Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38900-Q3PH
See
Notes
to
Schedule
of
Investments
1
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
2
Notes
to
Schedule
of
Investments
25
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited),
April
30,
2025
George
Putnam
Balanced
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
61.2%
Aerospace
&
Defense
0.9%
a
Boeing
Co.
(The)
...................................
United
States
13,857
$
2,539,157
Howmet
Aerospace,
Inc.
..............................
United
States
50,678
7,022,957
Northrop
Grumman
Corp.
.............................
United
States
8,637
4,201,901
RTX
Corp.
........................................
United
States
40,301
5,083,165
18,847,180
Air
Freight
&
Logistics
0.4%
FedEx
Corp.
.......................................
United
States
38,173
8,028,927
Automobiles
1.3%
General
Motors
Co.
..................................
United
States
54,152
2,449,836
a
Tesla,
Inc.
.........................................
United
States
83,924
23,679,996
26,129,832
Banks
1.5%
Bank
of
America
Corp.
...............................
United
States
213,775
8,525,347
Citigroup,
Inc.
......................................
United
States
149,163
10,199,766
JPMorgan
Chase
&
Co.
...............................
United
States
36,185
8,851,575
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
14,367
2,308,633
29,885,321
Beverages
0.8%
Coca-Cola
Co.
(The)
.................................
United
States
201,166
14,594,593
PepsiCo,
Inc.
......................................
United
States
20,322
2,755,257
17,349,850
Biotechnology
1.1%
AbbVie,
Inc.
.......................................
United
States
52,489
10,240,604
Amgen,
Inc.
.......................................
United
States
5,858
1,704,209
a
Ascendis
Pharma
A/S,
ADR
...........................
Denmark
24,597
4,192,313
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
2,915
1,745,385
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
7,755
3,951,173
21,833,684
Broadline
Retail
2.9%
a
Amazon.com,
Inc.
...................................
United
States
319,393
58,902,457
Building
Products
0.3%
Trane
Technologies
plc
...............................
United
States
13,704
5,252,880
Capital
Markets
1.4%
BlackRock,
Inc.
.....................................
United
States
7,743
7,079,115
Charles
Schwab
Corp.
(The)
...........................
United
States
82,844
6,743,502
CME
Group,
Inc.
....................................
United
States
16,980
4,704,818
KKR
&
Co.,
Inc.
.....................................
United
States
42,567
4,864,131
Nasdaq,
Inc.
.......................................
United
States
15,185
1,157,249
b
TPG,
Inc.,
A
.......................................
United
States
74,178
3,445,568
27,994,383
Chemicals
1.0%
Corteva,
Inc.
.......................................
United
States
160,281
9,935,819
DuPont
de
Nemours,
Inc.
.............................
United
States
56,342
3,718,009
Eastman
Chemical
Co.
...............................
United
States
17,272
1,329,944
Linde
plc
..........................................
United
States
3,274
1,483,875
PPG
Industries,
Inc.
.................................
United
States
30,587
3,329,701
19,797,348
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
0.5%
Cintas
Corp.
.......................................
United
States
13,060
$
2,764,541
a
Copart,
Inc.
........................................
United
States
32,084
1,958,087
GFL
Environmental,
Inc.
..............................
United
States
37,049
1,848,745
Waste
Connections,
Inc.
..............................
United
States
13,764
2,720,179
9,291,552
Communications
Equipment
0.9%
Cisco
Systems,
Inc.
.................................
United
States
302,326
17,453,280
Construction
Materials
0.3%
CRH
plc
..........................................
United
States
65,808
6,279,399
Consumer
Finance
0.7%
Capital
One
Financial
Corp.
...........................
United
States
75,325
13,578,085
Consumer
Staples
Distribution
&
Retail
1.5%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
6,776
796,587
Costco
Wholesale
Corp.
..............................
United
States
8,156
8,111,142
Target
Corp.
.......................................
United
States
26,826
2,594,074
Walmart,
Inc.
......................................
United
States
191,482
18,621,624
30,123,427
Containers
&
Packaging
0.1%
Ball
Corp.
.........................................
United
States
24,560
1,275,647
International
Paper
Co.
...............................
United
States
28,505
1,302,108
2,577,755
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
.........................................
United
States
340,373
9,428,332
Electric
Utilities
1.6%
Constellation
Energy
Corp.
............................
United
States
8,025
1,793,106
NextEra
Energy,
Inc.
.................................
United
States
84,073
5,622,802
NRG
Energy,
Inc.
...................................
United
States
97,088
10,638,903
PG&E
Corp.
.......................................
United
States
205,842
3,400,510
PPL
Corp.
.........................................
United
States
228,772
8,350,178
Southern
Co.
(The)
..................................
United
States
29,584
2,718,474
32,523,973
Entertainment
1.5%
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
67,730
8,970,839
a
Netflix,
Inc.
........................................
United
States
7,984
9,035,652
a
Spotify
Technology
SA
................................
United
States
8,618
5,291,280
Walt
Disney
Co.
(The)
................................
United
States
82,543
7,507,286
30,805,057
Financial
Services
3.3%
Apollo
Global
Management,
Inc.
........................
United
States
33,222
4,534,139
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
33,129
17,666,039
Corebridge
Financial,
Inc.
.............................
United
States
69,085
2,046,989
Mastercard,
Inc.,
A
..................................
United
States
52,603
28,829,600
a
Toast,
Inc.,
A
.......................................
United
States
67,750
2,410,545
Visa,
Inc.,
A
........................................
United
States
35,021
12,099,755
67,587,067
Food
Products
0.3%
b
Mondelez
International,
Inc.,
A
..........................
United
States
83,988
5,722,102
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Ground
Transportation
0.4%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
40,056
$
2,902,858
Union
Pacific
Corp.
..................................
United
States
25,589
5,518,524
8,421,382
Health
Care
Equipment
&
Supplies
1.3%
Abbott
Laboratories
..................................
United
States
36,162
4,728,182
Becton
Dickinson
&
Co.
...............................
United
States
17,818
3,689,930
a
Boston
Scientific
Corp.
...............................
United
States
64,075
6,591,395
a
Intuitive
Surgical,
Inc.
................................
United
States
11,599
5,982,764
Medtronic
plc
......................................
United
States
53,561
4,539,830
Stryker
Corp.
......................................
United
States
3,044
1,138,212
26,670,313
Health
Care
Providers
&
Services
1.7%
Cencora,
Inc.
......................................
United
States
5,534
1,619,636
Cigna
Group
(The)
..................................
United
States
5,240
1,781,809
CVS
Health
Corp.
...................................
United
States
60,604
4,042,893
HCA
Healthcare,
Inc.
.................................
United
States
4,376
1,510,070
McKesson
Corp.
....................................
United
States
14,887
10,611,305
UnitedHealth
Group,
Inc.
..............................
United
States
38,059
15,658,995
35,224,708
Health
Care
REITs
0.3%
Welltower,
Inc.
.....................................
United
States
40,006
6,104,516
Hotels,
Restaurants
&
Leisure
0.6%
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
60,778
3,070,505
McDonald's
Corp.
...................................
United
States
16,874
5,393,774
Starbucks
Corp.
....................................
United
States
34,917
2,795,106
11,259,385
Household
Durables
0.2%
DR
Horton,
Inc.
.....................................
United
States
26,083
3,295,326
Household
Products
0.7%
Clorox
Co.
(The)
....................................
United
States
15,553
2,213,192
Procter
&
Gamble
Co.
(The)
...........................
United
States
70,027
11,384,289
13,597,481
Industrial
Conglomerates
0.5%
Honeywell
International,
Inc.
...........................
United
States
45,669
9,613,325
Industrial
REITs
0.2%
Prologis,
Inc.
.......................................
United
States
46,917
4,794,917
Insurance
2.2%
AIA
Group
Ltd.
.....................................
Hong
Kong
297,000
2,225,396
Allstate
Corp.
(The)
..................................
United
States
61,512
12,203,366
American
International
Group,
Inc.
......................
United
States
68,072
5,549,229
Arch
Capital
Group
Ltd.
...............................
United
States
48,752
4,420,831
Assured
Guaranty
Ltd.
...............................
United
States
16,062
1,409,119
a
AXA
SA
...........................................
France
54,317
2,568,972
MetLife,
Inc.
.......................................
United
States
40,213
3,030,854
Progressive
Corp.
(The)
..............................
United
States
25,381
7,150,843
Prudential
plc
......................................
Hong
Kong
141,882
1,508,600
Unum
Group
.......................................
United
States
37,917
2,944,634
Willis
Towers
Watson
plc
..............................
United
States
7,931
2,441,162
45,453,006
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
3.9%
Alphabet,
Inc.,
A
....................................
United
States
259,617
$
41,227,180
Meta
Platforms,
Inc.,
A
...............................
United
States
69,662
38,244,438
79,471,618
Life
Sciences
Tools
&
Services
0.9%
a
Bio-Rad
Laboratories,
Inc.,
A
...........................
United
States
10,611
2,589,933
Danaher
Corp.
.....................................
United
States
17,440
3,476,315
a
ICON
plc
..........................................
United
States
7,354
1,113,690
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
24,060
10,321,740
17,501,678
Machinery
0.9%
Fortive
Corp.
.......................................
United
States
93,973
6,548,979
Ingersoll
Rand,
Inc.
..................................
United
States
47,732
3,600,425
Otis
Worldwide
Corp.
