N-Q

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 Fund of Boston

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036

Registrant’s telephone number, including area code: (617) 292-1000

Date of fiscal year end: July 31, 2015

Date of reporting period: October 31, 2014

Item 1. Schedule of Investments:

George Putnam Balanced Fund
The fund's portfolio
10/31/14 (Unaudited)
COMMON STOCKS (63.8%)(a)
			Shares	Value
Basic materials (3.3%)
Air Products & Chemicals, Inc.			11,654	$1,569,328
Alcoa, Inc.			29,861	500,470
Allegheny Technologies, Inc.			5,108	167,798
Axiall Corp.			21,461	864,878
CF Industries Holdings, Inc.			6,538	1,699,880
Chemtura Corp.(NON)			8,790	204,719
Constellium NV Class A (Netherlands)(NON)			12,988	263,007
Croda International PLC (United Kingdom)			33,979	1,247,475
Dow Chemical Co. (The)			99,538	4,917,177
Fortune Brands Home & Security, Inc.			110,294	4,770,216
Freeport-McMoRan, Inc. (Indonesia)			54,037	1,540,054
Hi-Crush Partners LP (Units)			30,911	1,333,191
Huntsman Corp.			53,139	1,296,592
Martin Marietta Materials, Inc.			2,911	340,354
MeadWestvaco Corp.			47,571	2,101,211
Monsanto Co.			38,830	4,467,003
Newmont Mining Corp.			17,084	320,496
Nucor Corp.			7,081	382,798
Packaging Corp. of America			20,608	1,485,425
Praxair, Inc.			15,145	1,908,119
S&W Seed Co.(NON)			35,365	114,229
Sealed Air Corp.			41,973	1,521,521
Sherwin-Williams Co. (The)			16,776	3,851,098
Smurfit Kappa Group PLC (Ireland)			56,571	1,167,590
Steel Dynamics, Inc.			17,131	394,184
Symrise AG (Germany)			96,243	5,412,236
Tronox, Ltd. Class A			18,850	455,793
				44,296,842
Capital goods (2.2%)
Airbus Group NV (France)			6,807	406,037
Allegion PLC (Ireland)			13,508	717,140
Eaton Corp PLC			20,470	1,399,943
Embraer SA ADR (Brazil)			1,633	63,099
Gaztransport Et Technigaz SA (France)			42,192	2,360,775
General Dynamics Corp.			62,256	8,700,899
HD Supply Holdings, Inc.(NON)			11,751	338,899
Hubbell, Inc. Class B			13,807	1,565,852
Northrop Grumman Corp.			26,506	3,656,767
Pall Corp.			22,266	2,035,558
Raytheon Co.			8,964	931,180
Rockwell Collins, Inc.			5,325	448,099
Staples, Inc.			10,051	127,447
United Technologies Corp.			63,704	6,816,328
				29,568,023
Communication services (2.8%)
American Tower Corp.(R)			48,731	4,751,273
Charter Communications, Inc. Class A(NON)			25,937	4,108,160
Comcast Corp. Class A			190,037	10,518,548
DISH Network Corp. Class A(NON)			51,616	3,285,358
Liberty Global PLC Ser. C (United Kingdom)			99,864	4,440,952
Verizon Communications, Inc.			155,211	7,799,353
Zayo Group Holdings, Inc.(NON)			75,351	1,763,967
				36,667,611
Communications equipment (0.2%)
Cisco Systems, Inc.			125,969	3,082,461
				3,082,461
Computers (3.9%)
Anixter International, Inc.			12,100	1,030,557
Apple, Inc.			311,488	33,640,704
Castlight Health, Inc. Class B(NON)			132,602	1,658,851
EMC Corp.			152,447	4,379,802
Hewlett-Packard Co.			133,856	4,802,752
SanDisk Corp.			44,520	4,191,113
Western Digital Corp.			24,659	2,425,706
				52,129,485
Conglomerates (0.2%)
General Electric Co.			16,956	437,634
Siemens AG (Germany)			14,366	1,618,628
Tyco International, Ltd.			26,509	1,138,031
				3,194,293
Consumer cyclicals (7.4%)
Abercrombie & Fitch Co. Class A			9,948	333,059
Advance Auto Parts, Inc.			1,284	188,697
Amazon.com, Inc.(NON)			24,855	7,592,208
Autonation, Inc.(NON)			3,092	177,048
AutoZone, Inc.(NON)			1,193	660,349
Bed Bath & Beyond, Inc.(NON)			44,471	2,994,676
Best Buy Co., Inc.			2,542	86,784
Brunswick Corp.			25,945	1,214,226
CaesarStone Sdot-Yam, Ltd. (Israel)			29,460	1,645,636
Chico's FAS, Inc.			22,969	346,372
Ctrip.com International, Ltd. ADR (China)(NON)			31,240	1,821,291
Dollar General Corp.(NON)			34,751	2,177,845
Express, Inc.(NON)			22,550	337,574
Five Below, Inc.(NON)			52,625	2,098,159
Ford Motor Co.			15,529	218,804
GameStop Corp. Class A			363	15,522
Gap, Inc. (The)			53,058	2,010,368
H&R Block, Inc.			17,981	580,966
Hanesbrands, Inc.			12,705	1,341,775
Hilton Worldwide Holdings, Inc.(NON)			91,289	2,304,134
Home Depot, Inc. (The)			63,873	6,228,895
Johnson Controls, Inc.			10,171	480,580
Live Nation Entertainment, Inc.(NON)			199,664	5,191,264
lululemon athletica, Inc. (Canada)(NON)			8,684	361,689
Macy's, Inc.			40,976	2,369,232
MasterCard, Inc. Class A			56,757	4,753,399
Michael Kors Holdings, Ltd.(NON)			41,219	3,239,401
Michaels Cos., Inc. (The)(NON)			16,455	300,797
NIKE, Inc. Class B			52,655	4,895,335
O'Reilly Automotive, Inc.(NON)			3,997	702,991
Office Depot, Inc.(NON)			78,821	411,446
Penn National Gaming, Inc.(NON)			116,189	1,520,914
Priceline Group, Inc. (The)(NON)			4,599	5,547,360
PulteGroup, Inc.			80,384	1,542,569
RE/MAX Holdings, Inc. Class A			57,415	1,837,279
Rollins, Inc.			42,772	1,363,144
Time Warner, Inc.			50,580	4,019,593
TiVo, Inc.(NON)			55,625	725,906
TJX Cos., Inc. (The)			64,490	4,083,507
Tumi Holdings, Inc.(NON)			125,379	2,604,122
Vail Resorts, Inc.			19,468	1,681,255
Wal-Mart Stores, Inc.			37,428	2,854,634
Walt Disney Co. (The)			88,175	8,057,432
Whirlpool Corp.			14,110	2,427,626
Wyndham Worldwide Corp.			27,375	2,126,216
Wynn Resorts, Ltd.			4,333	823,313
				98,295,392
Consumer staples (5.5%)
Avon Products, Inc.			156,698	1,629,659
Bright Horizons Family Solutions, Inc.(NON)			32,774	1,460,409
Coca-Cola Enterprises, Inc.			51,430	2,229,491
Colgate-Palmolive Co.			18,342	1,226,713
Costco Wholesale Corp.			31,532	4,205,423
Coty, Inc. Class A(NON)			389,336	6,462,978
CVS Health Corp.			59,640	5,117,708
Dr. Pepper Snapple Group, Inc.			53,580	3,710,415
Dunkin' Brands Group, Inc.			19,165	871,623
Energizer Holdings, Inc.			2,200	269,830
Estee Lauder Cos., Inc. (The) Class A			59,947	4,506,814
Groupon, Inc.(NON)			137,881	1,007,910
Hershey Co. (The)			14,980	1,436,732
JM Smucker Co. (The)			8,599	894,296
Kellogg Co.			23,222	1,485,278
Keurig Green Mountain, Inc.			4,311	654,194
Kraft Foods Group, Inc.			32,375	1,824,331
Lorillard, Inc.			34,342	2,112,033
Mead Johnson Nutrition Co.			21,913	2,176,179
Mondelez International, Inc. Class A			87,320	3,078,903
Monster Beverage Corp.(NON)			19,472	1,964,334
PepsiCo, Inc.			91,158	8,766,665
Philip Morris International, Inc.			86,488	7,698,297
Pinnacle Foods, Inc.			21,155	715,039
Starbucks Corp.			37,245	2,814,232
Walgreen Co.			30,065	1,930,774
Whole Foods Market, Inc.			18,772	738,303
Yum! Brands, Inc.			21,817	1,567,115
Zalando SE (Germany)(NON)			30,102	697,863
				73,253,541
Electronics (3.8%)
Agilent Technologies, Inc.			39,740	2,196,827
Broadcom Corp. Class A			59,961	2,511,167
Honeywell International, Inc.			99,931	9,605,368
Intel Corp.			174,268	5,926,854
L-3 Communications Holdings, Inc.			160,060	19,440,888
Micron Technology, Inc.(NON)			276,212	9,139,855
Skyworks Solutions, Inc.			18,044	1,050,883
				49,871,842
Energy (5.4%)
Aker Solutions ASA 144A (Norway)(NON)			163,281	1,057,885
Antero Resources Corp.(NON)			40,763	2,137,612
Cheniere Energy, Inc.(NON)			27,896	2,092,200
CONSOL Energy, Inc.			18,271	672,373
Dril-Quip, Inc.(NON)			4,213	378,959
EnCana Corp. (Canada)			174,924	3,258,834
Energen Corp.			48,693	3,296,515
EOG Resources, Inc.			111,555	10,603,303
EP Energy Corp. Class A(NON)			266,137	3,885,600
Exxon Mobil Corp.			103,603	10,019,446
Genel Energy PLC (United Kingdom)(NON)			90,418	1,016,108
Halliburton Co.			112,849	6,222,493
MarkWest Energy Partners LP			33,052	2,315,293
Noble Energy, Inc.			70,713	4,075,190
QEP Resources, Inc.			184,760	4,631,933
Royal Dutch Shell PLC ADR (United Kingdom)			67,230	4,826,442
Schlumberger, Ltd.			55,814	5,506,609
SPT Energy Group, Inc. (China)			405,320	128,048
Suncor Energy, Inc. (Canada)			157,866	5,610,558
Weatherford International PLC(NON)			18,232	299,369
				72,034,770
Financials (10.2%)
Altisource Residential Corp.(R)			20,690	480,422
American Express Co.			78,089	7,024,106
American International Group, Inc.			113,200	6,064,124
Ameriprise Financial, Inc.			25,100	3,166,867
Assured Guaranty, Ltd.			127,449	2,941,523
AvalonBay Communities, Inc.(R)			12,437	1,938,182
Bank of America Corp.			365,062	6,264,464
Berkshire Hathaway, Inc. Class B(NON)			18,087	2,535,074
Boston Properties, Inc.(R)			13,404	1,698,956
Capital One Financial Corp.			17,000	1,407,090
Carlyle Group LP (The)			101,699	2,823,164
Charles Schwab Corp. (The)			207,200	5,940,424
Citigroup, Inc.			185,428	9,925,961
CME Group, Inc.			73,254	6,139,418
Equity Lifestyle Properties, Inc.(R)			19,388	951,951
Essex Property Trust, Inc.(R)			4,360	879,674
Federal Realty Investment Trust(R)			2,602	342,944
Fifth Third Bancorp			264,006	5,277,480
Gaming and Leisure Properties, Inc.(R)			54,144	1,692,000
General Growth Properties(R)			52,119	1,350,403
Genworth Financial, Inc. Class A(NON)			198,252	2,773,545
Hartford Financial Services Group, Inc. (The)			107,946	4,272,503
Invesco, Ltd.			20,500	829,635
JPMorgan Chase & Co.			206,851	12,510,348
KeyCorp			295,560	3,901,392
