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 Balanced Fund

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, 2017

Date of reporting period: October 31, 2016

Item 1. Schedule of Investments:

George Putnam Balanced Fund
The fund's portfolio
10/31/16 (Unaudited)
COMMON STOCKS (60.3%)(a)
	Shares	Value
Basic materials (2.1%)
Air Products & Chemicals, Inc.	9,887	$1,319,124
Albemarle Corp.	15,161	1,266,702
ArcelorMittal SA (France)(NON)	53,011	357,188
Arconic, Inc.	11,123	319,453
Axalta Coating Systems, Ltd.(NON)	30,027	754,278
Barrick Gold Corp. (Canada)	12,698	223,358
CF Industries Holdings, Inc.	47,405	1,138,194
Dow Chemical Co. (The)(S)	25,929	1,395,239
E.I. du Pont de Nemours & Co.	10,545	725,391
Ingevity Corp.(NON)	3,914	162,040
KapStone Paper and Packaging Corp.	18,474	335,118
LANXESS AG (Germany)	15,609	999,472
Martin Marietta Materials, Inc.	3,573	662,363
Monsanto Co.	28,425	2,864,387
Newmont Mining Corp.	23,019	852,624
Nucor Corp.	11,332	553,568
PPG Industries, Inc.	18,652	1,737,061
Praxair, Inc.	8,177	957,200
RPC Group PLC (United Kingdom)	56,258	652,791
Sealed Air Corp.	31,861	1,453,817
Sherwin-Williams Co. (The)	20,858	5,107,290
Sociedad Quimica y Minera de Chile SA ADR (Chile)	12,904	377,571
Steel Dynamics, Inc.	5,134	140,980
Versum Materials, Inc.(NON)	4,943	112,206
W.R. Grace & Co.	12,207	817,381
Yara International ASA (Norway)	10,051	355,213
		25,640,009
Capital goods (3.2%)
Airbus Group SE (France)	19,055	1,132,690
Ball Corp.	19,922	1,535,389
Fortive Corp.	43,434	2,217,306
General Dynamics Corp.	26,992	4,068,774
Honeywell International, Inc.	14,894	1,633,574
Johnson Controls International PLC	210,239	8,476,836
KION Group AG (Germany)	16,340	986,907
Northrop Grumman Corp.	35,810	8,200,490
Stericycle, Inc.(NON)	13,188	1,056,227
TransDigm Group, Inc.(NON)	15,052	4,101,068
United Technologies Corp.	26,769	2,735,792
Waste Connections, Inc. (Canada)	29,002	2,181,240
		38,326,293
Communication services (3.5%)
American Tower Corp.(R)	46,777	5,481,797
AT&T, Inc.	294,777	10,844,846
Charter Communications, Inc. Class A(NON)	21,415	5,351,394
Comcast Corp. Class A	104,889	6,484,238
DISH Network Corp. Class A(NON)	16,497	966,064
Equinix, Inc.(R)	5,798	2,071,509
T-Mobile US, Inc.(NON)	117,578	5,847,154
Verizon Communications, Inc.	30,074	1,446,559
Zayo Group Holdings, Inc.(NON)	110,744	3,563,742
		42,057,303
Communications equipment (0.3%)
Cisco Systems, Inc.	99,798	3,061,803
		3,061,803
Computers (2.5%)
Apple, Inc.	229,583	26,066,854
Castlight Health, Inc. Class B(NON)(S)	85,214	370,681
HP, Inc.	136,151	1,972,828
ServiceNow, Inc.(NON)	11,836	1,040,503
Western Digital Corp.	12,061	704,845
		30,155,711
Conglomerates (0.5%)
Danaher Corp.	53,908	4,234,473
Siemens AG (Germany)	14,821	1,683,106
		5,917,579
Consumer cyclicals (6.3%)
Amazon.com, Inc.(NON)	20,577	16,252,126
Brunswick Corp.(S)	20,096	874,176
CaesarStone Sdot-Yam, Ltd. (Israel)(NON)	14,339	506,884
CBS Corp. Class B (non-voting shares)	14,955	846,752
Criteo SA ADR (France)(NON)(S)	19,483	704,310
Ctrip.com International, Ltd. ADR (China)(NON)(S)	56,226	2,482,378
Dollar General Corp.	33,253	2,297,450
Five Below, Inc.(NON)	26,670	1,002,259
Hanesbrands, Inc.(S)	117,211	3,012,323
Hilton Worldwide Holdings, Inc.	112,971	2,553,145
Home Depot, Inc. (The)	54,105	6,601,351
Live Nation Entertainment, Inc.(NON)	97,048	2,685,318
MasterCard, Inc. Class A	39,748	4,253,831
NIKE, Inc. Class B	65,139	3,268,675
O'Reilly Automotive, Inc.(NON)	11,012	2,912,013
Penn National Gaming, Inc.(NON)	136,813	1,768,992
Priceline Group, Inc. (The)(NON)	3,159	4,657,093
RE/MAX Holdings, Inc. Class A	63,476	2,758,032
Rollins, Inc.(S)	95,076	2,930,242
Time Warner, Inc.	38,690	3,443,023
TJX Cos., Inc. (The)	52,518	3,873,203
Vulcan Materials Co.	4,344	491,741
Wal-Mart Stores, Inc.	24,984	1,749,380
Walt Disney Co. (The)	20,332	1,884,573
Wynn Resorts, Ltd.(S)	20,476	1,936,006
		75,745,276
Consumer staples (7.3%)
Bright Horizons Family Solutions, Inc.(NON)	32,171	2,152,562
Chipotle Mexican Grill, Inc.(NON)(S)	3,613	1,303,426
Coca-Cola Co. (The)	79,341	3,364,058
Colgate-Palmolive Co.	101,799	7,264,377
Costco Wholesale Corp.	31,705	4,688,218
Coty, Inc. Class A(NON)	141,646	3,256,442
CVS Health Corp.	44,953	3,780,547
Delivery Hero Holding GmbH (acquired 6/12/15 cost $446,716) (Private) (Germany)(F)(RES)(NON)	58	392,167
Dr. Pepper Snapple Group, Inc.	63,379	5,564,042
Edgewell Personal Care Co.(NON)	28,641	2,159,531
JM Smucker Co. (The)	37,150	4,878,167
Kraft Heinz Co. (The)	46,205	4,109,935
Kroger Co. (The)	87,454	2,709,325
LKQ Corp.(NON)	110,023	3,551,542
Mead Johnson Nutrition Co.	18,597	1,390,498
Molson Coors Brewing Co. Class B	30,508	3,167,035
Monster Beverage Corp.(NON)	10,852	1,566,378
Nomad Foods, Ltd. (United Kingdom)(NON)	61,142	751,435
PepsiCo, Inc.	144,389	15,478,501
Philip Morris International, Inc.	45,815	4,418,399
Pinnacle Foods, Inc.	11,531	592,924
Restaurant Brands International, Inc. (Canada)	22,527	1,001,776
Walgreens Boots Alliance, Inc.	83,525	6,910,023
Yum! Brands, Inc.	33,682	2,906,083
		87,357,391
Electronics (2.2%)
Agilent Technologies, Inc.	55,770	2,429,899
Analog Devices, Inc.	12,538	803,686
Broadcom, Ltd.	22,624	3,852,415
Micron Technology, Inc.(NON)	102,341	1,756,172
NVIDIA Corp.(S)	11,922	848,370
NXP Semiconductor NV(NON)	20,379	2,037,900
Qorvo, Inc.(NON)(S)	62,665	3,487,307
QUALCOMM, Inc.	33,762	2,320,125
Skyworks Solutions, Inc.(S)	25,441	1,957,431
Sumco Corp. (Japan)	57,200	601,072
Texas Instruments, Inc.	78,968	5,594,883
Xilinx, Inc.	24,236	1,232,885
		26,922,145
Energy (4.5%)
Anadarko Petroleum Corp.	102,285	6,079,820
Apache Corp.	13,014	774,073
Baker Hughes, Inc.	17,078	946,121
Cenovus Energy, Inc. (Canada)	320,908	4,629,516
Cheniere Energy, Inc.(NON)	42,880	1,616,576
Chevron Corp.	55,984	5,864,324
Cimarex Energy Co.	4,677	603,941
Concho Resources, Inc.(NON)	6,306	800,484
ConocoPhillips	135,612	5,892,341
Devon Energy Corp.	21,019	796,410
Enterprise Products Partners LP	19,669	496,446
EOG Resources, Inc.	49,832	4,505,809
Exxon Mobil Corp.	1,045	87,069
FMC Technologies, Inc.(NON)	19,163	618,390
Halliburton Co.	1,658	76,268
Hess Corp.	9,375	449,719
Marathon Oil Corp.	122,822	1,618,794
Occidental Petroleum Corp.	22,405	1,633,549
Pioneer Natural Resources Co.	17,061	3,054,260
Plains All American Pipeline LP	35,016	1,063,086
Range Resources Corp.	16,165	546,215
Royal Dutch Shell PLC Class A (London Exchange) (United Kingdom)	107,374	2,679,116
Schlumberger, Ltd.	38,087	2,979,546
Southwestern Energy Co.(NON)	15,352	159,507
Spectra Energy Corp.	17,832	745,556
Suncor Energy, Inc. (Canada)	77,474	2,325,769
Suncor Energy, Inc. (Canada)	57,869	1,736,545
Targa Resources Corp.	4,289	188,287
Williams Cos., Inc. (The)	20,060	585,752
		53,553,289
Financials (9.7%)
AllianceBernstein Holding LP	103,394	2,253,989
American International Group, Inc.	112,567	6,945,384
Ameriprise Financial, Inc.	22,660	2,002,917
Assured Guaranty, Ltd.	105,014	3,138,868
AvalonBay Communities, Inc.(R)	11,578	1,981,922
Bank of America Corp.	635,341	10,483,127
Berkshire Hathaway, Inc. Class B(NON)	2,612	376,912
Boston Properties, Inc.(R)	15,482	1,865,271
CBRE Group, Inc. Class A(NON)	20,940	539,414
Charles Schwab Corp. (The)	176,497	5,594,955
Chubb, Ltd.	36,760	4,668,520
Douglas Emmett, Inc. R	17,985	656,453
Ellie Mae, Inc.(NON)	6,907	731,382
Equity Lifestyle Properties, Inc.(R)	14,630	1,109,539
Essex Property Trust, Inc.(R)	3,549	759,805
Federal Realty Investment Trust(R)	6,887	1,000,199
Gaming and Leisure Properties, Inc.(R)	46,652	1,531,585
General Growth Properties(R)	50,709	1,265,190
Goldman Sachs Group, Inc. (The)	36,073	6,429,652
Hartford Financial Services Group, Inc. (The)	98,199	4,331,558
Invesco, Ltd.	56,425	1,584,978
JPMorgan Chase & Co.	189,897	13,152,266
KeyCorp	314,598	4,442,124
Kimco Realty Corp.(R)	15,950	424,430
KKR & Co. LP	278,487	3,951,731
Oportun Financial Corp. (acquired 6/23/15, cost $386,984) (Private)(F)(RES)(NON)	135,784	348,286
Pebblebrook Hotel Trust(R)(S)	16,755	406,811
Prudential PLC (United Kingdom)	189,986	3,103,286
Public Storage(R)	8,422	1,799,950
Simon Property Group, Inc.(R)	11,601	2,157,322
Synchrony Financial	221,265	6,325,966
Visa, Inc. Class A	101,737	8,394,320
Wells Fargo & Co.	271,349	12,484,767
		116,242,879
Health care (7.1%)
Abbott Laboratories	52,986	2,079,171
Aetna, Inc.	5,692	611,036
Allergan PLC(NON)	38,744	8,095,171
Amgen, Inc.	40,794	5,758,481
Becton Dickinson and Co.	19,911	3,343,256
Biogen, Inc.(NON)	19,002	5,323,980
Boston Scientific Corp.(NON)	12,472	274,384
Bristol-Myers Squibb Co.	67,005	3,411,225
C.R. Bard, Inc.	11,825	2,562,241
Cardinal Health, Inc.	3,975	273,043
Celgene Corp.(NON)	75,197	7,683,629
Cigna Corp.	4,454	529,269
Cooper Cos., Inc. (The)	7,020	1,235,801
Edwards Lifesciences Corp.(NON)	6,410	610,360
Eli Lilly & Co.	57,708	4,261,159