................................
United
States
88,316
8,502,181
18,651,585
Media
0.0%
†
a
Charter
Communications,
Inc.,
A
........................
United
States
2,396
938,897
Metals
&
Mining
0.3%
Agnico
Eagle
Mines
Ltd.
..............................
Canada
21,921
2,576,425
Glencore
plc
.......................................
Australia
1,186,356
3,889,748
6,466,173
Multi-Utilities
0.3%
Ameren
Corp.
......................................
United
States
31,300
3,106,212
CenterPoint
Energy,
Inc.
..............................
United
States
67,462
2,616,176
5,722,388
Oil,
Gas
&
Consumable
Fuels
2.1%
a
Antero
Resources
Corp.
..............................
United
States
63,931
2,226,717
BP
plc
............................................
United
States
644,723
2,976,939
Cenovus
Energy,
Inc.
................................
Canada
445,084
5,239,890
ConocoPhillips
.....................................
United
States
46,684
4,160,478
Exxon
Mobil
Corp.
...................................
United
States
207,181
21,884,529
Shell
plc
..........................................
United
States
216,652
6,991,738
43,480,291
Passenger
Airlines
0.1%
Southwest
Airlines
Co.
...............................
United
States
105,067
2,937,673
Pharmaceuticals
1.9%
Eli
Lilly
&
Co.
......................................
United
States
27,304
24,544,931
a
Innoviva,
Inc.
......................................
United
States
143,470
2,681,454
Johnson
&
Johnson
.................................
United
States
44,104
6,893,896
Merck
&
Co.,
Inc.
...................................
United
States
56,925
4,850,010
38,970,291
Real
Estate
Management
&
Development
0.1%
a
CBRE
Group,
Inc.,
A
.................................
United
States
16,612
2,029,654
Semiconductors
&
Semiconductor
Equipment
6.6%
Analog
Devices,
Inc.
.................................
United
States
75,323
14,681,959
Broadcom,
Inc.
.....................................
United
States
136,361
26,245,402
Marvell
Technology,
Inc.
..............................
United
States
294,441
17,186,521
NVIDIA
Corp.
......................................
United
States
639,619
69,667,302
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
...................................
United
States
37,785
$
5,609,561
133,390,745
Software
6.1%
a
AppLovin
Corp.,
A
...................................
United
States
6,957
1,873,590
Microsoft
Corp.
.....................................
United
States
207,997
82,212,894
Oracle
Corp.
.......................................
United
States
113,948
16,034,763
Roper
Technologies,
Inc.
..............................
United
States
8,027
4,495,762
Salesforce,
Inc.
.....................................
United
States
71,631
19,247,966
123,864,975
Specialized
REITs
0.7%
American
Tower
Corp.
................................
United
States
65,725
14,815,072
Specialty
Retail
1.1%
Home
Depot,
Inc.
(The)
...............................
United
States
26,115
9,414,196
Lowe's
Cos.,
Inc.
....................................
United
States
30,433
6,803,602
a
O'Reilly
Automotive,
Inc.
..............................
United
States
517
731,658
TJX
Cos.,
Inc.
(The)
.................................
United
States
44,907
5,778,633
22,728,089
Technology
Hardware,
Storage
&
Peripherals
4.4%
Apple,
Inc.
........................................
United
States
315,881
67,124,712
c
Seagate
Technology
Holdings
plc
.......................
United
States
244,094
22,219,877
89,344,589
Textiles,
Apparel
&
Luxury
Goods
0.3%
Levi
Strauss
&
Co.,
A
................................
United
States
120,834
1,934,552
a
Lululemon
Athletica,
Inc.
..............................
United
States
9,128
2,471,589
NIKE,
Inc.,
B
.......................................
United
States
13,978
788,359
a
On
Holding
AG,
A
...................................
Switzerland
41,111
1,977,850
7,172,350
Tobacco
0.4%
Philip
Morris
International,
Inc.
.........................
United
States
50,504
8,654,365
Trading
Companies
&
Distributors
0.2%
United
Rentals,
Inc.
..................................
United
States
6,645
4,195,985
Total
Common
Stocks
(Cost
$813,452,870)
...................................
1,244,162,668
Principal
Amount
*
Corporate
Bonds
14.4%
Aerospace
&
Defense
0.4%
d
BAE
Systems
plc
,
Senior
Note
,
144A,
5.125
%
,
3/26/29
.......
United
Kingdom
1,145,000
1,169,452
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
139,000
127,638
Senior
Bond,
6.125%,
2/15/33
........................
United
States
1,044,000
1,083,774
Senior
Bond,
3.375%,
6/15/46
........................
United
States
278,000
185,002
Senior
Bond,
5.805%,
5/01/50
........................
United
States
304,000
285,177
Senior
Bond,
6.858%,
5/01/54
........................
United
States
565,000
604,050
Senior
Bond,
3.95%,
8/01/59
.........................
United
States
480,000
320,306
Senior
Note,
2.196%,
2/04/26
........................
United
States
1,405,000
1,376,851
Senior
Note,
6.259%,
5/01/27
........................
United
States
87,000
89,647
Senior
Note,
6.298%,
5/01/29
........................
United
States
132,000
138,890
Senior
Note,
6.528%,
5/01/34
........................
United
States
192,000
206,377
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
Howmet
Aerospace,
Inc.
,
Senior
Bond,
6.75%,
1/15/28
.........................
United
States
801,000
$
847,829
Senior
Bond,
5.95%,
2/01/37
.........................
United
States
512,000
533,430
Senior
Note,
3%,
1/15/29
...........................
United
States
942,000
895,939
7,864,362
Automobiles
0.1%
d
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
106,000
110,907
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
930,000
971,651
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
540,000
544,419
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
315,000
308,673
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
254,000
255,445
2,191,095
Banks
2.5%
d
Australia
&
New
Zealand
Banking
Group
Ltd.
,
e
Junior
Sub.
Bond,
144A,
6.75%
to
6/14/26,
FRN
thereafter,
Perpetual
.......................................
Australia
200,000
202,385
Sub.
Bond,
144A,
2.57%
to
11/24/30,
FRN
thereafter,
11/25/35
Australia
920,000
797,413
Banco
Santander
SA
,
Senior
Non-Preferred
Note,
1.722%
to
9/13/26,
FRN
thereafter,
9/14/27
.........................................
Spain
3,800,000
3,649,871
Sub.
Bond,
5.179%,
11/19/25
........................
Spain
1,200,000
1,201,551
Bank
of
America
Corp.
,
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
363,000
368,322
Senior
Bond,
5.511%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
245,000
248,427
Senior
Note,
2.551%
to
2/03/27,
FRN
thereafter,
2/04/28
....
United
States
655,000
633,872
Senior
Note,
5.162%
to
1/23/30,
FRN
thereafter,
1/24/31
....
United
States
245,000
249,643
f
Sub.
Bond,
FRN,
5.321%,
(3-month
SOFR
+
1.022%),
9/15/26
United
States
275,000
274,759
Sub.
Bond,
5.425%
to
8/14/34,
FRN
thereafter,
8/15/35
.....
United
States
1,290,000
1,263,094
Sub.
Bond,
6.11%,
1/29/37
..........................
United
States
500,000
516,586
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
3,283,000
2,928,480
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
1,255,000
1,244,920
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
930,000
942,768
d
BNP
Paribas
SA
,
Sub.
Bond
,
144A,
2.588%
to
8/11/30,
FRN
thereafter
,
8/12/35
.................................
France
695,000
601,025
d
BPCE
SA
,
Sub.
Bond
,
144A,
3.648%
to
1/13/32,
FRN
thereafter
,
1/14/37
.........................................
France
482,000
414,602
d
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
......................
Spain
700,000
722,192
Citigroup,
Inc.
,
e
CC,
Junior
Sub.
Bond,
7.125%
to
8/14/29,
FRN
thereafter,
Perpetual
.......................................
United
States
865,000
855,274
e
X,
Junior
Sub.
Bond,
3.875%
to
2/17/26,
FRN
thereafter,
Perpetual
.......................................
United
States
945,000
921,429
Senior
Bond,
3.668%
to
7/23/27,
FRN
thereafter,
7/24/28
...
United
States
10,000
9,816
Senior
Note,
5.61%
to
9/28/25,
FRN
thereafter,
9/29/26
.....
United
States
1,755,000
1,761,178
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
3,039,000
3,030,384
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.....
United
States
271,000
277,474
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
1,380,000
1,143,121
d
Commonwealth
Bank
of
Australia
,
Sub.
Bond,
144A,
2.688%,
3/11/31
....................
Australia
535,000
471,266
Sub.
Bond,
144A,
5.837%,
3/13/34
....................
Australia
1,085,000
1,107,587
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
d
Cooperatieve
Rabobank
UA
,
Senior
Non-Preferred
Note
,
144A,
1.98%
to
12/14/26,
FRN
thereafter
,
12/15/27
.............
Netherlands
285,000
$
273,607
d
Credit
Agricole
SA
,
Sub.
Bond
,
144A,
4%
to
1/09/28,
FRN
thereafter
,
1/10/33
.................................
France
340,000
328,917
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
.................................
United
States
795,000
833,890
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
1,259,000
1,299,767
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
1,015,000
1,035,758
d
Intesa
Sanpaolo
SpA
,
Sub.
Bond
,
144A,
4.198%
to
5/31/31,
FRN
thereafter
,
6/01/32
.................................