KKR & Co. LP			174,900	3,770,844
Morgan Stanley			15,140	529,143
Pebblebrook Hotel Trust(R)			9,113	388,214
Plum Creek Timber Co., Inc.(R)			11,600	475,716
Prologis, Inc.(R)			16,005	666,608
Prudential PLC (United Kingdom)			127,647	2,945,541
Public Storage(R)			5,400	995,436
Regions Financial Corp.			443,132	4,400,301
Simon Property Group, Inc.(R)			11,167	2,001,238
State Street Corp.			10,310	777,993
Visa, Inc. Class A			27,118	6,547,099
Vornado Realty Trust(R)			10,600	1,160,488
Wells Fargo & Co.			296,900	15,762,421
WisdomTree Investments, Inc.(NON)			112,784	1,663,564
				135,216,256
Health care (9.4%)
Abbott Laboratories			44,479	1,938,840
AbbVie, Inc.			111,077	7,048,946
Actavis PLC(NON)			28,376	6,887,990
Aetna, Inc.			10,731	885,415
Allergan, Inc.			20,361	3,869,812
AmerisourceBergen Corp.			16,396	1,400,382
Anthem, Inc.			12,725	1,612,130
AstraZeneca PLC ADR (United Kingdom)			38,398	2,800,750
Baxter International, Inc.			36,163	2,536,473
Biogen Idec, Inc.(NON)			13,751	4,415,171
Boston Scientific Corp.(NON)			50,054	664,717
Bristol-Myers Squibb Co.			128,164	7,457,863
Cardinal Health, Inc.			31,908	2,504,140
Celgene Corp.(NON)			76,135	8,153,296
Cerner Corp.(NON)			14,651	927,994
CIGNA Corp.			33,870	3,372,436
Covidien PLC			10,660	985,410
Diplomat Pharmacy, Inc.(NON)			24,417	524,966
Eli Lilly & Co.			74,478	4,940,126
Express Scripts Holding Co.(NON)			21,616	1,660,541
Gilead Sciences, Inc.(NON)			132,886	14,883,232
HCA Holdings, Inc.(NON)			10,895	763,195
Johnson & Johnson			45,252	4,877,261
McKesson Corp.			17,296	3,518,179
Medtronic, Inc.			71,018	4,840,587
Merck & Co., Inc.			110,740	6,416,276
Mylan, Inc.(NON)			51,650	2,765,858
Pfizer, Inc.			170,224	5,098,209
Premier, Inc. Class A(NON)			48,718	1,626,207
Retrophin, Inc.(NON)			66,386	642,616
St. Jude Medical, Inc.			32,651	2,095,215
Thermo Fisher Scientific, Inc.			13,115	1,541,931
Tornier NV (Netherlands)(NON)			52,334	1,462,735
TransEnterix, Inc.(NON)			52,744	216,250
Universal Health Services, Inc. Class B			16,126	1,672,427
Ventas, Inc.(R)			26,600	1,822,366
Vertex Pharmaceuticals, Inc.(NON)			27,447	3,091,630
Zimmer Holdings, Inc.			23,461	2,609,802
				124,531,374
Semiconductor (0.6%)
Applied Materials, Inc.			18,465	407,892
Lam Research Corp.			51,622	4,019,289
Qualcomm, Inc.			50,907	3,996,709
				8,423,890
Software (2.3%)
Activision Blizzard, Inc.			8,961	178,772
Adobe Systems, Inc.(NON)			22,487	1,576,788
Cadence Design Systems, Inc.(NON)			33,569	602,564
Electronic Arts, Inc.(NON)			20,036	820,875
Microsoft Corp.			318,304	14,944,373
Oracle Corp.			206,215	8,052,696
PTC, Inc.(NON)			7,924	302,301
Red Hat, Inc.(NON)			41,005	2,416,015
Tencent Holdings, Ltd. (China)			80,081	1,276,315
				30,170,699
Technology (—%)
CACI International, Inc. Class A(NON)			5,587	459,754
				459,754
Technology services (3.3%)
Alibaba Group Holding, Ltd. ADR (China)(NON)			97,167	9,580,666
Computer Sciences Corp.			34,032	2,055,533
Facebook, Inc. Class A(NON)			107,891	8,090,746
Fidelity National Information Services, Inc.			36,436	2,127,498
Google, Inc. Class A(NON)			132	74,959
Google, Inc. Class C(NON)			31,157	17,419,256
Pandora Media, Inc.(NON)			32,433	625,308
Yahoo!, Inc.(NON)			60,267	2,775,295
Yandex NV Class A (Russia)(NON)			19,803	566,762
				43,316,023
Transportation (1.3%)
American Airlines Group, Inc.			39,861	1,648,252
Canadian Pacific Railway, Ltd. (Canada)			5,025	1,045,216
Genesee & Wyoming, Inc. Class A(NON)			16,340	1,571,908
Spirit Airlines, Inc.(NON)			46,672	3,412,190
Union Pacific Corp.			76,519	8,910,638
				16,588,204
Utilities and power (2.0%)
Ameren Corp.			18,300	774,822
American Electric Power Co., Inc.			42,303	2,467,957
American Water Works Co., Inc.			24,896	1,328,700
Calpine Corp.(NON)			125,593	2,866,032
Dominion Resources, Inc.			146	10,410
Edison International			50,403	3,154,220
Exelon Corp.			113,263	4,144,293
NextEra Energy Partners LP(NON)			28,036	1,024,996
NextEra Energy, Inc.			21,112	2,115,845
NRG Energy, Inc.			113,984	3,417,240
PG&E Corp.			64,349	3,238,042
Sempra Energy			20,427	2,246,970
				26,789,527
Total common stocks (cost $763,005,794)				$847,889,987
U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (5.7%)(a)
			Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (0.1%)
Government National Mortgage Association Pass-Through Certificates 3s, TBA, November 1, 2044(FWC)			$1,000,000	$1,019,063
				1,019,063
U.S. Government Agency Mortgage Obligations (5.6%)
Federal Home Loan Mortgage Corporation Pass-Through Certificates
6s, March 1, 2035			3,527	3,996
4 1/2s, with due dates from September 1, 2043 to May 1, 2044			2,404,830	2,651,069
4s, with due dates from July 1, 2042 to June 1, 2043			10,805,108	11,502,911
3 1/2s, with due dates from December 1, 2042 to April 1, 2043			910,903	946,663
3 1/2s, October 1, 2042(FWC)			900,000	929,250
Federal National Mortgage Association Pass-Through Certificates
5 1/2s, with due dates from July 1, 2033 to November 1, 2038			2,336,426	2,609,195
5 1/2s, TBA, November 1, 2044			2,000,000	2,232,812
5s, with due dates from August 1, 2033 to January 1, 2039			1,214,463	1,349,123
4 1/2s, with due dates from August 1, 2041 to October 1, 2043			19,227,570	20,959,542
4 1/2s, TBA, December 1, 2044			5,000,000	5,409,375
4 1/2s, TBA, November 1, 2044			5,000,000	5,420,703
4s, June 1, 2044			590,057	629,526
4s, May 1, 2044			393,946	420,297
4s, July 1, 2043(FWC)			942,562	1,007,105
4s, TBA, January 1, 2045			1,000,000	1,055,977
4s, TBA, November 1, 2044			2,000,000	2,123,594
3 1/2s, with due dates from May 1, 2043 to May 1, 2043			1,827,465	1,893,140
3 1/2s, TBA, November 1, 2044			3,000,000	3,101,719
3s, February 1, 2043			911,246	913,631
3s, TBA, November 1, 2044			10,000,000	10,003,125
				75,162,753
Total U.S. government and agency mortgage obligations (cost $75,551,152)				$76,181,816
U.S. TREASURY OBLIGATIONS (12.8%)(a)
			Principal amount	Value
U.S. Treasury Bonds 3 3/4s, November 15, 2043			$5,580,000	$6,331,818
U.S. Treasury Notes
3 1/2s, February 15, 2018			29,440,000	31,709,179
1 3/4s, May 31, 2016			24,930,000	25,470,572
1 1/8s, December 31, 2019			11,290,000	10,974,056
1s, August 31, 2016			41,640,000	42,051,033
3/4s, March 31, 2018			44,370,000	43,755,751
1/4s, November 30, 2014			9,662,000	9,663,283
2.500%, May 15, 2024(i)			111,000	114,026
Total U.S. treasury Obligations (cost $169,428,131)				$170,069,718
CORPORATE BONDS AND NOTES (14.0%)(a)
			Principal amount	Value
Basic materials (0.6%)
Agrium, Inc. sr. unsec. unsub. notes 7 1/8s, 2036 (Canada)			$365,000	$474,630
ArcelorMittal SA sr. unsec. bonds 10.35s, 2019 (France)			400,000	494,000
CF Industries, Inc. company guaranty sr. unsec. notes 5 3/8s, 2044			600,000	638,245
CF Industries, Inc. company guaranty sr. unsec. notes 5.15s, 2034			408,000	435,448
CF Industries, Inc. company guaranty sr. unsec. unsub. notes 7 1/8s, 2020			78,000	93,784
Cytec Industries, Inc. sr. unsec. unsub. notes 3 1/2s, 2023			215,000	212,751
Eastman Chemical Co. sr. unsec. unsub. notes 6.3s, 2018			200,000	228,195
Georgia-Pacific, LLC sr. unsec. unsub. notes 7 3/4s, 2029			850,000	1,190,781
Glencore Finance Canada, Ltd. 144A company guaranty sr. unsec. unsub. bonds 5.8s, 2016 (Canada)			500,000	540,842
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4 5/8s, 2024			335,000	344,316
International Paper Co. sr. unsec. notes 8.7s, 2038			10,000	14,744
Methanex Corp. sr. unsec. unsub. notes 3 1/4s, 2019 (Canada)			412,000	417,811
Mosaic Co. (The) sr. unsec. notes 3 3/4s, 2021			200,000	207,060
Mosaic Co. (The) sr. unsec. unsub. notes 5 5/8s, 2043			188,000	212,153
Mosaic Co. (The) sr. unsec. unsub. notes 5.45s, 2033			77,000	86,494
PPG Industries, Inc. sr. unsec. unsub. debs. 7.4s, 2019			350,000	422,413
Rock-Tenn Co. company guaranty sr. unsec. unsub. notes 4.45s, 2019			168,000	180,393
Temple-Inland, Inc. sr. unsec. unsub. notes 6 5/8s, 2018			195,000	219,869
Union Carbide Corp. sr. unsec. unsub. bonds 7 3/4s, 2096			180,000	226,469
Weyerhaeuser Co. sr. unsec. unsub. notes 7 3/8s, 2032(R)			553,000	721,698
				7,362,096
Capital goods (0.3%)
Delphi Corp. company guaranty sr. unsec. unsub. notes 4.15s, 2024			405,000	415,571
Legrand France SA sr. unsec. unsub. debs 8 1/2s, 2025 (France)			767,000	1,072,463
Parker Hannifin Corp. sr. unsec. unsub. notes Ser. MTN, 6 1/4s, 2038			975,000	1,284,102
Republic Services, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2019			240,000	273,245
United Technologies Corp. sr. unsec. notes 5.7s, 2040			100,000	123,668
United Technologies Corp. sr. unsec. unsub. notes 4 1/2s, 2042			225,000	240,145
Waste Management, Inc. company guaranty sr. unsec. notes 7 3/4s, 2032			745,000	1,078,978
				4,488,172
Communication services (1.2%)
America Movil SAB de CV company guaranty sr. unsec. unsub. notes 6 1/8s, 2040 (Mexico)			200,000	239,140
America Movil SAB de CV company guaranty sr. unsec. unsub. notes 2 3/8s, 2016 (Mexico)			280,000	285,988
