<PAGE> PAGE 1
000 B000000 07/31/95
000 C000000 0000771951
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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001 B000000 811-4345
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002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020100 TAX-FREE HIGH YIELD
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007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 A00AA01 PUTNAM INVESTMENT MANAGEMENT CORP
008 B00AA01 A
008 C00AA01 801-7974
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02109
011 A00AA01 PUTNAM MUTUAL FUNDS CORP
011 B00AA01 8-5088
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 PUTNAM INVESTOR SERVICES
012 B00AA01 84-401299
012 C01AA01 BOSTON
012 C02AA01 MA
<PAGE> PAGE 2
012 C03AA01 02109
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
015 A00AA01 PUTNAM FIDUCIARY TRUST CO
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 89
019 C00AA00 PUTNAMFUND
020 A000001 SCOTT BALDWIN
020 B000001 31-9581870
020 C000001 76
020 A000002 RANDY FINANCIAL SERVICES
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020 A000003 SCOTT STRINGFELLOW
020 B000003 54-0957557
020 C000003 48
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000004 13-5674085
020 C000004 43
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005 6
020 A000006 BANK OF AMERICA NT & SA
020 B000006 94-1687665
020 C000006 6
020 A000007 PAINWEBBER INC.
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022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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022 C000001 439900
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022 B000002 13-2638166
022 C000002 323502
022 D000002 311310
022 A000003 WILLIAM E SIMON
022 B000003 22-3017217
022 C000003 255537
<PAGE> PAGE 3
022 D000003 299694
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 242428
022 D000004 237862
022 A000005 SMITH, BARNEY, HARRIS, UPHAM & CO.
022 B000005 13-1912900
022 C000005 114165
022 D000005 104497
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 104060
022 D000006 54597
022 A000007 GREENWICH PARTNERS
022 B000007 13-3176013
022 C000007 116552
022 D000007 40056
022 A000008 MORGAN STANLEY INC.
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022 C000008 89748
022 D000008 50126
022 A000009 MORGAN (J.P.)SECURITIES INC.
022 B000009 13-3224016
022 C000009 48430
022 D000009 63616
022 A000010 PRUDENTIAL SECURITIES INC.
022 B000010 22-2347366
022 C000010 19609
022 D000010 69272
023 C000000 2057845
023 D000000 1911318
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052 00AA00 N
053 A00AA00 N
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054 B00AA00 Y
054 C00AA00 Y
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<PAGE> PAGE 4
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 Y
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 Y
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 Y
<PAGE> PAGE 5
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
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077 Q020000 N
077 Q030000 N
080 A00AA00 FEDERAL INSURANCE CO
080 B00AA00 NATIONAL UNION FIRE INSURANCE CO
080 C00AA00 50000
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081 B00AA00 84
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083 A00AA00 N
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084 A00AA00 N
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028 B020100 4343
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<PAGE> PAGE 6
028 D030100 0
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<PAGE> PAGE 7
048 E010100 0
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064 B000100 Y
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067 000100 N
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068 B000100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
074 R030100 0
074 R040100 10904
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024 000200 N
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<PAGE> PAGE 10
033 000200 0
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<PAGE> PAGE 11
062 J000200 0.0
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<PAGE> PAGE 12
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SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Tax Free High Yield Fund Class A AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
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<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Tax Free High Yield Fund Class B AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
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<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Tax Free High Yield Fund Class M AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 1,834,355,568
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<OTHER-ITEMS-LIABILITIES> 13,350,004
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,936,689,307
<SHARES-COMMON-STOCK> 164,963
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,337,732)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (58,261,178)
<ACCUM-APPREC-OR-DEPREC> 38,705,882
<NET-ASSETS> 1,913,796,279
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 140,969,969
<OTHER-INCOME> 0
<EXPENSES-NET> 25,417,572
<NET-INVESTMENT-INCOME> 115,552,397
<REALIZED-GAINS-CURRENT> (39,422,053)
<APPREC-INCREASE-CURRENT> 25,168,624
