.55%, 4/3/34 (Ireland) | | 495,000 | 498,835 |
| | SMBC Aviation Capital Finance DAC 144A company guaranty sr. unsec. notes 5.30%, 4/3/29 (Ireland) | | 885,000 | 896,090 |
| | Westinghouse Air Brake Technologies Corp. company guaranty sr. unsec. unsub. bonds 5.611%, 3/11/34 | | 1,540,000 | 1,585,015 |
| | | | | 6,097,324 |
| | Utilities and power (1.9%) | | | |
| | AES Corp. (The) sr. unsec. unsub. notes 2.45%, 1/15/31 | | 1,045,000 | 880,061 |
| | Alexander Funding Trust II 144A sr. notes 7.467%, 7/31/28 | | 640,000 | 684,990 |
| | American Electric Power Co., Inc. sr. unsec. unsub. bonds 5.625%, 3/1/33 | | 330,000 | 338,673 |
| | American Electric Power Co., Inc. sr. unsec. unsub. notes Ser. J, 4.30%, 12/1/28 | | 528,000 | 516,833 |
| | American Transmission Systems, Inc. 144A sr. unsec. bonds 2.65%, 1/15/32 | | 385,000 | 328,808 |
| | Appalachian Power Co. sr. unsec. unsub. notes Ser. L, 5.80%, 10/1/35 | | 560,000 | 576,251 |
| | CenterPoint Energy Resources Corp. sr. unsec. notes 5.40%, 7/1/34 | | 580,000 | 586,521 |
| | Commonwealth Edison Co. sr. mtge. bonds 5.875%, 2/1/33 | | 610,000 | 639,257 |
| | Consolidated Edison Co. of New York, Inc. sr. unsec. unsub. notes 4.20%, 3/15/42 | | 255,000 | 217,836 |
| | Constellation Energy Generation, LLC sr. unsec. bonds 6.50%, 10/1/53 | | 1,184,000 | 1,304,621 |
| | Constellation Energy Generation, LLC sr. unsec. bonds 6.125%, 1/15/34 | | 486,000 | 518,895 |
| | Constellation Energy Generation, LLC sr. unsec. bonds 5.75%, 3/15/54 | | 489,000 | 487,607 |
| | Constellation Energy Generation, LLC sr. unsec. notes 5.60%, 3/1/28 | | 1,460,000 | 1,500,230 |
| | DTE Energy Co. sr. unsec. unsub. notes 4.95%, 7/1/27 | | 745,000 | 747,918 |
| | Duke Energy Carolinas, LLC sr. mtge. notes 4.25%, 12/15/41 | | 520,000 | 450,124 |
| | Duke Energy Corp. sr. unsec. notes 5.80%, 6/15/54 | | 855,000 | 856,228 |
| | Duke Energy Corp. sr. unsec. notes 5.45%, 6/15/34 | | 1,195,000 | 1,213,492 |
| | Duke Energy Corp. sr. unsec. notes 4.85%, 1/5/29 | | 125,000 | 125,528 |
| | Duke Energy Ohio, Inc. sr. bonds 3.65%, 2/1/29 | | 139,000 | 133,483 |
| | El Paso Natural Gas Co., LLC company guaranty sr. unsec. unsub. notes 8.375%, 6/15/32 | | 490,000 | 578,340 |
| | Electricite De France SA 144A sr. unsec. unsub. bonds 4.75%, 10/13/35 (France) | | 1,205,000 | 1,145,051 |
| | Enbridge, Inc. sr. unsec. unsub. bonds 4.25%, 12/1/26 (Canada) | | 416,000 | 410,593 |
| | Enel Finance International NV 144A company guaranty sr. unsec. notes 7.50%, 10/14/32 (Netherlands) | | 920,000 | 1,045,665 |
| | Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity | | 2,076,000 | 2,043,118 |
| | Energy Transfer LP sr. unsec. notes 5.25%, 7/1/29 | | 410,000 | 414,705 |
| | Energy Transfer LP sr. unsec. unsub. notes 6.50%, 2/1/42 | | 137,000 | 145,448 |
| | Eversource Energy sr. unsec. unsub. notes 5.45%, 3/1/28 | | 465,000 | 473,201 |
| | Eversource Energy sr. unsec. unsub. notes 5.125%, 5/15/33 | | 1,095,000 | 1,080,579 |
| | Exelon Corp. sr. unsec. unsub. bonds 5.45%, 3/15/34 | | 265,000 | 270,457 |
| | Exelon Corp. sr. unsec. unsub. notes 5.15%, 3/15/29 | | 1,655,000 | 1,682,697 |
| | Georgia Power Co. sr. unsec. unsub. bonds 5.25%, 3/15/34 | | 795,000 | 812,436 |
| | | | | |
| | 10 | George Putnam Balanced Fund |
| | CORPORATE BONDS AND NOTES (14.3%)* cont. | Principal amount | Value |
| | Utilities and power cont. | | | |
| | Georgia Power Co. sr. unsec. unsub. notes 4.95%, 5/17/33 | | $920,000 | $920,554 |
| | IPALCO Enterprises, Inc. sr. notes 4.25%, 5/1/30 | | 813,000 | 771,958 |
| | Kinder Morgan Energy Partners LP company guaranty sr. unsec. notes 5.40%, 9/1/44 | | 199,000 | 187,124 |
| | Kinder Morgan, Inc. company guaranty sr. unsec. notes Ser. GMTN, 7.75%, 1/15/32 | | 505,000 | 583,269 |
| | NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. notes 6.051%, 3/1/25 | | 865,000 | 868,690 |
| | NiSource, Inc. sr. unsec. notes 5.20%, 7/1/29 | | 1,160,000 | 1,178,250 |
| | NRG Energy, Inc. 144A sr. notes 2.45%, 12/2/27 | | 900,000 | 826,150 |
| | NRG Energy, Inc. 144A sr. notes 2.00%, 12/2/25 | | 620,000 | 592,709 |
| | Oncor Electric Delivery Co., LLC sr. FRB 4.95%, 9/15/52 | | 875,000 | 813,323 |
| | Oncor Electric Delivery Co., LLC sr. notes 5.75%, 3/15/29 | | 445,000 | 466,196 |
| | Pacific Gas and Electric Co. notes 2.10%, 8/1/27 | | 235,000 | 215,658 |
| | Pacific Gas and Electric Co. sr. bonds 5.90%, 6/15/32 | | 536,000 | 550,825 |
| | Pacific Gas and Electric Co. sr. bonds 4.95%, 7/1/50 | | 565,000 | 482,080 |
| | Pacific Gas and Electric Co. sr. notes 5.55%, 5/15/29 | | 275,000 | 280,999 |
| | Pacific Gas and Electric Co. sr. notes 3.30%, 12/1/27 | | 1,050,000 | 993,559 |
| | PacifiCorp sr. bonds 2.70%, 9/15/30 | | 656,000 | 581,530 |
| | Puget Sound Energy, Inc. sr. bonds 5.448%, 6/1/53 | | 570,000 | 563,503 |
| | Sempra Energy sr. unsec. unsub. bonds 5.50%, 8/1/33 | | 630,000 | 645,145 |
| | Southern Co. (The) sr. unsec. bonds 5.70%, 3/15/34 | | 870,000 | 906,492 |
| | Southern Co. (The) sr. unsec. notes 5.50%, 3/15/29 | | 105,000 | 108,372 |
| | Vistra Operations Co., LLC 144A company guaranty sr. notes 6.00%, 4/15/34 | | 1,000,000 | 1,024,109 |
| | Vistra Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29 | | 442,000 | 424,875 |
| | Vistra Operations Co., LLC 144A company guaranty sr. notes 3.70%, 1/30/27 | | 920,000 | 888,983 |
| | Vistra Operations Co., LLC 144A sr. bonds 6.95%, 10/15/33 | | 715,000 | 777,196 |
| | | | | 37,861,195 |
| | Total corporate bonds and notes (cost $299,791,481) | $290,780,170 |
| | U.S. TREASURY OBLIGATIONS (12.3%)* | Principal amount | Value |
| | U.S. Treasury Bonds | | |
| | 3.625%, 2/15/53 | $15,750,000 | $13,837,544 |
| | 3.00%, 2/15/49 | 16,930,000 | 13,239,128 |
| | 3.00%, 2/15/47 | 18,620,000 | 14,742,530 |
| | 2.75%, 8/15/42# | 19,000,000 | 15,102,773 |
| | 2.00%, 8/15/51 | 6,380,000 | 3,960,335 |
| | 1.875%, 2/15/51 | 12,090,000 | 7,304,532 |
| | U.S. Treasury Notes | | |
| | 3.375%, 5/15/33 | 4,990,000 | 4,747,517 |
| | 2.75%, 8/15/32 | 30,500,000 | 27,874,141 |
| | 2.25%, 11/15/27 | 7,140,000 | 6,749,950 |
| | 1.875%, 2/28/27 | 22,000,000 | 20,797,305 |
| | 1.625%, 5/15/31 | 4,490,000 | 3,870,170 |
| | 1.625%, 9/30/26 | 31,160,000 | 29,500,973 |
| | 1.625%, 5/15/26 | 20,200,000 | 19,261,805 |
| | 1.625%, 2/15/26 | 24,860,000 | 23,829,670 |
| | 1.50%, 2/15/30 | 24,290,000 | 21,347,684 |
| | 1.375%, 11/15/31 | 5,110,000 | 4,272,838 |
| | 0.50%, 4/30/27 | 20,900,000 | 18,967,566 |
| | Total U.S. treasury obligations (cost $269,909,551) | $249,406,461 |
| | U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (8.5%)* | Principal amount | Value |
| | U.S. Government Guaranteed Mortgage Obligations (2.2%) | | |
| | Government National Mortgage Association Pass-Through Certificates | | |
| | 5.50%, 4/20/54 | $3,987,525 | $3,999,900 |
| | 5.00%, with due dates from 2/20/49 to 10/20/49 | 1,100,834 | 1,107,541 |
| | 4.50%, with due dates from 3/20/49 to 10/20/49 | 353,588 | 342,000 |
| | 4.00%, 4/15/43 | 1,556,435 | 1,504,976 |
| | 3.50%, with due dates from 11/15/47 to 5/20/52 | 8,971,148 | 8,242,080 |
| | 3.00%, with due dates from 7/20/46 to 11/20/46 | 19,669,797 | 17,797,437 |
| | 2.50%, with due dates from 9/20/52 to 2/20/53 | 10,976,947 | 9,459,154 |
| | 2.00%, 1/20/51 | 1,507,114 | 1,249,952 |
| | | | 43,703,040 |
| | | | |
| | George Putnam Balanced Fund | 11 |
| | U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (8.5%)* cont. | Principal amount | Value |
| | U.S. Government Agency Mortgage Obligations (6.3%) | | |
| | Federal Home Loan Mortgage Corporation Pass-Through Certificates | | |
| | 6.00%, with due dates from 3/1/35 to 9/1/53 | $395,969 | $403,515 |