American Tower Corp. sr. unsec. unsub. notes 3.4s, 2019(R)			735,000	751,788
CC Holdings GS V, LLC/Crown Castle GS III Corp. company guaranty sr. notes 3.849s, 2023			240,000	238,782
CenturyLink, Inc. sr. unsec. unsub. notes Ser. G, 6 7/8s, 2028			715,000	718,575
Comcast Cable Communications Holdings, Inc. company guaranty sr. unsec. notes 9.455s, 2022			645,000	927,033
Comcast Corp. company guaranty sr. unsec. unsub. notes 6 1/2s, 2035			268,000	351,707
Crown Castle Towers, LLC 144A company guaranty sr. notes 4.883s, 2020			710,000	783,551
Koninklijke (Royal) KPN NV sr. unsec. unsub. bonds 8 3/8s, 2030 (Netherlands)			70,000	97,657
NBCUniversal Media, LLC sr. unsec. unsub. notes 6.4s, 2040			380,000	489,140
Orange SA sr. unsec. unsub. notes 5 3/8s, 2019 (France)			255,000	288,006
Qwest Corp. sr. unsec. notes 6 3/4s, 2021			331,000	380,752
Rogers Communications, Inc. company guaranty sr. unsec. bonds 8 3/4s, 2032 (Canada)			95,000	135,366
Rogers Communications, Inc. company guaranty sr. unsec. unsub. notes 4 1/2s, 2043 (Canada)			215,000	206,984
SBA Tower Trust 144A company guaranty sr. notes 5.101s, 2017			1,125,000	1,196,770
SES SA 144A company guaranty sr. unsec. notes 5.3s, 2043 (France)			275,000	298,451
TCI Communications, Inc. sr. unsec. unsub. notes 7 7/8s, 2026			610,000	843,729
Telecom Italia SpA 144A sr. unsec. notes 5.303s, 2024 (Italy)			1,000,000	1,012,500
Telefonica Emisiones SAU company guaranty sr. unsec. notes 5.462s, 2021 (Spain)			845,000	948,334
Telefonica Emisiones SAU company guaranty sr. unsec. notes 4.57s, 2023 (Spain)			1,000,000	1,057,217
Telefonica Emisiones SAU company guaranty sr. unsec. unsub. notes 7.045s, 2036 (Spain)			355,000	455,273
Time Warner Cable, Inc. company guaranty sr. notes 7.3s, 2038			165,000	227,011
Verizon Communications, Inc. sr. unsec. notes 6.4s, 2038			1,011,000	1,236,118
Verizon Communications, Inc. sr. unsec. unsub. notes 5.9s, 2054			5,200	134,680
Verizon Communications, Inc. sr. unsec. unsub. notes 5.05s, 2034			270,000	285,802
Verizon Communications, Inc. sr. unsec. unsub. notes 4.4s, 2034			595,000	581,034
Verizon New Jersey, Inc. company guaranty sr. unsec. unsub. bonds 8s, 2022			770,000	969,479
Verizon Pennsylvania, Inc. company guaranty sr. unsec. bonds 8.35s, 2030			980,000	1,301,880
				16,442,747
Consumer cyclicals (1.4%)
21st Century Fox America, Inc. company guaranty sr. unsec. debs. 7 3/4s, 2024			1,045,000	1,331,331
21st Century Fox America, Inc. company guaranty sr. unsec. notes 7.85s, 2039			190,000	271,551
Autonation, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2020			350,000	382,375
Bed Bath & Beyond, Inc. sr. unsec. notes 5.165s, 2044			705,000	704,345
CBS Corp. company guaranty sr. unsec. debs. 7 7/8s, 2030			1,245,000	1,694,446
Dollar General Corp. sr. unsec. notes 3 1/4s, 2023			625,000	561,206
Expedia, Inc. company guaranty sr. unsec. unsub. notes 5.95s, 2020			579,000	645,581
Ford Motor Co. sr. unsec. unsub. notes 9.98s, 2047			135,000	214,312
Ford Motor Co. sr. unsec. unsub. notes 7 3/4s, 2043			1,290,000	1,701,185
Ford Motor Co. sr. unsec. unsub. notes 7.45s, 2031			49,000	65,627
Ford Motor Co. sr. unsec. unsub. notes 7.4s, 2046			200,000	276,611
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. notes 4 3/8s, 2018			185,000	190,088
Grupo Televisa SAB sr. unsec. bonds 6 5/8s, 2040 (Mexico)			300,000	359,964
Grupo Televisa SAB sr. unsec. notes 6s, 2018 (Mexico)			157,000	177,592
Grupo Televisa SAB sr. unsec. unsub. notes 5s, 2045 (Mexico)			355,000	353,296
Historic TW, Inc. company guaranty sr. unsec. unsub. bonds 9.15s, 2023			460,000	625,617
Host Hotels & Resorts LP sr. unsec. unsub. notes 6s, 2021(R)			320,000	366,423
Host Hotels & Resorts LP sr. unsec. unsub. notes 5 1/4s, 2022(R)			150,000	163,833
Hyatt Hotels Corp. sr. unsec. unsub. notes 3 3/8s, 2023			200,000	194,106
INVISTA Finance, LLC 144A company guaranty sr. notes 4 1/4s, 2019			600,000	604,500
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 6.9s, 2029			1,034,000	1,311,435
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 6.7s, 2034			310,000	391,813
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 6.65s, 2024			123,000	150,640
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 5 1/8s, 2042			70,000	74,312
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 3 5/8s, 2024			1,036,000	1,033,461
Marriott International, Inc. sr. unsec. unsub. notes 3s, 2019			310,000	318,226
Nordstrom, Inc. sr. unsec. notes 5s, 2044			310,000	341,180
NVR, Inc. sr. unsec. unsub. notes 3.95s, 2022			435,000	442,484
O'Reilly Automotive, Inc. company guaranty sr. unsec. unsub. notes 3.85s, 2023			195,000	200,246
Owens Corning company guaranty sr. unsec. notes 9s, 2019			55,000	66,993
QVC, Inc. company guaranty sr. notes 4.85s, 2024			390,000	394,984
Tiffany & Co. 144A sr. unsec. notes 4.9s, 2044			460,000	470,077
Time Warner, Inc. company guaranty sr. unsec. bonds 7.7s, 2032			520,000	724,631
TRW Automotive, Inc. 144A company guaranty sr. unsec. notes 4.45s, 2023			550,000	552,750
Viacom, Inc. sr. unsec. unsub. notes 5.85s, 2043			450,000	507,283
				17,864,504
Consumer staples (1.2%)
Altria Group, Inc. company guaranty sr. unsec. bonds 4s, 2024			773,000	797,902
Altria Group, Inc. company guaranty sr. unsec. notes 9.7s, 2018			84,000	108,269
Altria Group, Inc. company guaranty sr. unsec. notes 9 1/4s, 2019			132,000	171,833
Altria Group, Inc. company guaranty sr. unsec. unsub. notes 2.85s, 2022			1,209,000	1,169,135
Anheuser-Busch Cos., LLC company guaranty sr. unsec. unsub. notes 5 1/2s, 2018			885,000	987,102
Anheuser-Busch InBev Worldwide, Inc. company guaranty sr. unsec. unsub. notes 8.2s, 2039			165,000	251,129
Bacardi, Ltd. 144A unsec. notes 4 1/2s, 2021 (Bermuda)			495,000	537,255
Campbell Soup Co. sr. unsec. unsub. notes 8 7/8s, 2021			855,000	1,116,232
CVS Pass-Through Trust 144A sr. mtge. notes 7.507s, 2032			686,530	874,413
CVS Pass-Through Trust 144A sr. mtge. notes 4.704s, 2036			686,133	725,465
Delhaize Group SA company guaranty sr. unsec. notes 4 1/8s, 2019 (Belgium)			108,000	114,021
Delhaize Group SA company guaranty sr. unsec. unsub. notes 6 1/2s, 2017 (Belgium)			620,000	693,760
Diageo Investment Corp. company guaranty sr. unsec. debs. 8s, 2022			820,000	1,082,898
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 7s, 2037			1,434,000	1,886,598
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 3.85s, 2024			785,000	793,966
Grupo Bimbo SAB de CV 144A sr. unsec. notes 4 7/8s, 2044 (Mexico)			350,000	343,264
Kerry Group Financial Services 144A company guaranty sr. unsec. notes 3.2s, 2023 (Ireland)			437,000	423,456
Kraft Foods Group, Inc. sr. unsec. unsub. notes 6 1/2s, 2040			309,000	385,384
McDonald's Corp. sr. unsec. Ser. MTN, 6.3s, 2038			535,000	692,472
McDonald's Corp. sr. unsec. notes 5.7s, 2039			600,000	722,537
Molson Coors Brewing Co. company guaranty sr. unsec. unsub. notes 5s, 2042			180,000	186,853
Mondelez International, Inc. sr. unsec. unsub. notes 6 1/2s, 2040			676,000	855,933
SABMiller Holdings, Inc. 144A company guaranty sr. unsec. notes 4.95s, 2042			200,000	215,324
Tyson Foods, Inc. company guaranty sr. unsec. bonds 4 7/8s, 2034			134,000	140,413
Tyson Foods, Inc. company guaranty sr. unsec. unsub. bonds 5.15s, 2044			191,000	203,930
				15,479,544
Energy (1.0%)
BG Energy Capital PLC 144A company guaranty sr. unsec. notes 4s, 2021 (United Kingdom)			250,000	263,474
BP Capital Markets PLC company guaranty sr. unsec. unsub. notes 4 1/2s, 2020 (United Kingdom)			175,000	191,199
DCP Midstream, LLC 144A sr. unsec. notes 5.35s, 2020			375,000	412,664
EOG Resources, Inc. sr. unsec. notes 5 5/8s, 2019			205,000	236,288
EQT Midstream Partners LP company guaranty sr. unsec. notes 4s, 2024			575,000	572,222
Hess Corp. sr. unsec. unsub. notes 7.3s, 2031			388,000	509,763
Kerr-McGee Corp. company guaranty sr. unsec. unsub. notes 7 7/8s, 2031			1,070,000	1,470,837
Lukoil International Finance BV 144A company guaranty sr. unsec. notes 4.563s, 2023 (Russia)			315,000	284,540
Marathon Petroleum Corp. sr. unsec. unsub. notes 6 1/2s, 2041			175,000	211,698
Motiva Enterprises, LLC 144A sr. unsec. notes 6.85s, 2040			220,000	281,277
Noble Holding International, Ltd. company guaranty sr. unsec. notes 6.05s, 2041			390,000	385,417
Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 4 3/8s, 2023 (Brazil)			250,000	238,324
Petrobras International Finance Co. SA (PIFCO) company guaranty sr. unsec. notes 6 3/4s, 2041 (Brazil)			300,000	308,922
Petrobras International Finance Co. SA (PIFCO) company guaranty sr. unsec. notes 5 3/8s, 2021 (Brazil)			825,000	844,685
Petrobras International Finance Co. SA (PIFCO) company guaranty sr. unsec. notes 3 7/8s, 2016 (Brazil)			355,000	361,869
Plains Exploration & Production Co. company guaranty sr. unsec. notes 6 3/4s, 2022			743,000	822,873
