| Prospectus Supplement | August 30, 2021 |
| George Putnam Balanced Fund | |
| Prospectus dated November 30, 2020 | |
Effective August 31, 2021, the sub-section Your fund’s management in the section Fund summary is replaced in its entirety with the following:
Your fund’s management
Investment advisor
Putnam Investment Management, LLC
Portfolio managers
Kathryn Lakin, Director of Equity Research, portfolio manager of the fund since 2019
Andrew Benson, Portfolio Manager, portfolio manager of the fund since 2021
Paul Scanlon, Co-Head of Corporate and Tax-exempt Credit, portfolio manager of the fund since 2016
Sub-advisor
Putnam Investments Limited*
* Though the investment advisor has retained the services of Putnam Investments Limited (PIL), PIL does not currently manage any assets of the fund.
Effective August 31, 2021, the sub-section The fund’s investment manager – Portfolio managers in the section Who oversees and manages the fund? is replaced in its entirety with the following:
• Portfolio managers. The officers of Putnam Management identified below are jointly and primarily responsible for the day-to-day management of the fund’s portfolio.
| Portfolio | Joined | ||
| managers | fund | Employer | Positions over past five years |
| Kathryn Lakin | 2019 | Putnam Management | Director of Equity Research |
| 2012–Present | Previously, Co-Director of Equity | ||
| Research, Assistant Director of Global | |||
| Equity Research | |||
| Andrew Benson | 2021 | Putnam Management | Portfolio Manager |
| 2008–Present | Previously, Trader | ||
| Paul Scanlon | 2016 | Putnam Management | Co-Head of Corporate and Tax-exempt |
| 1999–Present | Credit | ||
| Previously, Co-Head of Fixed Income |
The SAI provides information about these individuals’ compensation, other accounts managed by these individuals and these individuals’ ownership of securities in the fund.
| 327261 8/21 |
| Statement of Additional Information Supplement | August 30, 2021 |
| George Putnam Balanced Fund | |
| Statement of Additional Information dated November 30, 2020 |
Effective August 31, 2021, the sub-sections Other accounts managed and Ownership of securities in the PORTFOLIO MANAGERS section are supplemented to reflect that the fund’s portfolio managers are now Kathryn Lakin, Andrew Benson and Paul Scanlon. These subsections are also supplemented solely with regard to Mr. Benson as follows:
Other accounts managed
The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund’s portfolio manager managed as of July 31, 2021. The other accounts may include accounts for which this individual was not designated as a portfolio manager. Unless noted, none of the other accounts pays a fee based on the account's performance.
| Other accounts (including | ||||||
| separate accounts, managed | ||||||
| Other accounts that pool | account programs and | |||||
| Portfolio | Other SEC-registered open- | assets from more than one | single-sponsor defined | |||
| manager | end and closed-end funds | client | contribution plan offerings) | |||
| Number | Number | Number | ||||
| of | of | of | ||||
| accounts | Assets | accounts | Assets | accounts | Assets | |
| Andrew Benson | 0 | $0 | 0 | $0 | 3 | $12,681,000,000 |
Ownership of securities
The dollar range of shares of the fund owned by Mr. Benson as of July 31, 2021, including investments by immediate family members and amounts invested through retirement and deferred compensation plans, was $0.
| SAI supp - 8/21 |