| UNITED STATES | |||
| SECURITIES AND EXCHANGE COMMISSION | |||
| Washington, D.C. 20549 | |||
| FORM N-Q | |||
| QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT | |||
| INVESTMENT COMPANY | |||
| Investment Company Act file number: (811- 00058) | |||
| Exact name of registrant as specified in charter: | George Putnam Balanced Fund | ||
| Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 | |||
| Name and address of agent for service: | Beth S. Mazor, Vice President | ||
| One Post Office Square | |||
| Boston, Massachusetts 02109 | |||
| Copy to: | John W. Gerstmayr, Esq. | ||
| Ropes & Gray LLP | |||
| 800 Boylston Street | |||
| Boston, Massachusetts 02199-3600 | |||
| Registrant’s telephone number, including area code: | (617) 292-1000 | ||
| Date of fiscal year end: July 31, 2011 | |||
| Date of reporting period: April 30, 2011 | |||
Item 1. Schedule of Investments:
| George Putnam Balanced Fund | ||||||
| The fund's portfolio | ||||||
| 4/30/11 (Unaudited) | ||||||
| COMMON STOCKS (60.0%)(a) | ||||||
| Shares | Value | |||||
| Banking (6.4%) | ||||||
| Bank of America Corp. | 696,753 | $8,556,127 | ||||
| Bank of New York Mellon Corp. (The) | 239,900 | 6,947,504 | ||||
| BB&T Corp. | 98,900 | 2,662,388 | ||||
| Comerica, Inc. | 68,700 | 2,605,791 | ||||
| Fifth Third Bancorp | 118,300 | 1,569,841 | ||||
| JPMorgan Chase & Co. | 603,700 | 27,546,831 | ||||
| PNC Financial Services Group, Inc. | 69,100 | 4,307,694 | ||||
| State Street Corp. | 198,300 | 9,230,865 | ||||
| SunTrust Banks, Inc. | 77,900 | 2,196,001 | ||||
| U.S. Bancorp | 378,000 | 9,759,960 | ||||
| Wells Fargo & Co. | 317,800 | 9,251,158 | ||||
| 84,634,160 | ||||||
| Basic materials (1.9%) | ||||||
| Alcoa, Inc. | 198,400 | 3,372,800 | ||||
| Dow Chemical Co. (The) | 69,100 | 2,832,409 | ||||
| E.I. du Pont de Nemours & Co. | 129,800 | 7,371,342 | ||||
| Nucor Corp. | 113,300 | 5,320,568 | ||||
| PPG Industries, Inc. | 63,400 | 6,002,078 | ||||
| Weyerhaeuser Co.(R) | 35,072 | 807,007 | ||||
| 25,706,204 | ||||||
| Capital goods (3.3%) | ||||||
| Avery Dennison Corp. | 30,400 | 1,268,896 | ||||
| Deere & Co. | 30,500 | 2,973,750 | ||||
| Eaton Corp. | 55,000 | 2,944,150 | ||||
| Emerson Electric Co. | 25,100 | 1,525,076 | ||||
| Illinois Tool Works, Inc. | 73,400 | 4,287,294 | ||||
| Ingersoll-Rand PLC | 97,900 | 4,943,950 | ||||
| Lockheed Martin Corp. | 34,400 | 2,726,200 | ||||
| Molex, Inc. | 57,000 | 1,539,000 | ||||
| Northrop Grumman Corp. | 77,000 | 4,897,970 | ||||
| Parker Hannifin Corp. | 50,600 | 4,772,592 | ||||
| Raytheon Co. | 91,900 | 4,461,745 | ||||
| United Technologies Corp. | 86,000 | 7,703,880 | ||||
| 44,044,503 | ||||||
| Communication services (4.3%) | ||||||
| AT&T, Inc. | 631,482 | 19,651,720 | ||||
| Comcast Corp. Class A | 298,800 | 7,840,512 | ||||
| DIRECTV Class A(NON) | 51,800 | 2,516,962 | ||||
| DISH Network Corp. Class A(NON) | 71,600 | 1,792,864 | ||||
| Time Warner Cable, Inc. | 49,200 | 3,843,996 | ||||
| Verizon Communications, Inc. | 475,500 | 17,964,390 | ||||
| Vodafone Group PLC ADR (United Kingdom) | 119,400 | 3,476,928 | ||||
| 57,087,372 | ||||||
| Conglomerates (2.2%) | ||||||
| 3M Co. | 34,100 | 3,314,861 | ||||
| General Electric Co. | 805,600 | 16,474,520 | ||||
| Honeywell International, Inc. | 79,800 | 4,886,154 | ||||
| Tyco International, Ltd. | 86,600 | 4,220,884 | ||||
| 28,896,419 | ||||||
| Consumer cyclicals (5.3%) | ||||||
| Ford Motor Co.(NON) | 161,000 | 2,490,670 | ||||
| Home Depot, Inc. (The) | 78,600 | 2,919,204 | ||||
| Kimberly-Clark Corp. | 112,000 | 7,398,720 | ||||
| Limited Brands, Inc. | 53,500 | 2,202,060 | ||||
| Lowe's Cos., Inc. | 78,900 | 2,071,125 | ||||
| Marriott International, Inc. Class A | 41,520 | 1,465,656 | ||||
| Omnicom Group, Inc. | 85,400 | 4,200,826 | ||||
| Staples, Inc. | 199,800 | 4,223,772 | ||||
| Target Corp. | 94,500 | 4,639,950 | ||||
| Time Warner, Inc. | 246,200 | 9,321,132 | ||||
| TJX Cos., Inc. (The) | 185,600 | 9,951,872 | ||||
| Viacom, Inc. Class B | 195,600 | 10,006,896 | ||||
| Wal-Mart Stores, Inc. | 45,900 | 2,523,582 | ||||
| Walt Disney Co. (The) | 150,100 | 6,469,310 | ||||
| 69,884,775 | ||||||
| Consumer finance (0.3%) | ||||||
| American Express Co. | 91,000 | 4,466,280 | ||||
| 4,466,280 | ||||||
| Consumer staples (5.3%) | ||||||
| Avon Products, Inc. | 61,300 | 1,800,994 | ||||
| Clorox Co. | 39,600 | 2,758,536 | ||||
| Coca-Cola Co. (The) | 67,300 | 4,540,058 | ||||
| Colgate-Palmolive Co. | 47,400 | 3,998,190 | ||||
| CVS Caremark Corp. | 245,300 | 8,889,672 | ||||
| General Mills, Inc. | 24,200 | 933,636 | ||||
| Hertz Global Holdings, Inc.(NON) | 158,400 | 2,726,064 | ||||
| Kellogg Co. | 44,400 | 2,542,788 | ||||
| Kraft Foods, Inc. Class A | 163,962 | 5,505,844 | ||||
| Lorillard, Inc. | 11,100 | 1,182,150 | ||||
| Newell Rubbermaid, Inc. | 220,600 | 4,204,636 | ||||
| PepsiCo, Inc. | 25,900 | 1,784,251 | ||||
| Philip Morris International, Inc. | 225,700 | 15,672,608 | ||||
| Procter & Gamble Co. (The) | 159,500 | 10,351,550 | ||||
| SYSCO Corp. | 134,900 | 3,899,959 | ||||
| 70,790,936 | ||||||
| Energy (8.1%) | ||||||
| Anadarko Petroleum Corp. | 20,800 | 1,641,952 | ||||
| Apache Corp. | 14,700 | 1,960,539 | ||||
| Chevron Corp. | 227,900 | 24,941,376 | ||||
| ConocoPhillips | 73,700 | 5,817,141 | ||||
| Devon Energy Corp. | 49,400 | 4,495,400 | ||||
| EOG Resources, Inc. | 8,300 | 937,153 | ||||
| Exxon Mobil Corp. | 302,100 | 26,584,800 | ||||
| Hess Corp. | 40,900 | 3,515,764 | ||||
| Marathon Oil Corp. | 103,700 | 5,603,948 | ||||
| Noble Corp. (Switzerland) | 78,100 | 3,359,081 | ||||
| Occidental Petroleum Corp. | 81,500 | 9,314,635 | ||||
| Petrohawk Energy Corp.(NON) | 78,600 | 2,122,986 | ||||
| Schlumberger, Ltd. | 60,595 | 5,438,401 | ||||
| Total SA ADR (France) | 137,800 | 8,850,894 | ||||
| Valero Energy Corp. | 88,600 | 2,507,380 | ||||
| 107,091,450 | ||||||
| Financials (2.8%) | ||||||
| Citigroup, Inc.(NON) | 1,568,500 | 7,199,415 | ||||
| Goldman Sachs Group, Inc. (The) | 79,010 | 11,931,300 | ||||
| MetLife, Inc. | 97,300 | 4,552,667 | ||||
| Progressive Corp. (The) | 174,300 | 3,824,142 | ||||
| Prudential Financial, Inc. | 152,700 | 9,684,234 | ||||
| 37,191,758 | ||||||
| Health care (9.5%) | ||||||
| Abbott Laboratories | 35,600 | 1,852,624 | ||||
| Aetna, Inc. | 214,300 | 8,867,734 | ||||
| Baxter International, Inc. | 178,500 | 10,156,650 | ||||
| Bristol-Myers Squibb Co. | 119,400 | 3,355,140 | ||||
| Celgene Corp.(NON) | 63,900 | 3,762,432 | ||||
| Covidien PLC (Ireland) | 128,412 | 7,151,264 | ||||