Pride International, Inc. sr. unsec. notes 7 7/8s, 2040			760,000	996,770
Spectra Energy Capital, LLC company guaranty sr. unsec. unsub. notes 6.2s, 2018			580,000	655,337
Spectra Energy Capital, LLC sr. notes 8s, 2019			820,000	1,016,682
Statoil ASA company guaranty sr. unsec. notes 5.1s, 2040 (Norway)			480,000	546,745
Tosco Corp. sr. unsec. notes 8 1/8s, 2030			600,000	883,432
Weatherford International, LLC company guaranty sr. unsec. unsub. notes 6.8s, 2037			245,000	281,027
Weatherford International, Ltd. of Bermuda company guaranty sr. unsec. notes 9 7/8s, 2039 (Bermuda)			405,000	598,795
Williams Partners LP sr. unsec. notes 5.4s, 2044			323,000	338,647
Williams Partners LP sr. unsec. notes 4.3s, 2024			322,000	331,590
				13,045,077
Financials (5.7%)
Aflac, Inc. sr. unsec. notes 6.9s, 2039			747,000	991,710
Aflac, Inc. sr. unsec. notes 6.45s, 2040			314,000	397,774
American Express Co. sr. unsec. notes 7s, 2018			650,000	757,569
American International Group, Inc. jr. sub. FRB bonds 8.175s, 2058			856,000	1,162,020
Aon PLC company guaranty sr. unsec. unsub. notes 4 1/4s, 2042			1,150,000	1,067,920
ARC Properties Operating Partnership LP/Clark Acquisition, LLC company guaranty sr. unsec. unsub. notes 4.6s, 2024(R)			715,000	695,521
Assurant, Inc. sr. unsec. notes 6 3/4s, 2034			525,000	631,186
AXA SA 144A jr. unsec. sub. FRN notes 6.463s, perpetual maturity (France)			550,000	574,409
AXA SA 144A jr. unsec. sub. FRN notes 6.379s, perpetual maturity (France)			135,000	145,548
Banco del Estado de Chile 144A sr. unsec. notes 2s, 2017 (Chile)			400,000	401,108
Bank of America, NA sub. notes Ser. BKNT, 5.3s, 2017			315,000	341,561
Barclays Bank PLC 144A sub. notes 10.179s, 2021 (United Kingdom)			1,724,000	2,314,767
Bear Stearns Cos., Inc. (The) sr. unsec. notes 6.4s, 2017			500,000	565,128
Bear Stearns Cos., LLC (The) sr. unsec. unsub. notes 7 1/4s, 2018			331,000	384,786
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. unsub. notes 4.3s, 2043			703,000	708,764
BNP Paribas SA 144A jr. unsec. sub. FRN notes 7.195s, perpetual maturity (France)			100,000	115,313
BPCE SA 144A unsec. sub. notes 5.7s, 2023 (France)			370,000	397,328
BPCE SA 144A unsec. sub. notes 5.15s, 2024 (France)			810,000	833,941
Camden Property Trust sr. unsec. notes 4 7/8s, 2023(R)			1,213,000	1,333,934
Capital One Bank USA NA unsec. sub. notes 3 3/8s, 2023			462,000	457,539
CBL & Associates LP company guaranty sr. unsec. unsub. notes 5 1/4s, 2023(R)			805,000	856,416
Citigroup, Inc. sr. unsec. notes 8 1/2s, 2019			50,000	62,736
Citigroup, Inc. sr. unsec. sub. FRN notes 0.502s, 2016			123,000	121,957
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 144A jr. unsec. sub. FRN notes 11s, perpetual maturity (Netherlands)			718,000	936,990
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA of Netherlands bank guaranty unsec. sub. notes 4 5/8s, 2023 (Netherlands)			250,000	263,042
Credit Suisse AG 144A unsec. sub. notes 6 1/2s, 2023 (Switzerland)			1,079,000	1,189,715
Credit Suisse/New York sr. unsec. notes 5.3s, 2019			475,000	536,548
DDR Corp. sr. unsec. unsub. notes 7 7/8s, 2020(R)			605,000	751,106
Duke Realty LP company guaranty sr. unsec. notes 6 3/4s, 2020(R)			375,000	442,951
Duke Realty LP company guaranty sr. unsec. unsub. notes 4 3/8s, 2022(R)			1,117,000	1,176,247
EPR Properties unsec. notes 5 1/4s, 2023(R)			345,000	365,583
Fairfax US, Inc. 144A company guaranty sr. unsec. notes 4 7/8s, 2024			300,000	299,250
Fifth Third Bancorp jr. unsec. sub. FRB bonds 5.1s, perpetual maturity			217,000	205,065
Five Corners Funding Trust 144A unsec. bonds 4.419s, 2023			425,000	448,758
GE Capital Trust I unsec. sub. FRB bonds 6 3/8s, 2067			355,000	379,739
General Electric Capital Corp. sr. unsec. notes 6 3/4s, 2032			1,540,000	2,047,733
Genworth Holdings, Inc. sr. unsec. unsub. notes 7 5/8s, 2021			860,000	1,048,264
Goldman Sachs Group, Inc. (The) sr. notes 7 1/2s, 2019			805,000	961,139
Goldman Sachs Group, Inc. (The) sub. notes 6 3/4s, 2037			282,000	346,181
Hartford Financial Services Group, Inc. (The) sr. unsec. unsub. notes 6 5/8s, 2040			1,495,000	1,970,072
HBOS PLC 144A unsec. sub. bonds 6s, 2033 (United Kingdom)			1,230,000	1,384,746
Highwood Realty LP sr. unsec. bonds 5.85s, 2017(R)			1,005,000	1,101,539
Hospitality Properties Trust sr. unsec. unsub. notes 4 1/2s, 2025(R)			250,000	248,352
HSBC Bank USA, NA unsec. sub. notes 7s, 2039			342,000	471,616
HSBC Finance Capital Trust IX FRN notes 5.911s, 2035			2,300,000	2,351,750
HSBC Holdings PLC unsec. sub. notes 5 1/4s, 2044 (United Kingdom)			800,000	869,661
HSBC USA Capital Trust I 144A jr. bank guaranty unsec. notes 7.808s, 2026			450,000	455,553
ING Bank NV 144A unsec. sub. notes 5.8s, 2023 (Netherlands)			2,225,000	2,478,800
International Lease Finance Corp. sr. unsec. notes 6 1/4s, 2019			275,000	301,813
JPMorgan Chase & Co. jr. unsec. sub. FRN notes 7.9s, perpetual maturity			780,000	845,325
JPMorgan Chase Bank, NA sub. notes Ser. BKNT, 6s, 2017			1,250,000	1,399,895
JPMorgan Chase Capital XXIII company guaranty jr. unsec. sub. FRN notes 1.234s, 2047			2,443,000	1,978,830
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.8s, 2037			785,000	918,450
Liberty Mutual Insurance Co. 144A notes 7.697s, 2097			340,000	408,484
Liberty Property LP sr. unsec. unsub. notes 3 3/8s, 2023(R)			100,000	97,476
Lloyds Banking Group PLC sr. unsec. sub. notes 4 1/2s, 2024 (United Kingdom)			530,000	530,426
Massachusetts Mutual Life Insurance Co. 144A notes 8 7/8s, 2039			1,290,000	2,022,884
Merrill Lynch & Co., Inc. unsec. sub. FRN notes 0.994s, 2026			275,000	248,496
Merrill Lynch & Co., Inc. unsec. sub. notes 6.11s, 2037			600,000	702,071
MetLife Capital Trust IV 144A jr. unsec. sub. notes 7 7/8s, 2037			2,044,000	2,611,210
MetLife, Inc. jr. unsec. sub. notes 6.4s, 2036			590,000	663,013
Mid-America Apartments LP sr. unsec. notes 4.3s, 2023(R)			285,000	297,357
Nationwide Financial Services, Inc. notes 5 5/8s, 2015			465,000	470,347
Nationwide Mutual Insurance Co. 144A notes 8 1/4s, 2031			415,000	571,550
Nordea Bank AB 144A sub. notes 4 7/8s, 2021 (Sweden)			1,300,000	1,407,367
OneAmerica Financial Partners, Inc. 144A bonds 7s, 2033			370,000	397,524
Pacific LifeCorp 144A sr. notes 6s, 2020			365,000	417,928
Primerica, Inc. sr. unsec. unsub. notes 4 3/4s, 2022			213,000	232,235
Progressive Corp. (The) jr. unsec. sub. FRN notes 6.7s, 2037			1,939,000	2,128,053
Prudential Financial, Inc. jr. unsec. sub. FRN notes 5 5/8s, 2043			359,000	373,360
Prudential Financial, Inc. jr. unsec. sub. FRN notes 5.2s, 2044			1,153,000	1,153,000
Prudential Holdings, LLC sr. FRN notes Ser. AGM, 1.109s, 2017			180,000	180,213
Realty Income Corp. sr. unsec. notes 4.65s, 2023(R)			1,045,000	1,120,490
Royal Bank of Scotland Group PLC unsec. sub. notes 5 1/8s, 2024 (United Kingdom)			425,000	430,600
Royal Bank of Scotland PLC (The) unsec. sub. FRN notes Ser. REGS, 9 1/2s, 2022 (United Kingdom)			1,510,000	1,728,950
Santander Holdings USA, Inc. sr. unsec. unsub. notes 4 5/8s, 2016			940,000	987,333
Santander Issuances SAU 144A bank guaranty unsec. sub. notes 5.911s, 2016 (Spain)			1,100,000	1,155,866
Santander UK PLC 144A unsec. sub. notes 5s, 2023 (United Kingdom)			630,000	664,793
Standard Chartered PLC unsec. sub. notes 5.7s, 2022 (United Kingdom)			725,000	792,911
Standard Chartered PLC 144A jr. sub. FRB bonds 7.014s, perpetual maturity (United Kingdom)			600,000	670,500
State Street Capital Trust IV company guaranty jr. unsec. sub. FRB bonds 1.234s, 2037			2,021,000	1,745,639
Sumitomo Mitsui Financial Group, Inc. 144A unsec. sub. bonds 4.436s, 2024 (Japan)			825,000	853,909
Tanger Properties, LP sr. unsec. notes 6 1/8s, 2020(R)			265,000	308,375
Teachers Insurance & Annuity Association of America (The) 144A unsec. sub. notes, 6.85s, 2039			263,000	347,692
Travelers Property Casualty Corp. sr. unsec. unsub. bonds 7 3/4s, 2026			295,000	397,406
UBS AG/Stamford, CT jr. unsec. sub. notes 7 5/8s, 2022			2,640,000	3,115,612
Wachovia Bank NA sub. notes Ser. BKNT, 6s, 2017			1,060,000	1,198,874
Willis Group Holdings PLC company guaranty sr. unsec. unsub. notes 5 3/4s, 2021			710,000	795,637
WP Carey, Inc. sr. unsec. unsub. notes 4.6s, 2024(R)			1,050,000	1,090,155
ZFS Finance USA Trust V 144A FRB bonds 6 1/2s, 2037			214,000	230,585
				76,041,969
Government (0.4%)
International Bank for Reconstruction & Development sr. unsec. unsub. bonds 7 5/8s, 2023 (Supra-Nation)			4,000,000	5,564,416
				5,564,416
Health care (0.1%)
Aetna, Inc. sr. unsec. unsub. notes 6 3/4s, 2037			95,000	125,668
Anthem, Inc. sr. unsec. unsub. notes 4 5/8s, 2042			205,000	206,418
Omega Healthcare Investors, Inc. company guaranty sr. unsec. notes 4.95s, 2024(R)			659,000	678,467
Quest Diagnostics, Inc. company guaranty sr. unsec. notes 6.95s, 2037			335,000	416,593
Quest Diagnostics, Inc. company guaranty sr. unsec. notes 4 3/4s, 2020			121,000	132,658