Express Scripts Holding Co.(NON)	19,333	1,303,044
Gilead Sciences, Inc.	103,368	7,610,986
Henry Schein, Inc.(NON)	6,436	960,251
HTG Molecular Diagnostics, Inc.(NON)	6,668	14,403
Humana, Inc.	5,094	873,774
Illumina, Inc.(NON)	7,612	1,036,298
Intuitive Surgical, Inc.(NON)	3,914	2,630,521
Jazz Pharmaceuticals PLC(NON)	6,444	705,425
Johnson & Johnson	29,589	3,432,028
Medtronic PLC	25,480	2,089,870
Merck & Co., Inc.	98,762	5,799,305
Mylan NV(NON)	58,800	2,146,200
Pfizer, Inc.	191,269	6,065,140
Service Corp. International/US	80,481	2,060,314
UnitedHealth Group, Inc.	5,458	771,379
Ventas, Inc.(R)	26,614	1,803,099
		85,354,243
Miscellaneous (0.2%)
Adient PLC (Ireland)(NON)	24,326	1,107,076
Conyers Park Acquisition Corp. (Units)(NON)	63,307	676,119
Gores Holdings, Inc. Class A(NON)	58,204	662,944
		2,446,139
Semiconductor (0.3%)
Applied Materials, Inc.	140,202	4,077,074
		4,077,074
Software (2.6%)
Activision Blizzard, Inc.	7,123	307,500
Adobe Systems, Inc.(NON)	39,628	4,260,406
Electronic Arts, Inc.(NON)	44,936	3,528,375
Everbridge, Inc.(NON)	25,202	370,973
Microsoft Corp.	352,401	21,115,868
Tencent Holdings, Ltd. (China)	67,081	1,776,287
		31,359,409
Technology services (4.1%)
Alibaba Group Holding, Ltd. ADR (China)(NON)(S)	28,756	2,924,198
Alphabet, Inc. Class A(NON)	26,471	21,438,863
Computer Sciences Corp.	46,764	2,546,300
Facebook, Inc. Class A(NON)	108,151	14,166,699
Fidelity National Information Services, Inc.	43,704	3,230,600
GoDaddy, Inc. Class A(NON)(S)	28,699	1,027,137
salesforce.com, Inc.(NON)	46,520	3,496,443
Wix.com, Ltd. (Israel)(NON)	20,993	839,720
		49,669,960
Transportation (1.5%)
Norfolk Southern Corp.	23,633	2,197,869
Southwest Airlines Co.	58,696	2,350,775
Union Pacific Corp.	83,757	7,385,692
United Parcel Service, Inc. Class B	52,927	5,703,414
		17,637,750
Utilities and power (2.4%)
American Electric Power Co., Inc.	25,095	1,627,160
American Water Works Co., Inc.	34,895	2,583,626
Calpine Corp.(NON)	174,901	2,081,322
Edison International	32,574	2,393,538
ENI SpA (Italy)	188,650	2,735,667
Exelon Corp.	120,718	4,112,862
Kinder Morgan, Inc.	75,275	1,537,868
NextEra Energy, Inc.	31,132	3,984,896
NRG Energy, Inc.	210,371	2,236,244
PG&E Corp.	58,413	3,628,616
Sempra Energy	19,625	2,101,838
		29,023,637
Total common stocks (cost $680,195,407)		$724,547,890
U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (7.4%)(a)
	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (2.0%)
Government National Mortgage Association Pass-Through Certificates
4.50%, TBA, 11/1/46	$7,000,000	$7,554,532
3.50%, with due dates from 2/20/43 to 11/20/45	3,887,417	4,166,717
3.50%, TBA, 11/1/46	3,000,000	3,176,953
3.00%, with due dates from 8/20/46 to 10/20/46(FWC)	1,997,020	2,086,683
3.00%, TBA, 11/1/46	7,000,000	7,290,464
		24,275,349
U.S. Government Agency Mortgage Obligations (5.4%)
Federal Home Loan Mortgage Corporation Pass-Through Certificates
6.00%, 3/1/35	2,121	2,438
4.00%, with due dates from 7/1/42 to 9/1/45(FWC)	5,477,351	5,899,216
3.50%, with due dates from 12/1/42 to 4/1/43	729,013	776,287
3.00%, with due dates from 3/1/43 to 7/1/43	2,553,923	2,635,949
Federal National Mortgage Association Pass-Through Certificates
5.50%, with due dates from 7/1/33 to 11/1/38	2,791,924	3,165,076
5.00%, with due dates from 8/1/33 to 1/1/39	741,658	826,775
4.50%, 11/1/44	6,901,987	7,693,828
4.50%, TBA, 12/1/46	6,000,000	6,553,125
4.50%, TBA, 11/1/46	6,000,000	6,557,813
4.00%, 9/1/45(FWC)	2,907,032	3,183,994
4.00%, TBA, 11/1/46	5,000,000	5,353,906
3.50%, with due dates from 1/1/43 to 3/1/45	5,568,588	5,866,490
3.50%, TBA, 12/1/46	2,000,000	2,097,599
3.50%, TBA, 11/1/46	2,000,000	2,099,709
3.00%, with due dates from 2/1/43 to 6/1/46	3,502,168	3,620,618
3.00%, TBA, 12/1/46	4,000,000	4,110,156
3.00%, TBA, 11/1/46	4,000,000	4,118,125
		64,561,104
Total U.S. government and agency mortgage obligations (cost $88,380,340)		$88,836,453
U.S. TREASURY OBLIGATIONS (13.3%)(a)
	Principal amount	Value
U.S. Treasury Bonds 2.75%, 8/15/42	$13,810,000	$14,354,038
U.S. Treasury Notes
2.00%, 11/30/20	44,660,000	46,030,767
1.875%, 11/30/21	15,150,000	15,521,648
1.375%, 9/30/18	29,620,000	29,897,833
1.125%, 3/31/20	7,770,000	7,777,816
1.125%, 12/31/19	24,210,000	24,270,288
0.75%, 3/31/18	13,870,000	13,863,025
0.75%, 12/31/17	1,190,000	1,190,000
0.75%, 6/30/17	6,800,000	6,806,773
Total U.S. treasury obligations (cost $157,889,565)		$159,712,188
CORPORATE BONDS AND NOTES (15.1%)(a)
	Principal amount	Value
Basic materials (0.8%)
Agrium, Inc. sr. unsec. unsub. notes 7.125%, 5/23/36 (Canada)	$182,000	$235,855
Celanese US Holdings, LLC company guaranty sr. unsec. unsub. notes 4.625%, 11/15/22 (Germany)	498,000	539,708
Cytec Industries, Inc. sr. unsec. unsub. notes 3.50%, 4/1/23	215,000	211,663
Eastman Chemical Co. sr. unsec. notes 3.80%, 3/15/25	235,000	244,493
Eastman Chemical Co. sr. unsec. unsub. notes 6.30%, 11/15/18	200,000	218,496
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. notes 6.75%, 2/1/22	95,000	97,138
Georgia-Pacific, LLC sr. unsec. unsub. notes 7.75%, 11/15/29	850,000	1,198,590
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4.625%, 4/29/24	941,000	956,715
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4.00%, 4/16/25	638,000	628,430
International Paper Co. sr. unsec. notes 8.70%, 6/15/38	10,000	14,732
INVISTA Finance, LLC 144A company guaranty sr. notes 4.25%, 10/15/19	356,000	356,850
LyondellBasell Industries NV sr. unsec. unsub. notes 4.625%, 2/26/55	515,000	487,972
Union Carbide Corp. sr. unsec. unsub. bonds 7.75%, 10/1/96	180,000	231,571
Westlake Chemical Corp. 144A company guaranty sr. unsec. unsub. bonds 3.60%, 8/15/26	1,610,000	1,613,309
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 8.20%, 1/15/30	1,265,000	1,707,192
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 7.95%, 2/15/31	187,000	248,890
WestRock RKT Co. company guaranty sr. unsec. unsub. notes 4.45%, 3/1/19	168,000	177,294
Weyerhaeuser Co. sr. unsec. unsub. notes 7.375%, 3/15/32(R)	553,000	731,663
		9,900,561
Capital goods (0.3%)
Legrand France SA sr. unsec. unsub. notes 8.50%, 2/15/25 (France)	767,000	1,032,459
Medtronic, Inc. company guaranty sr. unsec. sub. notes 4.375%, 3/15/35	307,000	336,777
Medtronic, Inc. company guaranty sr. unsec. sub. notes 3.50%, 3/15/25	327,000	346,972
Northrop Grumman Systems Corp. company guaranty sr. unsec. unsub. notes 7.875%, 3/1/26	265,000	363,852
Parker Hannifin Corp. sr. unsec. unsub. notes Ser. MTN, 6.25%, 5/15/38	975,000	1,334,858
Republic Services, Inc. company guaranty sr. unsec. unsub. notes 5.50%, 9/15/19	240,000	265,477
United Technologies Corp. sr. unsec. unsub. notes 5.70%, 4/15/40	100,000	127,362
United Technologies Corp. sr. unsec. unsub. notes 4.50%, 6/1/42	225,000	246,472
		4,054,229
Communication services (1.1%)
America Movil SAB de CV company guaranty sr. unsec. unsub. notes 6.125%, 3/30/40 (Mexico)	200,000	240,326
American Tower Corp. sr. unsec. notes 4.00%, 6/1/25(R)	335,000	352,016
American Tower Corp. sr. unsec. notes 3.40%, 2/15/19(R)	735,000	761,747
American Tower Corp. sr. unsec. unsub. bonds 3.375%, 10/15/26(R)	500,000	497,581
AT&T, Inc. sr. unsec. unsub. notes 4.75%, 5/15/46	122,000	119,386
CC Holdings GS V, LLC/Crown Castle GS III Corp. company guaranty sr. notes 3.849%, 4/15/23	240,000	252,938
Charter Communications Operating, LLC/Charter Communications Operating Capital 144A sr. sub. bonds 6.484%, 10/23/45	1,159,000	1,358,147
Charter Communications Operating, LLC/Charter Communications Operating Capital 144A sr. sub. notes 4.908%, 7/23/25	356,000	383,964
Comcast Cable Communications Holdings, Inc. company guaranty sr. unsec. notes 9.455%, 11/15/22	645,000	899,760
Comcast Corp. company guaranty sr. unsec. unsub. notes 6.50%, 11/15/35	268,000	361,118
Crown Castle International Corp. sr. unsec. notes 5.25%, 1/15/23(R)	75,000	83,806
Crown Castle International Corp. sr. unsec. notes 4.875%, 4/15/22(R)	313,000	344,691
Crown Castle Towers, LLC 144A company guaranty sr. notes 4.883%, 8/15/20	710,000	771,663
NBCUniversal Media, LLC company guaranty sr. unsec. unsub. notes 6.40%, 4/30/40	380,000	518,229
Rogers Communications, Inc. company guaranty sr. unsec. bonds 8.75%, 5/1/32 (Canada)	95,000	139,321
Rogers Communications, Inc. company guaranty sr. unsec. unsub. notes 4.50%, 3/15/43 (Canada)	215,000	224,243
Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LL 144A company guaranty sr. notes 3.36%, 9/20/21	955,000	959,775
TCI Communications, Inc. sr. unsec. unsub. notes 7.875%, 2/15/26	610,000	853,510
Telecom Italia SpA 144A sr. unsec. notes 5.303%, 5/30/24 (Italy)	1,000,000	1,016,250
Telefonica Emisiones SAU company guaranty sr. unsec. unsub. notes 7.045%, 6/20/36 (Spain)	355,000	450,937
Verizon Communications, Inc. sr. unsec. unsub. notes 5.90%, 2/15/54 (units)	5,200	140,504