| Johnson & Johnson | 299,900 | 19,709,428 | ||||
| McKesson Corp. | 23,000 | 1,909,230 | ||||
| Medtronic, Inc. | 166,400 | 6,947,200 | ||||
| Merck & Co., Inc. | 298,100 | 10,716,695 | ||||
| Novartis AG ADR (Switzerland) | 28,600 | 1,692,262 | ||||
| Omnicare, Inc. | 27,300 | 857,766 | ||||
| Pfizer, Inc. | 1,017,858 | 21,334,304 | ||||
| Quest Diagnostics, Inc. | 105,300 | 5,936,814 | ||||
| St. Jude Medical, Inc. | 94,500 | 5,050,080 | ||||
| Stryker Corp. | 79,600 | 4,696,400 | ||||
| Teva Pharmaceutical Industries, Ltd. ADR (Israel) | 33,800 | 1,545,674 | ||||
| Thermo Fisher Scientific, Inc.(NON) | 135,300 | 8,116,647 | ||||
| WellPoint, Inc. | 38,600 | 2,964,094 | ||||
| 126,622,438 | ||||||
| Insurance (2.1%) | ||||||
| ACE, Ltd. | 21,000 | 1,412,250 | ||||
| Allstate Corp. (The) | 176,200 | 5,962,608 | ||||
| Chubb Corp. (The) | 103,800 | 6,766,722 | ||||
| Marsh & McLennan Cos., Inc. | 126,400 | 3,827,392 | ||||
| RenaissanceRe Holdings, Ltd. | 27,400 | 1,925,672 | ||||
| Travelers Cos., Inc. (The) | 116,700 | 7,384,776 | ||||
| 27,279,420 | ||||||
| Investment banking/Brokerage (0.5%) | ||||||
| Morgan Stanley | 282,240 | 7,380,576 | ||||
| 7,380,576 | ||||||
| Real estate (0.7%) | ||||||
| Digital Realty Trust, Inc.(R) | 17,600 | 1,061,984 | ||||
| Equity Residential Trust(R) | 65,448 | 3,908,555 | ||||
| ProLogis(R) | 92,700 | 1,510,083 | ||||
| Simon Property Group, Inc.(R) | 28,762 | 3,294,399 | ||||
| 9,775,021 | ||||||
| Technology (4.6%) | ||||||
| BMC Software, Inc.(NON) | 49,400 | 2,481,362 | ||||
| Cisco Systems, Inc. | 258,000 | 4,530,480 | ||||
| EMC Corp.(NON) | 220,200 | 6,240,468 | ||||
| Hewlett-Packard Co. | 189,800 | 7,662,226 | ||||
| IBM Corp. | 25,100 | 4,281,558 | ||||
| Intel Corp. | 160,400 | 3,719,676 | ||||
| KLA-Tencor Corp. | 62,100 | 2,726,190 | ||||
| L-3 Communications Holdings, Inc. | 49,500 | 3,969,405 | ||||
| Microsoft Corp. | 133,000 | 3,460,660 | ||||
| Oracle Corp. | 98,600 | 3,554,530 | ||||
| Qualcomm, Inc. | 110,000 | 6,252,400 | ||||
| SanDisk Corp.(NON) | 67,000 | 3,292,380 | ||||
| Texas Instruments, Inc. | 107,100 | 3,805,263 | ||||
| Yahoo!, Inc.(NON) | 278,600 | 4,945,150 | ||||
| 60,921,748 | ||||||
| Transportation (0.3%) | ||||||
| FedEx Corp. | 18,800 | 1,798,596 | ||||
| United Parcel Service, Inc. Class B | 24,300 | 1,821,771 | ||||
| 3,620,367 | ||||||
| Utilities and power (2.4%) | ||||||
| Ameren Corp. | 165,300 | 4,844,943 | ||||
| American Electric Power Co., Inc. | 108,400 | 3,954,432 | ||||
| Dominion Resources, Inc. | 31,800 | 1,476,156 | ||||
| Duke Energy Corp. | 60,000 | 1,119,000 | ||||
| Edison International | 138,300 | 5,431,041 | ||||
| Entergy Corp. | 109,200 | 7,613,424 | ||||
| Exelon Corp. | 20,400 | 859,860 | ||||
| NextEra Energy, Inc. | 17,600 | 995,632 | ||||
| PG&E Corp. | 127,550 | 5,877,504 | ||||
| 32,171,992 | ||||||
| Total common stocks (cost $638,129,837) | $797,565,419 | |||||
| U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (11.3%)(a) | ||||||
| Principal amount | Value | |||||
| U.S. Government Guaranteed Mortgage Obligations (2.6%) | ||||||
| Government National Mortgage Association Pass-Through Certificates | ||||||
| 4 1/2s, TBA, May 1, 2041 | $20,000,000 | $20,862,500 | ||||
| 4s, February 20, 2041 | 10,943,341 | 11,096,377 | ||||
| 3 1/2s, TBA, May 1, 2041 | 3,000,000 | 2,899,453 | ||||
| 34,858,330 | ||||||
| U.S. Government Agency Mortgage Obligations (8.7%) | ||||||
| Federal Home Loan Mortgage Corporation Pass-Through Certificates | ||||||
| 6s, March 1, 2035 | 11,315 | 12,462 | ||||
| 3 1/2s, with due dates from December 1, 2040 to February 1, 2041 | 48,823,163 | 46,534,578 | ||||
| Federal National Mortgage Association Pass-Through Certificates | ||||||
| 6s, TBA, May 1, 2041 | 24,000,000 | 26,246,251 | ||||
| 6s, TBA, April 1, 2041 | 12,000,000 | 13,142,344 | ||||
| 5 1/2s, with due dates from July 1, 2033 to November 1, 2038 | 10,586,929 | 11,408,784 | ||||
| 5s, with due dates from August 1, 2033 to January 1, 2039 | 5,973,354 | 6,333,095 | ||||
| 3 1/2s, with due dates from December 1, 2040 to March 1, 2041 | 5,999,999 | 5,730,703 | ||||
| 3 1/2s, TBA, May 1, 2041 | 7,000,000 | 6,676,797 | ||||
| 116,085,014 | ||||||
| Total U.S. government and agency mortgage obligations (cost $148,734,272) | $150,943,344 | |||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (0.9%)(a) | ||||||
| Principal amount | Value | |||||
| Goldman Sachs Group, Inc (The) 1 5/8s, FDIC guaranteed notes, July 15, 2011 | $6,750,000 | $6,769,946 | ||||
| Morgan Stanley 2s, FDIC guaranteed notes, September 22, 2011 | 2,500,000 | 2,518,220 | ||||
| Wells Fargo & Co. | ||||||
| 3s, FDIC guaranteed notes, December 9, 2011 | 1,100,000 | 1,118,654 | ||||
| 2 1/8s, FDIC guaranteed notes, June 15, 2012 | 1,400,000 | 1,428,895 | ||||
| Total U.S. government agency obligations (cost $11,744,183) | $11,835,715 | |||||
| U.S. TREASURY OBLIGATIONS (3.9%)(a) | ||||||
| Principal amount | Value | |||||
| U.S. Treasury Bonds | ||||||
| 5 1/4s, November 15, 2028 | $900,000 | $1,029,727 | ||||
| 4 3/8s, November 15, 2039 | 3,900,000 | 3,878,977 | ||||
| U.S. Treasury Notes | ||||||
| 3 5/8s, December 31, 2012 | 11,700,000 | 12,320,191 | ||||
| 0 3/4s, September 15, 2013 | 400,000 | 399,891 | ||||
| 0 5/8s, February 28, 2013 | 34,400,000 | 34,451,063 | ||||
| Total U.S. treasury obligations (cost $51,820,165) | $52,079,849 | |||||
| CORPORATE BONDS AND NOTES (15.6%)(a) | ||||||
| Principal amount | Value | |||||
| Basic materials (0.9%) | ||||||
| Allegheny Technologies, Inc. sr. unsec. unsub. notes 5.95s, 2021 | $345,000 | $369,909 | ||||
| ArcelorMittal sr. unsec. unsub. 9.85s, 2019 (France) | 1,545,000 | 1,990,588 | ||||
| Dow Chemical Co. (The) sr. unsec. unsub. notes 8.55s, 2019 | 1,190,000 | 1,525,688 | ||||
| Freeport-McMoRan Copper & Gold, Inc. sr. unsec. notes 8 3/8s, 2017 | 1,450,000 | 1,596,813 | ||||
| Georgia-Pacific, LLC sr. unsec. unsub. notes 7 3/4s, 2029 | 850,000 | 941,375 | ||||
| International Paper Co. sr. unsec. notes 7.95s, 2018 | 221,000 | 268,648 | ||||
| International Paper Co. sr. unsec. notes 9 3/8s, 2019 | 1,018,000 | 1,325,672 | ||||
| International Paper Co. sr. unsec. notes 8.7s, 2038 | 10,000 | 13,004 | ||||
| International Paper Co. sr. unsec. unsub. notes 7.3s, 2039 | 20,000 | 22,838 | ||||
| Mosaic Co. (The) 144A sr. unsec. unsub. notes 7 5/8s, 2016 | 733,000 | 789,808 | ||||
| Rio Tinto Finance USA, Ltd. company guaranty sr. unsec. notes 9s, 2019 (Australia) | 450,000 | 599,804 | ||||
