PUTNAM ASSET ALLOCATION FUNDS
Prospectus Supplement dated June 6, 1994 to
Prospectus dated January 10, 1994
The Trustees have approved a proposal to permit Putnam Asset
Allocation: Conservative Portfolio to invest up to 10% of its
assets in fixed income securities rated below Baa by Moody's
Investors Service, Inc. or BBB by Standard & Poor's Corporation
or in unrated securities of comparable quality as determined by
Putnam Investment Management, Inc.
***
The Trustees have also approved a proposal to temporarily waive
sales charges on Class A shares of Putnam Asset Allocation Funds
for shareholders investing redemption proceeds received within
the preceding ninety days from another front-end load fund
(excluding other Putnam funds). This waiver is currently
expected to apply from July 1, 1994 through December 31, 1994.
No commissions will be paid to brokers on such purchases.