Verizon Communications, Inc. sr. unsec. unsub. notes 5.05%, 3/15/34	270,000	294,329
Verizon Communications, Inc. sr. unsec. unsub. notes 4.522%, 9/15/48	982,000	976,531
Verizon Communications, Inc. sr. unsec. unsub. notes 4.40%, 11/1/34	595,000	602,864
Verizon New Jersey, Inc. company guaranty sr. unsec. unsub. bonds 8.00%, 6/1/22	770,000	945,248
		13,548,884
Conglomerates (0.1%)
General Electric Co. jr. unsec. sub. FRB Ser. D, 5.00%, perpetual maturity	1,111,000	1,177,660
		1,177,660
Consumer cyclicals (1.7%)
21st Century Fox America, Inc. company guaranty sr. unsec. notes 7.85%, 3/1/39	190,000	266,196
21st Century Fox America, Inc. company guaranty sr. unsec. notes 7.75%, 1/20/24	1,045,000	1,253,549
Autonation, Inc. company guaranty sr. unsec. notes 4.50%, 10/1/25	330,000	345,241
Autonation, Inc. company guaranty sr. unsec. unsub. notes 5.50%, 2/1/20	847,000	925,359
CBS Corp. company guaranty sr. unsec. debs. 7.875%, 7/30/30	579,000	813,362
CBS Corp. company guaranty sr. unsec. unsub. bonds 2.90%, 1/15/27	851,000	829,153
Dollar General Corp. sr. unsec. sub. notes 3.25%, 4/15/23	625,000	638,963
Expedia, Inc. 144A company guaranty sr. unsec. unsub. notes 5.00%, 2/15/26	375,000	393,594
Ford Motor Co. sr. unsec. unsub. notes 9.98%, 2/15/47	135,000	210,409
Ford Motor Co. sr. unsec. unsub. notes 7.75%, 6/15/43	1,290,000	1,650,583
Ford Motor Co. sr. unsec. unsub. notes 7.45%, 7/16/31	24,000	31,534
Ford Motor Co. sr. unsec. unsub. notes 7.40%, 11/1/46	200,000	280,211
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 5.875%, 8/2/21	318,000	361,098
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.134%, 8/4/25	477,000	495,710
General Motors Co. sr. unsec. notes 5.20%, 4/1/45	844,000	860,526
General Motors Financial Co., Inc. company guaranty sr. unsec. notes 4.00%, 10/6/26	680,000	677,994
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 4.30%, 7/13/25	395,000	404,091
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 4.00%, 1/15/25	250,000	251,098
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 3.45%, 4/10/22	900,000	910,034
Grupo Televisa SAB sr. unsec. unsub. bonds 6.625%, 1/15/40 (Mexico)	300,000	343,512
Grupo Televisa SAB sr. unsec. unsub. notes 5.00%, 5/13/45 (Mexico)	355,000	335,973
Hilton Domestic Operating Co., Inc. 144A sr. unsec. sub. notes 4.25%, 9/1/24	205,000	205,513
Historic TW, Inc. company guaranty sr. unsec. unsub. bonds 9.15%, 2/1/23	460,000	607,925
Host Hotels & Resorts LP sr. unsec. unsub. notes 6.00%, 10/1/21(R)	320,000	365,734
Host Hotels & Resorts LP sr. unsec. unsub. notes 5.25%, 3/15/22(R)	150,000	165,640
Hyatt Hotels Corp. sr. unsec. unsub. notes 3.375%, 7/15/23	200,000	203,366
L Brands, Inc. company guaranty sr. unsec. notes 6.625%, 4/1/21	435,000	499,706
Lear Corp. company guaranty sr. unsec. unsub. notes 5.375%, 3/15/24	375,000	400,781
NVR, Inc. sr. unsec. notes 3.95%, 9/15/22	435,000	458,707
O'Reilly Automotive, Inc. company guaranty sr. unsec. notes 3.85%, 6/15/23	195,000	207,595
O'Reilly Automotive, Inc. company guaranty sr. unsec. sub. notes 3.55%, 3/15/26	480,000	497,467
Omnicom Group, Inc. company guaranty sr. unsec. unsub. notes 3.60%, 4/15/26	540,000	560,961
Owens Corning company guaranty sr. unsec. sub. notes 9.00%, 6/15/19	880,000	1,020,677
Priceline Group, Inc. (The) sr. unsec. notes 3.65%, 3/15/25	164,000	170,452
QVC, Inc. company guaranty sr. notes 4.85%, 4/1/24	390,000	395,634
S&P Global, Inc. company guaranty sr. unsec. unsub. notes 4.40%, 2/15/26	670,000	742,930
Tiffany & Co. sr. unsec. unsub. notes 4.90%, 10/1/44	460,000	449,188
Time Warner, Inc. company guaranty sr. unsec. bonds 7.70%, 5/1/32	520,000	718,366
Time Warner, Inc. company guaranty sr. unsec. unsub. bonds 2.95%, 7/15/26	79,000	77,876
Vulcan Materials Co. sr. unsec. unsub. notes 4.50%, 4/1/25	175,000	190,117
		20,216,825
Consumer staples (1.2%)
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. bonds 4.90%, 2/1/46	1,947,000	2,226,467
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. bonds 3.65%, 2/1/26	428,000	450,368
Anheuser-Busch InBev Worldwide, Inc. company guaranty sr. unsec. unsub. notes 8.20%, 1/15/39	165,000	260,744
Bacardi, Ltd. 144A unsec. notes 4.50%, 1/15/21 (Bermuda)	495,000	536,266
CVS Health Corp. sr. unsec. notes 4.75%, 12/1/22	715,000	801,597
CVS Pass-Through Trust 144A sr. mtge. notes 7.507%, 1/10/32	643,524	817,155
CVS Pass-Through Trust 144A sr. mtge. notes 4.704%, 1/10/36	646,675	702,756
Diageo Investment Corp. company guaranty sr. unsec. notes 8.00%, 9/15/22	820,000	1,058,163
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 7.00%, 10/15/37	1,434,000	1,903,966
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 5.625%, 3/15/42	553,000	650,320
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 3.85%, 11/15/24	211,000	224,048
Grupo Bimbo SAB de CV 144A company guaranty sr. unsec. unsub. notes 4.875%, 6/27/44 (Mexico)	350,000	345,648
Kraft Foods Group, Inc. company guaranty sr. unsec. notes Ser. 144A, 6.875%, 1/26/39	625,000	837,291
Kraft Foods Group, Inc. company guaranty sr. unsec. unsub. notes 6.50%, 2/9/40	309,000	403,020
Kraft Heinz Foods Co. company guaranty sr. unsec. bonds 4.375%, 6/1/46	670,000	679,503
Newell Brands, Inc. sr. unsec. unsub. notes 4.20%, 4/1/26	1,030,000	1,112,928
SABMiller Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 4.95%, 1/15/42	200,000	226,948
Tyson Foods, Inc. company guaranty sr. unsec. bonds 4.875%, 8/15/34	134,000	144,312
Walgreens Boots Alliance, Inc. sr. unsec. bonds 3.45%, 6/1/26	765,000	779,774
		14,161,274
Energy (1.0%)
BG Energy Capital PLC 144A company guaranty sr. unsec. unsub. notes 4.00%, 10/15/21 (United Kingdom)	250,000	272,046
BP Capital Markets PLC company guaranty sr. unsec. bonds 3.119%, 5/4/26 (United Kingdom)	670,000	681,307
DCP Midstream Operating LP company guaranty sr. unsec. notes 2.70%, 4/1/19	225,000	219,938
Devon Energy Corp. sr. unsec. unsub. notes 3.25%, 5/15/22	276,000	277,115
EOG Resources, Inc. sr. unsec. unsub. notes 5.625%, 6/1/19	205,000	224,540
EQT Midstream Partners LP company guaranty sr. unsec. sub. notes 4.00%, 8/1/24	575,000	568,018
Hess Corp. sr. unsec. unsub. notes 7.30%, 8/15/31	388,000	454,260
Kerr-McGee Corp. company guaranty sr. unsec. unsub. notes 7.875%, 9/15/31	1,070,000	1,365,746
Lukoil International Finance BV 144A company guaranty sr. unsec. notes 4.563%, 4/24/23 (Russia)	315,000	318,544
Marathon Petroleum Corp. sr. unsec. unsub. notes 6.50%, 3/1/41	175,000	188,893
Noble Holding International, Ltd. company guaranty sr. unsec. unsub. notes 6.05%, 3/1/41	390,000	226,200
Petroleos Mexicanos company guaranty sr. unsec. unsub. notes 4.50%, 1/23/26 (Mexico)	535,000	516,810
Pride International, Inc. company guaranty sr. unsec. unsub. notes 7.875%, 8/15/40	760,000	608,000
Sabine Pass Liquefaction, LLC 144A sr. bonds 5.00%, 3/15/27	1,280,000	1,302,400
Spectra Energy Capital, LLC company guaranty sr. unsec. sub. notes 6.20%, 4/15/18	580,000	611,782
Spectra Energy Capital, LLC company guaranty sr. unsec. unsub. notes 8.00%, 10/1/19	820,000	940,496
Statoil ASA company guaranty sr. unsec. notes 5.10%, 8/17/40 (Norway)	480,000	560,276
Tosco Corp. company guaranty sr. unsec. notes 8.125%, 2/15/30	600,000	822,000
Williams Partners LP sr. unsec. notes 5.25%, 3/15/20	700,000	757,114
Williams Partners LP sr. unsec. sub. notes 4.30%, 3/4/24	322,000	330,871
Williams Partners LP sr. unsec. sub. notes 3.60%, 3/15/22	250,000	254,458
Williams Partners LP/ACMP Finance Corp. sr. unsec. sub. notes 4.875%, 3/15/24	342,000	350,613
		11,851,427
Financials (5.9%)
Aflac, Inc. sr. unsec. notes 6.45%, 8/15/40	314,000	415,021
Aflac, Inc. sr. unsec. unsub. notes 6.90%, 12/17/39	747,000	1,017,553
Air Lease Corp. sr. unsec. notes 3.75%, 2/1/22	410,000	431,440
Air Lease Corp. sr. unsec. unsub. notes 3.375%, 6/1/21	630,000	648,204
Ally Financial, Inc. sub. unsec. notes 5.75%, 11/20/25	705,000	721,744
American Express Co. jr. unsec. sub. FRN Ser. C, 4.90%, perpetual maturity	310,000	304,828
American Express Co. sr. unsec. notes 7.00%, 3/19/18	650,000	698,807
American International Group, Inc. jr. unsec. sub. FRB 8.175%, 5/15/58	856,000	1,146,524
Aon PLC company guaranty sr. unsec. unsub. notes 4.25%, 12/12/42	1,150,000	1,107,924
Assurant, Inc. sr. unsec. notes 6.75%, 2/15/34	525,000	647,790
Australia & New Zealand Banking Group, Ltd./United Kingdom 144A jr. unsec. sub. FRB 6.75%, perpetual maturity (United Kingdom)	200,000	219,515
AXA SA 144A jr. unsec. sub. FRN 6.463%, perpetual maturity (France)	550,000	573,485
AXA SA 144A jr. unsec. sub. FRN 6.379%, perpetual maturity (France)	135,000	147,261
Banco del Estado de Chile 144A sr. unsec. notes 2.00%, 11/9/17 (Chile)	400,000	400,992
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity	314,000	329,308
Bank of America Corp. unsec. sub. FRN 1.61%, 9/15/26	275,000	248,593