| | 5.50%, with due dates from 9/1/52 to 11/1/53 | 1,852,782 | 1,862,680 |
| | 4.50%, with due dates from 8/1/52 to 2/1/53 | 1,277,342 | 1,232,297 |
| | 4.00%, with due dates from 7/1/42 to 5/1/52 | 2,940,728 | 2,807,454 |
| | 3.50%, with due dates from 12/1/42 to 8/1/52 | 2,754,019 | 2,511,735 |
| | 3.00%, with due dates from 3/1/43 to 10/1/51 | 1,142,739 | 1,013,031 |
| | 2.50%, with due dates from 7/1/50 to 1/1/52 | 6,878,552 | 5,861,275 |
| | 2.00%, with due dates from 3/1/51 to 1/1/52 | 2,424,003 | 1,956,854 |
| | Federal National Mortgage Association Pass-Through Certificates | | |
| | 6.00%, 10/1/53 | 4,799,332 | 4,897,475 |
| | 5.50%, with due dates from 7/1/33 to 11/1/53 | 3,482,501 | 3,513,907 |
| | 5.00%, with due dates from 8/1/33 to 10/1/52 | 1,039,724 | 1,031,250 |
| | 4.50%, with due dates from 5/1/48 to 1/1/53 | 2,859,836 | 2,779,819 |
| | 4.00%, 9/1/45 | 532,740 | 510,575 |
| | 3.50%, 5/1/56 | 750,421 | 679,903 |
| | 3.50%, with due dates from 5/1/43 to 6/1/52 | 5,801,105 | 5,345,293 |
| | 3.00%, with due dates from 2/1/43 to 4/1/52 | 21,527,165 | 19,151,903 |
| | 3.00%, 12/1/30 | 524,617 | 509,059 |
| | 2.50%, with due dates from 7/1/50 to 4/1/52 | 30,740,891 | 26,086,004 |
| | 2.50%, 2/1/36 | 1,538,182 | 1,425,901 |
| | 2.00%, with due dates from 9/1/50 to 4/1/52 | 15,166,703 | 12,318,414 |
| | 2.00%, with due dates from 10/1/27 to 8/1/28 | 1,475,999 | 1,410,343 |
| | Uniform Mortgage-Backed Securities | | |
| | 5.00%, TBA, 8/1/54 | 11,000,000 | 10,833,560 |
| | 4.50%, TBA, 8/1/54 | 10,000,000 | 9,633,766 |
| | 4.00%, TBA, 8/1/54 | 2,000,000 | 1,874,483 |
| | 2.50%, TBA, 8/1/54 | 5,000,000 | 4,193,425 |
| | 2.00%, TBA, 8/1/54 | 7,000,000 | 5,632,531 |
| | | | 129,476,452 |
| | Total U.S. government and agency mortgage obligations (cost $180,080,088) | $173,179,492 |
| | PURCHASED OPTIONS OUTSTANDING (0.2%)* Counterparty | Expiration date/strike price | Notional amount | | Contract amount | Value |
| | Citibank, N.A. | | | | | |
| | Oracle Corp. (Call) | Jan-25/$140.00 | $42,310,106 | | $303,407 | $3,806,783 |
| | Total purchased options outstanding (cost $1,092,265) | $3,806,783 |
| | MORTGAGE-BACKED SECURITIES (0.2%)* | Principal amount | Value |
| | Citigroup Commercial Mortgage Trust Ser. 14-GC21, Class C, 4.78%, 5/10/47W | | $508,000 | $450,571 |
| | COMM Mortgage Trust FRB Ser. 12-LC4, Class C, 5.303%, 12/10/44W | | 241,000 | 214,189 |
| | CSAIL Commercial Mortgage Trust Ser. 19-C17, Class AS, 3.278%, 9/15/52 | | 1,066,000 | 946,229 |
| | Federal National Mortgage Association | | | |
| | Connecticut Avenue Securities FRB Ser. 16-C01, Class 1M2, (US 30 Day Average SOFR +6.86%), 12.212%, 8/25/28 | | 144,773 | 152,604 |
| | REMICs Ser. 01-79, Class BI, IO, 0.241%, 3/25/45W | | 183,370 | 980 |
| | JPMorgan Chase Commercial Mortgage Securities Trust FRB Ser. 12-C6, Class D, 4.964%, 5/15/45W | | 435,770 | 421,113 |
| | Morgan Stanley Capital I Trust 144A FRB Ser. 12-C4, Class D, 5.164%, 3/15/45W | | 400,142 | 372,780 |
| | TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38 (In default)† | | 2,032,334 | 20 |
| | Wells Fargo Commercial Mortgage Trust Ser. 17-C40, Class A4, 3.581%, 10/15/50 | | 1,112,000 | 1,064,269 |
| | Total mortgage-backed securities (cost $4,650,607) | $3,622,755 |
| | MUNICIPAL BONDS AND NOTES (—%)* | Principal amount | Value |
| | CA State G.O. Bonds, (Build America Bonds), 7.50%, 4/1/34 | | $215,000 | $254,209 |
| | North TX, Tollway Auth. Rev. Bonds, (Build America Bonds), 6.718%, 1/1/49 | | 350,000 | 411,216 |
| | OH State U. Rev. Bonds, (Build America Bonds), 4.91%, 6/1/40 | | 275,000 | 271,455 |
| | Total municipal bonds and notes (cost $840,944) | $936,880 |
| | 12 | George Putnam Balanced Fund |
| | SHORT-TERM INVESTMENTS (4.3%)* | Shares | Value |
| | Putnam Cash Collateral Pool, LLC 5.57%d | 2,123,555 | $2,123,555 |
| | Putnam Short Term Investment Fund Class P 5.47%L | 83,463,167 | 83,463,167 |
| | State Street Institutional U.S. Government Money Market Fund, Premier Class 5.26%P | 1,565,000 | 1,565,000 |
| | Total short-term investments (cost $87,151,722) | $87,151,722 |
| | TOTAL INVESTMENTS |
| | Total investments (cost $1,565,588,716) | $2,066,141,344 |
| | Key to holding’s abbreviations |
| | ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
| | BKNT | Bank Note |
| | CME | Chicago Mercantile Exchange |
| | DAC | Designated Activity Company |
| | FRB | Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| | FRN | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| | GMTN | Global Medium Term Notes |
| | G.O. Bonds | General Obligation Bonds |
| | IO | Interest Only |
| | MTN | Medium Term Notes |
| | REGS | Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| | REMICs | Real Estate Mortgage Investment Conduits |
| | SOFR | Secured Overnight Financing Rate |
| | TBA | To Be Announced Commitments |
| | Notes to the fund’s portfolio |
| | Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from August 1, 2023 through July 31, 2024 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., and references to “ASC820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures. |
| * | Percentages indicated are based on net assets of $2,029,089,732. |
| † | This security is non-income-producing. |
| # | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,389,845 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8). |
| d | Affiliated company. See Notes 1 and 5 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| L | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| P | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts and TBA commitments. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| R | Real Estate Investment Trust. |
| S | Security on loan, in part or in entirety, at the close of the reporting period (Note 1). |
| W | The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor. |
| | Debt obligations are considered secured unless otherwise indicated. |
| | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| | See Note 1 to the financial statements regarding TBA commitments. |
| | The dates shown on debt obligations are the original maturity dates. |
| | George Putnam Balanced Fund | 13 |
| | FORWARD CURRENCY CONTRACTS at 7/31/24 (aggregate face value $55,709,271) |
| | Counterparty | Currency | Contract type* | Delivery date | Value | Aggregate face value | Unrealized appreciation/ (depreciation) |
| | Bank of America N.A. |
| | | British Pound | Sell | 9/18/24 | $5,448,914 | $5,411,601 | $(37,313) |
| | | Canadian Dollar | Sell | 10/16/24 | 216,243 | 218,247 | 2,004 |
| | Barclays Bank PLC |
| | | British Pound | Sell | 9/18/24 | 4,411,810 | 4,369,892 | (41,918) |
| | | Canadian Dollar | Sell | 10/16/24 | 1,880,860 | 1,898,317 | 17,457 |
| | | Euro | Sell | 9/18/24 | 3,763,326 | 3,795,559 | 32,233 |
| | Citibank, N.A. |
| | | Canadian Dollar | Sell | 10/16/24 | 2,626,425 | 2,650,685 | 24,260 |
| | | Hong Kong Dollar | Buy | 8/21/24 | 259,871 | 260,509 | (638) |
| | Goldman Sachs International |
| | | Canadian Dollar | Sell | 10/16/24 | 2,975,216 | 3,002,319 | 27,103 |
| | | Euro | Sell | 9/18/24 | 497,084 | 501,335 | 4,251 |
| | | Hong Kong Dollar | Sell | 8/21/24 | 405,290 | 405,949 | 659 |
| | HSBC Bank USA, National Association |
| | | Danish Krone | Sell | 9/18/24 | 2,769,065 | 2,791,841 | 22,776 |
| | | Hong Kong Dollar | Sell | 8/21/24 | 5,561,134 | 5,570,236 | 9,102 |
| | JPMorgan Chase Bank N.A. |
| | | British Pound | Sell | 9/18/24 | 1,543,438 | 1,532,985 | (10,453) |
| | | Canadian Dollar | Sell | 10/16/24 | 864,466 | 872,325 | 7,859 |
| | Morgan Stanley & Co. International PLC |
