Report of Independent Registered
Public Accounting Firm

To the Board of Trustees and Shareholders of George Putnam
Balanced Fund

In planning and performing our audit of the financial
statements of George Putnam Balanced Fund (the Fund) as of and
for the year ended July 31, 2021, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form NCEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting. Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A companys internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A companys internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorizations of management and
directors of the company and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a companys assets that could
have a material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control over financial reporting that might be
material weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the Funds internal control
over financial reporting and its operation, including controls
over safeguarding securities, that we consider to be material
weaknesses as defined above as of July 31, 2021.





PricewaterhouseCoopers LLP, 101 Seaport
Boulevard, Suite 500, Boston, MA 02210 T
(617)530 5000, F (617) 530 5001,
www.pwc.com/us








This report is intended solely for the information and use of the
Board of Trustees of George Putnam Balanced Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.



PricewaterhouseCoo
pers LLP Boston,
Massachusetts
September 10, 2021









































2 of 2