Italy
1,510,000
1,351,310
JPMorgan
Chase
&
Co.
,
e
KK,
Junior
Sub.
Bond,
3.65%
to
5/31/26,
FRN
thereafter,
Perpetual
.......................................
United
States
195,000
189,410
f
W,
Junior
Sub.
Bond,
FRN,
5.585%,
(3-month
SOFR
+
1.262%),
5/15/47
.................................
United
States
595,000
525,299
Senior
Bond,
3.782%
to
1/31/27,
FRN
thereafter,
2/01/28
...
United
States
2,088,000
2,065,192
Senior
Bond,
5.502%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
491,000
499,763
Senior
Note,
5.14%
to
1/23/30,
FRN
thereafter,
1/24/31
.....
United
States
1,249,000
1,275,935
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
1,532,000
1,580,788
Lloyds
Banking
Group
plc
,
Sub.
Bond,
4.65%,
3/24/26
..........................
United
Kingdom
315,000
314,050
Sub.
Bond,
3.369%
to
12/13/41,
FRN
thereafter,
12/14/46
...
United
Kingdom
735,000
512,174
NatWest
Group
plc
,
Senior
Note
,
5.847%
to
3/01/26,
FRN
thereafter
,
3/02/27
.................................
United
Kingdom
790,000
797,558
PNC
Financial
Services
Group,
Inc.
(The)
,
Sub.
Bond
,
4.626%
to
6/05/32,
FRN
thereafter
,
6/06/33
......................
United
States
2,557,000
2,421,360
Royal
Bank
of
Canada
,
Senior
Note,
5.2%,
8/01/28
..........................
Canada
1,950,000
2,002,753
Sub.
Bond,
4.65%,
1/27/26
..........................
Canada
322,000
322,047
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.108
%
,
6/08/27
...
Canada
734,000
731,692
f
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
575,000
563,006
Truist
Financial
Corp.
,
Senior
Bond
,
5.711%
to
1/23/34,
FRN
thereafter
,
1/24/35
.................................
United
States
937,000
953,568
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
1,627,000
1,346,932
e
Wells
Fargo
&
Co.
,
BB
,
Junior
Sub.
Bond
,
3.9%
to
3/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
610,000
599,501
Wells
Fargo
Bank
NA
,
Sub.
Bond
,
6.6
%
,
1/15/38
............
United
States
1,095,000
1,196,923
Westpac
Banking
Corp.
,
Sub.
Bond,
4.421%,
7/24/39
.........................
Australia
600,000
534,168
Sub.
Bond,
2.963%,
11/16/40
........................
Australia
535,000
390,439
49,783,246
Biotechnology
0.1%
AbbVie,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/34
................
United
States
301,000
303,639
Amgen,
Inc.
,
Senior
Bond,
5.65%,
3/02/53
.........................
United
States
320,000
307,356
Senior
Bond,
5.75%,
3/02/63
.........................
United
States
677,000
644,429
Senior
Note,
5.25%,
3/02/30
.........................
United
States
650,000
668,686
1,924,110
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
1.0%
Ares
Capital
Corp.
,
Senior
Note,
3.875%,
1/15/26
........................
United
States
1,555,000
$
1,543,039
Senior
Note,
7%,
1/15/27
...........................
United
States
325,000
334,107
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
578,000
556,999
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note,
2.311%
to
11/15/26,
FRN
thereafter,
11/16/27
........................................
Germany
1,035,000
996,816
Sub.
Bond,
3.729%
to
10/13/30,
FRN
thereafter,
1/14/32
....
Germany
1,530,000
1,378,977
Goldman
Sachs
Group,
Inc.
(The)
,
e
U,
Junior
Sub.
Bond,
3.65%
to
8/09/26,
FRN
thereafter,
Perpetual
.......................................
United
States
185,000
177,288
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
...
United
States
804,000
796,518
Intercontinental
Exchange,
Inc.
,
Senior
Bond,
1.85%,
9/15/32
.........................
United
States
432,000
354,135
Senior
Note,
4.35%,
6/15/29
.........................
United
States
522,000
523,281
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
1,065,000
1,070,816
Jefferies
Financial
Group,
Inc.
,
Senior
Note,
5.03%,
3/16/26
.........................
United
States
720,000
721,871
Senior
Note,
6.2%,
4/14/34
..........................
United
States
564,000
571,880
d
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
105,000
101,541
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
529,000
562,495
Senior
Note,
5.2%,
3/15/30
..........................
United
States
764,000
771,656
Morgan
Stanley
,
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
1,030,000
1,046,509
Senior
Note,
5.23%
to
1/14/30,
FRN
thereafter,
1/15/31
.....
United
States
490,000
499,743
Sub.
Bond,
4.35%,
9/08/26
..........................
United
States
3,409,000
3,404,265
Sub.
Bond,
5.942%
to
2/06/34,
FRN
thereafter,
2/07/39
.....
United
States
744,000
749,334
d
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
1,432,000
1,324,493
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
146,000
149,978
S&P
Global,
Inc.
,
Senior
Bond
,
2.5
%
,
12/01/29
.............
United
States
1,550,000
1,434,522
d
UBS
Group
AG
,
Senior
Bond,
144A,
3.869%
to
1/11/28,
FRN
thereafter,
1/12/29
Switzerland
443,000
434,310
Senior
Bond,
144A,
9.016%
to
11/14/32,
FRN
thereafter,
11/15/33
........................................
Switzerland
1,090,000
1,332,517
Senior
Note,
144A,
2.193%
to
6/04/25,
FRN
thereafter,
6/05/26
Switzerland
320,000
319,190
21,156,280
Chemicals
0.4%
Celanese
US
Holdings
LLC
,
Senior
Note,
1.4%,
8/05/26
..........................
United
States
750,000
716,075
Senior
Note,
6.415%,
7/15/27
........................
United
States
763,000
769,870
Senior
Note,
6.58%,
7/15/29
.........................
United
States
232,000
234,278
Senior
Note,
6.8%,
11/15/30
.........................
United
States
484,000
484,294
d
CF
Industries,
Inc.
,
Senior
Bond
,
144A,
4.5
%
,
12/01/26
.......
United
States
76,000
75,903
DuPont
de
Nemours,
Inc.
,
Senior
Bond
,
5.419
%
,
11/15/48
.....
United
States
1,533,000
1,498,470
Huntsman
International
LLC
,
Senior
Bond,
4.5%,
5/01/29
..........................
United
States
1,600,000
1,508,954
Senior
Bond,
5.7%,
10/15/34
.........................
United
States
440,000
397,222
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond,
4.45%,
9/26/28
.........................
United
States
625,000
622,415
d
Senior
Bond,
144A,
3.468%,
12/01/50
..................
United
States
182,000
117,316
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
(continued)
Nutrien
Ltd.
,
Senior
Note
,
4
%
,
12/15/26
...................
Canada
1,170,000
$
1,160,815
7,585,612
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
1,670,000
1,710,025
Waste
Connections,
Inc.
,
Senior
Bond,
4.25%,
12/01/28
........................
United
States
1,318,000
1,317,856
Senior
Bond,
5%,
3/01/34
...........................
United
States
520,000
522,133
Waste
Management,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/29
......
United
States
880,000
901,309
4,451,323
Communications
Equipment
0.0%
†
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.05
%
,
2/26/34
...........
United
States
986,000
998,343
Construction
&
Engineering
0.1%
MasTec,
Inc.
,
Senior
Note
,
5.9
%
,
6/15/29
.................
United
States
1,185,000
1,212,439
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.3%,
1/30/32
..........................
Ireland
1,890,000
1,670,759
Senior
Note,
4.875%,
4/01/28
........................
Ireland
370,000
372,281
Senior
Note,
5.1%,
1/19/29
..........................
Ireland
285,000
288,208
d
Aircastle
Ltd.
/
Aircastle
Ireland
DAC
,
Senior
Note
,
144A,
5.25
%
,
3/15/30
.........................................
United
States
540,000
535,666
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
649,000
719,073
Capital
One
Financial
Corp.
,
Senior
Bond,
3.75%,
3/09/27
.........................
United
States
1,146,000
1,131,630
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
..
United
States
383,000
426,856
Sub.
Bond,
4.2%,
10/29/25
..........................
United
States
227,000
226,561
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
1,120,000
1,113,991
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
5.8%,
1/07/29
..........................
United
States
715,000
729,964
Senior
Note,
4.9%,
10/06/29
.........................
United
States
404,000
397,532
d
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note,
144A,
5.15%,
3/17/30
....................
United
Kingdom
528,000
518,670
Senior
Note,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
677,000
695,982
8,827,173
Consumer
Staples
Distribution
&
Retail
0.2%
d
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
2,072,000
1,894,817
d
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond,
144A,
3.55%,
7/26/27
....................
Canada
995,000
974,628
Senior
Bond,
144A,
2.95%,
1/25/30
....................
Canada
919,000
849,909
3,719,354
Containers
&
Packaging
0.2%
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.57%,
1/15/26
..................
United
States
1,167,000
1,138,061
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
964,000
915,021
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
81,000
82,850
d
Senior
Secured
Note,
144A,
4.875%,
7/15/26
............
United
States
30,000
29,958
WestRock
MWV
LLC
,
Senior
Bond,
8.2%,
1/15/30
..........................
