Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38915-Q3PH
See
Notes
to
Schedule
of
Investments
1
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
2
Notes
to
Schedule
of
Investments
20
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Tax-Free
High
Yield
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
Alaska
1.2%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
$
8,750,000
$
7,721,487
Arizona
3.4%
Arizona
Industrial
Development
Authority
,
a
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2017
G,
Refunding,
5%,
7/01/37
........................................................
1,500,000
1,502,803
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/51
.............
2,000,000
1,674,811
a
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
7/01/35
........................................................
1,500,000
1,500,504
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
7/01/35
........................................................
1,750,000
1,750,647
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
7/01/46
........................................................
750,000
719,323
a
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
A,
6.25%,
11/15/35
.......................................................
1,060,000
1,115,316
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
A,
6.75%,
11/15/42
.......................................................
1,000,000
1,064,444
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
A,
6.875%,
11/15/52
.......................................................
500,000
525,496
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
A,
7%,
11/15/57
.......................................................
1,650,000
1,741,962
a
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
144A,
2012,
5%,
3/01/32
.
1,195,000
1,194,909
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
144A,
2015
A,
Refunding,
5%,
9/01/34
....................................................
500,000
495,391
Maricopa
County
Industrial
Development
Authority
,
a
Grand
Canyon
University
Obligated
Group,
Revenue,
144A,
2024,
7.375%,
10/01/29
3,700,000
3,844,892
Horizon
Community
Learning
Center,
Inc.,
Revenue,
2016,
Refunding,
5%,
7/01/35
1,500,000
1,502,791
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
1,525,000
1,619,940
Revenue,
2007-1,
5%,
12/01/32
.......................................
1,500,000
1,577,844
a
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
....................................
700,000
634,908
22,465,981
Arkansas
0.1%
Arkansas
Development
Finance
Authority
,
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/36
.........................................
825,000
833,464
California
7.9%
a
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
3,275,000
2,684,780
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
2,000,000
1,376,360
b
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
B-2,
Refunding,
5.45%,
6/01/55
........................................................
7,620,000
1,542,924
Los
Angeles
County
Securitization
Corp.,
Revenue,
2020
B-2,
Refunding,
5.68%,
6/01/55
........................................................
20,390,000
3,871,074
California
Housing
Finance
Agency
,
Revenue,
2021-1,
A,
3.5%,
11/20/35
...................................
131,193
124,877
a
Found
Middle
LP,
Revenue,
144A,
2024
L,
5.2%,
12/01/27
...................
2,750,000
2,784,855
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
a
California
Infrastructure
&
Economic
Development
Bank
,
c
Desertxpress
Enterprises
LLC,
Revenue,
144A,
2025
A,
Refunding,
Mandatory
Put,
9.5%,
1/01/35
...................................................
$
2,100,000
$
2,028,172
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
B,
7.71%,
1/01/61
..............
7,255,000
513,007
a
California
Municipal
Finance
Authority
,
Catalyst
Impact
Fund
1
LLC,
Revenue,
144A,
2024,
I,
6%,
1/01/39
.............
1,700,000
1,725,203
Westside
Neighborhood
School,
Revenue,
144A,
2024,
6.2%,
6/15/54
..........
600,000
630,046
Westside
Neighborhood
School,
Revenue,
144A,
2024,
6.375%,
6/15/64
........
1,100,000
1,163,967
a
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
5%,
11/15/36
.......................................................
750,000
751,197
Kendal
at
Sonoma
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
5%,
11/15/46
.......................................................
500,000
461,152
Kendal
at
Sonoma
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
5%,
11/15/51
.......................................................
1,000,000
889,530
City
of
Sunnyvale
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2001
,
7.75
%
,
8/01/32
.........................................................
3,035,000
3,044,628
a
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
4/01/56
......................................................
3,500,000
2,564,508
a
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
4/01/57
........................................................
3,200,000
2,257,255
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
1,200,000
754,390
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
5,500,000
3,688,100
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
1,405,000
1,228,698
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
1,900,000
1,383,272
Parallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
.....................
4,805,000
4,111,672
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
4,000,000
2,643,333
Davis
Joint
Unified
School
District
,
GO
,
2020
,
BAM
Insured
,
3
%
,
8/01/38
..........
3,140,000
2,716,742
a
Hastings
Campus
Housing
Finance
Authority
,
Revenue,
Senior
Lien
,
144A,
2020
A
,
5
%
,
7/01/61
......................................................
2,500,000
2,230,500
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/37
...........
2,000,000
2,204,262
b
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-2
,
2
,
Refunding
,
5.68
%,
6/01/54
....
14,660,000
2,942,110
52,316,614
Colorado
5.6%
Canyons
Metropolitan
District
No.
5
,
GO
,
2024
B
,
Refunding
,
6.5
%
,
12/15/54
......
700,000
692,139
CCP
Metropolitan
District
No.
3
,
GO
,
2024
,
Refunding
,
5
%
,
12/01/53
.............
1,175,000
1,098,305
d
City
&
County
of
Denver
,
Airport
System,
Revenue,
2022
D,
Refunding,
5.75%,
11/15/37
...............
2,500,000
2,777,215
Airport
System,
Revenue,
2022
D,
Refunding,
5.75%,
11/15/38
...............
3,175,000
3,508,915
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/31
........................................................
2,000,000
2,005,419
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
1/01/38
........................................................
550,000
498,898
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/42
........................................................
1,000,000
859,254
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
2,750,000
2,729,304
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
1,700,000
1,398,532
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/37
........................................................
1,000,000
1,010,143
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/47
........................................................
$
250,000
$
248,276
b
E-470
Public
Highway
Authority
,
Revenue
,
2010
A
,
4.75
%,
9/01/41
..............
1,000,000
468,203
a
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
3,000,000
2,923,603
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
2,100,000
2,157,767
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
2,000,000
2,337,121
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System,
Revenue,
2020,
5%,
12/01/40
...................
624,000
583,493
Non-Potable
Water
System,
Revenue,
2020,
5.25%,
12/01/50
................
1,375,000
1,262,544
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/51
.........
2,000,000
1,561,775
Sky
Dance
Metropolitan
District
No.
2
,
GO
,
2024
A
,
6
%
,
12/01/54
...............
790,000
734,152
Southlands
Metropolitan
District
No.
1
,
GO,
2017
A-1,
Refunding,
5%,
12/01/37
.................................
500,000
485,910
GO,
2017
A-1,
Refunding,
5%,
12/01/47
.................................