| Rio Tinto Finance USA, Ltd. company guaranty sr. unsec. notes 5.2s, 2040 (Australia) | 490,000 | 478,515 | ||||
| Rohm & Haas Co. sr. unsec. unsub. notes 7.85s, 2029 | 385,000 | 467,048 | ||||
| Sealed Air Corp. sr. notes 7 7/8s, 2017 | 585,000 | 660,839 | ||||
| Teck Resources Limited sr. notes 10 3/4s, 2019 (Canada) | 35,000 | 44,758 | ||||
| Teck Resources Limited sr. notes 10 1/4s, 2016 (Canada) | 51,000 | 61,583 | ||||
| Teck Resources Limited sr. notes 9 3/4s, 2014 (Canada) | 16,000 | 19,473 | ||||
| Teck Resources Limited sr. unsec. unsub. notes 7s, 2012 (Canada) | 30,000 | 32,040 | ||||
| Temple-Inland, Inc. sr. unsec. unsub. notes 6 7/8s, 2018 | 195,000 | 214,068 | ||||
| Union Carbide Corp. sr. unsec. unsub. bonds 7 3/4s, 2096 | 180,000 | 187,996 | ||||
| Xstrata Finance Canada, Ltd. 144A company guaranty 5.8s, 2016 (Canada) | 735,000 | 821,870 | ||||
| 12,432,337 | ||||||
| Capital goods (0.3%) | ||||||
| Allied Waste North America, Inc. company guaranty sr. unsec. notes 6 7/8s, 2017 | 1,595,000 | 1,734,563 | ||||
| Legrand SA unsec. unsub. debs. 8 1/2s, 2025 (France) | 767,000 | 951,797 | ||||
| Parker Hannifin Corp. sr. unsec. unsub. notes Ser. MTN, 6 1/4s, 2038 | 975,000 | 1,114,931 | ||||
| Republic Services, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2019 | 240,000 | 260,971 | ||||
| United Technologies Corp. sr. unsec. notes 6 1/8s, 2038 | 215,000 | 243,004 | ||||
| United Technologies Corp. sr. unsec. notes 5.7s, 2040 | 100,000 | 107,902 | ||||
| 4,413,168 | ||||||
| Communication services (1.4%) | ||||||
| American Tower Corp. sr. unsec. notes 7 1/4s, 2019 | 800,000 | 906,000 | ||||
| American Tower Corp. sr. unsec. unsub. notes 4 5/8s, 2015 | 555,000 | 584,667 | ||||
| AT&T, Inc. sr. unsec. unsub. bonds 5 1/2s, 2018 | 705,000 | 777,983 | ||||
| AT&T, Inc. sr. unsec. unsub. notes 6.3s, 2038 | 1,194,000 | 1,254,896 | ||||
| AT&T, Inc. 144A sr. unsec. unsub. notes 5.35s, 2040 | 351,000 | 328,876 | ||||
| Bellsouth Capital Funding unsec. notes 7 7/8s, 2030 | 1,380,000 | 1,683,354 | ||||
| CenturyLink, Inc. sr. unsec. debs. bonds Ser. G, 6 7/8s, 2028 | 715,000 | 687,904 | ||||
| CenturyLink, Inc. sr. unsec. unsub. notes Ser. P, 7.6s, 2039 | 305,000 | 307,838 | ||||
| Comcast Cable Communications company guaranty sr. unsub. notes 8 7/8s, 2017 | 290,000 | 367,757 | ||||
| Comcast Corp. company guaranty sr. unsec. unsub. notes 6.95s, 2037 | 225,000 | 252,772 | ||||
| Cox Communications, Inc. 144A notes 5 7/8s, 2016 | 289,000 | 324,441 | ||||
| Crown Castle Towers, LLC 144A company guaranty sr. notes 4.883s, 2020 | 710,000 | 706,623 | ||||
| France Telecom notes 8 1/2s, 2031 (France) | 180,000 | 247,679 | ||||
| NBC Universal, Inc. 144A notes 6.4s, 2040 | 380,000 | 399,663 | ||||
| NBC Universal, Inc. 144A notes 5.15s, 2020 | 295,000 | 307,595 | ||||
| Rogers Communications, Inc. company guaranty sr. unsec. bonds 8 3/4s, 2032 (Canada) | 95,000 | 122,306 | ||||
| Rogers Communications, Inc. sec. notes 6 3/8s, 2014 (Canada) | 122,000 | 137,537 | ||||
| SBA Tower Trust 144A company guaranty asset backed notes 5.101s, 2017 | 1,125,000 | 1,182,283 | ||||
| TCI Communications, Inc. company guaranty 7 7/8s, 2026 | 2,395,000 | 3,007,076 | ||||
| Telefonica Emisones SAU company guaranty 6.221s, 2017 (Spain) | 845,000 | 937,565 | ||||
| Time Warner Cable, Inc. company guaranty sr. notes 7.3s, 2038 | 640,000 | 734,594 | ||||
| Time Warner Cable, Inc. company guaranty sr. unsec. notes 7 1/2s, 2014 | 150,000 | 173,061 | ||||
| Time Warner Cable, Inc. company guaranty sr. unsec. unsub. notes 6 3/4s, 2039 | 355,000 | 385,862 | ||||
| Verizon Communications, Inc. sr. unsec. unsub. notes 8 3/4s, 2018 | 110,000 | 142,745 | ||||
| Verizon New Jersey, Inc. debs. 8s, 2022 | 770,000 | 924,691 | ||||
| Verizon Pennsylvania, Inc. debs. 8.35s, 2030 | 980,000 | 1,146,747 | ||||
| 18,032,515 | ||||||
| Consumer cyclicals (1.0%) | ||||||
| Advance Auto Parts, Inc. company guaranty sr. unsec. notes 5 3/4s, 2020 | 475,000 | 502,307 | ||||
| CBS Corp. company guaranty sr. unsec. notes 7 7/8s, 2030 | 730,000 | 867,106 | ||||
| CBS Corp. company guaranty sr. unsec. unsub. notes 5 5/8s, 2012 | 8,000 | 8,439 | ||||
| Choice Hotels International, Inc. company guaranty sr. unsec. unsub. notes 5.7s, 2020 | 430,000 | 430,850 | ||||
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. company guaranty sr. unsec. notes 6.35s, 2040 | 370,000 | 385,599 | ||||
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. company guaranty sr. unsec. unsub. notes 5 7/8s, 2019 | 820,000 | 901,362 | ||||
| Expedia, Inc. company guaranty sr. unsec. notes 7.456s, 2018 | 325,000 | 361,969 | ||||
| Expedia, Inc. company guaranty sr. unsec. unsub. notes 5.95s, 2020 | 555,000 | 546,675 | ||||
| Expedia, Inc. 144A company guaranty sr. notes 8 1/2s, 2016 | 800,000 | 888,000 | ||||
| FUEL Trust 144A company guaranty asset backed notes 4.207s, 2016 | 1,245,000 | 1,271,279 | ||||
| Grupo Televisa SA sr. unsec. bonds 6 5/8s, 2040 (Mexico) | 300,000 | 318,766 | ||||
| Grupo Televisa SA sr. unsec. notes 6s, 2018 (Mexico) | 290,000 | 319,320 | ||||
| Lender Processing Services, Inc. company guaranty sr. unsec. unsub. notes 8 1/8s, 2016 | 846,000 | 871,380 | ||||
| News America Holdings, Inc. company guaranty 7 3/4s, 2024 | 1,045,000 | 1,249,738 | ||||
| News America Holdings, Inc. debs. 7 3/4s, 2045 | 1,064,000 | 1,273,649 | ||||
| Owens Corning company guaranty unsec. unsub. notes 9s, 2019 | 324,000 | 385,965 | ||||
| Staples, Inc. sr. unsec. notes 9 3/4s, 2014 | 445,000 | 535,122 | ||||
| Time Warner Entertainment Co., LP debs. 8 3/8s, 2023 | 170,000 | 215,120 | ||||
| Time Warner, Inc. company guaranty sr. unsec. bonds 7.7s, 2032 | 520,000 | 626,922 | ||||
| Time Warner, Inc. company guaranty sr. unsec. notes 4.7s, 2021 | 120,000 | 121,433 | ||||
| Time Warner, Inc. debs. 9.15s, 2023 | 340,000 | 454,471 | ||||
| 12,535,472 | ||||||
| Consumer staples (1.4%) | ||||||
| Altria Group, Inc. company guaranty sr. unsec. notes 9.7s, 2018 | 375,000 | 499,304 | ||||
| Altria Group, Inc. company guaranty sr. unsec. notes 9 1/4s, 2019 | 595,000 | 783,195 | ||||
| Anheuser-Busch InBev Worldwide, Inc. company guaranty sr. unsec. unsub. notes 8.2s, 2039 | 165,000 | 229,156 | ||||
| Anheuser-Busch InBev Worldwide, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2019 | 1,730,000 | 2,169,174 | ||||
| Bacardi, Ltd. 144A unsec. notes 4 1/2s, 2021 (Bermuda) | 495,000 | 499,351 | ||||
| Bunge Ltd., Finance Corp. company guaranty unsec. unsub. notes 4.1s, 2016 | 445,000 | 456,061 | ||||