United
States
1,040,000
1,187,920
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
WestRock
MWV
LLC,
(continued)
Senior
Bond,
7.95%,
2/15/31
.........................
United
States
168,000
$
192,709
3,546,519
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
Senior
Bond,
3.375%,
8/15/30
........................
United
States
165,000
147,884
Senior
Note,
4%,
5/15/31
...........................
United
States
1,335,000
1,220,027
1,367,911
Diversified
REITs
0.2%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
,
Senior
Bond,
3.25%,
1/15/32
.........................
United
States
453,000
390,716
Senior
Bond,
6.75%,
12/01/33
........................
United
States
690,000
728,104
VICI
Properties
LP
,
Senior
Bond,
5.75%,
4/01/34
.........................
United
States
752,000
756,736
Senior
Note,
4.75%,
2/15/28
.........................
United
States
760,000
760,855
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
285,000
279,997
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
945,000
930,736
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
730,000
699,800
4,546,944
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond,
2.25%,
2/01/32
.........................
United
States
991,000
842,393
Senior
Bond,
2.55%,
12/01/33
........................
United
States
1,464,000
1,208,609
Senior
Bond,
4.75%,
5/15/46
.........................
United
States
94,000
80,119
Senior
Bond,
3.55%,
9/15/55
.........................
United
States
56,000
37,541
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
1,613,000
1,725,690
Verizon
Communications,
Inc.
,
Senior
Note,
4.329%,
9/21/28
........................
United
States
1,904,000
1,910,797
Senior
Note,
2.355%,
3/15/32
........................
United
States
628,000
536,237
6,341,386
Electric
Utilities
1.2%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond,
5.625%,
3/01/33
........................
United
States
296,000
303,537
J,
Senior
Bond,
4.3%,
12/01/28
.......................
United
States
528,000
524,340
d
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
345,000
299,839
Appalachian
Power
Co.
,
L
,
Senior
Bond
,
5.8
%
,
10/01/35
......
United
States
502,000
512,368
Commonwealth
Edison
Co.
,
Senior
Bond
,
5.875
%
,
2/01/33
....
United
States
547,000
573,744
Duke
Energy
Carolinas
LLC
,
Senior
Bond
,
4.25
%
,
12/15/41
...
United
States
466,000
395,774
Duke
Energy
Corp.
,
Senior
Bond,
5.45%,
6/15/34
.........................
United
States
1,071,000
1,089,434
Senior
Bond,
5.8%,
6/15/54
..........................
United
States
767,000
735,853
Senior
Note,
4.85%,
1/05/29
.........................
United
States
125,000
126,743
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
3.65
%
,
2/01/29
........
United
States
139,000
$
136,296
d
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
7.5
%
,
10/14/32
........................................
Italy
920,000
1,041,549
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
465,000
476,542
Exelon
Corp.
,
Senior
Bond,
5.625%,
6/15/35
........................
United
States
237,000
239,478
Senior
Note,
5.15%,
3/15/29
.........................
United
States
1,655,000
1,692,678
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
225,000
222,905
Georgia
Power
Co.
,
Senior
Bond,
4.95%,
5/17/33
.........................
United
States
824,000
822,434
Senior
Bond,
5.25%,
3/15/34
.........................
United
States
713,000
720,283
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
729,000
695,598
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.9%,
3/15/55
..........................
United
States
625,000
609,703
Senior
Note,
5.3%,
3/15/32
..........................
United
States
2,005,000
2,047,242
g
Northern
States
Power
Co.
,
Senior
Bond
,
5.05
%
,
5/15/35
.....
United
States
400,000
401,532
d
NRG
Energy,
Inc.
,
Senior
Secured
Note,
144A,
2%,
12/02/25
...............
United
States
620,000
608,636
Senior
Secured
Note,
144A,
2.45%,
12/02/27
............
United
States
900,000
848,697
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond,
5.75%,
3/15/29
..................
United
States
445,000
466,108
Senior
Secured
Bond,
4.95%,
9/15/52
..................
United
States
783,000
691,009
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.9%,
6/15/32
..........................
United
States
480,000
486,786
Senior
Bond,
4.95%,
7/01/50
.........................
United
States
506,000
408,193
Senior
Bond,
6.75%,
1/15/53
.........................
United
States
550,000
554,504
Senior
Note,
2.1%,
8/01/27
..........................
United
States
235,000
221,381
Senior
Note,
3.3%,
12/01/27
.........................
United
States
1,050,000
1,012,752
Senior
Note,
5.55%,
5/15/29
.........................
United
States
275,000
279,583
PacifiCorp
,
Senior
Bond
,
2.7
%
,
9/15/30
...................
United
States
588,000
529,169
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
105,000
109,015
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
5.05
%
,
8/15/34
..
United
States
770,000
762,405
d
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
442,000
432,493
Senior
Secured
Bond,
144A,
6.95%,
10/15/33
............
United
States
743,000
798,359
Senior
Secured
Bond,
144A,
6%,
4/15/34
...............
United
States
896,000
905,878
Senior
Secured
Note,
144A,
3.7%,
1/30/27
..............
United
States
920,000
904,344
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.6
%
,
4/15/35
..............
United
States
1,250,000
1,262,940
24,950,124
Electrical
Equipment
0.1%
d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
1,227,000
1,186,448
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Flex
Ltd.
,
Senior
Note
,
5.25
%
,
1/15/32
...................
United
States
822,000
808,139
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond,
5.4%,
8/15/54
..........................
United
States
273,000
265,139
d
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
1,779,000
1,853,390
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
(continued)
Walt
Disney
Co.
(The)
,
Senior
Bond
,
4.75
%
,
9/15/44
.........
United
States
26,000
$
23,233
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
....
United
States
2,386,000
2,322,648
4,464,410
Financial
Services
0.0%
†
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
521,000
505,241
Food
Products
0.2%
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note,
3%,
2/02/29
...........................
United
States
1,090,000
1,025,418
Senior
Note,
5.75%,
4/01/33
.........................
United
States
212,000
216,550
Senior
Note,
6.75%,
3/15/34
.........................
United
States
665,000
721,458
d
JBS
USA
LUX
SARL
/
JBS
USA
Food
Co.
/
JBS
USA
Foods
Group
,
Senior
Bond
,
144A,
5.95
%
,
4/20/35
..............
United
States
410,000
422,332
d
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
475,000
472,057
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
385,000
379,774
Senior
Bond,
144A,
5.8%,
5/01/65
.....................
United
States
240,000
236,745
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
239,000
240,980
Senior
Note,
144A,
5%,
3/01/32
......................
United
States
390,000
393,319
Senior
Note,
144A,
5.2%,
3/01/35
.....................
United
States
510,000
512,218
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
345,000
306,471
4,927,322
Gas
Utilities
0.0%
†
CenterPoint
Energy
Resources
Corp.
,
Senior
Bond
,
5.4
%
,
7/01/34
.........................................
United
States
520,000
525,860
Ground
Transportation
0.3%
d
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
...................
United
Kingdom
1,155,000
1,146,028
Senior
Note,
144A,
4%,
5/01/28
......................
United
Kingdom
1,190,000
1,165,349
d
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Bond,
144A,
3.4%,
11/15/26
....................
United
States
595,000
584,536
Senior
Note,
144A,
4.4%,
7/01/27
.....................
United
States
2,165,000
2,157,235
d
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.3
%
,
4/03/29
.........................................
Ireland
885,000
896,801
5,949,949
Health
Care
Equipment
&
Supplies
0.1%
Becton
Dickinson
&
Co.
,
Senior
Bond
,
2.823
%
,
5/20/30
.......
United
States
547,000
500,695
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.65
%
,
11/15/27
United
States
675,000
694,472
1,195,167
Health
Care
Providers
&
Services
0.3%
Centene
Corp.
,
Senior
Note
,
2.625
%
,
8/01/31
..............
United
States
940,000
794,677
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
285,000
289,004
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
398,000
359,136
HCA,
Inc.
,
Senior
Bond,
5.25%,
6/15/26
.........................
United
States
143,000
143,416
Senior
Bond,
5.6%,
4/01/34
..........................
United
States
433,000
435,408
Senior
Bond,
6%,
4/01/54
...........................
United
States
571,000
543,533
Senior
Note,
5.375%,
9/01/26
........................
United
States
458,000
460,665
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
HCA,
Inc.,
(continued)
Senior
Note,
3.625%,
3/15/32
........................
United
States
247,000
$
224,136
Humana,
Inc.
,
Senior
Note
,
5.75
%
,
3/01/28
................
United
States
1,025,000
1,056,020
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
557,000
568,284
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
238,000
243,826
5,118,105
Hotels,
Restaurants
&
Leisure
0.2%
d
Carnival
Corp.
,
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
140,000
139,114
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
1,861,000
1,776,222
Hyatt
Hotels
Corp.
,
Senior
Note,
5.05%,
3/30/28
.........................
United
States
1,240,000
1,246,239
Senior
Note,
5.25%,
6/30/29
.........................
United
States
635,000
637,349
Senior
Note,
5.375%,
12/15/31
.......................
United
States
425,000
422,746
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.5
%
,
8/18/26
.........
United
States
433,000
423,656
4,645,326
Household
Durables
0.2%
DR
Horton,
Inc.
,
Senior
Bond,
5%,
10/15/34
..........................
United
States
1,846,000
1,792,974
Senior
Bond,
5.5%,
10/15/35
.........................