| | | Danish Krone | Sell | 9/18/24 | 3,649,684 | 3,679,379 | 29,695 |
| | | Euro | Sell | 9/18/24 | 1,368,364 | 1,380,703 | 12,339 |
| | NatWest Markets PLC |
| | | British Pound | Buy | 9/18/24 | 365,507 | 363,272 | 2,235 |
| | | Canadian Dollar | Sell | 10/16/24 | 172,908 | 174,501 | 1,593 |
| | State Street Bank and Trust Co. |
| | | British Pound | Buy | 9/18/24 | 2,231,241 | 2,214,124 | 17,117 |
| | | Canadian Dollar | Sell | 10/16/24 | 6,170 | 6,204 | 34 |
| | | Euro | Sell | 9/18/24 | 455,651 | 451,505 | (4,146) |
| | | Hong Kong Dollar | Sell | 8/21/24 | 2,246,519 | 2,250,087 | 3,568 |
| | Toronto-Dominion Bank |
| | | British Pound | Sell | 9/18/24 | 2,621,698 | 2,603,786 | (17,912) |
| | UBS AG |
| | | British Pound | Sell | 9/18/24 | 349,818 | 350,227 | 409 |
| | | Canadian Dollar | Sell | 10/16/24 | 4,097,882 | 4,140,208 | 42,326 |
| | | Euro | Sell | 9/18/24 | 2,597,571 | 2,619,853 | 22,282 |
| | WestPac Banking Corp. |
| | | British Pound | Sell | 9/18/24 | 2,208,477 | 2,193,622 | (14,855) |
| | Unrealized appreciation | 279,302 |
| | Unrealized (depreciation) | (127,235) |
| | Total | $152,067 |
| * | The exchange currency for all contracts listed is the United States Dollar. |
| | FUTURES CONTRACTS OUTSTANDING at 7/31/24 |
| | | Number of contracts | Notional amount | Value | Expiration date | Unrealized depreciation |
| | S&P 500 Index E-Mini (Long) | 82 | $22,641,430 | $22,787,800 | Sep-24 | $(330,951) |
| | Unrealized appreciation | | | | | — |
| | Unrealized (depreciation) | | | | | (330,951) |
| | Total | $(330,951) |
| | 14 | George Putnam Balanced Fund |
| | WRITTEN OPTIONS OUTSTANDING at 7/31/24 (premiums $649,291) |
| | Counterparty | Expiration date/strike price | Notional amount | | Contract amount | Value |
| | Citibank, N.A. |
| | Oracle Corp. (Call) | Jan-25/$150.00 | $42,310,106 | | $303,407 | $2,449,935 |
| | Total | $2,449,935 |
| | TBA SALE COMMITMENTS OUTSTANDING at 7/31/24 (proceeds receivable $4,057,031) |
| | Agency | Principal amount | Settlement date | Value |
| | Uniform Mortgage-Backed Securities, 2.50%, 8/1/54 | $5,000,000 | 8/13/24 | $4,193,425 |
| | Total | $4,193,425 |
| | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows: |
| | Level 1: Valuations based on quoted prices for identical securities in active markets. |
| | Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| | Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| | The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period: |
| | | Valuation inputs |
| | Investments in securities: | Level 1 | Level 2 | Level 3 |
| | Common stocks*: | | | |
| | Basic materials | $43,712,144 | $— | $— |
| | Capital goods | 58,086,685 | — | — |
| | Communication services | 26,227,861 | — | — |
| | Consumer cyclicals | 191,808,545 | — | — |
| | Consumer staples | 66,648,944 | — | — |
| | Energy | 53,526,430 | — | — |
| | Financials | 136,029,810 | 6,632,841 | — |
| | Health care | 154,290,012 | — | — |
| | Technology | 454,950,138 | — | — |
| | Transportation | 31,345,689 | — | — |
| | Utilities and power | 33,997,982 | — | — |
| | Total common stocks | 1,250,624,240 | 6,632,841 | — |
| | Corporate bonds and notes | — | 290,780,170 | — |
| | Mortgage-backed securities | — | 3,622,755 | — |
| | Municipal bonds and notes | — | 936,880 | — |
| | Purchased options outstanding | — | 3,806,783 | — |
| | U.S. government and agency mortgage obligations | — | 173,179,492 | — |
| | U.S. treasury obligations | — | 249,406,461 | — |
| | Short-term investments | 1,565,000 | 85,586,722 | — |
| | Totals by level | $1,252,189,240 | $813,952,104 | $— |
| | | Valuation inputs |
| | Other financial instruments: | Level 1 | Level 2 | Level 3 |
| | Forward currency contracts | $— | $152,067 | $— |
| | Futures contracts | (330,951) | — | — |
| | Written options outstanding | — | (2,449,935) | — |
| | TBA sale commitments | — | (4,193,425) | — |
| | Totals by level | $(330,951) | $(6,491,293) | $— |
| * | Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation. |
The accompanying notes are an integral part of these financial statements.
| | George Putnam Balanced Fund | 15 |
Financial Statements
Statement of assets and liabilities
7/31/24
| ASSETS | |
| Investment in securities, at value, including $2,136,932 of securities on loan (Notes 1 and 8): | |
| Unaffiliated issuers (identified cost $1,480,001,994) | $1,980,554,622 |
| Affiliated issuers (identified cost $85,586,722) (Note 5) | 85,586,722 |
| Dividends, interest and other receivables | 7,663,758 |
| Receivable for shares of the fund sold | 1,549,537 |
| Receivable for investments sold | 2,653,018 |
| Receivable for sales of TBA securities (Note 1) | 4,061,198 |
| Receivable for variation margin on futures contracts (Note 1) | 350,524 |
| Unrealized appreciation on forward currency contracts (Note 1) | 279,302 |
| Prepaid assets | 59,119 |
| Total assets | 2,082,757,800 |
| | |
| LIABILITIES | |
| Payable for investments purchased | 4,580,613 |
| Payable for purchases of TBA securities (Note 1) | 31,498,329 |
| Payable for shares of the fund repurchased | 2,785,719 |
| Payable for compensation of Manager (Note 2) | 1,700,175 |
| Payable for custodian fees (Note 2) | 19,377 |
| Payable for investor servicing fees (Note 2) | 559,579 |
| Payable for Trustee compensation and expenses (Note 2) | 397,215 |
| Payable for administrative services (Note 2) | 2,508 |
| Payable for distribution fees (Note 2) | 1,412,806 |
| Unrealized depreciation on forward currency contracts (Note 1) | 127,235 |
| Written options outstanding, at value (premiums $649,291) (Note 1) | 2,449,935 |
| TBA sale commitments, at value (proceeds receivable $4,057,031) (Note 1) | 4,193,425 |
| Collateral on securities loaned, at value (Note 1) | 2,123,555 |
| Collateral on certain derivative contracts and TBA commitments, at value (Notes 1 and 8) | 1,565,000 |
| Other accrued expenses | 252,597 |
| Total liabilities | 53,668,068 |
| Net assets | $2,029,089,732 |
| | |
| Represented by | |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $1,497,343,355 |
| Total distributable earnings (Note 1) | 531,746,377 |
| Total — Representing net assets applicable to capital shares outstanding | $2,029,089,732 |
| | |
| COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE | |
| Net asset value and redemption price per class A share ($1,405,540,108 divided by 55,000,218 shares) | $25.56 |
| Offering price per class A share (100/94.25 of $25.56)* | $27.12 |
| Net asset value and offering price per class B share ($1,428,583 divided by 56,750 shares)** | $25.17 |
| Net asset value and offering price per class C share ($118,722,061 divided by 4,708,571 shares)** | $25.21 |
| Net asset value and redemption price per class M share ($59,815,884 divided by 2,386,675 shares) | $25.06 |
| Offering price per class M share (100/96.50 of $25.06)* | $25.97 |
| Net asset value, offering price and redemption price per class R share ($1,320,132 divided by 51,898 shares) | $25.44 |
| Net asset value, offering price and redemption price per class R5 share ($12,784 divided by 492 shares)† | $25.96 |
| Net asset value, offering price and redemption price per class R6 share ($92,369,202 divided by 3,593,910 shares) | $25.70 |
| Net asset value, offering price and redemption price per class Y share ($349,880,978 divided by 13,617,593 shares) | $25.69 |
| * | On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced. |
| ** | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| † | Net asset value may not recalculate due to rounding of fractional shares. |
The accompanying notes are an integral part of these financial statements.