UnitedHealth Group, Inc. sr. unsec. unsub. notes 4 5/8s, 2041			300,000	314,994
				1,874,798
Technology (0.2%)
Apple, Inc. sr. unsec. unsub. notes 3.85s, 2043			421,000	402,036
Apple, Inc. sr. unsec. unsub. notes 3.45s, 2024			215,000	220,701
Fidelity National Information Services, Inc. company guaranty sr. unsec. unsub. notes 5s, 2022			948,000	995,322
Jabil Circuit, Inc. sr. unsec. notes 8 1/4s, 2018			162,000	187,515
SoftBank Corp. 144A sr. unsec. notes 4 1/2s, 2020 (Japan)			245,000	248,063
				2,053,637
Transportation (0.2%)
Burlington Northern Santa Fe, LLC sr. unsec. notes 5.4s, 2041			605,000	694,023
Burlington Northern Santa Fe, LLC sr. unsec. unsub. notes 5 3/4s, 2040			145,000	172,567
Continental Airlines, Inc. pass-through certificates Ser. 97-4A, 6.9s, 2018			107,374	113,677
Continental Airlines, Inc. pass-through certificates Ser. 98-1A, 6.648s, 2017			185,442	195,177
Kansas City Southern de Mexico SA de CV sr. unsec. unsub. notes 2.35s, 2020			45,000	43,465
Kansas City Southern Railway Co. (The) company guaranty sr. unsec. notes 4.3s, 2043			85,000	83,380
Norfolk Southern Corp. sr. unsec. notes 6s, 2111			390,000	480,053
Southwest Airlines Co. pass-through certificates Ser. 07-1, 6.15s, 2022			631,271	724,383
United Airlines 2014-2 Class A Pass Through Trust sr. notes Ser. A, 3 3/4s, 2026			225,000	225,563
				2,732,288
Utilities and power (1.7%)
Appalachian Power Co. sr. notes Ser. L, 5.8s, 2035			510,000	606,108
Arizona Public Services Co. sr. unsec. notes 4 1/2s, 2042			138,000	146,324
Beaver Valley Funding Corp. sr. bonds 9s, 2017			63,000	66,782
Commonwealth Edison Co. sr. mtge. bonds 5 7/8s, 2033			595,000	741,923
Consolidated Edison Co. of New York sr. unsec. unsub. notes 4.2s, 2042			220,000	220,688
Dominion Resources, Inc./VA sr. unsec. unsub. notes Ser. 07-A, 6s, 2017			10,000	11,273
Duke Energy Carolinas, LLC sr. mtge. notes 4 1/4s, 2041			450,000	467,733
EDP Finance BV 144A sr. unsec. notes 5 1/4s, 2021 (Netherlands)			365,000	381,765
EDP Finance BV 144A sr. unsec. unsub. notes 6s, 2018 (Netherlands)			685,000	736,711
El Paso Natural Gas Co., LLC sr. unsec. unsub. bonds 8 3/8s, 2032			490,000	649,575
El Paso Pipeline Partners Operating Co., LP company guaranty sr. unsec. notes 6 1/2s, 2020			235,000	268,388
Electricite de France (EDF) 144A jr. unsec. sub. FRN notes 5 5/8s, perpetual maturity (France)			360,000	379,800
Electricite de France (EDF) 144A sr. unsec. notes 6.95s, 2039 (France)			784,000	1,049,888
Electricite de France (EDF) 144A sr. unsec. notes 6s, 2114 (France)			200,000	232,341
Electricite de France (EDF) 144A sr. unsec. unsub. notes 5.6s, 2040 (France)			640,000	739,068
Electricite de France (EDF) 144A unsec. sub. FRN notes 5 1/4s, perpetual maturity (France)			252,000	261,450
Enel Finance International SA 144A company guaranty sr. unsec. notes 5 1/8s, 2019 (Netherlands)			360,000	399,745
Energy Transfer Partners LP sr. unsec. unsub. notes 7.6s, 2024			470,000	585,611
Energy Transfer Partners LP sr. unsec. unsub. notes 6 1/2s, 2042			766,000	885,396
Energy Transfer Partners LP sr. unsec. unsub. notes 5.2s, 2022			240,000	262,421
Ente Nazionale Idrocarburi (ENI) SpA 144A sr. unsec. notes 4.15s, 2020 (Italy)			825,000	889,827
Enterprise Products Operating, LLC company guaranty sr. unsec. unsub. notes 4.85s, 2042			370,000	377,858
FirstEnergy Transmission, LLC 144A sr. unsec. unsub. notes 5.45s, 2044			1,120,000	1,153,244
Iberdrola International BV company guaranty sr. unsec. unsub. notes 6 3/4s, 2036 (Spain)			185,000	230,666
ITC Holdings Corp. 144A sr. unsec. notes 6.05s, 2018			365,000	410,859
Kansas Gas and Electric Co. bonds 5.647s, 2021			229,336	243,942
Kinder Morgan Energy Partners LP sr. unsec. unsub. notes 5.4s, 2044			179,000	175,341
Kinder Morgan Energy Partners LP sr. unsec. unsub. notes 4 1/4s, 2024			266,000	264,830
Kinder Morgan Energy Partners LP sr. unsec. unsub. notes 3 1/2s, 2021			420,000	418,210
Korea Gas Corp. 144A sr. unsec. unsub. notes 6 1/4s, 2042 (South Korea)			385,000	519,907
Nevada Power Co. mtge. notes 7 1/8s, 2019			295,000	354,270
Oncor Electric Delivery Co., LLC sr. notes 7s, 2022			445,000	564,352
Oncor Electric Delivery Co., LLC sr. notes 4.1s, 2022			441,000	474,255
Pacific Gas & Electric Co. sr. unsec. notes 6.35s, 2038			418,000	539,566
Pacific Gas & Electric Co. sr. unsub. notes 5.8s, 2037			140,000	170,390
Potomac Edison Co. 144A sr. bonds 5.8s, 2016			331,000	353,147
PPL Capital Funding, Inc. company guaranty sr. unsec. unsub. notes 4.2s, 2022			145,000	152,963
PPL WEM Holdings, Ltd. 144A sr. unsec. notes 5 3/8s, 2021 (United Kingdom)			1,285,000	1,450,007
Puget Sound Energy, Inc. jr. sub. FRN notes Ser. A, 6.974s, 2067			656,000	684,582
Teco Finance, Inc. company guaranty sr. unsec. unsub. notes 6.572s, 2017			110,000	125,544
Texas-New Mexico Power Co. 144A 1st mtge. bonds Ser. A, 9 1/2s, 2019			889,000	1,139,132
TransCanada PipeLines, Ltd. jr. unsec. sub. FRN notes 6.35s, 2067 (Canada)			1,145,000	1,156,450
Westar Energy, Inc. sr. mtge. notes 4 1/8s, 2042			210,000	214,313
Wisconsin Energy Corp. jr. unsec. sub. FRN notes 6 1/4s, 2067			1,945,000	1,979,038
				23,135,683
Total corporate bonds and notes (cost $169,945,193)				$186,084,931
MORTGAGE-BACKED SECURITIES (1.1%)(a)
			Principal amount	Value
Banc of America Commercial Mortgage Trust Ser. 06-5, Class A3, 5.39s, 2047			$1,628,000	$1,641,228
COMM Mortgage Trust
FRB Ser. 12-LC4, Class C, 5.647s, 2044			1,000,000	1,117,500
FRB Ser. 14-CR18, Class C, 4.74s, 2047			3,089,000	3,192,612
Ser. 12-CR1, Class AM, 3.912s, 2045			1,046,000	1,102,323
Federal Home Loan Mortgage Corporation
Ser. T-56, Class A, IO, 0.524s, 2043			4,212,975	71,423
Ser. T-56, Class 2, IO, zero %, 2043			6,167,030	241
Federal National Mortgage Association Ser. 01-79, Class BI, IO, 0.311s, 2045			1,287,041	12,770
First Plus Home Loan Trust Ser. 97-3, Class B1, 7.79s, 2023 (In default)(NON)			194,241	19
GE Business Loan Trust 144A Ser. 04-2, Class D, 2.903s, 2032			135,215	113,581
JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 FRB Ser. C6, Class D, 5.208s, 2045			772,000	837,275
JPMorgan Chase Commercial Mortgage Securities Trust
Ser. 04-LN2, Class A2, 5.115s, 2041			53,221	53,337
FRB Ser. 13-C13, Class C, 4.056s, 2046			450,000	449,442
LB Commercial Conduit Mortgage Trust 144A
Ser. 99-C1, Class G, 6.41s, 2031(F)			364,849	384,826
Ser. 98-C4, Class H, 5.6s, 2035			1,074,000	1,109,486
Morgan Stanley Capital I Trust
FRB Ser. 07-HQ12, Class A2, 5.592s, 2049			333,765	334,099
FRB Ser. 07-HQ12, Class A2FX, 5.592s, 2049			575,767	574,696
Morgan Stanley Capital I Trust 144A FRB Ser. 12-C4, Class D, 5.525s, 2045			1,794,000	1,901,102
Structured Asset Securities Corp. 144A Ser. 98-RF3, Class A, IO, 6.1s, 2028			291,294	37,868
TIAA Real Estate CDO, Ltd. Ser. 03-1A, Class E, 8s, 2038			2,026,439	506,610
UBS-Barclays Commercial Mortgage Trust 144A Ser. 12-C4, Class XA, IO, 1.857s, 2045			5,554,835	580,202
WF-RBS Commercial Mortgage Trust FRB Ser. 14-C19, Class C, 4.646s, 2047			1,218,000	1,255,149
Total mortgage-backed securities (cost $14,868,305)				$15,275,789
MUNICIPAL BONDS AND NOTES (0.1%)(a)
			Principal amount	Value
CA State G.O. Bonds (Build America Bonds), 7 1/2s, 4/1/34			$215,000	$310,256
IL State G.O. Bonds, 4.421s, 1/1/15			420,000	422,646
North TX, Tollway Auth. Rev. Bonds (Build America Bonds), 6.718s, 1/1/49			350,000	487,176
OH State U. Rev. Bonds (Build America Bonds), 4.91s, 6/1/40			275,000	318,984
Total municipal bonds and notes (cost $1,261,412)				$1,539,062
FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.1%)(a)
			Principal amount	Value
Croatia (Republic of) 144A sr. unsec. notes 6 1/4s, 2017 (Croatia)			$350,000	$374,500
Korea Development Bank sr. unsec. unsub. notes 4s, 2016 (South Korea)			450,000	472,927
Total foreign government and agency bonds and notes (cost $798,214)				$847,427
CONVERTIBLE PREFERRED STOCKS (0.1%)(a)
			Shares	Value
United Technologies Corp. $3.75 cv. pfd.			13,206	$772,815
Total convertible preferred stocks (cost $763,079)				$772,815
PURCHASED OPTIONS OUTSTANDING (0.0%)(a)
	Expiration		Contract
	date/strike price		amount	Value
Vodafone Group PLC (Call)	Jan-15/$40.00		$37,070	$3,587
Total purchased options outstanding (cost $10,380)				$3,587
SHORT-TERM INVESTMENTS (4.4%)(a)
			Principal amount/shares	Value
Putnam Short Term Investment Fund 0.09%(AFF)		Shares	57,427,055	$57,427,055
SSgA Prime Money Market Fund Class N 0.00%(P)		Shares	390,000	390,000
U.S. Treasury Bills with an effective yield of zero% July 23, 2015(i)			$192,000	191,885
U.S. Treasury Bills with an effective yield of 0.04%, December 11, 2014(SEG)(SEGSF)			705,000	704,972
U.S. Treasury Bills with an effective yield of 0.02%, January 15, 2015(SEG)			69,000	68,998
Total short-term investments (cost $58,782,910)				$58,782,910
TOTAL INVESTMENTS
Total investments (cost $1,254,414,570)(b)				$1,357,448,042