Bank of America Corp. unsec. sub. notes 6.11%, 1/29/37	600,000	724,036
Barclays Bank PLC unsec. sub. notes 7.625%, 11/21/22 (United Kingdom)	525,000	586,031
Barclays Bank PLC 144A unsec. sub. notes 10.179%, 6/12/21 (United Kingdom)	869,000	1,096,988
Bear Stearns Cos., Inc. (The) sr. unsec. notes 6.40%, 10/2/17	500,000	522,769
Bear Stearns Cos., LLC (The) sr. unsec. unsub. notes 7.25%, 2/1/18	331,000	353,993
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. notes 4.30%, 5/15/43	703,000	770,110
BGC Partners, Inc. sr. unsec. notes 5.125%, 5/27/21	155,000	161,141
BNP Paribas SA 144A jr. unsec. sub. FRN 7.195%, perpetual maturity (France)	100,000	112,875
BPCE SA 144A unsec. sub. notes 5.70%, 10/22/23 (France)	370,000	400,883
BPCE SA 144A unsec. sub. notes 5.15%, 7/21/24 (France)	810,000	851,800
Camden Property Trust sr. unsec. unsub. notes 4.875%, 6/15/23(R)	1,213,000	1,339,905
Cantor Fitzgerald LP 144A unsec. notes 6.50%, 6/17/22	1,020,000	1,102,640
Capital One Bank USA NA unsec. sub. notes 3.375%, 2/15/23	462,000	471,907
Capital One Financial Corp. unsec. sub. notes 4.20%, 10/29/25	295,000	306,323
CBRE Services, Inc. company guaranty sr. unsec. notes 5.25%, 3/15/25	257,000	274,757
CBRE Services, Inc. company guaranty sr. unsec. unsub. notes 4.875%, 3/1/26	708,000	740,441
Citigroup, Inc. jr. unsec. sub. FRB Ser. P, 5.95%, perpetual maturity	956,000	977,510
Citigroup, Inc. jr. unsec. sub. FRN 5.875%, perpetual maturity	402,000	408,030
CNO Financial Group, Inc. sr. unsec. unsub. notes 5.25%, 5/30/25	345,000	348,450
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands company guaranty unsec. sub. notes 4.625%, 12/1/23 (Netherlands)	250,000	269,207
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands unsec. sub. notes 5.25%, 8/4/45 (Netherlands)	285,000	322,380
Cooperatieve Rabobank UA 144A jr. unsec. sub. FRN 11.00%, perpetual maturity (Netherlands)	718,000	865,118
Credit Agricole SA 144A unsec. sub. notes 4.375%, 3/17/25 (France)	255,000	260,563
Credit Suisse Group AG 144A unsec. sub. notes 6.50%, 8/8/23 (Switzerland)	729,000	793,893
DDR Corp. sr. unsec. unsub. notes 7.875%, 9/1/20(R)	302,000	359,985
Duke Realty LP company guaranty sr. unsec. unsub. notes 4.375%, 6/15/22(R)	1,117,000	1,212,443
EPR Properties company guaranty sr. unsec. sub. notes 5.25%, 7/15/23(R)	345,000	368,551
Fairfax US, Inc. 144A company guaranty sr. unsec. notes 4.875%, 8/13/24	300,000	306,000
Fifth Third Bancorp jr. unsec. sub. FRB 5.10%, perpetual maturity	217,000	209,448
Five Corners Funding Trust 144A sr. unsec. bonds 4.419%, 11/15/23	425,000	460,334
GE Capital International Funding Co. Unlimited Co. company guaranty sr. unsec. bonds 4.418%, 11/15/35 (Ireland)	1,962,000	2,140,065
Goldman Sachs Group, Inc. (The) unsec. sub. notes 6.75%, 10/1/37	282,000	355,039
Hartford Financial Services Group, Inc. (The) sr. unsec. unsub. notes 6.625%, 3/30/40	1,495,000	1,891,097
Healthcare Realty Trust, Inc. sr. unsec. unsub. notes 3.875%, 5/1/25(R)	555,000	564,853
Highwood Realty LP sr. unsec. unsub. notes 5.85%, 3/15/17(R)	1,005,000	1,020,791
Hospitality Properties Trust sr. unsec. unsub. notes 4.50%, 3/15/25(R)	250,000	252,915
HSBC Bank USA NA/New York NY unsec. sub. notes Ser. BKNT, 5.625%, 8/15/35 (United Kingdom)	250,000	291,205
HSBC Bank USA, NA unsec. sub. notes 7.00%, 1/15/39	342,000	453,962
HSBC Holdings PLC unsec. sub. notes 6.50%, 5/2/36 (United Kingdom)	800,000	995,753
HSBC Holdings PLC unsec. sub. notes 4.25%, 8/18/25 (United Kingdom)	455,000	466,585
HSBC USA, Inc. sr. unsec. unsub. notes 3.50%, 6/23/24	105,000	107,947
ING Bank NV 144A unsec. sub. notes 5.80%, 9/25/23 (Netherlands)	2,225,000	2,509,206
International Lease Finance Corp. sr. unsec. unsub. notes 6.25%, 5/15/19	275,000	297,000
JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. Z, 5.30%, perpetual maturity	330,000	334,950
JPMorgan Chase & Co. jr. unsec. sub. FRN 7.90%, perpetual maturity	780,000	803,985
JPMorgan Chase Bank, NA unsec. sub. notes Ser. BKNT, 6.00%, 10/1/17	1,250,000	1,301,999
KKR Group Finance Co., LLC 144A company guaranty sr. unsec. unsub. notes 6.375%, 9/29/20	555,000	640,362
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.80%, 3/15/37	785,000	922,375
Liberty Mutual Insurance Co. 144A unsec. sub. notes 7.697%, 10/15/97	340,000	438,781
Liberty Property LP sr. unsec. unsub. notes 3.375%, 6/15/23(R)	100,000	102,250
Lloyds Bank PLC company guaranty sr. unsec. unsub. notes 2.70%, 8/17/20 (United Kingdom)	220,000	224,283
Lloyds Banking Group PLC unsec. sub. notes 4.50%, 11/4/24 (United Kingdom)	530,000	547,396
Lloyds Banking Group PLC 144A unsec. sub. notes 5.30%, 12/1/45 (United Kingdom)	1,404,000	1,482,017
Massachusetts Mutual Life Insurance Co. 144A unsec. sub. notes 8.875%, 6/1/39	1,290,000	1,992,426
MetLife Capital Trust IV 144A jr. unsec. sub. notes 7.875%, 12/15/37	2,564,000	3,281,920
Mid-America Apartments LP sr. unsec. notes 4.30%, 10/15/23(R)	285,000	306,704
Mitsubishi UFJ Financial Group, Inc. sr. unsec. unsub. notes 3.85%, 3/1/26 (Japan)	640,000	687,411
Nationwide Mutual Insurance Co. 144A unsec. sub. notes 8.25%, 12/1/31	415,000	581,965
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 4.875%, 4/15/45	840,000	698,250
OneAmerica Financial Partners, Inc. 144A sr. unsec. notes 7.00%, 10/15/33	370,000	419,643
Pacific LifeCorp 144A sr. unsec. notes 6.00%, 2/10/20	365,000	402,160
Peachtree Corners Funding Trust 144A company guaranty sr. unsec. unsub. bonds 3.976%, 2/15/25	140,000	140,507
Primerica, Inc. sr. unsec. notes 4.75%, 7/15/22	213,000	231,077
Progressive Corp. (The) jr. unsec. sub. FRN 6.70%, 6/15/37	1,939,000	1,914,763
Prudential Financial, Inc. jr. unsec. sub. FRN 5.625%, 6/15/43	359,000	386,823
Prudential Financial, Inc. jr. unsec. sub. FRN 5.20%, 3/15/44	1,153,000	1,180,384
Realty Income Corp. sr. unsec. notes 4.65%, 8/1/23(R)	1,045,000	1,147,228
Royal Bank of Canada unsec. sub. notes Ser. GMTN, 4.65%, 1/27/26 (Canada)	420,000	455,404
Royal Bank of Scotland Group PLC unsec. sub. bonds 5.125%, 5/28/24 (United Kingdom)	125,000	123,756
Santander Issuances SAU company guaranty unsec. sub. notes 5.179%, 11/19/25 (Spain)	1,200,000	1,238,856
Santander UK PLC 144A unsec. sub. notes 5.00%, 11/7/23 (United Kingdom)	430,000	446,091
Select Income REIT sr. unsec. unsub. notes 3.60%, 2/1/20(R)	290,000	294,232
Select Income REIT sr. unsec. unsub. notes 2.85%, 2/1/18(R)	290,000	291,772
State Street Capital Trust IV company guaranty jr. unsec. sub. FRB 1.85%, 6/15/37	2,021,000	1,735,249
Sumitomo Mitsui Financial Group, Inc. 144A unsec. sub. bonds 4.436%, 4/2/24 (Japan)	412,000	445,239
Teachers Insurance & Annuity Association of America 144A unsec. sub. notes 6.85%, 12/16/39	263,000	353,879
TIERS Trust/United States 144A sr. bonds stepped-coupon zero % (8.125%, 9/15/17), 3/15/46(STP)	570,000	575,700
Toronto-Dominion Bank (The) unsec. sub. FRB 3.625%, 9/15/31 (Canada)	659,000	658,278
Travelers Property Casualty Corp. company guaranty sr. unsec. unsub. bonds 7.75%, 4/15/26	295,000	395,856
UBS AG unsec. sub. notes 5.125%, 5/15/24 (Switzerland)	2,640,000	2,745,653
VEREIT Operating Partnership LP company guaranty sr. unsec. notes 4.60%, 2/6/24(R)	720,000	745,200
Wells Fargo & Co. jr. unsec. sub. FRB Ser. U, 5.875%, perpetual maturity	580,000	620,600
Willis Towers Watson PLC company guaranty sr. unsec. unsub. notes 5.75%, 3/15/21	710,000	793,899
WP Carey, Inc. sr. unsec. unsub. notes 4.60%, 4/1/24(R)	787,000	819,853
ZFS Finance USA Trust V 144A jr. unsec. sub. FRB 6.50%, 5/9/37	214,000	216,943
		70,510,037
Government (0.5%)
International Bank for Reconstruction & Development sr. unsec. unsub. bonds 7.625%, 1/19/23 (Supra-Nation)	4,000,000	5,385,640
		5,385,640
Health care (0.4%)
AbbVie, Inc. sr. unsec. notes 3.60%, 5/14/25	194,000	197,828
Actavis Funding SCS company guaranty sr. unsec. notes 4.75%, 3/15/45 (Luxembourg)	373,000	391,252
Actavis Funding SCS company guaranty sr. unsec. notes 3.45%, 3/15/22 (Luxembourg)	186,000	193,105
Aetna, Inc. sr. unsec. notes 6.75%, 12/15/37	95,000	127,398
Anthem, Inc. sr. unsec. unsub. notes 4.625%, 5/15/42	205,000	214,047
HCA, Inc. company guaranty sr. bonds 5.25%, 6/15/26	185,000	193,325
HCA, Inc. company guaranty sr. sub. notes 5.00%, 3/15/24	430,000	447,845
Omega Healthcare Investors, Inc. company guaranty sr. unsec. bonds 5.25%, 1/15/26(R)	510,000	538,050
Omega Healthcare Investors, Inc. company guaranty sr. unsec. notes 4.50%, 4/1/27(R)	145,000	144,275
Omega Healthcare Investors, Inc. company guaranty sr. unsec. unsub. notes 4.95%, 4/1/24(R)	659,000	687,474
Quest Diagnostics, Inc. company guaranty sr. unsec. notes 4.75%, 1/30/20	121,000	131,265
Shire Acquisitions Investments Ireland DAC company guaranty sr. unsec. unsub. notes 3.20%, 9/23/26 (Ireland)	290,000	285,165