| 16 |
| George Putnam Balanced Fund |
Statement of operations
Year ended 7/31/24
| Investment income | |
| Interest (including interest income of $3,927,222 from investments in affiliated issuers) (Note 5) | $28,247,763 |
| Dividends (net of foreign tax of $91,007) | 15,452,888 |
| Securities lending (net of expenses) (Notes 1 and 5) | 39,395 |
| Total investment income | 43,740,046 |
| | |
| EXPENSES | |
| Compensation of Manager (Note 2) | 9,390,921 |
| Investor servicing fees (Note 2) | 2,197,785 |
| Custodian fees (Note 2) | 62,123 |
| Trustee compensation and expenses (Note 2) | 88,271 |
| Distribution fees (Note 2) | 4,728,586 |
| Administrative services (Note 2) | 50,112 |
| Other | 604,206 |
| Total expenses | 17,122,004 |
| Expense reduction (Note 2) | (39,473) |
| Net expenses | 17,082,531 |
| Net investment income | 26,657,515 |
| | |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
| Securities from unaffiliated issuers (Notes 1 and 3) | 64,950,665 |
| Net increase from payments by affiliates (Note 2) | 2,569 |
| Foreign currency transactions (Note 1) | (4,610) |
| Forward currency contracts (Note 1) | 303,316 |
| Futures contracts (Note 1) | 991,585 |
| Written options (Note 1) | 82,573 |
| Total net realized gain | 66,326,098 |
| Change in net unrealized appreciation (depreciation) on: | |
| Securities from unaffiliated issuers and TBA sale commitments | 213,497,312 |
| Assets and liabilities in foreign currencies | (201) |
| Forward currency contracts | 1,248,903 |
| Futures contracts | (703,654) |
| Written options | (1,773,931) |
| Total change in net unrealized appreciation | 212,268,429 |
| Net gain on investments | 278,594,527 |
| Net increase in net assets resulting from operations | $305,252,042 |
The accompanying notes are an integral part of these financial statements.
| George Putnam Balanced Fund |
| 17 |
Statement of changes in net assets
| | Year ended 7/31/24 | Year ended 7/31/23 |
| Increase in net assets | | |
| Operations | | |
| Net investment income | $26,657,515 | $19,763,818 |
| Net realized gain (loss) on investments and foreign currency transactions | 66,326,098 | (34,603,543) |
| Change in net unrealized appreciation of investments and assets and liabilities in foreign currencies | 212,268,429 | 135,489,761 |
| Net increase in net assets resulting from operations | 305,252,042 | 120,650,036 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (16,507,264) | (12,156,223) |
| Class B | (11,543) | (11,646) |
| Class C | (611,063) | (305,639) |
| Class M | (445,352) | (279,934) |
| Class R | (13,044) | (9,419) |
| Class R5 | (171) | (122) |
| Class R6 | (1,445,391) | (1,017,572) |
| Class Y | (4,271,041) | (2,976,679) |
| Net realized long-term gain on investments | | |
| Class A | — | (22,865,402) |
| Class B | — | (111,368) |
| Class C | — | (2,094,991) |
| Class M | — | (964,956) |
| Class R | — | (21,846) |
| Class R5 | — | (190) |
| Class R6 | — | (1,360,881) |
| Class Y | — | (4,635,978) |
| Decrease from capital share transactions (Note 4) | (11,173,219) | (35,940,821) |
| Total increase in net assets | 270,773,954 | 35,896,369 |
| Net assets | | |
| Beginning of year | 1,758,315,778 | 1,722,419,409 |
| End of year | $2,029,089,732 | $1,758,315,778 |
The accompanying notes are an integral part of these financial statements.
| 18 |
| George Putnam Balanced Fund |
Financial highlights
(For a common share outstanding throughout the period)
| INVESTMENT OPERATIONS | LESS DISTRIBUTIONS | RATIOS AND SUPPLEMENTAL DATA |
| Period ended | Net asset value, beginning of period | Net investment income (loss) a | Net realized and unrealized gain (loss) on investments | Total from investment operations | From net investment income | From net realized gain on investments | Total distributions | Net asset value, end of period | Total return at net asset value (%) b | Net assets, end of period (in thousands) | Ratio of expenses to average net assets (%) c | Ratio of net investment income (loss) to average net assets (%) | Portfolio turnover (%) d |
| Class A |
| July 31, 2024 | $21.95 | .34 | 3.57 | 3.91 | (.30) | — | (.30) | $25.56 | 17.96 | $1,405,540 | .93 | 1.47 | 80 |
| July 31, 2023 | 21.02 | .25 | 1.29 | 1.54 | (.21) | (.40) | (.61) | 21.95 | 7.66 | 1,243,009 | .96 | 1.22 | 47 |
| July 31, 2022 | 24.62 | .17 | (1.93) | (1.76) | (.20) | (1.64) | (1.84) | 21.02 | (7.87) | 1,225,429 | .94 | .73 | 66 |
| July 31, 2021 | 21.68 | .16 | 4.19 | 4.35 | (.16) | (1.25) | (1.41) | 24.62 | 20.84 | 1,383,459 | .94 | .68 | 93 |
| July 31, 2020 | 20.63 | .25 | 2.13 | 2.38 | (.52) | (.81) | (1.33) | 21.68 | 12.04 | 1,147,249 | .97 | 1.23 | 97 |
| Class B |
| July 31, 2024 | $21.60 | .16 | 3.51 | 3.67 | (.10) | — | (.10) | $25.17 | 17.05 | $1,429 | 1.68 | .73 | 80 |
| July 31, 2023 | 20.68 | .09 | 1.28 | 1.37 | (.05) | (.40) | (.45) | 21.60 | 6.86 | 3,739 | 1.71 | .46 | 47 |
| July 31, 2022 | 24.27 | (.01) | (1.89) | (1.90) | (.05) | (1.64) | (1.69) | 20.68 | (8.56) | 7,078 | 1.69 | (.04) | 66 |
| July 31, 2021 | 21.41 | (.01) | 4.12 | 4.11 | — e | (1.25) | (1.25) | 24.27 | 19.89 | 11,732 | 1.69 | (.06) | 93 |
| July 31, 2020 | 20.38 | .10 | 2.11 | 2.21 | (.37) | (.81) | (1.18) | 21.41 | 11.23 | 13,533 | 1.72 | .49 | 97 |
| Class C |
| July 31, 2024 | $21.66 | .16 | 3.52 | 3.68 | (.13) | — | (.13) | $25.21 | 17.05 | $118,722 | 1.68 | .72 | 80 |
| July 31, 2023 | 20.75 | .09 | 1.28 | 1.37 | (.06) | (.40) | (.46) | 21.66 | 6.84 | 105,791 | 1.71 | .47 | 47 |
| July 31, 2022 | 24.35 | (.01) | (1.89) | (1.90) | (.06) | (1.64) | (1.70) | 20.75 | (8.57) | 115,907 | 1.69 | (.02) | 66 |
| July 31, 2021 | 21.48 | (.02) | 4.15 | 4.13 | (.01) | (1.25) | (1.26) | 24.35 | 19.90 | 128,300 | 1.69 | (.07) | 93 |
| July 31, 2020 | 20.46 | .09 | 2.12 | 2.21 | (.38) | (.81) | (1.19) | 21.48 | 11.20 | 86,199 | 1.72 | .47 | 97 |
| Class M |
| July 31, 2024 | $21.54 | .22 | 3.49 | 3.71 | (.19) | — | (.19) | $25.06 | 17.32 | $59,816 | 1.43 | .97 | 80 |
| July 31, 2023 | 20.63 | .14 | 1.29 | 1.43 | (.12) | (.40) | (.52) | 21.54 | 7.18 | 51,525 | 1.46 | .72 | 47 |
| July 31, 2022 | 24.20 | .05 | (1.89) | (1.84) | (.09) | (1.64) | (1.73) | 20.63 | (8.36) | 50,466 | 1.44 | .22 | 66 |
| July 31, 2021 | 21.34 | .04 | 4.12 | 4.16 | (.05) | (1.25) | (1.30) | 24.20 | 20.20 | 59,887 | 1.44 | .19 | 93 |
| July 31, 2020 | 20.32 | .15 | 2.09 | 2.24 | (.41) | (.81) | (1.22) | 21.34 | 11.46 | 54,871 | 1.47 | .75 | 97 |
| Class R |
| July 31, 2024 | $21.85 | .28 | 3.55 | 3.83 | (.24) | — | (.24) | $25.44 | 17.64 | $1,320 | 1.18 | 1.22 | 80 |
| July 31, 2023 | 20.92 | .20 | 1.29 | 1.49 | (.16) | (.40) | (.56) | 21.85 | 7.40 | 1,212 | 1.21 | .96 | 47 |
| July 31, 2022 | 24.51 | .11 | (1.92) | (1.81) | (.14) | (1.64) | (1.78) | 20.92 | (8.10) | 1,795 | 1.19 | .47 | 66 |
| July 31, 2021 | 21.60 | .10 | 4.16 | 4.26 | (.10) | (1.25) | (1.35) | 24.51 | 20.50 | 2,001 | 1.19 | .43 | 93 |
| July 31, 2020 | 20.56 | .20 | 2.12 | 2.32 | (.47) | (.81) | (1.28) | 21.60 | 11.76 | 1,113 | 1.22 | .98 | 97 |
| Class R5 |
| July 31, 2024 | $22.29 | .40 | 3.62 | 4.02 | (.35) | — | (.35) | $25.96 | 18.22 | $13 | .71 | 1.69 | 80 |
| July 31, 2023 | 21.31 | .27 | 1.36 | 1.63 | (.25) | (.40) | (.65) | 22.29 | 8.01 | 11 | .72 | 1.26 | 47 |
| July 31, 2022 | 24.94 | .20 | (1.93) | (1.73) | (.26) | (1.64) | (1.90) | 21.31 | (7.68) | 20 | .71 | .86 | 66 |
| July 31, 2021 | 21.89 | .21 | 4.24 | 4.45 | (.15) | (1.25) | (1.40) | 24.94 | 21.11 | 21 | .71 | .92 | 93 |
| July 31, 2020 | 20.82 | .29 | 2.17 | 2.46 | (.58) | (.81) | (1.39) | 21.89 | 12.33 | 223 | .72 | 1.41 | 97 |
| | George Putnam Balanced Fund | 19 |
Financial highlights cont.