FORWARD CURRENCY CONTRACTS at 10/31/14 (aggregate face value $46,297,603) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Barclays Bank PLC
	British Pound	Sell	12/17/14	$9,629,774	$10,002,831	$373,057
	Canadian Dollar	Sell	1/21/15	2,011,283	2,029,178	17,895
	Euro	Sell	12/17/14	2,152,753	2,163,266	10,513
Citibank, N.A.
	Euro	Sell	12/17/14	4,561,847	4,779,602	217,755
Credit Suisse International
	British Pound	Sell	12/17/14	4,859,823	5,013,605	153,782
	Euro	Sell	12/17/14	3,315,872	3,474,260	158,388
	Norwegian Krone	Sell	12/17/14	2,163,126	2,348,419	185,293
Deutsche Bank AG
	British Pound	Sell	12/17/14	2,559	69,193	66,634
HSBC Bank USA, National Association
	Euro	Sell	12/17/14	2,199,634	2,272,466	72,832
JPMorgan Chase Bank N.A.
	Canadian Dollar	Sell	1/21/15	4,202,416	4,236,041	33,625
	Euro	Sell	12/17/14	2,062,126	2,162,196	100,070
State Street Bank and Trust Co.
	Canadian Dollar	Sell	1/21/15	2,011,195	2,027,712	16,517
	Euro	Buy	12/17/14	2,787,273	2,843,942	(56,669)
	Euro	Sell	12/17/14	2,787,273	2,874,892	87,619
Total						$1,437,311