1,745,000
1,608,432
a
STC
Metropolitan
District
No.
2
,
GO,
Second
Lien
,
144A,
2025
A-2
,
Refunding
,
6.25
%
,
12/01/55
........................................................
500,000
504,152
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Metropolitan
District
No.
1
,
Special
Assessment
,
2024
,
5.625
%
,
12/01/43
.............................
718,000
717,436
a
Sunset
Parks
Metropolitan
District
,
GO
,
144A,
2024
A
,
5.125
%
,
12/01/54
.........
1,410,000
1,292,238
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
700,000
690,409
Village
Metropolitan
District
(The)
,
GO,
2020,
Refunding,
5%,
12/01/40
....................................
1,000,000
976,615
GO,
2020,
Refunding,
5%,
12/01/49
....................................
1,250,000
1,180,638
Windler
Public
Improvement
Authority
,
Revenue
,
2021
A-1
,
4.125
%
,
12/01/51
......
1,000,000
755,304
37,066,192
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
a
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2016
A,
5%,
9/01/46
..
1,000,000
915,343
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/33
........
1,500,000
1,500,593
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.375%,
10/01/45
.......................................................
185,000
187,170
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.5%,
10/01/55
.......................................................
235,000
236,343
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.25%,
10/01/60
.......................................................
170,000
166,032
3,005,481
Delaware
1.1%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.,
Revenue,
2016
A,
5%,
6/01/36
....
700,000
700,228
ASPIRA
of
Delaware
Charter
Operations,
Inc.,
Revenue,
2016
A,
5%,
6/01/46
....
1,820,000
1,696,203
a
Town
of
Bridgeville
,
Heritage
Shores
Special
Development
District
,
Special
Tax
,
144A,
2024
,
5.625
%
,
7/01/53
..............................................
1,530,000
1,547,584
a
Town
of
Millsboro
,
Plantation
Lakes
Special
Development
District,
Special
Tax,
144A,
2018,
Refunding,
5.125%,
7/01/38
.................................................
1,494,000
1,438,138
Plantation
Lakes
Special
Development
District,
Special
Tax,
144A,
2018,
Refunding,
5.25%,
7/01/48
..................................................
1,997,000
1,848,618
7,230,771
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
9.9%
Bella
Collina
Community
Development
District
,
Special
Assessment,
2024,
5%,
5/01/44
.................................
$
680,000
$
659,766
Special
Assessment,
2024,
5.3%,
5/01/55
...............................
915,000
880,832
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/33
......
2,000,000
2,065,491
a,b
PRG
-
UnionWest
Properties
LLC,
Revenue,
144A,
2024
B,
5.854%,
6/01/62
.....
17,800,000
2,693,941
a
PRG
-
UnionWest
Properties
LLC,
Revenue,
Senior
Lien,
144A,
2024
A-1,
5%,
6/01/54
........................................................
500,000
473,059
a
PRG
-
UnionWest
Properties
LLC,
Revenue,
Senior
Lien,
144A,
2024
A-1,
5%,
6/01/58
........................................................
1,250,000
1,170,102
Capital
Trust
Agency,
Inc.
,
Liza
Jackson
Preparatory
School,
Inc.,
Revenue,
2020
A,
5%,
8/01/40
..........
300,000
296,500
Liza
Jackson
Preparatory
School,
Inc.,
Revenue,
2020
A,
5%,
8/01/55
..........
1,000,000
927,008
b
WFCS
Holdings
LLC,
Revenue,
2020
B,
7.86%,
1/01/60
.....................
6,000,000
434,653
a
Capital
Trust
Authority
,
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/55
.............................................
390,000
361,811
a
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
....................................................
370,000
349,438
b
City
of
Tampa
,
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
4.9%,
9/01/40
...............
850,000
404,604
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
5%,
9/01/41
.................
1,000,000
446,331
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
5.28%,
9/01/45
..............
2,000,000
692,351
a
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.625
%
,
1/01/60
.......................................
625,000
604,415
County
of
Lake
,
Waterman
Communities,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5.75
%
,
8/15/55
.........................................................
1,750,000
1,632,148
a
County
of
Palm
Beach
,
Provident
Group
-
LU
Properties
LLC,
Revenue,
144A,
2021
A,
5%,
6/01/57
......
1,045,000
909,253
Provident
Group-PBAU
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
4/01/39
....
500,000
466,693
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
1,500,000
1,449,626
Florida
Development
Finance
Corp.
,
a
Revenue,
144A,
2021
A,
4%,
7/01/51
...................................
2,250,000
1,809,022
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
3,500,000
3,271,163
Florida
Higher
Educational
Facilities
Financial
Authority
,
St.
Leo
University,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
3/01/49
...................
2,000,000
1,458,311
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/55
.....................................
490,000
468,501
Gardens
at
Hammock
Beach
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2024-1,
5.375%,
5/01/44
............
305,000
294,982
Assessment
Area
1,
Special
Assessment,
2024-1,
5.65%,
5/01/54
.............
525,000
504,979
GIR
East
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2025,
5.3%,
5/01/45
................
700,000
669,583
Assessment
Area
1,
Special
Assessment,
2025,
5.5%,
5/01/55
................
1,325,000
1,251,367
Governors
Park
South
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2025,
5.4%,
5/01/45
................
600,000
583,852
Assessment
Area
1,
Special
Assessment,
2025,
5.65%,
5/01/55
...............
875,000
847,126
a
Hammock
Oaks
Community
Development
District
,
Assessment
Area
3,
Special
Assessment,
144A,
2025,
5.55%,
5/01/45
..........
150,000
148,289
Assessment
Area
3,
Special
Assessment,
144A,
2025,
5.75%,
5/01/55
..........
200,000
196,710
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
1,000,000
996,896
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakewood
Ranch
Stewardship
District
,
a
Assessment
Northeast
Sector
Project
Phase
2B,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/50
............................................
$
500,000
$
407,534
Assessments,
Special
Assessment,
2024,
4.625%,
5/01/31
..................
210,000
210,565
Assessments,
Special
Assessment,
2024,
5.3%,
5/01/44
....................
485,000
480,454
Assessments,
Special
Assessment,
2024,
5.55%,
5/01/54
...................
530,000
524,203
Assessments,
Special
Assessment,
2024,
5.5%,
5/01/55
....................
760,000
731,186
Northeast
Sector
Phase
1B,
Special
Assessment,
2018,
5.3%,
5/01/39
..........
1,250,000
1,274,041
Villages
Lakewood
Ranch
South,
Special
Assessment,
2016,
5%,
5/01/36
.......