| INVESTMENT OPERATIONS | LESS DISTRIBUTIONS | RATIOS AND SUPPLEMENTAL DATA |
| Period ended | Net asset value, beginning of period | Net investment income (loss) a | Net realized and unrealized gain (loss) on investments | Total from investment operations | From net investment income | From net realized gain on investments | Total distributions | Net asset value, end of period | Total return at net asset value (%) b | Net assets, end of period (in thousands) | Ratio of expenses to average net assets (%) c | Ratio of net investment income (loss) to average net assets (%) | Portfolio turnover (%) d |
| Class R6 |
| July 31, 2024 | $22.07 | .42 | 3.58 | 4.00 | (.37) | — | (.37) | $25.70 | 18.33 | $92,369 | .61 | 1.79 | 80 |
| July 31, 2023 | 21.13 | .32 | 1.30 | 1.62 | (.28) | (.40) | (.68) | 22.07 | 8.03 | 93,044 | .62 | 1.56 | 47 |
| July 31, 2022 | 24.75 | .24 | (1.94) | (1.70) | (.28) | (1.64) | (1.92) | 21.13 | (7.60) | 65,091 | .61 | 1.05 | 66 |
| July 31, 2021 | 21.79 | .23 | 4.21 | 4.44 | (.23) | (1.25) | (1.48) | 24.75 | 21.22 | 69,239 | .61 | 1.01 | 93 |
| July 31, 2020 | 20.73 | .32 | 2.15 | 2.47 | (.60) | (.81) | (1.41) | 21.79 | 12.42 | 46,529 | .62 | 1.56 | 97 |
| Class Y |
| July 31, 2024 | $22.07 | .40 | 3.58 | 3.98 | (.36) | — | (.36) | $25.69 | 18.20 | $349,881 | .68 | 1.71 | 80 |
| July 31, 2023 | 21.12 | .30 | 1.31 | 1.61 | (.26) | (.40) | (.66) | 22.07 | 7.98 | 259,985 | .71 | 1.47 | 47 |
| July 31, 2022 | 24.74 | .22 | (1.94) | (1.72) | (.26) | (1.64) | (1.90) | 21.12 | (7.68) | 256,633 | .69 | .97 | 66 |
| July 31, 2021 | 21.78 | .21 | 4.21 | 4.42 | (.21) | (1.25) | (1.46) | 24.74 | 21.13 | 285,962 | .69 | .93 | 93 |
| July 31, 2020 | 20.72 | .30 | 2.15 | 2.45 | (.58) | (.81) | (1.39) | 21.78 | 12.32 | 192,044 | .72 | 1.45 | 97 |
| a | Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period. |
| b | Total return assumes dividend reinvestment and does not reflect the effect of sales charges. |
| c | Includes amounts paid through expense offset and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any. |
| d | Portfolio turnover includes TBA purchase and sales transactions. |
| e | Amount represents less than $0.01 per share. |
The accompanying notes are an integral part of these financial statements.
| | 20 | George Putnam Balanced Fund |
Notes to financial statements 7/31/24
Unless otherwise noted, the “reporting period” represents the period from August 1, 2023 through July 31, 2024. The following table defines commonly used references within the Notes to financial statements:
| References to | Represent |
| 1940 Act | Investment Company Act of 1940, as amended |
| Franklin Advisers | Franklin Advisers, Inc., a direct wholly-owned subsidiary of Franklin Templeton |
| Franklin Distributors | Franklin Distributors, LLC, an indirect wholly-owned subsidiary of Franklin Templeton |
| Franklin Templeton | Franklin Resources, Inc. |
| Franklin Templeton Services | Franklin Templeton Services, LLC, an indirect wholly-owned subsidiary of Franklin Templeton and an affiliate of Putnam Management |
| JPMorgan | JPMorgan Chase Bank, N.A. |
| OTC | Over-the-counter |
| PIL | Putnam Investments Limited, an affiliate of Putnam Management |
| Putnam Management | Putnam Investment Management, LLC, the fund’s investment manager, an indirect wholly-owned subsidiary of Franklin Templeton |
| Putnam Retail Management | Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Franklin Templeton |
| SEC | Securities and Exchange Commission |
| State Street | State Street Bank and Trust Company |
George Putnam Balanced Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified open-end management investment company. The goal of the fund is to seek to provide a balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income. The fund invests mainly in a combination of bonds and common stocks (growth or value stocks or both) of large U.S. companies, with a greater focus on common stocks. For example, Putnam Management may purchase stocks of companies with stock prices that reflect a value lower than that which Putnam Management places on the company. Putnam Management may also consider other factors that Putnam Management believes will cause the stock price to rise. The fund buys bonds of governments and private companies that are mostly investment-grade in quality with intermediate- to long-term maturities (three years or longer). Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments, and, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed-income investments. The fund may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.
The fund offers the following share classes. The expenses for each class of shares may differ based on the distribution and investor servicing fees of each class, which are identified in Note 2.
| Share class | Sales charge | Contingent deferred sales charge | Conversion feature |
| Class A | Up to 5.75% | 1.00% on certain redemptions of shares bought with no initial sales charge | None |
| Class B* | None | 5.00% phased out over six years | Converts to class A shares on September 5, 2024 |
| Class C | None | 1.00% eliminated after one year | Converts to class A shares after 8 years |
| Class M† | Up to 3.50% | None | None |
| Class R† | None | None | None |
| Class R5 † | None | None | None |
| Class R6 † | None | None | None |
| Class Y† | None | None | None |
| * Purchases of class B shares are closed to new and existing investors except by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment. |
| † Not available to all investors. |
In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the fund’s Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the fund, including claims against Trustees and Officers, must be brought in courts located within the Commonwealth of Massachusetts.
Note 1: Significant accounting policies
The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
| George Putnam Balanced Fund |
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Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.
Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the “mid price” (prior to June 30, 2024, the most recent bid price was used), and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a–5 under the 1940 Act, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.
Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.
Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.
Stripped securities The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.
Options contracts The fund uses options contracts for gaining exposure to securities and for managing downside risks.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In
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| George Putnam Balanced Fund |
the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Futures contracts The fund uses futures contracts for equitizing cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”
Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used for hedging foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.
Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.
TBA commitments The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
The fund may also enter into TBA sale commitments to hedge its portfolio positions, to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities or an offsetting TBA purchase commitment deliverable on or before the sale commitment date are held as “cover” for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
Unsettled TBA commitments are valued at their fair value according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
TBA purchase commitments outstanding at period end, if any, are listed within the fund’s portfolio and TBA sale commitments outstanding at period end, if any, are listed after the fund’s portfolio.
Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $70,670 on open derivative contracts subject to the Master Agreements. There was no collateral pledged by the fund at period end for these agreements.
Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending, if any, is net of expenses and is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the fund received cash collateral of $2,123,555 and the value of securities loaned amounted to $2,136,932.
Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.
Lines of credit The fund participates, along with other Putnam funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line of credit and
| George Putnam Balanced Fund |
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1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds and a $75,000 fee has been paid by the participating funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.
Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset and income on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.
Distributions to shareholders Distributions to shareholders from net investment income, if any, are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, from foreign currency gains and losses and from interest-only securities. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $419,648 to increase undistributed net investment income and $419,648 to decrease accumulated net realized gain.
Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:
| Unrealized appreciation | $550,100,086 |
| Unrealized depreciation | (64,788,024) |
| Net unrealized appreciation | 485,312,062 |
| Undistributed ordinary income | 10,102,392 |
| Undistributed long-term gains | 36,138,115 |
| Undistributed short-term gains | 194,394 |
| Cost for federal income tax purposes | $1,574,007,038 |
Note 2: Management fee, administrative services and other transactions
The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (including open-end funds managed by affiliates of Putnam Management that have been deemed to be sponsored by Putnam Management for this purpose) (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid “double counting” of those assets). Such annual rates may vary as follows:
| 0.680% | of the first $5 billion, |
| 0.630% | of the next $5 billion, |
| 0.580% | of the next $10 billion, |
| 0.530% | of the next $10 billion, |
| 0.480% | of the next $50 billion, |
| 0.460% | of the next $50 billion, |
| 0.450% | of the next $100 billion and |
| 0.445% | of any excess thereafter. |
For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.515% of the fund’s average net assets.
Putnam Management has contractually agreed, through November 30, 2025, to waive fees and/or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.
