PUTNAM TAX-FREE INSURED FUND
Supplement dated May 20, 1997
to Prospectus dated November 30, 1996
The section "Distribution plans Class B and class M
distribution plans" is supplemented as follows:
Putnam Mutual Funds has agreed to waive the class B 12b-1
fee in its entirety through December 31, 1997. Payments to
dealers are not affected by this waiver. The table of fees and
expenses set forth under the heading "About the fund Expenses
summary" has not been restated to reflect this waiver. With
Trustee approval, the waiver may be terminated earlier, in which
event class B shareholders would be notified and the prospectus
revised.
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