730,000
733,912
Landings
Community
Development
District
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/55
850,000
824,501
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
500,000
474,687
a
Lowery
Hills
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/45
...............................
725,000
703,766
Miami-Dade
County
Industrial
Development
Authority
,
Pinecrest
Academy
Obligated
Group
,
Revenue
,
2014
,
5
%
,
9/15/34
....................................
2,195,000
2,193,565
Middleton
Community
Development
District
A
,
Special
Assessment,
2024,
4.75%,
5/01/55
..............................
1,595,000
1,489,496
Phase
I,
Special
Assessment,
2022,
6.2%,
5/01/53
.........................
1,345,000
1,400,314
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2022
,
4
%
,
10/01/52
................................................
7,735,000
6,662,132
Palermo
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
................................................
600,000
568,175
a
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/45
................................................
710,000
690,385
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
2,770,000
2,705,180
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
6/15/55
..............................
590,000
574,379
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/55
...............................................
560,000
538,653
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/30
............................................
750,000
753,886
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/31
............................................
1,285,000
1,291,170
a
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
..............................
830,000
650,021
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/36
400,000
352,770
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/41
750,000
615,902
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/50
750,000
546,159
Terra
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/45
..............................................
250,000
247,019
Tolomato
Community
Development
District
,
Assessment
Area,
Special
Assessment,
2024,
4.8%,
5/01/44
.................
880,000
824,767
Assessment
Area,
Special
Assessment,
2024,
5.125%,
5/01/54
...............
360,000
335,768
Village
Community
Development
District
No.
13
,
a
Phase
II,
Special
Assessment,
144A,
2020,
3.5%,
5/01/51
...................
3,835,000
2,886,140
Phase
III,
Special
Assessment,
2021,
3.25%,
5/01/52
.......................
1,460,000
1,028,339
a
Village
Community
Development
District
No.
15
,
Special
Assessment,
144A,
2024,
4.8%,
5/01/55
..........................
800,000
757,786
Phase
I,
Special
Assessment,
144A,
2023,
4.85%,
5/01/38
...................
1,000,000
1,010,161
Woodcreek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
.....................................
500,000
469,547
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
a
Woodland
Crossing
Community
Development
District
,
Special
Assessment,
144A,
2025,
5.875%,
5/01/45
.........................
$
115,000
$
115,597
Special
Assessment,
144A,
2025,
6.125%,
5/01/56
.........................
240,000
241,744
a
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
500,000
481,044
65,213,751
Georgia
1.1%
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The),
Revenue,
2024
A,
5%,
6/01/55
.................
400,000
371,435
GLOBE
Academy,
Inc.
(The),
Revenue,
2024
A,
5%,
6/01/63
.................
800,000
723,877
Development
Authority
of
Cobb
County
(The)
,
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
5%,
7/15/30
..............................................
1,175,000
1,175,500
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
Pre-Refunded,
5%,
7/15/30
..................................
25,000
25,076
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
5%,
7/15/38
..............................................
1,205,000
1,155,538
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
Pre-Refunded,
5%,
7/15/38
..................................
45,000
45,137
a
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/54
.................................
3,970,000
3,634,941
7,131,504
Illinois
6.1%
Chicago
Board
of
Education
,
a
GO,
144A,
2017
A,
Refunding,
7%,
12/01/46
.............................
1,500,000
1,549,467
GO,
2017
H,
5%,
12/01/36
...........................................
4,600,000
4,456,358
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien,
2023
A,
Refunding,
BAM
Insured,
5.75%,
1/01/48
........
2,000,000
2,122,543
Revenue,
Senior
Lien,
2023
C,
Refunding,
5%,
1/01/38
.....................
2,000,000
2,073,662
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2022
A
,
5.5
%
,
1/01/55
..
3,925,000
4,051,154
City
of
Chicago
,
GO,
2019
A,
5%,
1/01/44
............................................
2,000,000
1,891,428
GO,
2020
A,
Refunding,
5%,
1/01/30
...................................
2,600,000
2,715,262
GO,
2020
A,
Refunding,
5%,
1/01/31
...................................
1,400,000
1,454,570
GO,
2021
A,
Refunding,
4%,
1/01/36
...................................
3,150,000
2,938,613
GO,
2021
B,
Refunding,
4%,
1/01/38
...................................
7,553,000
6,809,622
a
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
2.87%,
12/01/27
........................................
228,000
218,525
a
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.2%,
12/01/29
.........................................
300,000
282,074
a
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.29%,
12/01/30
........................................
325,000
302,891
a
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.45%,
12/01/32
........................................
275,000
251,966
Du
Page
County
Special
Service
Area
No.
31
,
Monarch
Landing,
Inc.
,
Special
Tax
,
2006
,
5.625
%
,
3/01/36
..............................................
596,000
581,168
Illinois
Finance
Authority
,
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/47
.........................
5,500,000
5,195,959
a
Navy
Pier,
Inc.
Obligated
Group,
Revenue,
144A,
2024
B,
Refunding,
5%,
10/01/44
750,000
712,660
a
Navy
Pier,
Inc.
Obligated
Group,
Revenue,
144A,
2024
B,
Refunding,
5%,
10/01/49
1,000,000
942,606
Plymouth
Place
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5.25%,
5/15/50
.
850,000
850,514
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
2017
A,
Refunding,
5%,
8/01/34
....................................................
650,000
659,372
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority,
(continued)
Southern
Illinois
Healthcare
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
3/01/33
........................................................
$
200,000
$
201,306
40,261,720
Indiana
0.2%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
1,150,000
1,135,110
Iowa
0.7%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2023
B,
Refunding,
7.5%,
5/15/53
........................................................
1,400,000
1,556,447
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2024
A,
Refunding,
5.125%,
5/15/59
........................................................
3,500,000
3,315,782
4,872,229
Kansas
0.1%
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
945,000
888,582
Kentucky
0.3%
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/15/36
....................................................
2,000,000
1,774,843
Owensboro
Health,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
6/01/41
........................................................
375,000
376,298
2,151,141
Louisiana
0.8%
a
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group,
Revenue,
144A,
2024,
Refunding,
5%,
11/15/44
....
765,000
718,259
Christwood
Obligated
Group,
Revenue,
144A,
2024,
Refunding,
5.25%,
11/15/59
..
1,150,000
1,054,907
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
...........................................
3,500,000
3,579,923
5,353,089
Maine
0.2%
a,c
Finance
Authority
of
Maine
,
Casella
Waste
Systems,
Inc.