FUTURES CONTRACTS OUTSTANDING at 10/31/14 (Unaudited)
				Unrealized
	Number of		Expiration	appreciation/
	contracts	Value	date	(depreciation)
S&P 500 Index E-Mini (Long)	136	$13,677,520	Dec-14	$468,464
Total				$468,464

WRITTEN OPTIONS OUTSTANDING at 10/31/14 (premiums $2,966) (Unaudited)
	Expiration	Contract
	date/strike price	amount	Value
Vodafone Group PLC (Call)	Jan-15/$45.00	$37,070	$1,458
Total			$1,458

TBA SALE COMMITMENTS OUTSTANDING at 10/31/14 (proceeds receivable $7,540,703) (Unaudited)
	Principal	Settlement
Agency	amount	date	Value
Federal National Mortgage Association, 4 1/2s, November 1, 2044	$5,000,000	11/13/14	$5,420,703
Federal National Mortgage Association, 4s, November 1, 2044	2,000,000	11/13/14	2,123,594
Total			$7,544,297

George Putnam Balanced Fund
OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/14 (Unaudited)
		Upfront		Payments	Total return	Unrealized
Swap counterparty/		premium	Termination	received (paid) by	received by	appreciation/
Notional amount		received (paid)	date	fund per annum	or paid by fund	(depreciation)
JPMorgan Chase Bank N.A.
baskets	24,187	$—	7/16/15	(3 month USD-LIBOR-BBA plus 30 bp)	A basket (JPCMPTMD) of common stocks	$163,200
Total		$—	$163,200