Effective July 15, 2024, Franklin Advisers was retained by Putnam Management as a sub-adviser for the fund pursuant to a new sub-advisory agreement between Putnam Management and Franklin Advisers. Pursuant to the agreement, Franklin Advisers makes investment decisions for such fund assets as may be designated from time to time for its management by Putnam Management (the “portfolio management services”) and provides certain other advisory and related services (together, the “other services”). With respect to the portfolio management services, Putnam Management pays a monthly fee to Franklin Advisers equal to 35% of the net investment advisory fee payable by the fund to Putnam Management. For the purposes of this calculation, the net investment advisory fee is defined to equal: (i) 96% of an amount equal to the total investment management fees payable to Putnam Management minus any fund fees and/or expenses waived or reimbursed by Putnam Management, minus (ii) any fees payable by Putnam Management to the fund’s sub-administrator for administrative services. With respect to the other services, Putnam Management pays a monthly fee to Franklin Advisers based on the costs of Franklin Advisers in providing these services to the fund, which may include a mark-up not to exceed 15% over such costs.
PIL is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Franklin Advisers from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Franklin Advisers were to engage the services of PIL, Franklin Advisers would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed-income portion of the fund managed by PIL.
On January 1, 2024, a subsidiary of Franklin Templeton acquired Putnam U.S. Holdings I, LLC (“Putnam Holdings”), the parent company of Putnam Management and PIL, in a stock and cash transaction (the “Transaction”). As a result of the Transaction, Putnam Management and PIL became indirect, wholly-owned subsidiaries of Franklin Templeton. The Transaction also resulted in the automatic termination of the investment management contract between the fund and Putnam Management and the sub-management contract for the fund between Putnam Management and PIL that were in place for the fund before the Transaction (together, the “Previous Advisory Contracts”). However, Putnam Management and PIL continue to provide uninterrupted services with respect to the fund pursuant to new investment management and sub-management contracts that were approved by fund shareholders at a shareholder meeting held in connection with the Transaction and that took effect on January 1, 2024 (together, the “New Advisory Contracts”). The terms of the New Advisory Contracts are substantially similar to those of the Previous Advisory Contracts, and the fee rates payable under the New Advisory Contracts are the same as the fee rates under the Previous Advisory Contracts.
Effective June 1, 2024, Franklin Templeton Services provides certain administrative services to the fund. The fee for those services is paid by the fund’s investment manager based on the fund’s average daily net assets and is not an additional expense of the fund.
Putnam Management voluntarily reimbursed the fund $2,569 for a trading error which occurred during the reporting period. The effect of the loss incurred and the reimbursement by Putnam Management of such amount had no material impact on total return.
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| George Putnam Balanced Fund |
The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.
Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.
Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing for class A, class B, class C, class M, class R and class Y shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the fund; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. Putnam Investor Services, Inc. has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund’s average assets attributable to such accounts.
Class R5 shares paid a monthly fee based on the average net assets of class R5 shares at an annual rate of 0.15%.
Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%.
During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:
| Class A | $1,596,546 |
| Class B | 3,081 |
| Class C | 133,499 |
| Class M | 66,371 |
| Class R | 1,579 |
| Class R5 | 17 |
| Class R6 | 44,960 |
| Class Y | 351,732 |
| Total | $2,197,785 |
The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. For the reporting period, the fund’s expenses were reduced by $39,473 under the expense offset arrangements.
Each Independent Trustee of the fund receives an annual Trustee fee, of which $1,509, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.
The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable from July 1, 1995 through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.
The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.
The fund has adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the 1940 Act. The purpose of the Plans is to compensate Putnam Retail Management for services provided and expenses incurred in distributing shares of the fund. Effective August 2, 2024, Franklin Distributors will replace Putnam Retail Management as the fund’s distributor and principal underwriter. The Plans provide payments by the fund to Putnam Retail Management at an annual rate of up to the following amounts (Maximum %) of the average net assets attributable to each class. The Trustees have approved payment by the fund at the following annual rate (Approved %) of the average net assets attributable to each class. During the reporting period, the class-specific expenses related to distribution fees were as follows:
| | Maximum % | Approved % | Amount |
| Class A | 0.35% | 0.25% | $3,218,438 |
| Class B | 1.00% | 1.00% | 24,535 |
| Class C | 1.00% | 1.00% | 1,077,346 |
| Class M | 1.00% | 0.75% | 401,903 |
| Class R | 1.00% | 0.50% | 6,364 |
| Total | | | $4,728,586 |
For the reporting period, Putnam Retail Management, acting as underwriter, received net commissions of $214,514 and no monies from the sale of class A and class M shares, respectively, and received no monies and $2,857 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.
A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management, acting as underwriter, received $697 on class A redemptions.
Note 3: Purchases and sales of securities
During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:
| | Cost of purchases | Proceeds from sales |
| Investments in securities, including TBA commitments (Long-term) | $1,336,810,057 | $1,348,813,410 |
| U.S. government securities (Long-term) | 99,096,416 | 107,778,915 |
| Total | $1,435,906,473 | $1,456,592,325 |
The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.
Note 4: Capital shares
At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions, including, if applicable, direct exchanges pursuant to share conversions, in capital shares were as follows:
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 4,119,285 | $95,834,170 | 3,643,914 | $73,616,241 |
| Shares issued in connection with reinvestment of distributions | 681,951 | 15,673,608 | 1,681,911 | 33,457,697 |
| | 4,801,236 | 111,507,778 | 5,325,825 | 107,073,938 |
| Shares repurchased | (6,428,335) | (147,742,123) | (7,008,046) | (141,433,440) |
| Net decrease | (1,627,099) | $(36,234,345) | (1,682,221) | $(34,359,502) |
| George Putnam Balanced Fund |
| 25 |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | 2,019 | $44,460 | 8,680 | $171,019 |
| Shares issued in connection with reinvestment of distributions | 502 | 11,219 | 6,144 | 119,732 |
| | 2,521 | 55,679 | 14,824 | 290,751 |
| Shares repurchased | (118,857) | (2,688,021) | (184,043) | (3,683,126) |
| Net decrease | (116,336) | $(2,632,342) | (169,219) | $(3,392,375) |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 789,310 | $18,202,307 | 690,035 | $13,835,889 |
| Shares issued in connection with reinvestment of distributions | 26,692 | 610,037 | 122,494 | 2,397,343 |
| | 816,002 | 18,812,344 | 812,529 | 16,233,232 |
| Shares repurchased | (990,649) | (22,368,885) | (1,515,858) | (30,081,058) |
| Net decrease | (174,647) | $(3,556,541) | (703,329) | $(13,847,826) |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 248,686 | $5,627,169 | 183,891 | $3,647,172 |
| Shares issued in connection with reinvestment of distributions | 19,672 | 445,352 | 63,876 | 1,244,890 |
| | 268,358 | 6,072,521 | 247,767 | 4,892,062 |
| Shares repurchased | (274,052) | (6,035,371) | (301,145) | (5,999,997) |
| Net increase (decrease) | (5,694) | $37,150 | (53,378) | $(1,107,935) |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 13,896 | $323,003 | 9,950 | $194,466 |
| Shares issued in connection with reinvestment of distributions | 568 | 12,988 | 1,574 | 31,165 |
| | 14,464 | 335,991 | 11,524 | 225,631 |
| Shares repurchased | (18,045) | (422,073) | (41,886) | (805,087) |
| Net decrease | (3,581) | $(86,082) | (30,362) | $(579,456) |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class R5 | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | — | $— |
| Shares issued in connection with reinvestment of distributions | 3 | 80 | 15 | 312 |
| | 3 | 80 | 15 | 312 |
| Shares repurchased | — | — | (457) | (10,000) |
| Net increase (decrease) | 3 | $80 | (442) | $(9,688) |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 704,409 | $16,451,144 | 2,058,263 | $42,025,367 |
| Shares issued in connection with reinvestment of distributions | 62,778 | 1,444,944 | 118,759 | 2,378,436 |
| | 767,187 | 17,896,088 | 2,177,022 | 44,403,803 |
| Shares repurchased | (1,388,316) | (32,229,385) | (1,042,361) | (21,065,954) |
| Net increase (decrease) | (621,129) | $(14,333,297) | 1,134,661 | $23,337,849 |
| | YEAR ENDED 7/31/24 | YEAR ENDED 7/31/23 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 4,903,800 | $116,653,500 | 4,141,871 | $85,602,779 |
| Shares issued in connection with reinvestment of distributions | 184,086 | 4,259,667 | 379,570 | 7,592,887 |
| | 5,087,886 | 120,913,167 | 4,521,441 | 93,195,666 |
| Shares repurchased | (3,251,312) | (75,281,009) | (4,889,836) | (99,177,554) |
| Net increase (decrease) | 1,836,574 | $45,632,158 | (368,395) | $(5,981,888) |
At the close of the reporting period, Putnam Investment Holdings, LLC owned 492 class R5 shares of the fund (100% of class R5 shares outstanding), valued at $12,784.
| 26 |
| George Putnam Balanced Fund |
Note 5: Affiliated transactions
Transactions during the reporting period with any company which is under common ownership or control were as follows:
| Name of affiliate | Fair value as of 7/31/23 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 7/31/24 |
| Short-term investments | | | | | |
| Putnam Cash Collateral Pool, LLC* | $22,535,184 | $187,816,045 | $208,227,674 | $697,398 | $2,123,555 |
| Putnam Short Term Investment Fund Class P‡ | 43,737,620 | 343,315,657 | 303,590,110 | 3,927,222 | 83,463,167 |
| Total Short-term investments | $66,272,804 | $531,131,702 | $511,817,784 | $4,624,620 | $85,586,722 |
| * No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. There were no realized or unrealized gains or losses during the period. |
| ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management and Franklin Advisers, as applicable. There were no realized or unrealized gains or losses during the period. |
Note 6: Market, credit and other risks
In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.