,
Revenue
,
144A,
2015
,
Mandatory
Put
,
5.125
%
,
8/01/25
......................................
1,000,000
996,222
Maryland
1.6%
City
of
Brunswick
,
Brunswick
Crossing
Special
Taxing
District
,
Special
Tax
,
2019
,
Refunding
,
5
%
,
7/01/36
.............................................
998,000
998,495
City
of
Westminster
,
Lutheran
Village
at
Miller's
Grant,
Inc.
Obligated
Group
(The)
,
Revenue
,
2014
A
,
6
%
,
7/01/34
........................................
750,000
750,264
a
County
of
Frederick
,
Mount
St.
Mary's
University,
Inc.
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
9/01/37
.............................................
500,000
481,574
a
County
of
Prince
George's
,
Westphalia
Town
Center
Development
District,
Tax
Allocation,
144A,
2018,
5.125%,
7/01/39
........................................................
300,000
296,107
Westphalia
Town
Center
Development
District,
Tax
Allocation,
144A,
2018,
5.25%,
7/01/48
........................................................
2,000,000
1,984,367
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District,
Tax
Allocation,
2020,
4%,
9/01/50
........................................................
1,250,000
990,612
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Economic
Development
Corp.,
(continued)
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2022
A,
6%,
7/01/58
$
5,025,000
$
5,371,814
10,873,233
Massachusetts
0.7%
Collegiate
Charter
School
of
Lowell
,
Revenue
,
2019
,
5
%
,
6/15/49
...............
2,290,000
2,187,966
Massachusetts
Development
Finance
Agency
,
a,e
Adventcare
Obligated
Group,
Revenue,
144A,
2007,
6.65%,
10/15/28
..........
2,035,000
20
Lasell
University,
Revenue,
2021,
Refunding,
4%,
7/01/45
...................
750,000
588,819
Lasell
University,
Revenue,
2021,
Refunding,
4%,
7/01/50
...................
2,615,000
1,974,298
4,751,103
Michigan
2.3%
City
of
Detroit
,
GO,
2018,
5%,
4/01/36
.............................................
1,400,000
1,425,876
GO,
2018,
5%,
4/01/37
.............................................
350,000
355,595
GO,
2021
A,
4%,
4/01/40
............................................
1,120,000
1,026,844
GO,
B-1,
4%,
4/01/44
...............................................
4,549,005
3,582,922
Detroit
Downtown
Development
Authority
,
Catalyst
Development
Area
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
7/01/48
........................................
3,125,000
3,178,901
Flint
Hospital
Building
Authority
,
Hurley
Medical
Center
,
Revenue
,
2013
A
,
5.25
%
,
7/01/39
.........................................................
500,000
482,437
Michigan
Finance
Authority
,
Aquinas
College,
Revenue,
2021,
Refunding,
5%,
5/01/46
...................
1,000,000
749,787
Lawrence
Technological
University
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
2/01/32
..................................................
1,000,000
1,010,154
Lawrence
Technological
University
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
2/01/37
........................................................
1,080,000
1,080,021
Lawrence
Technological
University
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
2/01/47
........................................................
600,000
562,722
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
2,500,000
1,566,618
15,021,877
Minnesota
1.3%
a
City
of
Eagan
,
Great
Oaks
Academy
,
Revenue
,
144A,
2025
A
,
6.5
%
,
2/01/65
.......
700,000
670,524
City
of
Forest
Lake
,
Lakes
International
Language
Academy
,
Revenue
,
2019
A
,
5.25
%
,
8/01/43
.........................................................
615,000
612,163
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science,
Revenue,
2016
A,
5%,
7/01/47
..........
1,000,000
858,941
Parnassus
Preparatory
School,
Revenue,
2016
A,
5%,
11/01/36
...............
1,500,000
1,499,152
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
1,350,000
1,287,443
Housing
&
Redevelopment
Authority
of
the
City
of
St.
Paul
Minnesota
,
Hmong
College
Prep
Academy
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/55
...................
2,750,000
2,522,592
Minnesota
Higher
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
......................................................
1,000,000
685,089
Township
of
Baytown
,
St.
Croix
Preparatory
Academy
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/36
......................................................
400,000
364,540
8,500,444
Missouri
2.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/46
.....
2,500,000
2,226,551
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/38
....................................................
930,000
764,926
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/43
....................................................
$
3,965,000
$
3,040,387
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
B,
Refunding,
4%,
5/01/45
....................................................
3,500,000
2,609,309
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
(The)
,
Revenue
,
2017
A
,
Refunding
,
4.75
%
,
11/15/47
........................................
1,625,000
1,372,194
Plaza
at
Noah's
Ark
Community
Improvement
District
,
Revenue,
2021,
Refunding,
3%,
5/01/30
.................................
725,000
670,457
Revenue,
2021,
Refunding,
3.125%,
5/01/35
.............................
500,000
424,429
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2018
A
,
5.25
%
,
9/01/53
........................
6,000,000
5,776,551
16,884,804
Nevada
0.5%
City
of
Las
Vegas
,
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/35
...
635,000
637,284
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3.125%,
6/01/51
1,415,000
927,972
Special
Improvement
District
Nos.
808
&
810,
Special
Assessment,
2014,
Refunding,
5%,
6/01/30
....................................................
810,000
810,060
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
64
Valley
Vista
,
Special
Assessment
,
2019
,
4.5
%
,
6/01/39
.....................................
650,000
605,816
City
of
Sparks
,
Special
Improvement
District
No.
1
,
Special
Assessment
,
2024
,
5.125
%
,
6/01/54
.........................................................
500,000
465,547
3,446,679
New
Hampshire
1.4%
New
Hampshire
Business
Finance
Authority
,
Revenue,
2024-2,
A,
3.625%,
8/20/39
..................................
3,780,658
3,462,843
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.125%,
8/15/40
..............
1,475,000
1,284,259
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.25%,
8/15/46
...............
1,650,000
1,387,883
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.5%,
8/15/55
................
3,495,000
2,868,309
9,003,294
New
Jersey
1.4%
Camden
County
Improvement
Authority
(The)
,
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/62
.........................................
3,000,000
3,098,212
New
Jersey
Economic
Development
Authority
,
North
Star
Academy
Charter
School
of
Newark,
Inc.,
Revenue,
2017,
5%,
7/15/32
.
1,000,000
1,018,631
Provident
Group-Montclair
Properties
LLC,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
6/01/37
..............................................