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,754)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 165,046
<NUMBER-OF-SHARES-REDEEMED> (2,406)
<SHARES-REINVESTED> 2,323
<NET-CHANGE-IN-ASSETS> 29,247,518
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (3,464,463)
<OVERDIST-NET-GAINS-PRIOR> (18,839,125)
<GROSS-ADVISORY-FEES> 10,082,299
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,417,572
<AVERAGE-NET-ASSETS> 1,091,078
<PER-SHARE-NAV-BEGIN> 13.43
<PER-SHARE-NII> .58
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<PER-SHARE-DIVIDEND> (.58)
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<PER-SHARE-NAV-END> 14.13
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Tax Free Insured Fund Class A AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 523,457,045
<INVESTMENTS-AT-VALUE> 551,443,265
<RECEIVABLES> 12,244,426
<ASSETS-OTHER> 286,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563,974,530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,274,007
<TOTAL-LIABILITIES> 2,274,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 541,634,539
<SHARES-COMMON-STOCK> 12,400,211
<SHARES-COMMON-PRIOR> 9,751,110
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (524,841)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,395,395)
<ACCUM-APPREC-OR-DEPREC> 27,986,220
<NET-ASSETS> 561,700,523
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,690,228
<OTHER-INCOME> 0
<EXPENSES-NET> 7,515,150
<NET-INVESTMENT-INCOME> 29,175,078
<REALIZED-GAINS-CURRENT> (2,373,727)
<APPREC-INCREASE-CURRENT> 8,753,042
<NET-CHANGE-FROM-OPS> 35,554,393
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,224,293)
<DISTRIBUTIONS-OF-GAINS> (50,968)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,343,427
<NUMBER-OF-SHARES-REDEEMED> (2,061,211)
<SHARES-REINVESTED> 366,885
<NET-CHANGE-IN-ASSETS> (14,273,703)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10,055
<OVERDISTRIB-NII-PRIOR> (778,138)
<OVERDIST-NET-GAINS-PRIOR> (4,830,414)
<GROSS-ADVISORY-FEES> 3,286,811
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,515,150
<AVERAGE-NET-ASSETS> 163,803,541
<PER-SHARE-NAV-BEGIN> 14.67
<PER-SHARE-NII> .82
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> (.82)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.86
<EXPENSE-RATIO> .89
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Tax Free Insured Fund Class B AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 523,457,045
<INVESTMENTS-AT-VALUE> 551,443,265
<RECEIVABLES> 12,244,426
<ASSETS-OTHER> 286,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563,974,530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,274,007
<TOTAL-LIABILITIES> 2,274,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 541,634,539
<SHARES-COMMON-STOCK> 25,380,060
<SHARES-COMMON-PRIOR> 29,482,448
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (524,841)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,395,395)
<ACCUM-APPREC-OR-DEPREC> 27,986,220
<NET-ASSETS> 561,700,523
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,690,228
<OTHER-INCOME> 0
<EXPENSES-NET> 7,515,150
<NET-INVESTMENT-INCOME> 29,175,078
<REALIZED-GAINS-CURRENT> (2,373,727)
<APPREC-INCREASE-CURRENT> 8,753,042
<NET-CHANGE-FROM-OPS> 35,554,393
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,697,447)
<DISTRIBUTIONS-OF-GAINS> (140,286)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,875,400
<NUMBER-OF-SHARES-REDEEMED> (7,836,307)
<SHARES-REINVESTED> 858,519
<NET-CHANGE-IN-ASSETS> (14,273,703)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10,055
<OVERDISTRIB-NII-PRIOR> (778,128)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,286,811
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,515,150
<AVERAGE-NET-ASSETS> 393,683,985
<PER-SHARE-NAV-BEGIN> 14.68
<PER-SHARE-NII> .73
<PER-SHARE-GAIN-APPREC> .20
<PER-SHARE-DIVIDEND> (.73)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.87
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Tax Free Insured Fund Class M AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 523,457,045
<INVESTMENTS-AT-VALUE> 551,443,265
<RECEIVABLES> 12,244,426
<ASSETS-OTHER> 286,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563,974,530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,274,007
<TOTAL-LIABILITIES> 2,274,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 541,634,539
<SHARES-COMMON-STOCK> 1,163
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (524,841)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,395,395)
<ACCUM-APPREC-OR-DEPREC> 27,986,220
<NET-ASSETS> 561,700,523
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,690,228
<OTHER-INCOME> 0
<EXPENSES-NET> 7,515,150
<NET-INVESTMENT-INCOME> 29,175,078
<REALIZED-GAINS-CURRENT> (2,373,727)
<APPREC-INCREASE-CURRENT> 8,753,042
<NET-CHANGE-FROM-OPS> 35,554,393
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (41)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,161
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> (14,273,703)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,286,811
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,515,150
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 15.11
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> (.25)
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.86
<EXPENSE-RATIO> .14
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