United
States
1,220,000
1,222,108
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
501,000
496,553
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
605,000
579,916
4,091,551
Independent
Power
and
Renewable
Electricity
Producers
0.2%
AES
Corp.
(The)
,
Senior
Note
,
2.45
%
,
1/15/31
.............
United
States
937,000
802,527
d
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
640,000
679,851
Constellation
Energy
Generation
LLC
,
Senior
Bond,
6.125%,
1/15/34
........................
United
States
436,000
458,513
Senior
Bond,
6.5%,
10/01/53
.........................
United
States
1,060,000
1,098,687
Senior
Bond,
5.75%,
3/15/54
.........................
United
States
439,000
415,194
Senior
Note,
5.6%,
3/01/28
..........................
United
States
1,460,000
1,508,795
4,963,567
Industrial
REITs
0.1%
Prologis
LP
,
Senior
Bond,
2.25%,
4/15/30
.........................
United
States
419,000
377,834
Senior
Bond,
5%,
3/15/34
...........................
United
States
507,000
502,589
Senior
Note,
2.125%,
4/15/27
........................
United
States
194,000
186,856
1,067,279
Insurance
0.7%
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
490,000
496,365
d
Athene
Global
Funding
,
Secured
Note,
144A,
5.526%,
7/11/31
..................
United
States
968,000
984,133
Secured
Note,
144A,
5.322%,
11/13/31
.................
United
States
763,000
762,173
Athene
Holding
Ltd.
,
Senior
Bond,
5.875%,
1/15/34
........................
United
States
411,000
416,617
Senior
Bond,
6.25%,
4/01/54
.........................
United
States
309,000
299,878
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.3%,
5/15/43
..........................
United
States
724,000
$
637,112
Senior
Bond,
2.85%,
10/15/50
........................
United
States
5,000
3,180
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
591,000
583,921
CNO
Financial
Group,
Inc.
,
Senior
Bond,
5.25%,
5/30/25
.........................
United
States
241,000
240,993
Senior
Bond,
6.45%,
6/15/34
.........................
United
States
1,393,000
1,438,633
d
CNO
Global
Funding
,
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
150,000
139,467
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
120,000
120,272
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
740,000
754,595
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
1,225,000
1,234,749
Fidelity
National
Financial,
Inc.
,
Senior
Bond
,
3.2
%
,
9/17/51
...
United
States
513,000
302,888
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.375
%
,
3/15/29
..
United
States
1,422,000
1,425,760
d
Massachusetts
Mutual
Life
Insurance
Co.
,
Sub.
Bond
,
144A,
3.729
%
,
10/15/70
..................................
United
States
1,305,000
859,956
d
MetLife
Capital
Trust
IV
,
Junior
Sub.
Bond
,
144A,
7.875
%
,
12/15/37
........................................
United
States
2,264,000
2,446,603
d
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
6.85
%
,
12/16/39
..............................
United
States
234,000
264,782
13,412,077
Interactive
Media
&
Services
0.2%
Meta
Platforms,
Inc.
,
Senior
Bond,
5.4%,
8/15/54
..........................
United
States
2,686,000
2,586,735
Senior
Bond,
5.75%,
5/15/63
.........................
United
States
386,000
386,399
Senior
Bond,
5.55%,
8/15/64
.........................
United
States
180,000
173,356
3,146,490
IT
Services
0.0%
†
d
Gartner,
Inc.
,
Senior
Bond,
144A,
3.75%,
10/01/30
...................
United
States
545,000
502,204
Senior
Note,
144A,
3.625%,
6/15/29
...................
United
States
141,000
132,389
634,593
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond,
2.4%,
8/18/31
..........................
United
States
650,000
530,325
Senior
Bond,
5.1%,
4/01/52
..........................
United
States
830,000
617,204
Senior
Note,
5.85%,
3/18/29
.........................
United
States
565,000
572,724
1,720,253
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
536,000
536,249
Machinery
0.1%
Oshkosh
Corp.
,
Senior
Bond
,
3.1
%
,
3/01/30
...............
United
States
146,000
134,102
Westinghouse
Air
Brake
Technologies
Corp.
,
Senior
Bond
,
5.611
%
,
3/11/34
...................................
United
States
1,380,000
1,418,574
1,552,676
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
3.7%,
4/01/51
...................
United
States
59,000
$
36,391
Senior
Secured
Note,
2.25%,
1/15/29
..................
United
States
274,000
248,675
Comcast
Corp.
,
Senior
Bond,
3.999%,
11/01/49
.......................
United
States
825,000
621,278
Senior
Bond,
3.45%,
2/01/50
.........................
United
States
1,450,000
983,722
Discovery
Communications
LLC
,
Senior
Note
,
3.625
%
,
5/15/30
.
United
States
25,000
22,181
Interpublic
Group
of
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
10/01/28
........................................
United
States
1,668,000
1,675,962
Paramount
Global
,
Senior
Bond,
2.9%,
1/15/27
..........................
United
States
240,000
233,242
Senior
Bond,
4.2%,
6/01/29
..........................
United
States
815,000
787,098
Senior
Bond,
4.95%,
1/15/31
.........................
United
States
275,000
266,145
Senior
Bond,
4.2%,
5/19/32
..........................
United
States
8,000
7,161
Senior
Note,
3.7%,
6/01/28
..........................
United
States
640,000
622,378
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
600,000
683,298
6,187,531
Metals
&
Mining
0.1%
d
Glencore
Funding
LLC
,
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
1,790,000
1,587,128
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
1,061,000
1,061,634
2,648,762
Multi-Utilities
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
228,000
189,953
DTE
Energy
Co.
,
Senior
Bond,
5.85%,
6/01/34
.........................
United
States
491,000
506,396
Senior
Note,
4.95%,
7/01/27
.........................
United
States
745,000
752,809
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
1,160,000
1,186,501
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
510,000
482,252
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
564,000
568,111
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
525,000
510,505
4,196,527
Oil,
Gas
&
Consumable
Fuels
1.0%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
617,000
540,608
Canadian
Natural
Resources
Ltd.
,
Senior
Bond,
7.2%,
1/15/32
..........................
Canada
945,000
1,027,934
d
Senior
Note,
144A,
5%,
12/15/29
.....................
Canada
252,000
251,335
Cheniere
Energy
Partners
LP
,
Senior
Bond,
3.25%,
1/31/32
.........................
United
States
468,000
411,079
Senior
Note,
4.5%,
10/01/29
.........................
United
States
1,645,000
1,607,782
d
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Bond,
144A,
6.544%,
11/15/53
..................
United
States
525,000
535,533
Senior
Note,
144A,
5.927%,
8/15/30
...................
United
States
497,000
520,032
d
DT
Midstream,
Inc.
,
Senior
Secured
Bond
,
144A,
5.8
%
,
12/15/34
United
States
1,040,000
1,031,333
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond,
5.8%,
1/15/35
..........................
United
States
394,000
406,965
Senior
Bond,
5.65%,
10/15/54
........................
United
States
151,000
142,300
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
El
Paso
Natural
Gas
Co.
LLC
,
Senior
Bond
,
8.375
%
,
6/15/32
..
United
States
439,000
$
507,997
Enbridge,
Inc.
,
Senior
Bond
,
4.25
%
,
12/01/26
..............
Canada
416,000
414,658
Energy
Transfer
LP
,
e
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
2,076,000
2,000,781
Senior
Bond,
6.5%,
2/01/42
..........................
United
States
123,000
122,033
Senior
Note,
5.25%,
7/01/29
.........................
United
States
410,000
415,708
Senior
Note,
5.2%,
4/01/30
..........................
United
States
421,000
425,371
Kinder
Morgan
Energy
Partners
LP
,
Senior
Bond
,
5.4
%
,
9/01/44
United
States
178,000
159,863
Kinder
Morgan,
Inc.
,
Senior
Bond
,
7.75
%
,
1/15/32
...........
United
States
452,000
512,966
Occidental
Petroleum
Corp.
,
Senior
Bond,
7.5%,
5/01/31
..........................
United
States
1,720,000
1,837,349
Senior
Note,
5.2%,
8/01/29
..........................
United
States
255,000
251,479
ONEOK,
Inc.
,
Senior
Bond,
6.05%,
9/01/33
.........................
United
States
108,000
110,859
Senior
Note,
4.75%,
10/15/31
........................
United
States
845,000
824,599
Senior
Note,
6.1%,
11/15/32
.........................
United
States
909,000
944,549
Ovintiv,
Inc.
,
Senior
Bond,
6.25%,
7/15/33
.........................
United
States
193,000
190,358
Senior
Note,
5.65%,
5/15/28
.........................
United
States
278,000
283,232
d
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Bond,
144A,
5.584%,
10/01/34
..................
Canada
412,000
398,643
Senior
Note,
144A,
5.026%,
10/01/29
..................
Canada
925,000
917,843
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
4.875
%
,
2/01/31
............
United
States
444,000
432,060
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
1,895,000
1,897,397
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
697,000
703,376
19,826,022
Paper
&
Forest
Products
0.1%
d
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
2.1
%
,
4/30/27
.......
United
States
1,525,000
1,466,718
Passenger
Airlines
0.1%
d
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
1,190,000
1,154,939
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
740,000
728,877
Kenvue,
Inc.
,
Senior
Note
,
4.9
%
,
3/22/33
.................
United
States
1,490,000
1,508,830
2,237,707
Pharmaceuticals
0.2%
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond,
4.75%,
5/19/33
.........................