1,000,000
1,015,266
UMM
Energy
Partners
LLC,
Revenue,
2012
A,
5%,
6/15/37
..................
1,000,000
984,746
United
Airlines,
Inc.,
Revenue,
2000
B,
5.625%,
11/15/30
....................
1,000,000
1,000,136
United
Airlines,
Inc.,
Revenue,
2003,
5.5%,
6/01/33
........................
2,000,000
2,000,416
9,117,407
New
Mexico
0.2%
City
of
Santa
Fe
,
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
5/15/49
....................................................
1,200,000
1,104,299
New
York
6.8%
a
Build
NYC
Resource
Corp.
,
NEW
World
Preparatory
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
................................................
500,000
389,861
a
Monroe
County
Industrial
Development
Corp.
,
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/59
.............................
540,000
507,504
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
2.875%,
11/15/46
...........................
$
2,650,000
$
1,853,825
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
6,025,000
4,156,252
a
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
1,250,000
1,250,045
7
World
Trade
Center
II
LLC,
Revenue,
2022
A,
1,
Refunding,
3%,
9/15/43
.......
5,450,000
4,175,251
7
World
Trade
Center
II
LLC,
Revenue,
2022
A,
1,
Refunding,
3.125%,
9/15/50
...
425,000
305,065
d
New
York
State
Thruway
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
C
,
5
%
,
3/15/54
...............................................
7,300,000
7,439,903
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.,
Revenue,
2021,
Refunding,
3%,
8/01/31
...............
1,150,000
1,064,705
Delta
Air
Lines,
Inc.,
Revenue,
2018,
4%,
1/01/36
..........................
4,405,000
4,140,862
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
2,000,000
2,004,616
Delta
Air
Lines,
Inc.,
Revenue,
2023,
5.625%,
4/01/40
......................
2,200,000
2,278,682
JFK
NTO
LLC,
Revenue,
2023,
6%,
6/30/54
..............................
4,400,000
4,614,684
a
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
..........
2,250,000
2,277,661
d
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
4,485,000
4,467,087
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,730,000
2,789,860
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/50
.........................................................
1,700,000
1,457,370
45,173,233
North
Carolina
1.2%
North
Carolina
Medical
Care
Commission
,
Lutheran
Retirement
Ministries
of
Alamance
County
Obligated
Group,
Revenue,
2019
A,
5%,
1/01/49
..................................................
2,970,000
2,839,004
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group,
Revenue,
2021
C,
Refunding,
4%,
3/01/42
....................................................
2,500,000
2,179,573
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
..............
1,500,000
1,366,380
Southminster,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/37
....
1,625,000
1,626,216
8,011,173
North
Dakota
0.2%
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/50
.........................
1,500,000
1,452,165
Ohio
4.1%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
4,870,000
3,379,110
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
5%,
6/01/55
..................
9,650,000
8,433,473
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/47
..........................................
2,000,000
1,819,886
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.25%,
12/01/38
.....
1,065,000
1,074,218
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.5%,
12/01/43
......
500,000
502,853
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/52
......................................................
785,000
754,365
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.....................................
750,000
803,254
a
Hickory
Chase
Community
Authority
,
Revenue,
Senior
Lien
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/40
.....................................................
1,335,000
1,284,499
Ohio
Higher
Educational
Facility
Commission
,
Capital
University,
Revenue,
2022,
Refunding,
6%,
9/01/52
..................
1,475,000
1,482,363
Cleveland
Institute
of
Art
(The),
Revenue,
2018,
5.25%,
12/01/48
..............
750,000
659,093
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5.125%,
12/01/42
...........
3,490,000
3,527,210
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5.375%,
12/01/52
...........
3,300,000
3,323,847
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5.5
%
,
12/01/43
..............................
$
235,000
$
214,761
27,258,932
Oregon
2.4%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.375
%
,
11/15/55
...........................
1,000,000
935,802
Port
of
Portland
,
Airport
,
Revenue
,
27
A
,
4
%
,
7/01/50
........................
15,710,000
13,636,062
a
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/32
.........................
360,000
380,653
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/39
.........................
700,000
725,157
15,677,674
Pennsylvania
3.8%
Chester
County
Industrial
Development
Authority
,
Collegium
Charter
School,
Revenue,
2017
A,
5.125%,
10/15/37
...............
1,200,000
1,163,364
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/45
...............
2,200,000
2,004,148
Cumberland
County
Municipal
Authority
,
Asbury
Pennsylvania
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/45
.................................
1,000,000
892,743
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
3,600,000
3,140,007
Lancaster
County
Hospital
Authority
,
Moravian
Manors
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/15/49
................................................
4,705,000
4,034,263
Lancaster
Industrial
Development
Authority
,
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
4
%
,
12/01/44
...................................
1,150,000
969,244
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
2,385,000
1,831,665
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund,
Revenue,
2022,
6%,
6/30/61
2,500,000
2,615,728
c
Talen
Energy
Supply
LLC,
Revenue,
2009
C,
Refunding,
Mandatory
Put,
5.25%,
6/01/27
........................................................
1,000,000
1,001,731
Pennsylvania
Higher
Educational
Facilities
Authority
,
University
Properties,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/31
...............................
1,000,000
982,203
a
Philadelphia
Authority
for
Industrial
Development
,
e
University
of
the
Arts
(The),
Revenue,
144A,
2017,
5%,
3/15/45
...............
4,436,394
3,460,387
University
of
the
Arts
(The),
Revenue,
144A,
2017,
Pre-Refunded,
5%,
3/15/45
...
75,000
78,994
University
Plaza
Associates,
Revenue,
144A,
2017,
III,
Pre-Refunded,
5.25%,
12/01/47
.......................................................
2,000,000
2,061,988
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
1,165,000
946,474
25,182,939
Rhode
Island
0.5%
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
6/01/50
....
3,000,000
2,999,868
South
Carolina
1.2%
County
of
Berkeley
,
Nexton
Improvement
District
,
Special
Assessment
,
2019
,
4.25
%
,
11/01/40
........................................................
1,000,000
879,253
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group,
Revenue,
2024,
5.5%,
11/15/44
....
750,000
756,669
Beaufort
Memorial
Hospital
Obligated
Group,
Revenue,
2024,
5.75%,
11/15/54
...
1,000,000
1,018,567
a
Greenville
Renewable
Energy
Education
Charter
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/36
................................
1,000,000
848,099
a
Greenville
Renewable
Energy
Education
Charter
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/56
................................
