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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-04345

 

Putnam Tax Free Income Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (617) 292-1000

 

Date of fiscal year end: July 31

 

Date of reporting period: January 31, 2026

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

 

Putnam Strategic Intermediate Municipal Fund
image
Class A   [PPNAX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2025, to January 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$46
0.88%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$2,296,413,779
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
829
Portfolio Turnover Rate
23%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Strategic Intermediate Municipal Fund  PAGE 1  38914-STSA-0326
18.815.813.510.910.48.58.07.23.02.41.30.2
 
Putnam Strategic Intermediate Municipal Fund
image
Class C   [PAMTX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2025, to January 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$84
1.62%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$2,296,413,779
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
829
Portfolio Turnover Rate
23%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Strategic Intermediate Municipal Fund  PAGE 1  38914-STSC-0326
18.815.813.510.910.48.58.07.23.02.41.30.2
 
Putnam Strategic Intermediate Municipal Fund
image
Class R6   [PAMLX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2025, to January 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R6
$28
0.55%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$2,296,413,779
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
829
Portfolio Turnover Rate
23%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Strategic Intermediate Municipal Fund  PAGE 1  38914-STSR6-0326
18.815.813.510.910.48.58.07.23.02.41.30.2
 
Putnam Strategic Intermediate Municipal Fund
image
Class Y   [PAMYX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2025, to January 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class Y
$32
0.62%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$2,296,413,779
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
829
Portfolio Turnover Rate
23%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Strategic Intermediate Municipal Fund  PAGE 1  38914-STSY-0326
18.815.813.510.910.48.58.07.23.02.41.30.2
 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.