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. bonds 3.15%, 10/1/26 (Netherlands)	1,062,000	1,032,833
UnitedHealth Group, Inc. sr. unsec. unsub. notes 4.625%, 11/15/41	300,000	334,040
		4,917,902
Technology (0.6%)
Apple, Inc. sr. unsec. notes 3.45%, 5/6/24	215,000	229,444
Apple, Inc. sr. unsec. unsub. notes 4.375%, 5/13/45	297,000	315,541
Apple, Inc. sr. unsec. unsub. notes 3.85%, 5/4/43	421,000	416,350
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A company gauranty sr. unsec. notes 7.125%, 6/15/24	813,000	890,605
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. bonds 8.35%, 7/15/46	271,000	328,368
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. notes 5.45%, 6/15/23	1,231,000	1,318,226
Fidelity National Information Services, Inc. company guaranty sr. unsec. unsub. notes 5.00%, 3/15/22	948,000	981,196
Jabil Circuit, Inc. sr. unsec. sub. notes 8.25%, 3/15/18	162,000	174,960
Microsoft Corp. sr. unsec. unsub. bonds 2.40%, 8/8/26	925,000	907,231
Oracle Corp. sr. unsec. unsub. notes 2.65%, 7/15/26	1,475,000	1,454,980
		7,016,901
Transportation (0.2%)
Aviation Capital Group Corp. 144A sr. unsec. unsub. notes 7.125%, 10/15/20	265,000	313,275
Burlington Northern Santa Fe, LLC sr. unsec. notes 5.40%, 6/1/41	454,000	557,133
Burlington Northern Santa Fe, LLC sr. unsec. unsub. notes 5.75%, 5/1/40	109,000	138,712
Continental Airlines, Inc. pass-through certificates Ser. 97-4A, 6.90%, 1/2/18	29,122	29,469
Continental Airlines, Inc. pass-through certificates Ser. 98-1A, 6.648%, 9/15/17	61,733	62,810
Norfolk Southern Corp. sr. unsec. unsub. bonds 6.00%, 5/23/11	390,000	458,486
Penske Truck Leasing Co. Lp/PTL Finance Corp. 144A sr. unsec. bonds 3.40%, 11/15/26	540,000	539,396
Southwest Airlines Co. 2007-1 Pass Through Trust pass-through certificates Ser. 07-1, 6.15%, 8/1/22	571,370	642,791
United Airlines 2014-2 Class A Pass Through Trust sr. notes Ser. A, 3.75%, 9/3/26	212,023	222,094
		2,964,166
Utilities and power (1.3%)
Appalachian Power Co. sr. unsec. unsub. notes Ser. L, 5.80%, 10/1/35	510,000	608,479
Arizona Public Services Co. sr. unsec. notes 4.50%, 4/1/42	138,000	154,196
Beaver Valley II Funding Corp. sr. bonds 9.00%, 6/1/17	6,000	6,000
Commonwealth Edison Co. sr. mtge. bonds 5.875%, 2/1/33	595,000	744,368
Consolidated Edison Co. of New York, Inc. sr. unsec. unsub. notes 4.20%, 3/15/42	220,000	233,594
Duke Energy Carolinas, LLC sr. mtge. notes 4.25%, 12/15/41	450,000	488,898
EDP Finance BV 144A sr. unsec. unsub. notes 6.00%, 2/2/18 (Netherlands)	685,000	715,006
EDP Finance BV 144A sr. unsec. unsub. notes 5.25%, 1/14/21 (Netherlands)	365,000	392,477
El Paso Natural Gas Co., LLC company guaranty sr. unsec. unsub. notes 8.375%, 6/15/32	490,000	627,415
Electricite de France (EDF) 144A jr. unsec. sub. FRN 5.625%, perpetual maturity (France)	186,000	184,140
Emera US Finance LP 144A company guaranty sr. unsec. notes 3.55%, 6/15/26	437,000	446,346
Enel Finance International SA 144A company guaranty sr. unsec. unsub. notes 5.125%, 10/7/19 (Netherlands)	360,000	392,818
Energy Transfer Partners LP sr. unsec. unsub. notes 7.60%, 2/1/24	470,000	526,277
Energy Transfer Partners LP sr. unsec. unsub. notes 6.50%, 2/1/42	766,000	821,925
Energy Transfer Partners LP sr. unsec. unsub. notes 5.20%, 2/1/22	240,000	262,853
FirstEnergy Transmission, LLC 144A sr. unsec. unsub. notes 5.45%, 7/15/44	1,120,000	1,235,754
Iberdrola International BV company guaranty sr. unsec. unsub. bonds 6.75%, 7/15/36 (Spain)	185,000	240,676
ITC Holdings Corp. 144A sr. unsec. notes 6.05%, 1/31/18	365,000	383,846
Kinder Morgan Energy Partners LP company guaranty sr. unsec. notes 5.40%, 9/1/44	179,000	179,311
Kinder Morgan Energy Partners LP company guaranty sr. unsec. notes 3.50%, 3/1/21	420,000	430,658
Kinder Morgan, Inc. company guaranty sr. unsec. unsub. notes 3.05%, 12/1/19	235,000	240,788
Oncor Electric Delivery Co., LLC sr. notes 7.00%, 9/1/22	445,000	560,694
Oncor Electric Delivery Co., LLC sr. notes 4.10%, 6/1/22	441,000	483,235
Pacific Gas & Electric Co. sr. unsec. notes 6.35%, 2/15/38	418,000	566,816
Pacific Gas & Electric Co. sr. unsec. unsub. notes 5.8%, 3/1/37	140,000	179,449
PPL Capital Funding, Inc. company guaranty sr. unsec. unsub. notes 4.20%, 6/15/22	145,000	157,668
Puget Sound Energy, Inc. jr. unsec. sub. FRN Ser. A, 6.974%, 6/1/67	656,000	558,420
Texas Gas Transmission, LLC 144A sr. unsec. notes 4.50%, 2/1/21	623,000	649,184
Texas-New Mexico Power Co. 144A 1st sr. bonds Ser. A, 9 1/2%, 4/1/19	889,000	1,016,483
TransCanada PipeLines, Ltd. jr. unsec. sub. FRN 6.35%, 5/15/67 (Canada)	1,145,000	916,000
WEC Energy Group jr. unsec. sub. FRN 6.25%, 5/15/67	1,945,000	1,701,875
		16,105,649
Total corporate bonds and notes (cost $170,337,582)		$181,811,155
MORTGAGE-BACKED SECURITIES (1.3%)(a)
	Principal amount	Value
Citigroup Commercial Mortgage Trust
FRB Ser. 07-C6, Class A4, 5.711%, 12/10/49	$2,500,000	$2,539,198
Ser. 14-GC21, Class AS, 4.026%, 5/10/47	508,000	541,894
COMM Mortgage Trust
FRB Ser. 12-LC4, Class C, 5.626%, 12/10/44	500,000	549,950
FRB Ser. 14-CR18, Class C, 4.737%, 7/15/47	3,089,000	3,244,995
Ser. 13-CR13, Class AM, 4.449%, 12/10/23	777,000	855,166
Ser. 12-LC4, Class AM, 4.063%, 12/10/44	730,000	786,429
Ser. 12-CR1, Class AM, 3.912%, 5/15/45	1,046,000	1,118,174
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 16-HQA2, Class M1, 1.734%, 11/25/28	240,216	240,547
Structured Agency Credit Risk Debt FRN Ser. 15-DNA1, Class M1, 1.434%, 10/25/27	350,112	349,832
FRB Ser. T-56, Class A, IO, 0.524%, 5/25/43	3,396,775	56,261
FRB Ser. T-56, Class 2, IO, zero %, 5/25/43	4,958,776	1
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C05, Class 2M1, 1.884%, 1/25/29	19,665	19,724
Ser. 01-79, Class BI, IO, 0.304%, 3/25/45	977,461	8,935
FIRSTPLUS Home Loan Owner Trust Ser. 97-3, Class B1, 7.79%, 11/10/23 (In default)(NON)	194,241	19
JPMorgan Chase Commercial Mortgage Securities Trust
FRB Ser. 12-C6, Class D, 5.191%, 5/15/45	772,000	823,338
Ser. 04-LN2, Class A2, 5.115%, 7/15/41	12,763	12,846
FRB Ser. 13-C13, Class C, 4.053%, 1/15/46	450,000	447,467
JPMorgan Chase Commercial Mortgage Securities Trust 144A FRB Ser. 12-C8, Class D, 4.66%, 10/15/45	524,000	506,551
LB Commercial Mortgage Trust 144A
Ser. 99-C1, Class G, 6.41%, 6/15/31(F)	178,653	181,413
Ser. 98-C4, Class H, 5.60%, 10/15/35	213,048	214,270
Morgan Stanley Capital I Trust 144A FRB Ser. 12-C4, Class D, 5.437%, 3/15/45	1,794,000	1,818,398
TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38	2,269,687	170,227
UBS-Barclays Commercial Mortgage Trust 144A FRB Ser. 12-C4, Class XA, IO, 1.767%, 12/10/45	12,714,156	955,162
WF-RBS Commercial Mortgage Trust Ser. 14-C19, Class C, 4.646%, 3/15/47	394,000	406,017
Total mortgage-backed securities (cost $16,444,751)		$15,846,814
INVESTMENT COMPANIES (0.4%)(a)
	Shares	Value
SPDR S&P 500 ETF Trust(S)	24,943	$5,301,635
Total investment companies (cost $5,323,333)		$5,301,635
CONVERTIBLE PREFERRED STOCKS (0.1%)(a)
	Shares	Value
Oportun Financial Corp. Ser. A-1, 8.00% cv. pfd. (acquired 6/23/15, cost $1,057) (Private)(F)(RES)(NON)	371	$952
Oportun Financial Corp. Ser. B-1, 8.00% cv. pfd. (acquired 6/23/15, cost $20,210) (Private)(F)(RES)(NON)	6,416	18,189
Oportun Financial Corp. Ser. C-1, 8.00% cv. pfd. (acquired 6/23/15, cost $47,464) (Private)(F)(RES)(NON)	9,325	42,718
Oportun Financial Corp. Ser. D-1, 8.00% cv. pfd. (acquired 6/23/15, cost $68,847) (Private)(F)(RES)(NON)	13,526	61,963
Oportun Financial Corp. Ser. E-1, 8.00% cv. pfd. (acquired 6/23/15, cost $38,611) (Private)(F)(RES)(NON)	7,033	34,750
Oportun Financial Corp. Ser. F, 8.00% cv. pfd. (acquired 6/23/15, cost $116,544) (Private)(F)(RES)(NON)	15,175	104,890
Oportun Financial Corp. Ser. F-1, 8.00% cv. pfd. (acquired 6/23/15, cost $326,895) (Private)(F)(RES)(NON)	114,700	294,206
Oportun Financial Corp. Ser. G, 8.00% cv. pfd. (acquired 6/23/15, cost $413,355) (Private)(F)(RES)(NON)	145,037	372,020
Oportun Financial Corp. Ser. H, 8.00% cv. pfd. (acquired 2/6/15, cost $633,655) (Private)(F)(RES)(NON)	222,546	570,290
Total convertible preferred stocks (cost $1,666,638)		$1,499,978
MUNICIPAL BONDS AND NOTES (0.1%)(a)
	Principal amount	Value
CA State G.O. Bonds (Build America Bonds), 7.50%, 4/1/34	$215,000	$317,192
North TX, Tollway Auth. Rev. Bonds (Build America Bonds), 6.718%, 1/1/49	350,000	523,604
OH State U. Rev. Bonds (Build America Bonds), 4.91%, 6/1/40	275,000	337,384
Total municipal bonds and notes (cost $841,341)		$1,178,180
SHORT-TERM INVESTMENTS (7.8%)(a)
	Shares	Value
Putnam Cash Collateral Pool, LLC 0.74%(d)	25,793,110	$25,793,110
Putnam Short Term Investment Fund 0.50%(AFF)	67,485,064	67,485,064
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.38%(P)	730,000	730,000
Total short-term investments (cost $94,008,174)		$94,008,174
TOTAL INVESTMENTS
Total investments (cost $1,215,087,131)(b)		$1,272,742,467