1,530,000
1,031,494
a
High
Point
Academy,
Inc.,
Revenue,
144A,
2018
A,
5.75%,
6/15/39
............
2,000,000
1,838,234
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
Upstate
Senior
Living,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/42
.....
$
585,000
$
557,626
Upstate
Senior
Living,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/54
.....
1,000,000
896,261
7,826,203
South
Dakota
0.2%
County
of
Lincoln
,
Augustana
College
Association
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
.........................................................
2,060,000
1,631,759
Tennessee
1.3%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
.......
3,000,000
2,212,293
Trevecca
Nazarene
University,
Revenue,
2019,
Refunding,
5%,
10/01/29
........
600,000
611,734
Trevecca
Nazarene
University,
Revenue,
2019,
Refunding,
5%,
10/01/34
........
400,000
408,694
Trevecca
Nazarene
University,
Revenue,
2019,
Refunding,
5%,
10/01/39
........
800,000
805,461
Trevecca
Nazarene
University,
Revenue,
2019,
Refunding,
5%,
10/01/48
........
1,800,000
1,733,881
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue,
2022
B,
5.5%,
7/01/38
......................................
875,000
946,066
Revenue,
2022
B,
5.5%,
7/01/41
......................................
875,000
931,873
a
Nashville
Metropolitan
Development
&
Housing
Agency
,
Fifth
+
Broadway
Redevelopment
Area
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
6/01/36
............
1,250,000
1,253,843
8,903,845
Texas
6.7%
Arlington
Higher
Education
Finance
Corp.
,
a
BASIS
Texas
Charter
Schools,
Inc.,
Revenue,
144A,
2024,
4.875%,
6/15/54
......
1,050,000
965,418
a
BASIS
Texas
Charter
Schools,
Inc.,
Revenue,
144A,
2024,
4.875%,
6/15/59
......
1,000,000
907,389
a
Magellan
School
(The),
Revenue,
144A,
2022,
6.375%,
6/01/62
...............
2,400,000
2,425,376
Wayside
Schools,
Revenue,
2021
A,
Refunding,
4%,
8/15/36
.................
335,000
299,773
Wayside
Schools,
Revenue,
2021
A,
Refunding,
4%,
8/15/46
.................
850,000
683,103
a
City
of
Aubrey
,
Duck
Point
Public
Improvement
District,
Special
Assessment,
144A,
2025,
5.375%,
12/31/45
.......................................................
150,000
139,625
Duck
Point
Public
Improvement
District,
Special
Assessment,
144A,
2025,
5.625%,
12/31/55
.......................................................
260,000
240,666
a
City
of
Celina
,
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2,
Special
Assessment,
144A,
2025,
5.375%,
9/01/45
.......................................
358,000
339,394
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2,
Special
Assessment,
144A,
2025,
5.625%,
9/01/55
.......................................
630,000
593,177
a
City
of
Crandall
,
River
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
..........................
920,000
866,103
a
City
of
Gunter
,
Bridges
Phase
2A
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/45
...........................................
771,000
720,344
City
of
Houston
Airport
System
,
United
Airlines,
Inc.,
Revenue,
2021
A,
4%,
7/01/41
........................
3,750,000
3,372,710
United
Airlines,
Inc.,
Revenue,
2024
B,
5.5%,
7/15/39
.......................
1,000,000
1,006,875
a
City
of
Hutto
,
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/60
.........................
975,000
901,010
a,f
City
of
Mustang
Ridge
,
Durango
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/01/55
.........................
789,000
792,364
a,f
City
of
Pilot
Point
,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
6.125%,
9/15/45
.............................
175,000
176,575
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
a,f
City
of
Pilot
Point,
(continued)
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
6.375%,
9/15/55
.............................
$
250,000
$
252,190
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area,
Special
Assessment,
144A,
2025,
7.125%,
9/15/55
.............................
185,000
186,559
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
5.25%,
9/15/35
..............................
100,000
100,401
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
6.125%,
9/15/45
.............................
100,000
100,823
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
6.375%,
9/15/55
.............................
113,000
113,904
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area,
Special
Assessment,
144A,
2025,
7.125%,
9/15/55
.............................
180,000
181,385
a,f
City
of
Tomball
,
Winfrey
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/53
............................................
450,000
455,205
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2018
D
,
6.125
%
,
8/15/48
....................................
6,000,000
6,001,072
a
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
5.625%,
12/31/55
............................
300,000
283,993
Green
Meadows
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
144A,
2025,
5.875%,
12/31/45
............................
300,000
283,998
Green
Meadows
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
144A,
2025,
6.125%,
12/31/55
............................
600,000
564,353
a
County
of
Medina
,
Talley
Ho
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
9/01/54
.........................
1,371,000
1,239,799
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
...................
1,000,000
1,004,320
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2021
,
4
%
,
10/01/51
.....................................................
2,100,000
1,702,339
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
3,000,000
3,025,978
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC,
Revenue,
2018
A-1,
AGMC
Insured,
5%,
7/01/32
........................................................
700,000
717,690
MRC
Langford
Obligated
Group,
Revenue,
2016
A,
5.375%,
11/15/36
..........
500,000
434,212
MRC
Langford
Obligated
Group,
Revenue,
2016
A,
5.5%,
11/15/46
............
700,000
556,131
MRC
Langford
Obligated
Group,
Revenue,
2016
A,
5.5%,
11/15/52
............
250,000
189,932
Westminster
Manor
Obligated
Group,
Revenue,
2021,
4%,
11/01/55
............
1,450,000
1,180,136
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/15/37
.......
1,620,000
1,624,958
a,g
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
1,375,000
1,270,217
Texas
State
Technical
College
,
Revenue
,
2022
A
,
AGMC
Insured
,
6
%
,
8/01/54
.....
4,000,000
4,362,982
b
Texas
Transportation
Commission
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
4.77
%,
8/01/39
.............................................
1,500,000
771,602
a
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/01/55
.................
910,000
853,059
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/36
........................................................
650,000
538,713
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/37
........................................................
650,000
525,665
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/38
........................................................
750,000
587,267
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Uptown
Development
Authority,
(continued)
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/39
........................................................
$
550,000
$
420,457
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/40
........................................................
605,000
452,754
44,411,996
Utah
1.8%
a
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
..............................
3,000,000
2,921,666
a
Mida
Mountain
Village
Public
Infrastructure
District
,
Mountain
Village
Assessment
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
.......................
1,625,000
1,290,736
a
MIDA
Mountain
Village
Public
Infrastructure
District
,
Special
Assessment,
144A,
2020
A,
5%,
8/01/50
..........................