| Campbell Soup Co. debs. 8 7/8s, 2021 | 855,000 | 1,149,254 | ||||
| CVS Caremark Corp. jr. unsec. sub. bonds FRB 6.302s, 2037 | 2,293,000 | 2,270,070 | ||||
| CVS Pass-Through Trust 144A company guaranty notes 7.507s, 2032 | 747,910 | 875,660 | ||||
| CVS Pass-Through Trust 144A pass-through certificates 6.117s, 2013 | 148,360 | 156,822 | ||||
| Darden Restaurants, Inc. sr. unsec. unsub. notes 6.8s, 2037 | 810,000 | 887,340 | ||||
| Diageo Investment Corp. company guaranty 8s, 2022 (Canada) | 820,000 | 1,054,477 | ||||
| Fortune Brands, Inc. sr. unsec. unsub. notes 3s, 2012 | 850,000 | 865,046 | ||||
| General Mills, Inc. sr. unsec. notes 5.65s, 2019 | 130,000 | 144,713 | ||||
| H.J. Heinz Finance Co. 144A company guaranty 7 1/8s, 2039 | 360,000 | 432,130 | ||||
| Kraft Foods, Inc. notes 6 1/8s, 2018 | 765,000 | 867,249 | ||||
| Kraft Foods, Inc. sr. unsec. unsub. notes 6 1/2s, 2040 | 2,009,000 | 2,240,764 | ||||
| Kroger Co. company guaranty 6 3/4s, 2012 | 275,000 | 290,170 | ||||
| Kroger Co. company guaranty 6.4s, 2017 | 500,000 | 582,680 | ||||
| McDonald's Corp. sr. unsec. Ser. MTN, 6.3s, 2038 | 535,000 | 620,392 | ||||
| McDonald's Corp. sr. unsec. notes 5.7s, 2039 | 600,000 | 649,322 | ||||
| Tyson Foods, Inc. sr. unsec. notes 8 1/4s, 2011 | 285,000 | 292,125 | ||||
| WPP Finance UK company guaranty sr. unsec. notes 8s, 2014 (United Kingdom) | 690,000 | 811,799 | ||||
| 18,826,254 | ||||||
| Energy (0.6%) | ||||||
| Anadarko Finance Co. company guaranty sr. unsec. unsub. notes Ser. B, 7 1/2s, 2031 | 985,000 | 1,128,120 | ||||
| Anadarko Petroleum Corp. sr. unsec. notes 6 3/8s, 2017 | 400,000 | 451,784 | ||||
| Chesapeake Energy Corp. sr. unsec. notes 7 5/8s, 2013 | 10,000 | 10,975 | ||||
| El Paso Pipeline Partners Operating Co., LP company guaranty sr. unsec. notes 6 1/2s, 2020 | 235,000 | 261,144 | ||||
| EOG Resources, Inc. sr. unsec. notes 5 5/8s, 2019 | 205,000 | 229,333 | ||||
| Forest Oil Corp. company guaranty sr. unsec. notes 8s, 2011 | 610,000 | 632,113 | ||||
| Motiva Enterprises, LLC 144A sr. notes 5.2s, 2012 | 225,000 | 236,239 | ||||
| Motiva Enterprises, LLC 144A sr. unsec. notes 6.85s, 2040 | 220,000 | 254,822 | ||||
| Newfield Exploration Co. sr. sub. notes 6 5/8s, 2016 | 650,000 | 672,750 | ||||
| Noble Holding International, Ltd. company guaranty sr. unsec. notes 6.05s, 2041 | 390,000 | 399,178 | ||||
| Petrobras International Finance Co. company guaranty sr. unsec. notes 6 3/4s, 2041 (Brazil) | 300,000 | 312,248 | ||||
| Petrobras International Finance Co. company guaranty sr. unsec. notes 5 3/8s, 2021 (Brazil) | 825,000 | 836,664 | ||||
| Ras Laffan Liquefied Natural Gas Co., Ltd. 144A company guaranty sr. notes 5 1/2s, 2014 (Qatar) | 675,000 | 732,758 | ||||
| Statoil ASA company guaranty sr. unsec. notes 5.1s, 2040 (Norway) | 480,000 | 464,446 | ||||
| Weatherford International, Inc. company guaranty sr. unsec. unsub. notes 6.8s, 2037 | 245,000 | 263,209 | ||||
| Weatherford International, Inc. company guaranty sr. unsec. unsub. notes 6.35s, 2017 | 280,000 | 317,912 | ||||
| Weatherford Bermuda company guaranty sr. unsec. notes 9 5/8s, 2019 (Switzerland) | 180,000 | 233,438 | ||||
| Weatherford International, Ltd. sr. notes 5 1/2s, 2016 (Switzerland) | 455,000 | 494,504 | ||||
| 7,931,637 | ||||||
| Financials (6.4%) | ||||||
| Aflac, Inc. sr. unsec. notes 6.9s, 2039 | 500,000 | 537,729 | ||||
| Aflac, Inc. sr. unsec. notes 6.45s, 2040 | 345,000 | 353,288 | ||||
| American Express Bank FSB notes Ser. BKN1, 5.55s, 2012 | 1,160,000 | 1,230,456 | ||||
| American Express Bank FSB sr. unsec. FRN Ser. BKNT, 0.527s, 2017 | 545,000 | 514,343 | ||||
| American Express Travel Related Services Co., Inc. sr. unsec. unsub. notes FRN Ser. EMTN, 0.411s, 2011 | 385,000 | 383,903 | ||||
| American International Group, Inc. jr. sub. bonds FRB 8.175s, 2058 | 300,000 | 336,000 | ||||
| American International Group, Inc. sr. unsec. Ser. MTN, 5.85s, 2018 | 665,000 | 702,774 | ||||
| AON Corp. jr. unsec. sub. notes 8.205s, 2027 | 1,150,000 | 1,299,623 | ||||
| Assurant, Inc. sr. unsec. notes 6 3/4s, 2034 | 525,000 | 529,788 | ||||
| Bank Nederlandse Gemeenten 144A bonds 1 3/4s, 2015 (Netherlands) | 12,100,000 | 11,943,110 | ||||
| Bank of America NA sub. notes Ser. BKNT, 5.3s, 2017 | 315,000 | 330,652 | ||||
| Bank One Corp. unsec. unsub. notes 5.9s, 2011 | 1,000,000 | 1,028,497 | ||||
| BankAmerica Capital III bank guaranteed jr. unsec. FRN 0.848s, 2027 | 2,755,000 | 2,234,162 | ||||
| Barclays Bank PLC jr. unsec. sub. notes FRN 6.278s, 2049 | 145,000 | 129,413 | ||||
| Barclays Bank PLC sr. unsec. unsub. notes 5s, 2016 | 270,000 | 290,552 | ||||
| Barclays Bank PLC 144A jr. unsec. sub. notes FRN 6.86s, 2049 | 280,000 | 267,400 | ||||
| Barclays Bank PLC 144A sub. notes 10.179s, 2021 | 804,000 | 1,045,932 | ||||
| Barclays Bank PLC 144A unsec. sub. notes 6.05s, 2017 | 1,415,000 | 1,504,547 | ||||
| Bear Stearns Cos., Inc. (The) sr. notes 6.4s, 2017 | 500,000 | 570,638 | ||||
| Bear Stearns Cos., Inc. (The) sr. unsec. notes 7 1/4s, 2018 | 331,000 | 388,906 | ||||
| Bosphorus Financial Services, Ltd. 144A sr. notes FRN 2.113s, 2012 | 594,500 | 588,447 | ||||
| Capital One Bank USA NA sub. notes 8.8s, 2019 | 385,000 | 491,148 | ||||
| Capital One Capital III company guaranty 7.686s, 2036 | 320,000 | 329,600 | ||||
| Capital One Capital V company guaranty jr. unsec. sub. notes 10 1/4s, 2039 | 450,000 | 486,000 | ||||
| Citigroup, Inc. sr. unsec. sub. FRN 0.58s, 2016 | 123,000 | 115,422 | ||||
| Citigroup, Inc. sub. notes 5s, 2014 | 1,369,000 | 1,449,630 | ||||
| Citigroup, Inc. unsec. sub. notes 6 1/8s, 2036 | 200,000 | 197,571 | ||||
| Citigroup, Inc. unsec. sub. notes 5 5/8s, 2012 | 290,000 | 304,704 | ||||
| CNA Financial Corp. sr. unsec. unsub. notes 5 3/4s, 2021 | 210,000 | 220,186 | ||||
| Commonwealth Bank of Australia 144A sr. unsec. notes 3 3/4s, 2014 (Australia) | 1,220,000 | 1,274,221 | ||||
| Corrections Corporation of America company guaranty sr. notes 7 3/4s, 2017 | 279,000 | 305,156 | ||||
| Credit Suisse Guernsey sr. unsec. notes 5.3s, 2019 | 475,000 | 508,763 | ||||
| Credit Suisse Guernsey, Ltd. jr. unsec. sub. notes FRN 5.86s, perpetual maturity (United Kingdom) | 934,000 | 910,650 | ||||
| Deutsche Bank AG/London sr. unsec. notes 3 7/8s, 2014 (United Kingdom) | 635,000 | 668,343 | ||||
| Deutsche Bank Capital Funding Trust VII 144A jr. unsec. sub. bonds FRB 5.628s, perpetual maturity | 285,000 | 262,200 | ||||
| Duke Realty LP sr. unsec. notes 6 1/2s, 2018(R) | 361,000 | 404,006 | ||||
