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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 7
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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 PAUL BUCAVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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Putnam Tax-Free Insured Fund
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
Putnam Tax-Free Insured Fund
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<SERIES>
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<PER-SHARE-NAV-BEGIN> 14.72
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> (.79)
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.93
<EXPENSE-RATIO> .80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Tax-Free Insured Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 514,059,545
<INVESTMENTS-AT-VALUE> 502,375,683
<RECEIVABLES> 12,188,410
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 514,564,093
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,497,198
<TOTAL-LIABILITIES> 3,497,198
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 528,731,322
<SHARES-COMMON-STOCK> 130,493
<SHARES-COMMON-PRIOR> 126,454
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (317,826)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,340,049)
<ACCUM-APPREC-OR-DEPREC> (11,006,552)
<NET-ASSETS> 511,066,895
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,362,147
<OTHER-INCOME> 0
<EXPENSES-NET> 2,740,613
<NET-INVESTMENT-INCOME> 13,621,534
<REALIZED-GAINS-CURRENT> 675,132
<APPREC-INCREASE-CURRENT> (31,093,078)
<NET-CHANGE-FROM-OPS> (16,796,412)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45,864)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,249
<NUMBER-OF-SHARES-REDEEMED> (32,566)
<SHARES-REINVESTED> 2,356
<NET-CHANGE-IN-ASSETS> (62,566,199)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (356,689)
<OVERDIST-NET-GAINS-PRIOR> (7,015,181)
<GROSS-ADVISORY-FEES> 1,325,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,800,209
<AVERAGE-NET-ASSETS> 1,857,771
<PER-SHARE-NAV-BEGIN> 14.76
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> (.80)
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.96
<EXPENSE-RATIO> .55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Tax-Free High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,668,638,046
<INVESTMENTS-AT-VALUE> 1,636,363,325
<RECEIVABLES> 31,479,686
<ASSETS-OTHER> 12,466,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,680,309,341
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,059,904
<TOTAL-LIABILITIES> 10,059,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,809,586,207
<SHARES-COMMON-STOCK> 85,138,455
<SHARES-COMMON-PRIOR> 81,918,7137
<ACCUMULATED-NII-CURRENT> 545,259
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (106,259,917)
<ACCUM-APPREC-OR-DEPREC> (33,622,122)
<NET-ASSETS> 1,670,249,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 61,127,390
<OTHER-INCOME> 0
<EXPENSES-NET> 9,775,092
<NET-INVESTMENT-INCOME> 51,352,298
<REALIZED-GAINS-CURRENT> (9,560,068)
<APPREC-INCREASE-CURRENT> (109,157,907)
<NET-CHANGE-FROM-OPS> (67,365,677)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,114,427)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,297,251
<NUMBER-OF-SHARES-REDEEMED> (11,331,451)
<SHARES-REINVESTED> 1,253,942
<NET-CHANGE-IN-ASSETS> (257,557,300)
<ACCUMULATED-NII-PRIOR> 710,692
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (96,699,849)
<GROSS-ADVISORY-FEES> 4,970,978
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,924,789
<AVERAGE-NET-ASSETS> 1,154,487,852
<PER-SHARE-NAV-BEGIN> 14.13
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> (.90)
<PER-SHARE-DIVIDEND> (.40)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.23
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Tax-Free High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,668,638,046
<INVESTMENTS-AT-VALUE> 1,636,363,325
<RECEIVABLES> 31,479,686
<ASSETS-OTHER> 12,466,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,680,309,341
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,059,904
<TOTAL-LIABILITIES> 10,059,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,809,586,207
