UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-00058

George Putnam Balanced Fund

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Alexander Y. Kymn, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: July 31, 2026

(a) The Report to Shareholders is filed herewith

George Putnam Balanced Fund
Class A [PGEOX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$92	0.86%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of George Putnam Balanced Fund returned 15.02%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class A	15.02	8.31	10.31
Class A (with sales charge)	8.40	7.04	9.66
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^*,† (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

George Putnam Balanced Fund
Class C [PGPCX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$172	1.61%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of George Putnam Balanced Fund returned 14.15%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class C	14.15	7.50	9.64
Class C (with sales charge)	13.15	7.50	9.64
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^*,† (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

George Putnam Balanced Fund
Class M [PGEMX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$146	1.36%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class M shares of George Putnam Balanced Fund returned 14.41%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,650 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class M 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class M	14.41	7.77	9.76
Class M (with sales charge)	10.41	7.01	9.37
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^*,† (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

George Putnam Balanced Fund
Class R [PGPRX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$119	1.11%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of George Putnam Balanced Fund returned 14.73%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class R	14.73	8.04	10.04
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^*,† (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

George Putnam Balanced Fund
Class R5 [PGELX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R5	$71	0.66%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of George Putnam Balanced Fund returned 15.28%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class R5	15.28	8.58	10.60
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^*,† (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

George Putnam Balanced Fund
Class R6 [PGEJX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$60	0.56%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of George Putnam Balanced Fund returned 15.35%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class R6	15.35	8.66	10.69
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^*,† (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

George Putnam Balanced Fund
Class Y [PGEYX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about George Putnam Balanced Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$66	0.61%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of George Putnam Balanced Fund returned 15.31%. The Fund compares its performance to the George Putnam Blended Index†, which returned 12.72% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight position in Marvell Technology, a semiconductor company.
↑	Overweight position in Lam Research, a semiconductor equipment company.
↑	In fixed income, overweight in investment-grade corporate credit, security selection in Carnival Corp and Meta, and certain issuers in the banking sector.

Top detractors from performance:
↓	Underweight position in Micron Technology, a memory chip company.
↓	Overweight position in Microsoft, a software company.
↓	In fixed income, overweight in FMC, a chemicals company that was downgraded to high yield.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class Y	15.31	8.58	10.59
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
George Putnam Blended Index†	12.72	7.73	9.83

†	The George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$2,395,526,534
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	770
Total Management Fee Paid	$11,248,225
Portfolio Turnover Rate	104%