PUTNAM ASSET ALLOCATION FUNDS
Prospectus Supplement dated June 6, 1994 to
Defined Contribution Plan Prospectus for
Class A Shares dated January 10, 1994 and
Defined Contribution Plan Prospectus for Class Y Shares
dated January 10, 1994, as revised April 1, 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.