| Duke Realty LP sr. unsec. notes 6 1/4s, 2013(R) | 19,000 | 20,603 | ||||
| Erac USA Finance Co. 144A company guaranty notes 2 1/4s, 2014 | 40,000 | 40,094 | ||||
| Erac USA Finance Co. 144A company guaranty sr. notes 5 1/4s, 2020 | 430,000 | 447,946 | ||||
| Fleet Capital Trust V bank guaranteed jr. sub. FRN 1.309s, 2028 | 1,057,000 | 853,879 | ||||
| GATX Financial Corp. notes 5.8s, 2016 | 560,000 | 609,734 | ||||
| GE Capital Trust I unsec. sub. bonds FRB 6 3/8s, 2067 | 355,000 | 368,313 | ||||
| General Electric Capital Corp. sr. unsec. 5 5/8s, 2018 | 260,000 | 284,825 | ||||
| General Electric Capital Corp. sr. unsec. FRN Ser. MTN, 0.512s, 2016 | 455,000 | 437,076 | ||||
| General Electric Capital Corp. sr. unsec. FRN Ser. MTN, 0.403s, 2012 | 1,720,000 | 1,718,211 | ||||
| General Electric Capital Corp. sr. unsec. notes Ser. MTN, 6 7/8s, 2039 | 1,589,000 | 1,820,324 | ||||
| Genworth Financial, Inc. sr. unsec. unsub. notes 7 5/8s, 2021 | 1,410,000 | 1,448,166 | ||||
| Goldman Sachs Group, Inc. (The) sr. notes 7 1/2s, 2019 | 805,000 | 948,921 | ||||
| Goldman Sachs Group, Inc. (The) sub. notes 6 3/4s, 2037 | 745,000 | 769,221 | ||||
| Hartford Financial Services Group, Inc. (The) sr. unsec. unsub. notes 6 5/8s, 2040 | 1,540,000 | 1,610,319 | ||||
| Highwood Realty LP sr. unsec. bonds 5.85s, 2017(R) | 1,005,000 | 1,083,433 | ||||
| HSBC Finance Capital Trust IX FRN 5.911s, 2035 | 2,000,000 | 1,947,500 | ||||
| HSBC Holdings PLC sub. notes 6 1/2s, 2037 (United Kingdom) | 905,000 | 941,894 | ||||
| ING Bank NV 144A sr. unsec. notes FRN 1.36s, 2013 (Netherlands) | 1,535,000 | 1,538,168 | ||||
| JPMorgan Chase Bank NA sub. notes Ser. BKNT, 6s, 2017 | 1,000,000 | 1,115,439 | ||||
| JPMorgan Chase Capital XVIII bonds Ser. R, 6.95s, 2036 | 499,000 | 520,336 | ||||
| JPMorgan Chase Capital XXIII company guaranty jr. unsec. sub. notes FRN 1.313s, 2047 | 2,443,000 | 2,053,935 | ||||
| JPMorgan Chase Capital XXV bonds Ser. Y, 6.8s, 2037 | 523,000 | 538,012 | ||||
| Liberty Mutual Group, Inc. 144A company guaranty jr. sub. notes FRB 10 3/4s, 2058 | 1,285,000 | 1,754,025 | ||||
| Liberty Mutual Insurance Co. 144A notes 7.697s, 2097 | 1,060,000 | 986,545 | ||||
| Lloyds TSB Bank PLC bank guaranty sr. unsec. unsub. notes 6 3/8s, 2021 (United Kingdom) | 280,000 | 298,455 | ||||
| Lloyds TSB Bank PLC company guaranty sr. unsec. sub. notes Ser. MTN, 6 1/2s, 2020 (United Kingdom) | 1,850,000 | 1,887,868 | ||||
| Macquarie Bank Ltd. 144A unsec. sub. notes 6 5/8s, 2021 (Australia) | 1,020,000 | 1,055,761 | ||||
| Massachusetts Mutual Life Insurance Co. 144A notes 8 7/8s, 2039 | 815,000 | 1,135,465 | ||||
| Merrill Lynch & Co., Inc. jr. sub. bonds 7 3/4s, 2038 | 1,565,000 | 1,819,084 | ||||
| MetLife Capital Trust IV 144A jr. sub. debs. 7 7/8s, 2037 | 1,300,000 | 1,458,686 | ||||
| MetLife, Inc. jr. unsec. sub. notes 6.4s, 2036 | 590,000 | 590,021 | ||||
| Nationwide Financial Services notes 5 5/8s, 2015 | 465,000 | 474,222 | ||||
| Nationwide Health Properties, Inc. notes 6 1/2s, 2011(R) | 680,000 | 687,313 | ||||
| Nationwide Mutual Insurance Co. 144A notes 8 1/4s, 2031 | 415,000 | 458,504 | ||||
| Nordea Bank AB 144A jr. unsec. sub. notes FRN 5.424s, 2015 (Sweden) | 525,000 | 512,402 | ||||
| OneAmerica Financial Partners, Inc. 144A bonds 7s, 2033 | 370,000 | 343,995 | ||||
| OneBeacon US Holdings, Inc. company guaranty sr. unsec. notes 5 7/8s, 2013 | 125,000 | 130,749 | ||||
| Pacific LifeCorp 144A sr. notes 6s, 2020 | 365,000 | 393,425 | ||||
| Progressive Corp. (The) jr. unsec. sub. notes FRN 6.7s, 2037 | 2,020,000 | 2,136,150 | ||||
| Prudential Financial, Inc. sr. notes 7 3/8s, 2019 | 600,000 | 714,497 | ||||
| Prudential Financial, Inc. sr. notes 6.2s, 2015 | 190,000 | 211,955 | ||||
| Prudential Holdings LLC sr. notes FRN Ser. AGM, 1.184s, 2017 | 210,000 | 196,346 | ||||
| Royal Bank of Scotland Group PLC sr. unsec. unsub. notes 6.4s, 2019 (United Kingdom) | 355,000 | 375,962 | ||||
| Santander Issuances S.A. Unipersonal 144A bank guaranty unsec. sub. notes 5.911s, 2016 (Spain) | 900,000 | 935,180 | ||||
| Simon Property Group LP sr. unsec. unsub. notes 10.35s, 2019(R) | 216,000 | 300,510 | ||||
| Simon Property Group LP sr. unsec. unsub. notes 5.65s, 2020(R) | 361,000 | 392,730 | ||||
| Societe Generale 144A jr. unsec. sub. bonds FRB 1.051s, 2017 (France) | 385,000 | 302,595 | ||||
| Standard Chartered PLC 144A jr. sub. bonds FRB 7.014s, 2049 (United Kingdom) | 800,000 | 781,640 | ||||
| State Street Capital Trust IV company guaranty jr. unsec. sub. bonds FRB 1.31s, 2037 | 1,790,000 | 1,495,403 | ||||
| Tanger Properties, LP sr. unsec. notes 6 1/8s, 2020(R) | 265,000 | 293,338 | ||||
| TD Ameritrade Holding Corp. company guaranty sr. unsec. unsub. notes 5.6s, 2019 | 480,000 | 513,757 | ||||
| Teachers Insurance & Annuity Association of America 144A notes 6.85s, 2039 | 750,000 | 868,598 | ||||
| Vornado Realty LP sr. unsec. unsub. notes 4 1/4s, 2015(R) | 555,000 | 574,448 | ||||
| Wachovia Bank NA sub. notes Ser. BKNT, 6s, 2017 | 1,060,000 | 1,197,620 | ||||
| Wachovia Corp. sr. unsec. notes 5 3/4s, 2017 | 145,000 | 162,942 | ||||
| WEA Finance LLC/ WT Finance Aust. Pty. Ltd. 144A company guaranty sr. unsec. notes 6 3/4s, 2019 | 900,000 | 1,043,549 | ||||
| Wells Fargo Bank NA unsec. sub. notes FRN 0.524s, 2016 | 710,000 | 677,674 | ||||
| Wells Fargo Capital XV bank guaranteed jr. unsec. sub. FRB 9 3/4s, perpetual maturity | 435,000 | 479,044 | ||||
| Westpac Capital Trust III 144A unsec. sub. notes FRN 5.819s, perpetual maturity (Australia) | 1,010,000 | 1,022,322 | ||||
| Willis Group Holdings PLC company guaranty sr. unsec. unsub. notes 5 3/4s, 2021 (United Kingdom) | 450,000 | 460,955 | ||||
| ZFS Finance USA Trust V 144A bonds FRB 6 1/2s, 2037 | 159,000 | 163,770 | ||||
| 84,541,614 | ||||||
| Government (0.7%) | ||||||
| European Investment Bank sr. unsec. unsub. notes 4 7/8s, 2036 (Supra-Nation) | 4,000,000 | 4,133,800 | ||||
| International Bank for Reconstruction & Development unsec. unsub. bonds 7 5/8s, 2023 (Supra-Nation) | 4,000,000 | 5,370,068 | ||||
| 9,503,868 | ||||||
| Health care (0.1%) | ||||||
| Aetna, Inc. sr. unsec. unsub. notes 6 3/4s, 2037 | 95,000 | 108,158 | ||||
| Express Scripts, Inc. sr. unsec. notes 7 1/4s, 2019 | 110,000 | 132,898 | ||||
| Express Scripts, Inc. sr. unsec. notes 6 1/4s, 2014 | 275,000 | 308,523 | ||||
| Quest Diagnostics, Inc. company guaranty sr. unsec. notes 6.95s, 2037 | 335,000 | 372,893 | ||||
| Quest Diagnostics, Inc. company guaranty sr. unsec. notes 4 3/4s, 2020 | 121,000 | 123,636 | ||||