FORWARD CURRENCY CONTRACTS at 10/31/16 (aggregate face value $25,796,121) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Bank of America N.A.
	Canadian Dollar	Sell	1/18/17	$518,265	$529,428	$11,163
Barclays Bank PLC
	Canadian Dollar	Sell	1/18/17	2,774,923	2,834,640	59,717
Citibank, N.A.
	Euro	Sell	12/21/16	4,003,971	4,072,049	68,078
Credit Suisse International
	British Pound	Sell	12/21/16	5,408,850	5,862,475	453,625
	Canadian Dollar	Sell	1/18/17	1,654,763	1,690,071	35,308
JPMorgan Chase Bank N.A.
	Canadian Dollar	Sell	1/18/17	4,235,272	4,327,718	92,446
State Street Bank and Trust Co.
	Israeli Shekel	Sell	1/18/17	2,213,415	2,257,171	43,756
UBS AG
	Euro	Sell	12/21/16	4,132,915	4,222,569	89,654
Total						$853,747

TBA SALE COMMITMENTS OUTSTANDING at 10/31/16 (proceeds receivable $20,234,336) (Unaudited)
	Principal	Settlement
Agency	amount	date	Value
Federal National Mortgage Association, 4.50%, 11/1/46	$6,000,000	11/14/16	$6,557,813
Federal National Mortgage Association, 4.00%, 11/1/46	5,000,000	11/14/16	5,353,905
Federal National Mortgage Association, 3.50%, 11/1/46	2,000,000	11/14/16	2,099,709
Federal National Mortgage Association, 3.00%, 11/1/46	4,000,000	11/14/16	4,118,125
Government National Mortgage Association, 3.00%, 11/1/46	2,000,000	11/21/16	2,082,990
Total			$20,212,542

