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PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO Prospectus Supplement dated May 1, 1995 to Prospectus for Class Y shares dated February 1, 1995 The first sentence in the first paragraph of the cover page is replaced by the following: This Prospectus explains concisely what you should know before investing in Class Y shares of Putnam Asset Allocation: Growth Portfolio (the "Fund").
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