2,000,000
1,852,184
Military
Recreation
Facility
Project
Area,
Tax
Allocation,
144A,
2024-2,
6%,
6/15/54
1,000,000
1,001,855
a
SkyRidge
Pegasus
Infrastructure
Financing
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
12/01/44
...............................
700,000
657,860
Utah
Infrastructure
Agency
,
Revenue,
2019,
4%,
10/15/42
........................................
1,500,000
1,317,120
Revenue,
2022,
5%,
10/15/32
........................................
1,000,000
1,048,352
Revenue,
2024,
5.25%,
10/15/36
......................................
355,000
379,199
Revenue,
2024,
5.25%,
10/15/39
......................................
405,000
425,040
Revenue,
2024,
5.5%,
10/15/44
.......................................
450,000
469,167
Revenue,
2024,
5.5%,
10/15/48
.......................................
500,000
515,413
11,878,592
Virginia
1.0%
a
Cherry
Hill
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5.15
%
,
3/01/35
...................................................
500,000
500,431
a
Farms
New
Kent
Community
Development
Authority
,
Special
Assessment
,
144A,
2021
A
,
Refunding
,
3.75
%
,
3/01/36
.........................................
785,000
724,193
James
City
County
Economic
Development
Authority
,
Williamsburg
Landing,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/01/50
.......................................................
2,250,000
1,725,405
Williamsburg
Landing,
Inc.
Obligated
Group,
Revenue,
2024
A,
6.875%,
12/01/58
.
1,000,000
1,069,919
a
Lower
Magnolia
Green
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5
%
,
3/01/35
.................................................
785,000
767,282
Suffolk
Economic
Development
Authority
,
EveryAge
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/31
.............................................
1,500,000
1,475,624
6,262,854
Washington
3.7%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/53
..................................................
5,000,000
5,476,703
a
Kalispel
Tribe
of
Indians
,
Revenue
,
144A,
2018
A
,
5
%
,
1/01/32
.................
990,000
1,004,818
Skagit
County
Public
Hospital
District
No.
1
,
Revenue,
2016,
Refunding,
5%,
12/01/37
................................
2,000,000
2,000,711
Revenue,
2024,
5.5%,
12/01/54
.......................................
2,000,000
2,052,593
Washington
State
Housing
Finance
Commission
,
Revenue,
2023-1,
A,
3.375%,
4/20/37
..................................
5,131,956
4,625,828
h
Revenue,
FRN,
2024-1,
A,
4.084%,
3/20/40
..............................
1,246,265
1,147,330
a
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/46
.........................................
2,500,000
2,266,129
a
Seattle
Academy
of
Arts
&
Sciences,
Revenue,
144A,
2023,
Refunding,
6.125%,
7/01/53
........................................................
2,500,000
2,669,643
a
Spokane
International
Academy,
Revenue,
144A,
2021
A,
4%,
7/01/40
..........
2,235,000
1,934,483
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
State
Housing
Finance
Commission,
(continued)
a
Spokane
International
Academy,
Revenue,
144A,
2021
A,
5%,
7/01/50
..........
$
500,000
$
459,979
a
Wesley
Homes
Lea
Hill
LLC,
Revenue,
144A,
2016,
Refunding,
5%,
7/01/36
.....
575,000
518,093
24,156,310
West
Virginia
0.2%
a
County
of
Monongalia
,
Monongalia
County
Building
Commission
Development
District
No.
4,
Tax
Allocation,
144A,
2023
A,
Refunding,
5.75%,
6/01/43
..............................
440,000
453,799
Monongalia
County
Building
Commission
Development
District
No.
4,
Tax
Allocation,
144A,
2023
A,
Refunding,
6%,
6/01/53
................................
880,000
909,032
1,362,831
Wisconsin
6.1%
Public
Finance
Authority
,
Revenue,
2023-1,
A,
5.75%,
7/01/62
...................................
2,855,209
2,892,420
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/44
.............
1,900,000
1,854,443
Beyond
Boone
LLC,
Revenue,
2020
A,
AGMC
Insured,
4%,
7/01/55
............
1,000,000
855,106
Celanese
US
Holdings
LLC,
Revenue,
2016
C,
Refunding,
4.3%,
11/01/30
.......
700,000
686,772
a
CFC-SA
LLC,
Revenue,
Sub.
Lien,
144A,
2022
B,
6%,
2/01/62
................
2,000,000
2,053,605
a
CHF
-
Manoa
LLC,
Revenue,
Senior
Lien,
144A,
2023
A,
5.75%,
7/01/63
........
2,000,000
2,034,054
a
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
9/01/38
........................................................
1,500,000
1,436,321
Cornerstone
Charter
Academy:
A
Challenge
Foundation
Academy,
Inc.,
Revenue,
2024,
5%,
2/01/64
................................................
2,000,000
1,896,145
a
Dominium
Holdings
I
LLC,
Revenue,
144A,
2024-1,
B-1,
6.81%,
4/28/36
........
2,375,000
2,408,365
a
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.,
Revenue,
144A,
2024,
5%,
7/01/55
....................................................
1,000,000
901,349
a
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.,
Revenue,
144A,
2024,
5%,
7/01/60
....................................................
1,250,000
1,111,259
a
Mater
Academy
of
Nevada,
Revenue,
144A,
2024
A,
5%,
12/15/39
.............
700,000
693,690
a
Mater
Academy
of
Nevada,
Revenue,
144A,
2024
A,
5%,
12/15/44
.............
690,000
659,354
a
North
Carolina
Leadership
Charter
Academy,
Inc.,
Revenue,
144A,
2019
A,
5%,
6/15/39
........................................................
410,000
394,679
a
North
Carolina
Leadership
Charter
Academy,
Inc.,
Revenue,
144A,
2019
A,
5%,
6/15/49
........................................................
1,040,000
957,920
a
North
Carolina
Leadership
Charter
Academy,
Inc.,
Revenue,
144A,
2019
A,
5%,
6/15/54
........................................................
455,000
410,074
Northwest
Nazarene
University,
Inc.,
Revenue,
2018,
Refunding,
5%,
10/01/43
...
3,425,000
3,304,190
Piedmont
Community
Charter
School,
Inc.,
Revenue,
2019,
5%,
6/15/53
........
1,000,000
935,912
a
Roseman
University
of
Health
Sciences,
Revenue,
144A,
2020,
Pre-Refunded,
5%,
4/01/50
........................................................
95,000
102,170
a
Southminster,
Inc.