Key to holding's abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
BKNT	Bank Note
DAC	Designated Activity Company
ETF	Exchange Traded Fund
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 or yield at the close of the reporting period
GMTN	Global Medium Term Notes
G.O. Bonds	General Obligation Bonds
IO	Interest Only
MTN	Medium Term Notes
SPDR	S&P 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, 2016 through October 31, 2016 (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 $1,200,682,200.
(b)	The aggregate identified cost on a tax basis is $1,217,468,811, resulting in gross unrealized appreciation and depreciation of $97,262,391 and $41,988,735, respectively, or net unrealized appreciation of $55,273,656.
(NON)	This security is non-income-producing.
(STP)	The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(RES)	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $2,240,431, or 0.2% of net assets.
(AFF)	Affiliated company. For investments in Putnam Cash Collateral Pool, LLC, and Putnam Short Term Investment Fund, 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 any company which is under common ownership or 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 Cash Collateral Pool, LLC *	—	39,821,081	14,027,971	—	25,793,110
	Putnam Short Term Investment Fund **	85,041,084	43,734,658	61,290,678	86,993	67,485,064
	Totals	$85,041,084	$83,555,739	$75,318,649	$86,993	$93,278,174
	* No management fees are charged to Putnam Cash Collateral Pool, LLC.
	** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(FWC)	Forward commitment, in part or in entirety.
(d)	Affiliated company. The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral.
	The fund received cash collateral of $25,793,110, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $25,201,476.
(F)	This security is valued by Putnam Management 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. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(P)	This 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.
(S)	This security is on loan, in part or in entirety, at the close of the reporting period.
	At the close of the reporting period, the fund maintained liquid assets totaling $29,340,745 to cover delayed delivery securities and the settlement of certain securities.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	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: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	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 (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
	Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
	To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source.The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	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.
	TBA commitments: The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
	The fund may also enter into TBA sale commitments to hedge its portfolio positions to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
	TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
	Unsettled TBA commitments are valued at their fair value according to the procedures described under "Security valuation" above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
	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 $112,495 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	$25,640,009	$—	$—
Capital goods	38,326,293	—	—
Communication services	42,057,303	—	—
Conglomerates	5,917,579	—	—
Consumer cyclicals	75,745,276	—	392,167
Consumer staples	86,965,224	—	—
Energy	53,553,289	—	348,286
Financials	115,894,593	—	—
Health care	85,354,243	—	—
Miscellaneous	2,446,139	—	—
Technology	142,868,743	2,377,359	—
Transportation	17,637,750	—	—
Utilities and power	29,023,637	—	—
Total common stocks	721,430,078	2,377,359	740,453
Convertible preferred stocks	—	—	1,499,978
Corporate bonds and notes	—	181,235,455	575,700
Investment companies	5,301,635	—	—
Mortgage-backed securities	—	15,846,814	—
Municipal bonds and notes	—	1,178,180	—
U.S. government and agency mortgage obligations	—	88,836,453	—
U.S. treasury obligations	—	159,712,188	—
Short-term investments	68,215,064	25,793,110	—
Totals by level	$794,946,777	$474,979,559	$2,816,131
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$853,747	$—
TBA sale commitments	—	(20,212,542)	—
Totals by level	$—	$(19,358,795)	$—
* 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 (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above), did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
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	$853,747	$—
Total	$853,747	$—
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 based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount)		$28,800,000