| UnitedHealth Group, Inc. sr. unsec. notes 5.8s, 2036 | 180,000 | 181,168 | ||||
| Ventas Realty LP/Capital Corp. sr. notes 6 3/4s, 2017(R) | 470,000 | 499,824 | ||||
| WellPoint, Inc. notes 7s, 2019 | 155,000 | 184,724 | ||||
| 1,911,824 | ||||||
| Technology (0.2%) | ||||||
| Computer Sciences Corp. sr. unsec. notes 6 1/2s, 2018 | 281,000 | 311,064 | ||||
| Dell, Inc. sr. unsec. notes 5 7/8s, 2019 | 715,000 | 795,034 | ||||
| KLA-Tencor Corp. sr. unsec. notes 6.9s, 2018 | 915,000 | 1,035,305 | ||||
| Tyco Electronics Group SA company guaranty sr. unsec. notes 4 7/8s, 2021 (Luxembourg) | 195,000 | 201,653 | ||||
| 2,343,056 | ||||||
| Transportation (0.3%) | ||||||
| American Airlines Pass-Through Trust 2001-01 pass-through certificates Ser. 01-1, 6.817s, 2011 | 100,000 | 100,150 | ||||
| Burlington Northern Santa Fe Corp. debs. 5 3/4s, 2040 | 145,000 | 149,360 | ||||
| Burlington Northern Santa Fe Corp. sr. unsec. notes 7s, 2014 | 275,000 | 314,041 | ||||
| Burlington Northern Santa Fe Corp. sr. unsec. notes 4.7s, 2019 | 425,000 | 448,677 | ||||
| Continental Airlines, Inc. pass-through certificates Ser. 97-4A, 6.9s, 2018 | 114,286 | 121,143 | ||||
| Continental Airlines, Inc. pass-through certificates Ser. 98-1A, 6.648s, 2017 | 331,582 | 348,161 | ||||
| Northwest Airlines Corp. pass-through certificates Ser. 00-1, 7.15s, 2019 | 1,369,008 | 1,365,586 | ||||
| Southwest Airlines Co. pass-through certificates Ser. 07-1, 6.15s, 2022 | 744,175 | 805,570 | ||||
| Union Pacific Corp. 144A pass-through certificates 5.214s, 2014 | 590,000 | 631,973 | ||||
| 4,284,661 | ||||||
| Utilities and power (2.3%) | ||||||
| AEP Texas North Co. sr. notes Ser. B, 5 1/2s, 2013 | 500,000 | 532,840 | ||||
| Ameren Illinois Co. sr. notes 9 3/4s, 2018 | 725,000 | 948,098 | ||||
| Appalachian Power Co. sr. notes Ser. L, 5.8s, 2035 | 510,000 | 508,714 | ||||
| Atmos Energy Corp. sr. unsub. notes 6.35s, 2017 | 1,230,000 | 1,386,402 | ||||
| Beaver Valley Funding Corp. sr. bonds 9s, 2017 | 639,000 | 700,989 | ||||
| Boardwalk Pipelines LP company guaranty 5 7/8s, 2016 | 975,000 | 1,079,745 | ||||
| Bruce Mansfield Unit pass-through certificates 6.85s, 2034 | 2,255,563 | 2,383,468 | ||||
| Commonwealth Edison Co. 1st mtge. 6.15s, 2017 | 275,000 | 317,082 | ||||
| Commonwealth Edison Co. 1st mtge. sec. bonds 5 7/8s, 2033 | 500,000 | 519,101 | ||||
| Commonwealth Edison Co. 1st mtge. sec. bonds 5.8s, 2018 | 495,000 | 553,439 | ||||
| Consolidated Natural Gas Co. sr. notes Ser. A, 5s, 2014 | 530,000 | 583,527 | ||||
| DCP Midstream, LLC 144A sr. unsec. notes 5.35s, 2020 | 375,000 | 393,994 | ||||
| Dominion Resources, Inc. jr. sub. notes FRN Ser. 06-B, 6.3s, 2066 | 2,310,000 | 2,286,900 | ||||
| Dominion Resources, Inc. sr. unsec. unsub. notes Ser. 07-A, 6s, 2017 | 10,000 | 11,466 | ||||
| EDP Finance BV 144A sr. unsec. unsub. notes 6s, 2018 (Portugal) | 685,000 | 655,411 | ||||
| El Paso Natural Gas Co. sr. unsec. unsub. bonds 8 3/8s, 2032 | 490,000 | 606,509 | ||||
| Electricite de France 144A notes 6.95s, 2039 (France) | 655,000 | 776,698 | ||||
| Electricite de France 144A sr. notes 5.6s, 2040 (France) | 640,000 | 649,221 | ||||
| Electricite de France 144A sr. notes 4.6s, 2020 (France) | 440,000 | 453,474 | ||||
| Enel Finance Intl. SA 144A company guaranty sr. unsec. notes 5 1/8s, 2019 (Luxembourg) | 360,000 | 367,625 | ||||
| Enterprise Products Operating, LLC company guaranty sr. unsec. unsub. notes 5.95s, 2041 | 435,000 | 435,514 | ||||
| Enterprise Products Operating, LLC company guaranty sr. unsec. unsub. notes 3.2s, 2016 | 610,000 | 615,645 | ||||
| FirstEnergy Corp. notes Ser. B, 6.45s, 2011 | 164,000 | 168,430 | ||||
| Iberdrola Intl. BV company guaranty sr. unsec. unsub. notes 6 3/4s, 2036 | 185,000 | 198,631 | ||||
| ITC Holdings Corp. 144A notes 5 7/8s, 2016 | 272,000 | 303,059 | ||||
| ITC Holdings Corp. 144A sr. unsec. notes 6.05s, 2018 | 365,000 | 402,065 | ||||
| Kansas Gas & Electric bonds 5.647s, 2021 | 328,828 | 358,482 | ||||
| KCP&L Greater Missouri Operations Co. sr. unsec. unsub. notes 11 7/8s, 2012 | 735,000 | 818,351 | ||||
| National Fuel Gas Co. notes 5 1/4s, 2013 | 30,000 | 31,818 | ||||
| Nevada Power Co. mtge. sec. notes 7 1/8s, 2019 | 295,000 | 351,052 | ||||
| NiSource Finance Corp. company guaranty sr. unsec. notes 10 3/4s, 2016 | 360,000 | 470,850 | ||||
| Pacific Gas & Electric Co. sr. unsec. notes 6.35s, 2038 | 350,000 | 384,066 | ||||
| Pacific Gas & Electric Co. sr. unsub. 5.8s, 2037 | 140,000 | 144,556 | ||||
| Potomac Edison Co. 144A 1st mtge. 5.8s, 2016 | 331,000 | 361,842 | ||||
| Power Receivable Finance, LLC 144A sr. notes 6.29s, 2012 | 548,278 | 549,720 | ||||
| PPL Energy Supply LLC bonds Ser. A, 5.7s, 2015 | 50,000 | 54,097 | ||||
| PPL WEM Holdings PLC 144A sr. unsec. notes 5 3/8s, 2021 (United Kingdom) | 1,285,000 | 1,322,834 | ||||
| Puget Sound Energy, Inc. jr. sub. FRN Ser. A, 6.974s, 2067 | 656,000 | 653,540 | ||||
| Spectra Energy Capital, LLC company guaranty sr. unsec. unsub. notes 6.2s, 2018 | 1,080,000 | 1,214,893 | ||||
| Spectra Energy Capital, LLC sr. notes 8s, 2019 | 820,000 | 1,007,687 | ||||
| Teco Finance, Inc. company guaranty sr. unsec. unsub. notes 6.572s, 2017 | 110,000 | 127,157 | ||||
| Texas-New Mexico Power Co. 144A 1st mtge. sec. 9 1/2s, 2019 | 1,024,000 | 1,309,097 | ||||
| Trans-Canada Pipelines, Ltd. jr. unsec. sub. notes FRN 6.35s, 2067 (Canada) | 975,000 | 993,114 | ||||
| Union Electric Co. 1st mtge. sr. sec. bonds 6.7s, 2019 | 960,000 | 1,116,762 | ||||
| Wisconsin Energy Corp. jr. unsec. sub. notes FRN 6 1/4s, 2067 | 1,945,000 | 1,954,725 | ||||
| 31,062,690 | ||||||
| Total corporate bonds and notes (cost $193,528,019) | $207,819,096 | |||||
| CONVERTIBLE PREFERRED STOCKS (1.5%)(a) | ||||||
| Shares | Value | |||||
| Apache Corp. Ser. D, $3.00 cv. pfd. | 58,652 | $4,126,168 | ||||
| General Motors Co. Ser. B, $2.375 cv. pfd. | 74,897 | 3,726,126 | ||||
| Hartford Financial Services Group, Inc. (The) $1.182 cv. pfd. | 145,819 | 3,937,113 | ||||
| MetLife, Inc. $3.75 cv. pfd. | 30,500 | 2,675,460 | ||||
| PPL Corp. $4.75 cv. pfd. | 55,331 | 3,117,349 | ||||
| PPL Corp. $4.375 cv. pfd. | 43,000 | 2,313,830 | ||||
| Total convertible preferred stocks (cost $18,260,658) | $19,896,046 | |||||
| MORTGAGE-BACKED SECURITIES (0.7%)(a) | ||||||
| Principal amount | Value | |||||
| CS First Boston Mortgage Securities Corp. Ser. 04-C1, Class B, 4.855s, 2037 | $1,407,000 | $1,440,461 | ||||
| Federal Home Loan Mortgage Corp. | ||||||
| Ser. T-56, Class A, IO, 0.524s, 2043 | 6,033,378 | 113,126 | ||||