United
States
1,355,000
1,338,506
Senior
Bond,
5.3%,
5/19/53
..........................
United
States
629,000
582,946
Royalty
Pharma
plc
,
Senior
Bond,
5.4%,
9/02/34
..........................
United
States
743,000
738,179
Senior
Note,
5.15%,
9/02/29
.........................
United
States
666,000
673,253
Viatris,
Inc.
,
Senior
Note
,
2.3
%
,
6/22/27
...................
United
States
565,000
532,557
Wyeth
LLC
,
Senior
Bond
,
5.95
%
,
4/01/37
.................
United
States
304,000
320,528
Zoetis,
Inc.
,
Senior
Bond
,
2
%
,
5/15/30
....................
United
States
557,000
494,846
4,680,815
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
1,195,000
$
1,213,292
Semiconductors
&
Semiconductor
Equipment
0.3%
Analog
Devices,
Inc.
,
Senior
Note
,
5.05
%
,
4/01/34
..........
United
States
811,000
821,392
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
........................
United
States
1,003,000
977,950
d
Senior
Bond,
144A,
3.187%,
11/15/36
..................
United
States
606,000
494,798
d
Senior
Bond,
144A,
4.926%,
5/15/37
...................
United
States
2,469,000
2,365,728
d
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
5.5%,
1/25/31
..............
United
States
285,000
288,818
Senior
Secured
Note,
144A,
5.9%,
1/25/33
..............
United
States
430,000
438,949
Marvell
Technology,
Inc.
,
Senior
Note,
5.75%,
2/15/29
.........................
United
States
808,000
836,439
Senior
Note,
5.95%,
9/15/33
.........................
United
States
723,000
748,632
6,972,706
Software
0.2%
Atlassian
Corp.
,
Senior
Bond
,
5.5
%
,
5/15/34
...............
United
States
230,000
231,535
Oracle
Corp.
,
Senior
Bond,
3.65%,
3/25/41
.........................
United
States
1,568,000
1,199,232
Senior
Note,
1.65%,
3/25/26
.........................
United
States
1,385,000
1,350,053
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
1,362,000
1,168,769
Synopsys,
Inc.
,
Senior
Bond,
5.15%,
4/01/35
.........................
United
States
940,000
942,369
Senior
Bond,
5.7%,
4/01/55
..........................
United
States
70,000
67,716
4,959,674
Specialized
REITs
0.4%
American
Tower
Corp.
,
Senior
Bond,
3.125%,
1/15/27
........................
United
States
1,710,000
1,672,712
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
921,000
853,349
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
1,939,000
1,725,566
Senior
Note,
2.75%,
1/15/27
.........................
United
States
686,000
666,600
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
549,000
537,033
Senior
Bond,
3.8%,
2/15/28
..........................
United
States
458,000
447,583
Senior
Bond,
4.75%,
5/15/47
.........................
United
States
165,000
139,423
Senior
Note,
4.9%,
9/01/29
..........................
United
States
785,000
787,181
EPR
Properties
,
Senior
Bond
,
4.5
%
,
6/01/27
...............
United
States
255,000
250,797
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
................
United
States
1,483,000
1,396,107
Weyerhaeuser
Co.
,
Senior
Bond
,
7.375
%
,
3/15/32
..........
United
States
140,000
157,210
8,633,561
Specialty
Retail
0.1%
AutoNation,
Inc.
,
Senior
Bond
,
4.5
%
,
10/01/25
.............
United
States
137,000
136,636
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
4.1
%
,
1/15/52
......
United
States
710,000
487,072
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
5.3
%
,
6/25/54
.........
United
States
457,000
434,345
1,058,053
Technology
Hardware,
Storage
&
Peripherals
0.1%
Hewlett
Packard
Enterprise
Co.
,
Senior
Bond,
5%,
10/15/34
..........................
United
States
301,000
290,715
Senior
Bond,
5.6%,
10/15/54
.........................
United
States
601,000
554,873
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Hewlett
Packard
Enterprise
Co.,
(continued)
Senior
Note,
4.55%,
10/15/29
........................
United
States
517,000
$
512,329
Senior
Note,
4.85%,
10/15/31
........................
United
States
601,000
593,963
1,951,880
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond,
3.05%,
3/15/32
.........................
United
States
211,000
182,711
Senior
Bond,
5.5%,
3/11/35
..........................
United
States
587,000
571,980
Senior
Note,
5.1%,
3/11/30
..........................
United
States
478,000
480,211
1,234,902
Tobacco
0.1%
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
1,517,000
1,556,819
Senior
Note,
4.375%,
4/30/30
........................
United
States
580,000
576,694
Senior
Note,
4.75%,
11/01/31
........................
United
States
535,000
537,171
2,670,684
Trading
Companies
&
Distributors
0.2%
Air
Lease
Corp.
,
Senior
Bond,
4.625%,
10/01/28
.......................
United
States
328,000
327,948
Senior
Bond,
3.25%,
10/01/29
........................
United
States
928,000
872,682
Senior
Bond,
3%,
2/01/30
...........................
United
States
1,625,000
1,498,629
d
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
1,055,000
1,065,591
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
935,000
925,834
4,690,684
Wireless
Telecommunication
Services
0.3%
Rogers
Communications,
Inc.
,
Senior
Bond,
8.75%,
5/01/32
.........................
Canada
85,000
99,818
Senior
Bond,
4.3%,
2/15/48
..........................
Canada
90,000
69,510
Senior
Note,
5%,
2/15/29
...........................
Canada
1,050,000
1,059,264
Senior
Note,
3.8%,
3/15/32
..........................
Canada
544,000
497,463
Sub.
Bond,
7.125%
to
4/14/35,
FRN
thereafter,
4/15/55
.....
Canada
600,000
598,210
NC5,
Sub.
Bond,
7%
to
4/14/30,
FRN
thereafter,
4/15/55
....
Canada
1,195,000
1,204,648
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.05%,
7/15/33
.........................
United
States
592,000
588,409
Senior
Note,
3.75%,
4/15/27
.........................
United
States
1,762,000
1,743,405
Senior
Note,
3.875%,
4/15/30
........................
United
States
44,000
42,470
5,903,197
Total
Corporate
Bonds
(Cost
$298,671,460)
...................................
292,604,577
Foreign
Government
and
Agency
Securities
0.1%
d
Electricite
de
France
SA
,
Senior
Bond,
144A,
5.75%,
1/13/35
....................
France
840,000
857,022
Senior
Bond,
144A,
4.75%,
10/13/35
...................
France
1,079,000
1,024,845
Total
Foreign
Government
and
Agency
Securities
(Cost
$1,810,477)
.............
1,881,867
U.S.
Government
and
Agency
Securities
13.3%
U.S.
Treasury
Bonds
,
1.875%,
2/15/41
..................................
United
States
8,060,000
5,590,680
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Bonds,
(continued)
h
2.75%,
8/15/42
...................................
United
States
19,190,000
$
14,825,774
3.375%,
11/15/48
.................................
United
States
19,030,000
15,208,018
3%,
2/15/49
.....................................
United
States
17,130,000
12,754,824
1.875%,
2/15/51
..................................
United
States
27,550,000
15,657,225
3.625%,
2/15/53
..................................
United
States
9,360,000
7,749,787
U.S.
Treasury
Notes
,
i
0.25%,
9/30/25
...................................
United
States
154,000
151,510
3.625%,
5/15/26
..................................
United
States
10,000
9,975
1.5%,
8/15/26
....................................
United
States
2,720,000
2,642,544
4.375%,
8/15/26
..................................
United
States
11,010,000
11,092,360
2.375%,
5/15/27
..................................
United
States
10,260,000
10,014,121
i
0.75%,
1/31/28
...................................
United
States
143,000
132,468
1.25%,
9/30/28
...................................
United
States
26,660,000
24,649,565
1.375%,
12/31/28
.................................
United
States
10,650,000
9,831,697
2.375%,
3/31/29
..................................
United
States
42,970,000
40,986,834
3.25%,
6/30/29
...................................
United
States
14,450,000
14,218,292
4.25%,
6/30/29
...................................
United
States
38,100,000
38,943,855
1.625%,
5/15/31
..................................
United
States
10,110,000
8,906,476
3.375%,
5/15/33
..................................
United
States
4,960,000
4,737,381
3.875%,
8/15/33
..................................
United
States
9,820,000
9,698,209
4%,
2/15/34
.....................................
United
States
15,480,000
15,365,412
4.375%,
5/15/34
..................................
United
States
6,490,000
6,615,870
Total
U.S.
Government
and
Agency
Securities
(Cost
$275,185,484)
..............
269,782,877
Asset-Backed
Securities
0.0%
†
Consumer
Staples
Distribution
&
Retail
0.0%
†
d
CVS
Pass-Through
Trust
,
144A,
7.507%,
1/10/32
..............................
United
States
362,518
378,414
2013,
144A,
4.704%,
1/10/36
.........................
United
States
430,762
419,827
798,241
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$793,280)
................................
798,241
Commercial
Mortgage-Backed
Securities
0.1%
Financial
Services
0.1%
j
Citigroup
Commercial
Mortgage
Trust
,
2014-GC21
,
C
,
FRN
,
4.78
%
,
5/10/47
...................................
United
States
365,638
346,196
j
COMM
Mortgage
Trust
,
2012-LC4
,
C
,
FRN
,
5.472
%
,
12/10/44
..