Key to holding's abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
BKNT	Bank Note
FRB	Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
FRN	Floating Rate Notes: the rate shown is the current interest rate at the close of the reporting period
G.O. Bonds	General Obligation Bonds
IO	Interest Only
MTN	Medium Term Notes
REGS	Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
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, 2014 through October 31, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $1,328,642,719.
(b)	The aggregate identified cost on a tax basis is $1,256,647,639, resulting in gross unrealized appreciation and depreciation of $121,164,433 and $20,364,030, respectively, or net unrealized appreciation of $100,800,403.
(NON)	Non-income-producing security.
(AFF)	Affiliated company. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
	Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
	Putnam Short Term Investment Fund *	$65,325,071	$39,382,228	$47,280,244	$9,898	$57,427,055
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(SEG)	This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period.
(SEGSF)	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.
(FWC)	Forward commitment, in part or in entirety.
(F)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(i)	Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(P)	Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R)	Real Estate Investment Trust.
	At the close of the reporting period, the fund maintained liquid assets totaling $22,753,516 to cover , delayed delivery securities.
	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.
	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 under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
	Investments in open-end investment companies (excluding exchange traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
	Market quotations are not considered to be readily available for certain debt obligations and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value and are classified as Level 2 securities.
	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 would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. 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 in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures 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.
	Stripped securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
	Options contracts: The fund used options contracts to enhance the return on a security owned.
	The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
	Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
	Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
	For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
	Futures contracts: The fund used futures contracts to equitize cash.
	The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
	Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
	For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
	Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
	The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
	For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
	Total return swap contracts: The fund entered into OTC total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount, to gain exposure to a basket of securities (equities in this case).
	To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty.
	For the fund's average notional amount on OTC total return swap contracts, see the appropriate table at the end of these footnotes.
	TBA commitments: The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
	The fund may also enter into TBA sale commitments to hedge its portfolio positions 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. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
	TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
	Unsettled TBA commitments are valued at their fair value according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage backed and other asset backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio. Collateral posted to the fund which cannot be sold or repledged totaled $339,215 at the close of the reporting period.
	Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
	With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
	At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.

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	$44,296,842	$—	$—
Capital goods	29,568,023	—	—
Communication services	36,667,611	—	—
Conglomerates	3,194,293	—	—
Consumer cyclicals	98,295,392	—	—
Consumer staples	73,253,541	—	—
Energy	72,034,770	—	—
Financials	135,216,256	—	—
Health care	124,531,374	—	—
Technology	187,454,154	—	—
Transportation	16,588,204	—	—
Utilities and power	26,789,527	—	—
Total common stocks	847,889,987	—	—
Convertible preferred stocks	$—	$772,815	$—
Corporate bonds and notes	—	186,084,931	—
Foreign government and agency bonds and notes		847,427
Mortgage-backed securities	—	15,275,789	—
Municipal bonds and notes	—	1,539,062	—
Purchased options outstanding	—	3,587	—
U.S. government and agency mortgage obligations	—	76,181,816	—
U.S. treasury obligations	—	170,069,718	—
Short-term investments	57,817,055	965,855	—
Totals by level	$905,707,042	$451,741,000	$—
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$1,437,311	$—
Futures contracts	468,464	—	—
Written options outstanding	—	(1,458)	—
TBA sale commitments	—	(7,544,297)	—
Total return swap contracts	—	163,200	—
Totals by level	$468,464	$(5,945,244)	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
Fair Value of Derivative Instruments as of the close of the reporting period
	Asset derivatives	Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
Foreign exchange contracts	$1,493,980	$56,669
Equity contracts	635,251	1,458
Total	$2,129,231	$58,127
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was as follows based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Purchased equity option contracts (contract amount)		$28,000
Written equity option contracts (contract amount)		$28,000
Futures contracts (number of contracts)		200
Forward currency contracts (contract amount)		$56,300,000
OTC total return swap contracts (notional)		$2,500,000

	The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
		Barclays Bank PLC	Citibank, N.A.	Credit Suisse International	Deutsche Bank AG	HSBC Bank USA, National Association	JPMorgan Chase Bank N.A.	Merrill Lynch, Pierce, Fenner & Smith, Inc.	State Street Bank and Trust Co.	UBS AG	Total
	Assets:
	OTC Total return swap contracts*#	–	–	–	–	–	163,200	–	–	–	163,200
	Futures contracts§	–	–	–	–	–	–	155,040	–	–	155,040
	Forward currency contracts#	401,465	217,755	497,463	66,634	72,832	133,695	–	104,136	–	1,493,980
	Total Assets	$401,465	$217,755	$497,463	$66,634	$72,832	$296,895	$155,040	$104,136	$3,587	$1,815,807
	Liabilities:
	Forward currency contracts#	–	–	–	–	–	–	–	56,669	–	56,669
	Written options#	–	–	–	–	–	–	–	–	1,458	1,458
	Total Liabilities	$–	$–	$–	$–	$–	$–	$–	$56,669	$1,458	$58,127
	Total Financial and Derivative Net Assets	$401,465	$217,755	$497,463	$66,634	$72,832	$296,895	$155,040	$47,467	$2,129	$1,757,680
	Total collateral received (pledged)##†	$305,911	$180,000	$339,215	$–	$–	$70,000	$–	$–	$–
	Net amount	$95,554	$37,755	$158,248	$66,634	$72,832	$226,895	$155,040	$47,467	$2,129
*	Excludes premiums, if any.
†	Additional collateral may be required from certain brokers based on individual agreements.
#	Covered by master netting agreement.
##	Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
§	Includes current day's variation margin only, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after 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 Fund of Boston

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: December 29, 2014

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: December 29, 2014

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: December 29, 2014

EX-99.CERT

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: December 29, 2014

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: December 29, 2014

Steven D. Krichmar

Principal Financial Officer

Attachment A

NQ

Period (s) ended October 31, 2014

Putnam Premier Income Trust

Putnam Research Fund

Putnam Investors Fund

Putnam Voyager Fund

Putnam Tax Free High Yield Fund

Putnam AMT-Free Insured Municipal Fund

Putnam Growth Opportunities Fund

The George Putnam Fund of Boston (d/b/a/ George Putnam Balanced Fund)

Putnam Short Duration Income Fund

Putnam Short Term Investment Fund

Putnam Strategic Volatility Equity Fund

Putnam Low Volatility Equity Fund

Putnam RetirementReady – Funds:

Putnam RetirementReady – 2055

Putnam RetirementReady – 2050

Putnam RetirementReady – 2045

Putnam RetirementReady – 2040

Putnam RetirementReady – 2035

Putnam RetirementReady – 2030

Putnam RetirementReady – 2025

Putnam RetirementReady – 2020

Putnam RetirementReady – 2015

Putnam Retirement Income Fund Lifestyle 1