| Ser. T-56, Class 3, IO, 0.468s, 2043 | 7,051,346 | 4,407 | ||||
| Ser. T-56, Class 1, IO, 0.292s, 2043 | 9,402,897 | 7,346 | ||||
| Ser. T-56, Class 2, IO, 0.117s, 2043 | 8,470,010 | 793 | ||||
| Federal National Mortgage Association Ser. 01-79, Class BI, IO, 0.319s, 2045 | 2,074,050 | 23,333 | ||||
| GMAC Commercial Mortgage Securities, Inc. 144A Ser. 99-C3, Class G, 6.974s, 2036 | 333,119 | 306,469 | ||||
| Government National Mortgage Association FRB Ser. 07-73, Class KI, IO, zero %, 2037 | 1,977,681 | 30,593 | ||||
| GS Mortgage Securities Corp. II 144A Ser. 98-C1, Class F, 6s, 2030 | 991,728 | 996,687 | ||||
| LB Commercial Conduit Mortgage Trust 144A | ||||||
| Ser. 99-C1, Class F, 6.41s, 2031 | 715,303 | 721,745 | ||||
| Ser. 99-C1, Class G, 6.41s, 2031 | 765,731 | 756,625 | ||||
| Ser. 98-C4, Class H, 5.6s, 2035 | 1,074,000 | 1,125,039 | ||||
| Merrill Lynch Mortgage Investors, Inc. FRB Ser. 98-C3, Class E, 7.045s, 2030 | 644,000 | 686,017 | ||||
| Morgan Stanley Capital I | ||||||
| FRB Ser. 07-HQ12, Class A2, 5.777s, 2049 | 1,564,124 | 1,591,353 | ||||
| FRB Ser. 07-HQ12, Class A2FL, 0.471s, 2049 | 719,741 | 665,904 | ||||
| PNC Mortgage Acceptance Corp. 144A Ser. 00-C1, Class J, 6 5/8s, 2033 | 456,000 | 18,240 | ||||
| Structured Adjustable Rate Mortgage Loan Trust 144A Ser. 04-NP2, Class A, 0.563s, 2034 | 389,239 | 312,364 | ||||
| Wachovia Bank Commercial Mortgage Trust 144A FRB Ser. 05-WL5A, Class L, 3.519s, 2018 | 771,000 | 462,600 | ||||
| Total mortgage-backed securities (cost $9,123,668) | $9,263,102 | |||||
| INVESTMENT COMPANIES (0.5%)(a) | ||||||
| Shares | Value | |||||
| Utilities Select Sector SPDR Fund | 213,900 | $7,092,924 | ||||
| Total investment companies (cost $5,522,769) | $7,092,924 | |||||
| MUNICIPAL BONDS AND NOTES (0.2%)(a) | ||||||
| Principal amount | Value | |||||
| CA State G.O. Bonds (Build America Bonds), 7 1/2s, 4/1/34 | $215,000 | $240,417 | ||||
| IL State G.O. Bonds | ||||||
| 4.421s, 1/1/15 | 420,000 | 431,411 | ||||
| 4.071s, 1/1/14 | 1,250,000 | 1,287,800 | ||||
| North TX, Thruway Auth. Rev. Bonds (Build America Bonds), 6.718s, 1/1/49 | 350,000 | 357,938 | ||||
| OH State U. Rev. Bonds (Build America Bonds), 4.91s, 6/1/40 | 275,000 | 263,497 | ||||
| Total municipal bonds and notes (cost $2,511,514) | $2,581,063 | |||||
| CONVERTIBLE BONDS AND NOTES (0.1%)(a) | ||||||
| Principal amount | Value | |||||
| Omnicare, Inc. cv. sr. sub. notes 3 3/4s, 2025 | $940,000 | $1,253,584 | ||||
| Total convertible bonds and notes (cost $940,000) | $1,253,584 | |||||
| FOREIGN GOVERNMENT BONDS AND NOTES (0.1%)(a) | ||||||
| Principal amount | Value | |||||
| Hungary (Republic of) sr. unsec. unsub. notes 7 5/8s, 2041 | $226,000 | $239,246 | ||||
| Korea Development Bank sr. unsec. unsub. notes 4s, 2016 | 450,000 | 457,828 | ||||
| Total foreign government bonds and notes (cost $683,834) | $697,074 | |||||
| ASSET-BACKED SECURITIES (—%)(a) | ||||||
| Principal amount | Value | |||||
| First Plus Home Loan Trust Ser. 97-3, Class B1, 7.79s, 2023 (In default)(NON) | $194,241 | $19 | ||||
| G-Star, Ltd. 144A FRB Ser. 02-2A, Class BFL, 2.213s, 2037 | 308,000 | 52,360 | ||||
| GE Business Loan Trust 144A Ser. 04-2, Class D, 2.969s, 2032 | 422,686 | 84,537 | ||||
| Structured Asset Securities Corp. 144A Ser. 98-RF3, Class A, IO, 6.1s, 2028 | 1,429,858 | 216,302 | ||||
| TIAA Real Estate CDO, Ltd. Ser. 03-1A, Class E, 8s, 2038 | 1,769,893 | 212,381 | ||||
| Total asset-backed securities (cost $717,974) | $565,599 | |||||
| SHORT-TERM INVESTMENTS (10.2%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Dexia Credit Local SA NY certificates of deposit, FRN, Ser. YCD, 0.413s, 2013(M) | $3,125,000 | $3,125,000 | ||||
| Putnam Money Market Liquidity Fund 0.08%(e) | 132,368,570 | 132,368,570 | ||||
| Total short-term investments (cost $135,493,570) | $135,493,570 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $1,217,210,463)(b) | $1,397,086,385 | |||||
| TBA SALE COMMITMENTS OUTSTANDING at 4/30/11 (proceeds receivable $15,861,563) (Unaudited) | ||||||
| Principal | Settlement | |||||
| Agency | amount | date | Value | |||
|
| ||||||
| FNMA, 6s, April 1, 2041 | $12,000,000 | 4-13-11 | $13,142,344 | |||
| FNMA, 3 1/2s, May 1, 2041 | 3,000,000 | 5-12-11 | 2,861,484 | |||
|
| ||||||
| Total | $16,003,828 | |||||
| Key to holding's abbreviations | |||
| ADR | American Depository Receipts | ||
| EMTN | Euro Medium Term Notes | ||
| FDIC Guaranteed | Federal Deposit Insurance Corp. Guaranteed | ||
| FRB | Floating Rate Bonds | ||
| FRN | Floating Rate Notes | ||
| G.O. Bonds | General Obligation Bonds | ||
| IO | Interest Only | ||
| MTN | Medium Term Notes | ||
| SPDR | S&P 500 Index Depository Receipts | ||
| TBA | To Be Announced Commitments | ||
| Notes to the fund's portfolio | ||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2010 through April 30, 2011 (the reporting period). | ||
| (a) | Percentages indicated are based on net assets of $1,329,433,101. | |
| (b) | The aggregate identified cost on a tax basis is $1,236,862,682, resulting in gross unrealized appreciation and depreciation of $181,914,172 and $21,690,469, respectively, or net unrealized appreciation of $160,223,703. | |
| (NON) | Non-income-producing security. | |
| (e) | The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Investment Management, LLC (Putnam Management), the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Investments in Putnam Money Market Liquidity Fund are valued at its closing net asset value each business day. Income distributions earned by the fund are recorded as interest income and totaled $122,554 for the reporting period. During the reporting period, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $501,790,741 and $436,976,424, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | |
| (M) | The security's effective maturity date is less than one year. | |
| (R) | Real Estate Investment Trust. | |
| At the close of the reporting period, the fund maintained liquid assets totaling $53,097,188 to cover certain derivatives contracts. | ||
| Debt obligations are considered secured unless otherwise indicated. | ||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
| ADR after the name of a foreign holding represents ownership of foreign securities on deposit with a custodian bank. | ||
| The rates shown on FRB and FRN are the current interest rates at the close of the reporting period. | ||
| The dates shown on debt obligations are the original maturity dates. | ||