	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.
		Bank of America N.A.	Barclays Bank PLC	Citibank, N.A.	Credit Suisse International	JPMorgan Chase Bank N.A.	State Street Bank and Trust Co.	UBS AG	Total
	Assets:
	Forward currency contracts#	11,163	59,717	68,078	488,933	92,446	43,756	89,654	853,747
	Total Assets	$11,163	$59,717	$68,078	$488,933	$92,446	$43,756	$89,654	$853,747
	Liabilities:
	Forward currency contracts#	—	—	—	—	—	—	—	—
	Total Liabilities	$—	$—	$—	$—	$—	$—	$—	$—
	Total Financial and Derivative Net Assets	$11,163	$59,717	$68,078	$488,933	$92,446	$43,756	$89,654	$853,747
	Total collateral received (pledged)##†	$—	$—	$68,078	$488,933	$80,000	$—	$89,654
	Net amount	$11,163	$59,717	$—	$—	$12,446	$43,756	$—
†	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.
	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: December 27, 2016

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 27, 2016

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: December 27, 2016

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 27, 2016

Jonathan S. Horwitz

Principal Executive Officer

Certifications

I, Janet C. Smith, 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/ Janet C. Smith

_______________________________

Date: December 27, 2016

Janet C. Smith

Principal Financial Officer

Attachment A

NQ

Period (s) ended October 31, 2016

               Putnam Premier Income Trust

               Putnam Research Fund

               Putnam Investors Fund

               Putnam Tax- Free High Yield Fund

               Putnam AMT-Free Municipal Fund

               Putnam Growth Opportunities Fund

               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 — 2060

               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 Retirement Income Fund Lifestyle 1