United
States
56,504
52,117
CSAIL
Commercial
Mortgage
Trust
,
2019-C17
,
AS
,
3.278
%
,
9/15/52
.........................................
United
States
1,066,000
959,157
j
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2012-
C6
,
D
,
FRN
,
5.129
%
,
5/15/45
.........................
United
States
287,303
283,301
d,k
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
2,032,334
165
Wells
Fargo
Commercial
Mortgage
Trust
,
2017-C40
,
A4
,
3.581
%
,
10/15/50
........................................
United
States
1,112,000
1,085,101
2,726,037
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,545,158)
...............
2,726,037
Mortgage-Backed
Securities
7.9%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.8%
FHLMC
Pool,
30
Year,
2%,
3/01/51
-
1/01/52
...............
United
States
2,332,165
1,860,236
FHLMC
Pool,
30
Year,
2.5%,
1/01/52
.....................
United
States
5,444,180
4,595,593
FHLMC
Pool,
30
Year,
3%,
3/01/43
-
10/01/51
..............
United
States
1,078,479
952,187
FHLMC
Pool,
30
Year,
3.5%,
12/01/42
-
8/01/52
............
United
States
2,585,854
2,359,093
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
4%,
7/01/42
-
5/01/52
...............
United
States
2,774,271
$
2,629,984
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
-
2/01/53
.............
United
States
1,211,287
1,161,056
FHLMC
Pool,
30
Year,
5.5%,
9/01/52
-
11/01/53
............
United
States
1,692,170
1,703,952
FHLMC
Pool,
30
Year,
6%,
3/01/35
-
9/01/53
...............
United
States
351,945
359,701
15,621,802
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
4.7%
FNMA,
3.5%,
5/01/56
................................
United
States
727,414
656,103
FNMA,
15
Year,
2%,
10/01/27
-
8/01/28
...................
United
States
1,098,191
1,067,013
FNMA,
15
Year,
2.5%,
2/01/36
.........................
United
States
1,370,747
1,278,456
FNMA,
15
Year,
3%,
12/01/30
..........................
United
States
368,696
362,704
FNMA,
30
Year,
2%,
9/01/50
-
4/01/52
....................
United
States
15,560,830
12,473,065
FNMA,
30
Year,
2.5%,
9/01/50
-
4/01/52
..................
United
States
23,456,762
19,677,529
FNMA,
30
Year,
3%,
8/01/51
...........................
United
States
15,656,157
13,798,273
FNMA,
30
Year,
3%,
2/01/43
-
4/01/52
....................
United
States
4,446,478
3,944,144
FNMA,
30
Year,
3.5%,
5/01/43
-
6/01/52
..................
United
States
5,507,417
5,039,480
FNMA,
30
Year,
4%,
9/01/45
-
5/01/53
....................
United
States
2,273,116
2,135,042
FNMA,
30
Year,
4.5%,
5/01/48
-
5/01/53
..................
United
States
4,479,936
4,310,971
FNMA,
30
Year,
5%,
8/01/33
-
10/01/52
...................
United
States
927,033
916,486
FNMA,
30
Year,
5.5%,
7/01/33
-
11/01/53
.................
United
States
3,203,404
3,235,312
FNMA,
30
Year,
6%,
10/01/53
..........................
United
States
4,382,132
4,483,180
l
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
5/25/55
......
United
States
6,000,000
4,760,568
l
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
5/25/55
.....
United
States
7,000,000
5,820,383
l
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
5/25/55
.....
United
States
8,000,000
7,651,877
l
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
5/25/55
......
United
States
3,000,000
2,937,152
94,547,738
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
2.4%
GNMA
I,
30
Year,
4%,
4/15/43
..........................
United
States
1,452,422
1,388,972
GNMA
I,
Single-family,
30
Year,
3.5%,
11/15/47
.............
United
States
42,274
39,093
GNMA
II,
30
Year,
3.5%,
5/20/52
........................
United
States
3,811,126
3,444,783
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/52
-
2/20/53
......
United
States
10,145,876
8,713,384
GNMA
II,
Single-family,
30
Year,
3%,
7/20/46
-
11/20/46
.......
United
States
18,296,630
16,426,058
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
-
5/15/55
.....
United
States
6,915,392
6,293,110
GNMA
II,
Single-family,
30
Year,
4.5%,
3/20/49
-
10/20/49
.....
United
States
309,419
296,874
GNMA
II,
Single-family,
30
Year,
5%,
2/20/49
-
5/15/55
.......
United
States
9,046,626
8,898,310
GNMA
II,
Single-family,
30
Year,
5.5%,
4/20/54
.............
United
States
3,929,831
3,946,746
49,447,330
Total
Mortgage-Backed
Securities
(Cost
$165,632,752)
.........................
159,616,870
Municipal
Bonds
0.1%
California
0.0%
†
State
of
California
,
GO
,
7.5
%
,
4/01/34
....................
United
States
215,000
250,070
Ohio
0.0%
†
Ohio
State
University
(The)
,
Revenue
,
2010
C
,
4.91
%
,
6/01/40
.
United
States
275,000
270,294
Texas
0.1%
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
2009
B
,
6.718
%
,
1/01/49
.............
United
States
350,000
389,391
Total
Municipal
Bonds
(Cost
$840,892)
.......................................
909,755
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
0.0%
†
Financial
Services
0.0%
†
j,m
FNMA
,
2001-79
,
BI
,
IO,
FRN
,
0.244
%
,
3/25/45
.............
United
States
155,014
$
790
n
FNMA
Connecticut
Avenue
Securities
,
2016-C01
,
1M2
,
FRN
,
11.218
%
,
(
30-day
SOFR
Average
+
6.864
%
),
8/25/28
.......
United
States
98,509
101,613
102,403
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$115,398)
..................
102,403
Total
Long
Term
Investments
(Cost
$1,560,047,771)
...........................
1,972,585,295
a
Number
of
Contracts
Notional
Amount
#
a
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Over-the-Counter
Equity
Options
0.0%
†
Seagate
Technology
Holdings
plc,
Counterparty
MSCO,
January
Strike
Price
$125.00,
Expires
1/16/26
...................
58,663,125
5,340,104,269
936,079
Southwest
Airlines
Co.,
Counterparty
CITI,
January
Strike
Price
$40.00,
Expires
1/16/26
.............................
1,950,080
54,524,237
33,816
969,895
Total
Options
Purchased
(Cost
$1,350,554)
...................................
969,895
Short
Term
Investments
4.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.5%
o,p
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......
United
States
91,346,726
91,346,726
Total
Money
Market
Funds
(Cost
$
91,346,726)
................................
91,346,726
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
o,p
Putnam
Cash
Collateral
Pool,
LLC,
4.502%
................
United
States
3,786,200
3,786,200
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$3,786,200)
..........................................................
3,786,200
Total
Short
Term
Investments
(Cost
$95,132,926
)
..............................
95,132,926
a
Total
Investments
(Cost
$1,656,531,251)
101.8%
..............................
$2,068,688,116
Options
Written
(0.0)%
†
....................................................
(530,213)
Other
Assets,
less
Liabilities
(1.8)%
.........................................
(35,619,158)
Net
Assets
100.0%
.........................................................
$2,032,538,745
a
a
a
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
At
April
30,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
Options
Written
(0.0)%
†
Calls
-
Over-the-Counter
Equity
Options
(0.0)%
†
Seagate
Technology
Holdings
plc,
Counterparty
MSCO,
January
Strike
Price
$135.00,
Expires
1/16/26
...................
63,356,175
5,767,312,610
$(530,213)
(530,213)
Total
Options
Written
(Premiums
received
$774,353)
..........................
$
(530,213)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2025.
c
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$67,734,407,
representing
3.3%
of
net
assets.
e
Perpetual
security
with
no
stated
maturity
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2025,
the
aggregate
value
of
these
securities
pledged
amounted
to
$3,055,546,
representing
0.2%
of
net
assets.
i
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
j
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
l
Security
purchased
on
a
to-be-announced
(TBA)
basis.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
o
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
47
$
13,129,450
6/20/25
$
511,332
Total
Futures
Contracts
......................................................................
$511,332
*
As
of
period
end.
George
Putnam
Balanced
Fund
Schedule
of
Investments
(unaudited)
George
Putnam
Balanced
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
At
April
30,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
abbreviations
on
page
28
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Hong
Kong
Dollar
...
GSCO
Sell
3,164,700
407,171
5/21/25
$
—
$
(989)
Hong
Kong
Dollar
...
HSBK
Sell
40,063,700
5,155,074
5/21/25
15
(12,071)
Hong
Kong
Dollar
...
SSBT
Buy
39,576,700
5,093,356
5/21/25
10,964
—
Hong
Kong
Dollar
...
SSBT
Sell
17,541,900
2,257,336
5/21/25
—
(5,093)
British
Pound
......
BOFA
Sell
2,646,200
3,393,011
6/18/25
—
(134,224)
British
Pound
......
BZWS
Sell
1,314,200
1,685,946
6/18/25
—
(65,808)
British
Pound
......
GSCO
Sell
102,100
130,985
6/18/25
—
(5,108)
British
Pound
......
HSBK
Sell
150,400
192,814
6/18/25
—
(7,661)
British
Pound
......
JPHQ
Sell
1,200,100
1,538,586
6/18/25
—
(61,080)
British
Pound
......
