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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE GORDON H. SILVER
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 Insured Class A AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
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</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 Class B AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
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</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 Class A AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
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<PER-SHARE-NAV-BEGIN> 14.24
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<EXPENSE-RATIO> .44
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</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 Class B AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
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<PERIOD-END> JAN-31-1995
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<INVESTMENTS-AT-VALUE> 1,820,494,795
<RECEIVABLES> 66,894,505
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,887,389,300
<PAYABLE-FOR-SECURITIES> 46,927,888
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,577,270
<TOTAL-LIABILITIES> 75,505,158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,888,607,719
<SHARES-COMMON-STOCK> 101,868,968
<SHARES-COMMON-PRIOR> 106,941,561
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,449,822)
<ACCUMULATED-NET-GAINS> (63,247,376)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,026,379)
<NET-ASSETS> 1,811,884,142
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 70,882,134
<OTHER-INCOME> 0
<EXPENSES-NET> 12,636,403
<NET-INVESTMENT-INCOME> 58,245,731
<REALIZED-GAINS-CURRENT> (44,407,241)
<APPREC-INCREASE-CURRENT> (23,563,637)
<NET-CHANGE-FROM-OPS> (9,725,147)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45,582,397)
<DISTRIBUTIONS-OF-GAINS> (454)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,978,641
<NUMBER-OF-SHARES-REDEEMED> (16,629,081)
<SHARES-REINVESTED> 1,577,847
<NET-CHANGE-IN-ASSETS> (72,664,619)
<ACCUMULATED-NII-PRIOR> (3,464,463)
<ACCUMULATED-GAINS-PRIOR> (18,839,125)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,992,419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,636,403
<AVERAGE-NET-ASSETS> 1,450,292,441
<PER-SHARE-NAV-BEGIN> 14.24
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> (.51)
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.73
<EXPENSE-RATIO> .76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Tax Free High Yield Class M AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1995
<PERIOD-END> JAN-31-1995
<INVESTMENTS-AT-COST> 1,829,685,955
<INVESTMENTS-AT-VALUE> 1,820,494,795
<RECEIVABLES> 66,894,505
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,887,389,300
<PAYABLE-FOR-SECURITIES> 46,927,888
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,577,270
<TOTAL-LIABILITIES> 75,505,158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,888,607,719
<SHARES-COMMON-STOCK> 24,904
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,449,822)
<ACCUMULATED-NET-GAINS> (63,247,376)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,026,379)
<NET-ASSETS> 1,811,884,142
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 70,882,134
<OTHER-INCOME> 0
<EXPENSES-NET> 12,636,403
<NET-INVESTMENT-INCOME> 58,245,731
<REALIZED-GAINS-CURRENT> (44,407,241)
<APPREC-INCREASE-CURRENT> (23,563,637)
<NET-CHANGE-FROM-OPS> (9,725,147)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (462)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,901
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (72,664,619)
<ACCUMULATED-NII-PRIOR> (3,464,463)
<ACCUMULATED-GAINS-PRIOR> (18,839,125)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,992,419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,636,403
<AVERAGE-NET-ASSETS> 64,055
<PER-SHARE-NAV-BEGIN> 13.43
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .30
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.72
<EXPENSE-RATIO> .12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