<SHARES-COMMON-STOCK> 39,309,075
<SHARES-COMMON-PRIOR> 52,532,226
<ACCUMULATED-NII-CURRENT> 545,259
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (106,259,917)
<ACCUM-APPREC-OR-DEPREC> (33,622,122)
<NET-ASSETS> 1,670,249,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 61,127,390
<OTHER-INCOME> 0
<EXPENSES-NET> 9,775,092
<NET-INVESTMENT-INCOME> 51,352,298
<REALIZED-GAINS-CURRENT> (9,560,068)
<APPREC-INCREASE-CURRENT> (109,157,907)
<NET-CHANGE-FROM-OPS> (67,365,677)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,723,077)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,478,721
<NUMBER-OF-SHARES-REDEEMED> (16,239,973)
<SHARES-REINVESTED> 538,101
<NET-CHANGE-IN-ASSETS> (257,557,300)
<ACCUMULATED-NII-PRIOR> 710,692
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (96,699,849)
<GROSS-ADVISORY-FEES> 4,970,978
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,924,789
<AVERAGE-NET-ASSETS> 628,992,114
<PER-SHARE-NAV-BEGIN> 14.15
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.90)
<PER-SHARE-DIVIDEND> (.37)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.25
<EXPENSE-RATIO> .75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Tax-Free High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,668,638,046
<INVESTMENTS-AT-VALUE> 1,636,363,325
<RECEIVABLES> 31,479,686
<ASSETS-OTHER> 12,466,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,680,309,341
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,059,904
<TOTAL-LIABILITIES> 10,059,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,809,586,207
<SHARES-COMMON-STOCK> 235,577
<SHARES-COMMON-PRIOR> 193,802
<ACCUMULATED-NII-CURRENT> 545,259
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (106,259,917)
<ACCUM-APPREC-OR-DEPREC> (33,622,122)
<NET-ASSETS> 1,670,249,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 61,127,390
<OTHER-INCOME> 0
<EXPENSES-NET> 9,775,092
<NET-INVESTMENT-INCOME> 51,352,298
<REALIZED-GAINS-CURRENT> (9,560,068)
<APPREC-INCREASE-CURRENT> (109,157,907)
<NET-CHANGE-FROM-OPS> (67,365,677)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (72,726)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,716
<NUMBER-OF-SHARES-REDEEMED> (35,235)
<SHARES-REINVESTED> 12,294
<NET-CHANGE-IN-ASSETS> (257,557,300)
<ACCUMULATED-NII-PRIOR> 710,692
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (96,699,849)
<GROSS-ADVISORY-FEES> 4,970,978
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,924,789
<AVERAGE-NET-ASSETS> 2,885,698
<PER-SHARE-NAV-BEGIN> 14.13
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> (.90)
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.23
<EXPENSE-RATIO> .85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Tax-Free High Yield Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,668,638,046
<INVESTMENTS-AT-VALUE> 1,636,363,325
<RECEIVABLES> 31,479,686
<ASSETS-OTHER> 12,466,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,680,309,341
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,059,904
<TOTAL-LIABILITIES> 10,059,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,809,586,207
<SHARES-COMMON-STOCK> 1,469,087
<SHARES-COMMON-PRIOR> 1,675,738
<ACCUMULATED-NII-CURRENT> 545,259
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (106,259,917)
<ACCUM-APPREC-OR-DEPREC> (33,622,122)
<NET-ASSETS> 1,670,249,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 61,127,390
<OTHER-INCOME> 0
<EXPENSES-NET> 9,775,092
<NET-INVESTMENT-INCOME> 51,352,298
<REALIZED-GAINS-CURRENT> (9,560,068)
<APPREC-INCREASE-CURRENT> (109,157,907)
<NET-CHANGE-FROM-OPS> (67,365,677)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (607,501)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82,588
<NUMBER-OF-SHARES-REDEEMED> (320,166)
<SHARES-REINVESTED> 30,927
<NET-CHANGE-IN-ASSETS> (257,557,300)
<ACCUMULATED-NII-PRIOR> 710,692
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (96,699,849)
<GROSS-ADVISORY-FEES> 4,970,978
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,924,789
<AVERAGE-NET-ASSETS> 21,698,689
<PER-SHARE-NAV-BEGIN> 14.14
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.90)
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.24
<EXPENSE-RATIO> .60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