| Security valuation: Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities. If no sales are reported— as in the case of some securities traded over-the-counter— a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | ||
| Market quotations are not considered to be readily available for certain debt obligations and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Investment Management, LLC (Putnam Management), the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which considers such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | ||
| Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which will generally represent a transfer from a Level 1 to a Level 2 security, will be classified as Level 2. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||
| Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||
| Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||
| Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||
| Stripped securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The market value of these securities is highly sensitive to changes in interest rates. | ||
| TBA purchase commitments: The fund may enter into “TBA” (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price has been established, the principal value has not been finalized. However ,it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date. TBA purchase commitments may be considered securities themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, which risk is in addition to the risk of decline in the value of the fund’s other assets. Unsettled TBA purchase commitments are valued at fair value of the underlying securities, according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in market value is recorded by the fund as an unrealized gain or loss. | ||
| Although the fund will generally enter into TBA purchase commitments with the intention of acquiring securities for its portfolio or for delivery pursuant to options contracts it has entered into, the fund may dispose of a commitment prior to settlement if Putnam Management deems it appropriate to do so. | ||
| TBA sale commitments: The fund may enter into TBA sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. | ||
| Unsettled TBA sale commitments are valued at the fair value of the underlying securities, generally according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in market value is recorded by the fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. | ||
| Dollar rolls: To enhance returns, the fund may enter into dollar rolls (principally using TBAs) in which the fund sells securities for delivery in the current month and simultaneously contracts to purchase similar securities on a specified future date. During the period between the sale and subsequent purchase, the fund will not be entitled to receive income and principal payments on the securities sold. The fund will, however, retain the difference between the initial sales price and the forward price for the future purchase. The fund will also be able to earn interest on the cash proceeds that are received from the initial sale on settlement date. The fund may be exposed to market or credit risk if the price of the security changes unfavorably or the counterparty fails to perform under the terms of the agreement. | ||
| Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (ASC 820) establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows: | ||||
| Level 1 – Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
|
| ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Common stocks: | ||||
| Basic materials | $25,706,204 | $— | $— | |
| Capital goods | 44,044,503 | — | — | |
| Communication services | 57,087,372 | — | — | |
| Conglomerates | 28,896,419 | — | — | |
| Consumer cyclicals | 69,884,775 | — | — | |
| Consumer staples | 70,790,936 | — | — | |
| Energy | 107,091,450 | — | — | |
| Financials | 170,727,215 | — | — | |
| Health care | 126,622,438 | — | — | |
| Technology | 60,921,748 | — | — | |
| Transportation | 3,620,367 | — | — | |
| Utilities and power | 32,171,992 | — | — | |
| Total common stocks | 797,565,419 | — | — | |
| Asset-backed securities | — | 565,599 | — | |
| Convertible bonds and notes | — | 1,253,584 | — | |
| Convertible preferred stocks | — | 19,896,046 | — | |
| Corporate bonds and notes | — | 207,819,096 | — | |
| Foreign government bonds and notes | — | 697,074 | — | |
| Investment companies | 7,092,924 | — | — | |
| Mortgage-backed securities | — | 9,263,102 | — | |
| Municipal bonds and notes | — | 2,581,063 | — | |
| U.S. Government agency obligations | — | 11,835,715 | — | |
| U.S. Government and agency mortgage obligations | — | 150,943,344 | — | |
| U.S. Treasury Obligations | — | 52,079,849 | — | |
| Short-term investments | 132,368,570 | 3,125,000 | — | |
|
|
|
|
||
| Totals by level | $937,026,913 | $460,059,472 | $— | |
| Valuation inputs | ||||
|
| ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| TBA sale commitments | $— | $(16,003,828) | $— | |
|
|
|
|
||
| Totals by level | $— | $(16,003,828) | $— | |
| At the start and/or close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund's portfolio. | ||||
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | ||||
Item 2. Controls and Procedures:
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.
(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
George Putnam Balanced Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: June 28, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: June 28, 2011
By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: June 28, 2011
Certifications
I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.
/s/ Jonathan S. Horwitz
_____________________________
Date: June 27 2011
Jonathan S. Horwitz
Principal Executive Officer
Certifications
I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.
/s/ Steven D. Krichmar
_______________________________
Date: June 27, 2011
Steven D. Krichmar
Principal Financial Officer
| Attachment A | |
| NQ | |
| Period (s) ended April 30, 2011 |
Putnam AMT- Free Municipal Fund
Putnam Tax-Free High Yield Fund
George Putnam Balanced Fund
Putnam Voyager Fund
Putnam Research Fund
Putnam Premier Income Trust
Putnam Investors Fund
Putnam Growth Opportunities Fund
Putnam RetirementReady 2055 Fund
Putnam RetirementReady 2050 Fund
Putnam RetirementReady 2045 Fund
Putnam RetirementReady 2040 Fund
Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam RetirementReady 2015 Fund
Putnam Retirement Income Fund Lifestyle 1
(formerly Putnam RetirementReady Maturity Fund)