MSCO
Sell
1,017,100
1,309,250
6/18/25
—
(46,486)
British
Pound
......
SSBT
Buy
1,662,000
2,148,127
6/18/25
67,225
—
British
Pound
......
SSBT
Sell
3,819,400
4,896,287
6/18/25
—
(194,756)
British
Pound
......
TDOM
Sell
2,038,500
2,613,463
6/18/25
—
(103,742)
British
Pound
......
UBSW
Sell
272,000
348,962
6/18/25
—
(13,599)
British
Pound
......
WPAC
Sell
1,717,200
2,203,210
6/18/25
—
(85,720)
Danish
Krone
......
HSBK
Sell
11,825,300
1,712,779
6/18/25
—
(87,908)
Euro
.............
BZWS
Buy
344,800
368,580
6/18/25
23,210
—
Euro
.............
BZWS
Sell
3,860,000
4,156,622
6/18/25
—
(229,428)
Euro
.............
CITI
Sell
207,800
223,733
6/18/25
—
(12,386)
Euro
.............
GSCO
Sell
458,300
493,559
6/18/25
—
(27,199)
Euro
.............
MSCO
Buy
1,175,200
1,276,384
6/18/25
58,976
—
Euro
.............
MSCO
Sell
494,100
532,915
6/18/25
—
(28,522)
Euro
.............
SSBT
Buy
5,992,900
6,512,966
6/18/25
296,660
—
Euro
.............
SSBT
Sell
418,800
452,429
6/18/25
—
(23,446)
Euro
.............
UBSW
Sell
2,310,800
2,487,484
6/18/25
—
(138,237)
Swedish
Krona
.....
MSCO
Sell
49,836,400
4,961,439
6/18/25
—
(210,076)
Canadian
Dollar
....
BOFA
Sell
721,700
506,986
7/16/25
—
(18,542)
Canadian
Dollar
....
BZWS
Sell
2,389,800
1,678,552
7/16/25
—
(61,655)
Canadian
Dollar
....
CITI
Sell
3,230,800
2,269,183
7/16/25
—
(83,425)
Canadian
Dollar
....
GSCO
Sell
4,098,700
2,878,727
7/16/25
—
(105,869)
Canadian
Dollar
....
HSBK
Sell
494,700
349,872
7/16/25
—
(10,360)
Canadian
Dollar
....
JPHQ
Sell
1,201,600
843,962
7/16/25
—
(31,020)
Canadian
Dollar
....
MSCO
Sell
291,500
204,736
7/16/25
—
(7,529)
Canadian
Dollar
....
SSBT
Sell
11,700
8,215
7/16/25
—
(
304)
Canadian
Dollar
....
TDOM
Sell
238,200
167,304
7/16/25
—
(6,149)
Canadian
Dollar
....
UBSW
Sell
4,367,400
3,067,576
7/16/25
—
(112,682)
Total
Forward
Exchange
Contracts
...................................................
$457,050
$(1,931,074)
Net
unrealized
appreciation
(depreciation)
............................................
$(1,474,024)
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
*
In
U.S.
dollars
unless
otherwise
indicated.
George
Putnam
Balanced
Fund
25
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
George
Putnam
Balanced
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
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.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
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
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
George
Putnam
Balanced
Fund
Notes
to
Schedule
of
Investments
(unaudited)
26
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At April
30,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
George
Putnam
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P
,
4.468
%
......
$83,463,167
$328,829,040
$(320,945,481)
$—
$—
$91,346,726
91,346,726
$3,216,619
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC
,
4.502
%
.............
$2,123,555
$162,459,419
$(160,796,774)
$—
$—
$3,786,200
3,786,200
$333,359
Total
Affiliated
Securities
...
$85,586,722
$491,288,459
$(481,742,255)
$—
$—
$95,132,926
$3,549,978
2. Financial
Instrument
Valuation
(continued)
George
Putnam
Balanced
Fund
Notes
to
Schedule
of
Investments
(unaudited)
27
Quarterly
Schedule
of
Investments
• Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the Fund's
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
George
Putnam
Balanced
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
18,847,180
$
—
$
—
$
18,847,180
Air
Freight
&
Logistics
...................
8,028,927
—
—
8,028,927
Automobiles
..........................
26,129,832
—
—
26,129,832
Banks
...............................
29,885,321
—
—
29,885,321
Beverages
...........................
17,349,850
—
—
17,349,850
Biotechnology
.........................
21,833,684
—
—
21,833,684
Broadline
Retail
.......................
58,902,457
—
—
58,902,457
Building
Products
......................
5,252,880
—
—
5,252,880
Capital
Markets
........................
27,994,383
—
—
27,994,383
Chemicals
...........................
19,797,348
—
—
19,797,348
Commercial
Services
&
Supplies
...........
9,291,552
—
—
9,291,552
Communications
Equipment
..............
17,453,280
—
—
17,453,280
Construction
Materials
..................
6,279,399
—
—
6,279,399
Consumer
Finance
.....................
13,578,085
—
—
13,578,085
Consumer
Staples
Distribution
&
Retail
......
30,123,427
—
—
30,123,427
Containers
&
Packaging
.................
2,577,755
—
—
2,577,755
Diversified
Telecommunication
Services
.....
9,428,332
—
—
9,428,332
Electric
Utilities
........................
32,523,973
—
—
32,523,973
Entertainment
.........................
30,805,057
—
—
30,805,057
Financial
Services
......................
67,587,067
—
—
67,587,067
Food
Products
........................
5,722,102
—
—
5,722,102
Ground
Transportation
..................
8,421,382
—
—
8,421,382
Health
Care
Equipment
&
Supplies
.........
26,670,313
—
—
26,670,313
Health
Care
Providers
&
Services
..........
35,224,708
—
—
35,224,708
Health
Care
REITs
.....................
6,104,516
—
—
6,104,516
Hotels,
Restaurants
&
Leisure
.............
11,259,385
—
—
11,259,385
Household
Durables
....................
3,295,326
—
—
3,295,326
Household
Products
....................
13,597,481
—
—
13,597,481
Industrial
Conglomerates
................
9,613,325
—
—
9,613,325
Industrial
REITs
.......................
4,794,917
—
—
4,794,917
Insurance
............................
39,150,038
6,302,968
—
45,453,006
Interactive
Media
&
Services
..............
79,471,618
—
—
79,471,618
Life
Sciences
Tools
&
Services
............
17,501,678
—
—
17,501,678
Machinery
............................
18,651,585
—
—
18,651,585
Media
...............................
938,897
—
—
938,897
Metals
&
Mining
.......................
2,576,425
3,889,748
—
6,466,173
Multi-Utilities
..........................
5,722,388
—
—
5,722,388
Oil,
Gas
&
Consumable
Fuels
.............
33,511,614
9,968,677
—
43,480,291
Passenger
Airlines
.....................
2,937,673
—
—
2,937,673
Pharmaceuticals
.......................
38,970,291
—
—
38,970,291
Real
Estate
Management
&
Development
....
2,029,654
—
—
2,029,654
Semiconductors
&
Semiconductor
Equipment
.
133,390,745
—
—
133,390,745
Software
.............................
123,864,975
—
—
123,864,975
Specialized
REITs
......................
14,815,072
—
—
14,815,072
Specialty
Retail
........................
22,728,089
—
—
22,728,089
Technology
Hardware,
Storage
&
Peripherals
.
89,344,589
—
—
89,344,589
4. Fair
Value
Measurements
(continued)
George
Putnam
Balanced
Fund
Notes
to
Schedule
of
Investments
(unaudited)
28
Quarterly
Schedule
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
George
Putnam
Balanced
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Textiles,
Apparel
&
Luxury
Goods
..........
$
7,172,350
$
—
$
—
$
7,172,350
Tobacco
.............................
8,654,365
—
—
8,654,365
Trading
Companies
&
Distributors
..........
4,195,985
—
—
4,195,985
Corporate
Bonds
........................
—
292,604,577
—
292,604,577
Foreign
Government
and
Agency
Securities
....
—
1,881,867
—
1,881,867
U.S.
Government
and
Agency
Securities
.......
—
269,782,877
—
269,782,877
Asset-Backed
Securities
...................
—
798,241
—
798,241
Commercial
Mortgage-Backed
Securities
......
—
2,726,037
—
2,726,037
Mortgage-Backed
Securities
................
—
159,616,870
—
159,616,870
Municipal
Bonds
.........................
—
909,755
—
909,755
Residential
Mortgage-Backed
Securities
.......
—
102,403
—
102,403
Options
Purchased
.......................
—
969,895
—
969,895
Short
Term
Investments
...................
95,132,926
—
—
95,132,926
Total
Investments
in
Securities
...........
$1,319,134,201
$749,553,915
a
$—
$2,068,688,116
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$457,050
$—
$457,050
Futures
Contracts
.......................
511,332
—
—
511,332
Total
Other
Financial
Instruments
.........
$511,332
$457,050
$—
$968,382
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$530,213
$—
$530,213
Forward
Exchange
Contracts
...............
—
1,931,074
—
1,931,074
Total
Other
Financial
Instruments
.........
$—
$2,461,287
$—
$2,461,287
a
Includes
foreign
securities
valued
at
$20,161,393,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
ADR
American
Depositary
Receipt
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
ICE
Intercontinental
Exchange
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
TBA
To-Be-Announced
T-Note
Treasury
Note
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.