The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market’s perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.
Note 7: Summary of derivative activity
The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:
| Purchased equity option contracts (contract amount) | $330,000 |
| Written equity option contracts (contract amount) | $330,000 |
| Futures contracts (number of contracts) | 50 |
| Forward currency contracts (contract amount) | $64,200,000 |
The following is a summary of the fair value of derivative instruments as of the close of the reporting period:
| Fair value of derivative instruments as of the close of the reporting period |
| | Asset derivatives | Liability derivatives |
| Derivatives not accounted for as hedging instruments under ASC 815 | Statement of assets and liabilities location | Fair value | Statement of assets and liabilities location | Fair value |
| Foreign exchange contracts | Investments, Receivables | $279,302 | Payables | $127,235 |
| Equity contracts | Investments, Receivables, Net assets — Unrealized appreciation | 3,806,783 | Payables, Net assets — Unrealized depreciation | 2,780,886 * |
| Total | | $4,086,085 | | $2,908,121 |
| * Includes cumulative appreciation/depreciation of futures contracts as reported in the fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities. |
The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):
| Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments |
| Derivatives not accounted for as hedging instruments under ASC 815 | Options | Futures | Forward currency contracts | Total |
| Foreign exchange contracts | $— | $— | $303,316 | $303,316 |
| Equity contracts | 14,564 | 991,585 | — | $1,006,149 |
| Total | $14,564 | $991,585 | $303,316 | $1,309,465 |
| Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments |
| Derivatives not accounted for as hedging instruments under ASC 815 | Options | Futures | Forward currency contracts | Total |
| Foreign exchange contracts | $— | $— | $1,248,903 | $1,248,903 |
| Equity contracts | 911,647 | (703,654) | — | $207,993 |
| Total | $911,647 | $(703,654) | $1,248,903 | $1,456,896 |
| George Putnam Balanced Fund |
| 27 |
Note 8: Offsetting of financial and derivative assets and liabilities
The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.
| | Bank of America N.A. | Barclays Bank PLC | BofA Securities, Inc. | Citibank, N.A. | Goldman Sachs Inter- national | HSBC Bank USA, National Association | JPMorgan Chase Bank N.A. |
| Assets: | | | | | | | |
| Futures contracts§ | $— | $— | $350,524 | $— | $— | $— | $— |
| Forward currency contracts# | 2,004 | 49,690 | — | 24,260 | 32,013 | 31,878 | 7,859 |
| Purchased options**# | — | — | — | 3,806,783 | — | — | — |
| Total Assets | $2,004 | $49,690 | $350,524 | $3,831,043 | $32,013 | $31,878 | $7,859 |
| Liabilities: | | | | | | | |
| Futures contracts§ | — | — | — | — | — | — | — |
| Forward currency contracts# | 37,313 | 41,918 | — | 638 | — | — | 10,453 |
| Written options# | — | — | — | 2,449,935 | — | — | — |
| Total Liabilities | $37,313 | $41,918 | $— | $2,450,573 | $— | $— | $10,453 |
| Total Financial and Derivative Net Assets | $(35,309) | $7,772 | $350,524 | $1,380,470 | $32,013 | $31,878 | $(2,594) |
| Total collateral received (pledged)†## | $— | $— | $— | $1,330,000 | $10,000 | $— | $— |
| Net amount | $(35,309) | $7,772 | $350,524 | $50,470 | $22,013 | $31,878 | $(2,594) |
| Controlled collateral received (including TBA commitments) ** | $— | $— | $— | $1,330,000 | $112,000 | $— | $— |
| Uncontrolled collateral received | $— | $— | $— | $— | $— | $— | $— |
| Collateral (pledged) (including TBA commitments) ** | $— | $— | $— | $— | $— | $— | $— |
| | JPMorgan Securities LLC | Morgan Stanley & Co. Inter- national PLC | NatWest Markets PLC | State Street Bank and Trust Co. | Toronto-Dominion Bank | UBS AG | WestPac Banking Corp. | Total |
| Assets: | | | | | | | | |
| Futures contracts§ | $— | $— | $— | $— | $— | $— | $— | $350,524 |
| Forward currency contracts# | — | 42,034 | 3,828 | 20,719 | — | 65,017 | — | 279,302 |
| Purchased options**# | — | — | — | — | — | — | — | 3,806,783 |
| Total Assets | $— | $42,034 | $3,828 | $20,719 | $— | $65,017 | $— | $4,436,609 |
| Liabilities: | | | | | | | | |
| Futures contracts§ | — | — | — | — | — | — | — | — |
| Forward currency contracts# | — | — | — | 4,146 | 17,912 | — | 14,855 | 127,235 |
| Written options# | — | — | — | — | — | — | — | 2,449,935 |
| Total Liabilities | $— | $— | $— | $4,146 | $17,912 | $— | $14,855 | $2,577,170 |
| Total Financial and Derivative Net Assets | $— | $42,034 | $3,828 | $16,573 | $(17,912) | $65,017 | $(14,855) | $1,859,439 |
| Total collateral received (pledged)†## | $— | $— | $— | $— | $— | $— | $— | |
| Net amount | $— | $42,034 | $3,828 | $16,573 | $(17,912) | $65,017 | $(14,855) | |
| Controlled collateral received (including TBA commitments) ** | $123,000 | $— | $— | $— | $— | $— | $— | $1,565,000 |
| Uncontrolled collateral received | $— | $— | $— | $— | $— | $— | $— | $— |
| Collateral (pledged) (including TBA commitments) ** | $— | $— | $— | $— | $— | $— | $— | $— |
| ** | Included with Investments in securities on the Statement of assets and liabilities. |
| † | Additional collateral may be required from certain brokers based on individual agreements. |
| # | Covered by master netting agreement (Note 1). |
| ## | Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements. |
| § | Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts is represented in the tables listed after the fund’s portfolio. Collateral pledged for initial margin on futures contracts, which is not included in the table above, amounted to $1,389,845. |
| 28 |
| George Putnam Balanced Fund |
Federal tax information (Unaudited)
Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $39,751,927 as a capital gain dividend with respect to the taxable year ended July 31, 2024, or, if subsequently determined to be different, the net capital gain of such year.
The fund designated $12,334,242 of income eligible as qualifying for the dividends received deduction for corporations.
For the reporting period, the fund hereby designates $14,505,785, or the maximum amount allowable, of its taxable ordinary income earned as qualified dividends taxed at the individual net capital gain rates.
For the reporting period, pursuant to §871(k) of the Internal Revenue Code, the fund hereby designates $16,047,225 of distributions paid as qualifying to be taxed as interest-related dividends, and no monies to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The Form 1099 that will be mailed to you in January 2025 will show the tax status of all distributions paid to your account in calendar 2024.
| George Putnam Balanced Fund |
| 29 |
Changes in and disagreements with accountants
Not applicable
| Results of any shareholder votes (Unaudited) |
| November 17, 2023 special meeting |
| At the meeting, a new Management Contract for your fund with Putnam Investment Management, LLC was approved, as follows: |
| Votes for | Votes against | Abstentions/Votes withheld |
| 38,413,118 | 856,798 | 2,418,403 |
| At the meeting, a new Sub-Management Contract for your fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows: |
| Votes for | Votes against | Abstentions/Votes withheld |
| 38,055,403 | 1,117,927 | 2,514,990 |
| All tabulations are rounded to the nearest whole number. |
Remuneration paid to directors, officers, and others
Remuneration paid to directors, officers, and others is included in the Notes to financial statements above.
| 30 |
| George Putnam Balanced Fund |
Board approval of management and subadvisory agreements (Unaudited)
At its meeting on June 28, 2024, the Board of Trustees of your fund, including all of the Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Putnam mutual funds and exchange-traded funds (collectively, the “funds”) (the “Independent Trustees”) approved a new subadvisory agreement (the “New Subadvisory Agreement”) for your fund between Putnam Investment Management, LLC, your fund’s investment adviser (“Putnam Management”), and Franklin Advisers, Inc. (“Franklin Advisers”). Franklin Advisers and Putnam Management are each indirect, wholly owned subsidiaries of Franklin Resources, Inc. (“Franklin Templeton”).
The Trustees considered the proposed New Subadvisory Agreement in connection with an internal reorganization (the “Reorganization”) whereby the fixed income and Investment Solutions investment operations of Putnam Management were combined with those of Franklin Advisers. Pursuant to the New Subadvisory Agreement, Putnam Management retained Franklin Advisers as sub-adviser for each Putnam equity fund so that, following the Reorganization, ?the Putnam Management fixed income investment personnel that moved to Franklin Advisers pursuant to the Reorganization (the “Fixed Income Personnel”) could continue to provide certain services that they had historically provided to the Putnam equity funds, including, as applicable, cash management services, currency trading services and portfolio management services (the “Services”). After the Reorganization and the effectiveness of the New Subadvisory Agreement, Putnam Management remains the investment adviser to your fund and the other equity funds pursuant to existing management contracts between the equity funds and Putnam Management (the “Current Management Contracts”), and Putnam Investments Limited (“PIL”) continues to serve as a sub-adviser to your fund and other Putnam funds pursuant to a sub-management contract between Putnam Management and PIL (the “Current Sub-Management Contract”). The Current Management Contracts and Current Sub-Management Contract remain in effect until June 30, 2025, unless the contracts are sooner terminated or continued pursuant to their terms.