Obligated
Group,
Revenue,
144A,
2018,
5%,
10/01/48
........
1,500,000
1,375,257
a
UHF
Promenade
Apts
LLC
(The),
Revenue,
144A,
2024,
6.25%,
2/01/39
........
1,700,000
1,708,557
a
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
A-1,
4%,
7/01/61
........
1,400,000
1,037,537
a
UNC
Charlotte
Marriott
Hotel
&
Conference
Center,
Revenue,
144A,
2021
A,
4%,
9/01/51
........................................................
3,500,000
2,416,772
a
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
3,800,000
3,360,076
Wisconsin
Health
&
Educational
Facilities
Authority
,
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/57
....................................................
1,350,000
1,012,471
PHW
Menomonee
Falls,
Inc.,
Revenue,
2024,
6.125%,
10/01/59
..............
700,000
700,343
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/31
........................................................
970,000
939,329
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/36
........................................................
790,000
734,155
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2024
A,
5.75%,
8/15/59
....
$
1,500,000
$
1,540,331
40,412,656
U.S.
Territories
6.5%
District
of
Columbia
2.5%
District
of
Columbia
,
Ingleside
Presbyterian
Retirement
Community
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/52
....................................................
3,170,000
2,801,734
KIPP
DC
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/37
..........
3,315,000
3,367,417
KIPP
DC
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
....................
250,000
220,257
KIPP
DC
Obligated
Group,
Revenue,
2019,
4%,
7/01/49
....................
1,000,000
847,264
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
6/01/40
...............................
2,750,000
2,645,408
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
8/31/34
..............
3,755,000
4,133,195
a
Rocketship
DC
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
6/01/61
.........
700,000
613,104
Metropolitan
Washington
Airports
Authority
,
b
Dulles
Toll
Road,
Revenue,
Senior
Lien,
2009
B,
4.93%,
10/01/40
.............
995,000
473,853
d
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/53
........
1,935,000
1,628,201
16,730,433
Puerto
Rico
4.0%
Commonwealth
of
Puerto
Rico
,
GO,
2022
A-1,
4%,
7/01/33
..........................................
2,000,000
1,911,262
GO,
2022
A-1,
4%,
7/01/37
..........................................
5,500,000
5,047,811
GO,
2022
A-1,
4%,
7/01/41
..........................................
5,700,000
4,858,469
e
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
TT
,
5
%
,
7/01/37
................
7,500,000
3,656,250
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.5%,
7/01/34
.................................
116,000
113,853
Sales
Tax,
Revenue,
A-1,
4.55%,
7/01/40
................................
59,000
55,773
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
9,430,000
8,767,252
b
Sales
Tax,
Revenue,
A-1,
4.19%,
7/01/27
................................
112,000
102,454
b
Sales
Tax,
Revenue,
A-1,
4.18%,
7/01/29
................................
109,000
91,897
b
Sales
Tax,
Revenue,
A-1,
4.3%,
7/01/31
.................................
141,000
108,772
b
Sales
Tax,
Revenue,
A-1,
4.39%,
7/01/33
................................
159,000
111,896
b
Sales
Tax,
Revenue,
A-1,
5.49%,
7/01/46
................................
2,518,000
812,827
Sales
Tax,
Revenue,
A-2,
4.329%,
7/01/40
...............................
600,000
564,170
Sales
Tax,
Revenue,
A-2,
4.536%,
7/01/53
...............................
17,000
14,932
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
240,000
221,540
26,439,158
Total
U.S.
Territories
....................................................................
43,169,591
Total
Municipal
Bonds
(Cost
$680,602,026)
.....................................
653,119,099
a
a
a
a
Short
Term
Investments
2.7%
Municipal
Bonds
0.1%
Massachusetts
0.1%
i
Massachusetts
Water
Resources
Authority
,
Revenue
,
2008
A
,
Refunding
,
SPA
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
2.5
%
,
8/01/37
.......................
890,000
890,000
Total
Municipal
Bonds
(Cost
$890,000)
.........................................
890,000
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
0.1%
b,j
U.S.
Treasury
Bills
,
3.94%,
5/15/25
...................................................
$
300,000
$
299,509
4.13%,
10/02/25
...................................................
400,000
393,019
692,528
Total
U.S.
Government
and
Agency
Securities
(Cost
$692,757)
....................
692,528
Shares
a
Money
Market
Funds
2.5%
k,l
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......................
16,243,427
16,243,427
Total
Money
Market
Funds
(Cost
$16,243,427)
..................................
16,243,427
Total
Short
Term
Investments
(Cost
$17,826,184)
................................
17,825,955
a
Total
Investments
(Cost
$698,428,210)
101.6%
..................................
$670,945,054
Floating
Rate
Notes
Issued
(2.1)%
.............................................
(14,065,013)
Other
Assets,
less
Liabilities
0.5%
.............................................
3,824,922
Net
Assets
100.0%
...........................................................
$660,704,963
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$169,602,361,
representing
25.7%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Security
purchased
on
a
when-issued
basis.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2025,
the
aggregate
value
of
these
securities
pledged
amounted
to
$593,180,
representing
0.1%
net
assets.
k
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Tax-Free
High
Yield
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
At
April
30,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
22
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
Ultra
Bonds
......................
Short
113
$
13,676,531
6/18/25
$
198,055
Total
Futures
Contracts
......................................................................
$198,055
*
As
of
period
end.
Putnam
Tax-Free
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
20
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
Tax-Free
Income
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of two separate
Funds.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
Tax-Free
High
Yield
Fund
(Fund)
is
included
in
this
report.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Putnam
Tax-Free
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
21
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Tax-Free
High
Yield
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
......
$7,799,542
$137,836,399
$(129,392,514)
$—
$—
$16,243,427
16,243,427
$345,497
Total
Affiliated
Securities
...
$7,799,542
$137,836,399
$(129,392,514)
$—
$—
$16,243,427
$345,497
Level
1
Level
2
Level
3
Total
Putnam
Tax-Free
High
Yield
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
653,119,099
$
—
$
653,119,099
Short
Term
Investments
...................
16,243,427
1,582,528
—
17,825,955
Total
Investments
in
Securities
...........
$16,243,427
$654,701,627
$—
$670,945,054
Other
Financial
Instruments:
Futures
Contracts
.......................
$198,055
$—
$—
$198,055
Total
Other
Financial
Instruments
.........
$198,055
$—
$—
$198,055
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
22
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FRN
Floating
Rate
Note
GO
General
Obligation
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.