| Prospectus Supplement | January 11, 2022 |
| George Putnam Balanced Fund | |
| Prospectus dated November 30, 2021 | |
Paul Scanlon, who is currently a portfolio manager of the fund, will retire as a portfolio manager of the fund effective March 31, 2022.
Effective March 31, 2022, 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
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 March 31, 2022, 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 managers | Joined fund | Employer | Positions over past five years |
| Kathryn Lakin | 2019 | Putnam | Director of Equity Research |
| Management | Previously, Co-Director of Equity Research, | ||
| 2012–Present | Assistant Director of Global Equity Research | ||
| Andrew Benson | 2021 | Putnam | Portfolio Manager |
| Management | Previously, Trader | ||
| 2008–Present |
The SAI provides information about these individuals’ compensation, other accounts managed by these individuals and these individuals’ ownership of securities in the fund.
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