In connection with the review process, the Independent Trustees’ independent legal counsel (as that term is defined in Rule 0-1(a)(6)(i) under the 1940 Act) met with representatives of Putnam Management and Franklin Templeton to discuss the contract review materials that would be furnished to the Contract Committee. The Board of Trustees, with the assistance of its Contract Committee (which consists solely of Independent Trustees) and its independent legal counsel, requested and evaluated all information it deemed reasonably necessary under the circumstances in connection with its review of the New Subadvisory Agreement. Over the course of several months ending in June 2024, the Contract Committee met on a number of occasions with representatives of Putnam Management and Franklin Templeton, and separately in executive session, to consider the information provided. Throughout this process, the Contract Committee was assisted by the members of the Board of Trustees’ independent staff and by independent legal counsel for the Independent Trustees.
At the Board of Trustees’ June 2024 meeting, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the approval of the New Subadvisory Agreement. At that meeting, the Contract Committee also met in executive session with the other Independent Trustees to discuss its observations and recommendation.
The Trustees considered that, under the New Subadvisory Agreement, the Fixed Income Personnel would provide any necessary Services to the applicable equity funds in their capacity as employees of Franklin Advisers under generally the same terms and conditions related to the equity funds as such services were previously provided by the Fixed Income Personnel in their capacity as employees of Putnam Management under the Current Management Contracts. The Trustees also considered that Putnam Management would be responsible for overseeing the Services provided to the equity funds by Franklin Advisers under the New Subadvisory Agreement and would compensate Franklin Advisers for such services out of the fees it receives under the Current Management Contracts. The Trustees further noted Putnam Management’s and Franklin Templeton’s representations that Franklin Advisers’ appointment as sub-adviser to the equity funds would not result in any material change in the nature or level of investment advisory services provided to the equity funds and that the management fee rates paid by the equity funds would not increase as a result of the New Subadvisory Agreement. In addition, the Trustees considered that counsel to Franklin Advisers and Putnam Management had provided a legal opinion that shareholder approval of the New Subadvisory Agreement was not required under the 1940 Act.
The Trustees considered that, in connection with their review of your fund’s Current Management Contract and Current Sub-Management Contract over the course of several months ending in June 2023, they had considered information regarding the nature, extent and quality of the services provided to the fund, the fund’s performance, the fund’s management fees and expense ratios, the profitability of Putnam Management and its affiliates in providing services to the fund, whether there had been economies of scale with respect to the management of the fund and other benefits received by Putnam Management and its affiliates as a result of their relationships with the fund. As part of the review process in connection with the consideration of the New Subadvisory Agreement, the Trustees received and reviewed updated information regarding the profitability of Putnam Management and its affiliates, potential economies of scale, other benefits received by Putnam Management and its affiliates as a result of their relationships with the funds, and the performance and expenses of the funds. The Trustees also received, in connection with their review of the New Subadvisory Agreement, certain performance information for Franklin Advisers’ fixed income and Investment Solutions investment strategies and information regarding the revenues, expenses and profitability of Franklin Templeton’s global investment management business and its U.S. registered investment company business, which includes the financial results of Franklin Advisers. Given the scope of the Services to be provided pursuant to the New Subadvisory Agreement, the fact that the New Sub-Advisory Agreement would maintain the current level of services received by your fund and the fact that the New Subadvisory Agreement would not impact the fees payable by the fund, since Putnam Management would be responsible for the payment of fees under the New Subadvisory Agreement, the Trustees considered, but did not rely to a significant extent on the information provided to them described in this paragraph in connection with their consideration of the New Subadvisory Agreement.
| George Putnam Balanced Fund |
| 31 |
Investment performance
The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s Current Management Contract and was also a significant factor in considering approval of your fund’s New Sub-Advisory Agreement, since the Fixed Income Personnel responsible for managing the fixed income portion of your fund that were employed by Putnam Management prior to the Reorganization would continue to manage the fixed income portion of your fund immediately following the Reorganization as employees of Franklin Advisers pursuant to the New Subadvisory Agreement. The Trustees were assisted in their review of Putnam Management’s investment process and performance by the work of the investment oversight committees of the Trustees and the full Board of Trustees, which met on a regular basis with individual portfolio managers and with senior management of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provided a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them and? in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period. In addition to Putnam Management’s investment process and performance, the Trustees considered aggregate performance information for Franklin Advisers’ fixed income and Investment Solutions investment strategies, and also met with senior investment leadership at Franklin Advisers, including the respective heads of the fixed income and Investment Solutions teams and the Head of Public Market Investments.
The Trustees considered that, in the aggregate,?? peer-relative and benchmark-relative Putnam fund performance was generally strong in 2023 against a backdrop of largely solid fixed income markets and strong but volatile equity markets, which were characterized by a concentration of performance among large-cap growth stocks. The Trustees also noted that corporate earnings and employment figures continued to generally show strength, underpinning market rallies in 2023, while inflation concerns, Federal Reserve actions to reduce inflation and geopolitical tensions continued to be a focus of investors. For the one-year period ended December 31, 2023, the Trustees considered that the Putnam funds, on an asset-weighted basis, ranked in the 32nd percentile of their peers as determined by LSEG Lipper (“Lipper”) and, on an asset-weighted-basis, outperformed their benchmarks by 2.8% gross of fees over the one-year period. The Committee also noted that the funds’ aggregate performance over longer-term periods continued to be strong, with the funds, on an asset-weighted basis, ranking in the 31st, 21st, and 22nd percentiles of their Lipper peers over the three-year, five-year and ten-year periods ended December 31, 2023, respectively. The Trustees further noted that the funds, in the aggregate, outperformed their benchmarks on a gross basis for each of the three-year, five-year and ten-year periods. The Trustees also considered the Morningstar, Inc. ratings assigned to the funds, noting that 45 funds were rated four or five stars at the end of 2023, which represented an increase of 5 funds year-over-year. The Trustees also considered that 18 funds were five-star rated at the end of 2023, which was a year-over-year increase of 11 funds, and that 90% of the funds’ aggregate assets were in four- or five-star rated funds at year end.
In addition to the performance of the individual Putnam funds, the Trustees considered, as they had in prior years, the performance of The Putnam Fund complex versus competitor fund complexes, as reported in the Barron’s/Lipper Fund Families survey (the “Survey”). The Trustees noted that the Survey ranks mutual fund companies based on their performance across a variety of asset types, and that The Putnam Fund complex had performed exceptionally well in 2023. In this regard, the Trustees considered that The Putnam Fund complex had ranked 1st out of 49 fund companies, 1st out of 47 fund companies and 5th out of 46 fund companies for the one-year, five-year and ten-year periods, respectively. The Trustees also noted that 2023 had marked the seventh year in a row that The Putnam Fund complex had ranked in the top ten fund companies. They also noted, however, the disappointing investment performance of some Putnam funds for periods ended December 31, 2023 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and, where relevant, actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor the performance of those funds.
For purposes of the Trustees’ evaluation of the Putnam funds’ investment performance, the Trustees generally focus on a competitive industry ranking of each fund’s total net return over a one-year, three-year and five-year period. For a number of Putnam funds with relatively unique investment mandates for which Putnam Management informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns to the returns of selected investment benchmarks. In the case of your fund, the Trustees considered that its class A share cumulative total return performance at net asset value was in the following quartiles of its Lipper peer group? (Lipper Balanced Funds) for the one-year, three-year and five-year periods ended December 31, 2023 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):
| One-year period | Three-year period | Five-year period |
| 1st | 1st | 1st |
For each of the one-year and five-year periods ended December 31, 2023, your fund’s performance was in the top decile of its Lipper peer group. Over the one-year, three-year and five-year periods ended December 31, 2023, there were 423, 402, and 377 funds, respectively, in your fund’s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)
Board of Trustees’ Conclusion
After considering the factors described above, as well as other factors, the Board of Trustees, including all of the Independent Trustees, concluded that the fees payable under the New Subadvisory Agreement represented reasonable compensation in light of the nature and quality of the services that would continue to be provided to the equity funds, and determined to approve the New Subadvisory Agreement for your fund. This conclusion was based on a comprehensive consideration of all information provided to the Trustees and was not the result of any single factor.
| 32 |
| George Putnam Balanced Fund |
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| © 2024 Franklin Templeton. All rights reserved. | 38900-AFSOI 09/24 |
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| Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
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| Included in Item 7 above. |
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| Item 9. Proxy Disclosure for Open-End Management Investment Companies. |
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| Included in Item 7 above. |
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| Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
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| Included in Item 7 above. |
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| Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. |
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| Included in Item 7 above. |
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| Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies: |
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| Item 13. Portfolio Managers of Closed-End Investment Companies |
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| Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers: |
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| Item 15. Submission of Matters to a Vote of Security Holders: |
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| Item 16. Controls and Procedures: |
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| (a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. |
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| (b) Changes in internal control over financial reporting: Not applicable |
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| Item 17. Disclosures of Securities Lending Activities for Closed-End Investment Companies: |
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| Item 18. Recovery of Erroneously Awarded Compensation. |
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| (a)(1) The Code of Ethics of The Putnam Funds and Franklin Templeton are filed herewith |
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| (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. |
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| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
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| George Putnam Balanced Fund |
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| By (Signature and Title): |
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| Jeffrey White
Principal Accounting Officer |
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| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
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| By (Signature and Title): |
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| Jonathan S. Horwitz
Principal Executive Officer |
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| By (Signature and Title): |
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| Jeffrey White
Principal Financial Officer |