 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Putnam
Strategic
Intermediate
Municipal
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
January 31, 2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
34
Notes
to
Financial
Statements
38
Changes
In
and
Disagreements
with
Accountants
49
Results
of
Meeting(s)
of
Shareholders
49
Remuneration
Paid
to
Directors,
Officers
and
Others
49
Board
Approval
of
Management
and
Subadvisory
Agreements
49
Putnam
Tax-Free
Income
Trust
Financial
Highlights
Putnam
Strategic
Intermediate
Municipal
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.75
$14.10
$13.82
$14.00
$15.37
$15.33
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.25
0.46
0.42
0.34
0.21
0.25
Net
realized
and
unrealized
gains
(losses)
0.47
(0.37)
0.27
(0.18)
(1.11)
0.43
Total
from
investment
operations
........
0.72
0.09
0.69
0.16
(0.90)
0.68
Less
distributions
from:
Net
investment
income
..............
(0.25)
(0.44)
(0.41)
(0.34)
(0.20)
(0.26)
Net
realized
gains
.................
—
—
—
—
(0.27)
(0.38)
Total
distributions
...................
(0.25)
(0.44)
(0.41)
(0.34)
(0.47)
(0.64)
Net
asset
value,
end
of
period
..........
$14.22
$13.75
$14.10
$13.82
$14.00
$15.37
Total
return
c
.......................
5.26%
0.70%
5.10%
1.22%
(5.99)%
4.57%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.88%
0.90%
0.90%
0.84%
0.84%
0.87%
f
Net
investment
income
...............
3.54%
3.30%
3.06%
2.56%
1.49%
1.63%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$394,242
$285,966
$269,359
$220,266
$200,256
$207,780
Portfolio
turnover
rate
................
23%
41%
49%
37%
34%
78%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
costs
of
0.02%.
Putnam
Tax-Free
Income
Trust
Financial
Highlights
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.79
$14.13
$13.86
$14.04
$15.43
$15.38
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.20
0.36
0.32
0.24
0.11
0.13
Net
realized
and
unrealized
gains
(losses)
0.47
(0.37)
0.26
(0.18)
(1.13)
0.45
Total
from
investment
operations
........
0.67
(0.01)
0.58
0.06
(1.02)
0.58
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.33)
(0.31)
(0.24)
(0.10)
(0.15)
Net
realized
gains
.................
—
—
—
—
(0.27)
(0.38)
Total
distributions
...................
(0.20)
(0.33)
(0.31)
(0.24)
(0.37)
(0.53)
Net
asset
value,
end
of
period
..........
$14.26
$13.79
$14.13
$13.86
$14.04
$15.43
Total
return
c
.......................
4.85%
0.02%
4.24%
0.48%
(6.75)%
3.84%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.62%
1.65%
1.65%
1.59%
1.59%
1.62%
f
Net
investment
income
...............
2.78%
2.55%
2.31%
1.79%
0.73%
0.90%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$10,103
$7,627
$9,288
$8,512
$9,473
$11,268
Portfolio
turnover
rate
................
23%
41%
49%
37%
34%
78%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
costs
of
0.02%.
Putnam
Tax-Free
Income
Trust
Financial
Highlights
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.75
$14.10
$13.82
$14.00
$15.39
$15.35
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.27
0.51
0.47
0.38
0.26
0.29
Net
realized
and
unrealized
gains
(losses)
0.47
(0.38)
0.27
(0.18)
(1.12)
0.43
Total
from
investment
operations
........
0.74
0.13
0.74
0.20
(0.86)
0.72
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.48)
(0.46)
(0.38)
(0.26)
(0.30)
Net
realized
gains
.................
—
—
—
—
(0.27)
(0.38)
Total
distributions
...................
(0.27)
(0.48)
(0.46)
(0.38)
(0.53)
(0.68)
Net
asset
value,
end
of
period
..........
$14.22
$13.75
$14.10
$13.82
$14.00
$15.39
Total
return
c
.......................
5.43%
1.04%
5.47%
1.52%
(5.76)%
4.84%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.55%
0.56%
0.54%
0.57%
0.58%
0.61%
f
Net
investment
income
...............
3.86%
3.64%
3.44%
2.88%
1.90%
1.86%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$55,295
$43,498
$28,257
$13,855
$4,243
$803
Portfolio
turnover
rate
................
23%
41%
49%
37%
34%
78%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
costs
of
0.02%.
Putnam
Tax-Free
Income
Trust
Financial
Highlights
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.76
$14.10
$13.83
$14.01
$15.39
$15.35
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.27
0.50
0.46
0.38
0.25
0.29
Net
realized
and
unrealized
gains
(losses)
0.46
(0.35)
0.26
(0.18)
(1.12)
0.43
Total
from
investment
operations
........
0.73
0.15
0.72
0.20
(0.87)
0.72
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.49)
(0.45)
(0.38)
(0.24)
(0.30)
Net
realized
gains
.................
—
—
—
—
(0.27)
(0.38)
Total
distributions
...................
(0.27)
(0.49)
(0.45)
(0.38)
(0.51)
(0.68)
Net
asset
value,
end
of
period
..........
$14.22
$13.76
$14.10
$13.83
$14.01
$15.39
Total
return
c
.......................
5.39%
1.03%
5.29%
1.49%
(5.77)%
4.82%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.62%
0.65%
0.65%
0.59%
0.59%
0.62%
f
Net
investment
income
...............
3.79%
3.55%
3.32%
2.84%
1.87%
1.87%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$1,836,774
$1,732,378
$1,188,701
$806,539
$318,012
$58,762
Portfolio
turnover
rate
................
23%
41%
49%
37%
34%
78%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
costs
of
0.02%.
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Putnam
Strategic
Intermediate
Municipal
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.3%
Alabama
5.4%
a,b
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
1,250,000
$
1,278,412
a
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
4
%
,
12/01/31
..................
7,250,000
7,420,914
Revenue
,
2022
D-1
,
Refunding
,
Mandatory
Put
,
4
%
,
6/01/27
.................
1,000,000
1,012,862
Revenue
,
2023
D-1
,
Refunding
,
Mandatory
Put
,
5.5
%
,
2/01/29
................
2,000,000
2,121,711
b
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
5.5
%
,
8/01/34
.....................
10,085,000
10,842,704
a
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
5,000,000
5,523,543
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
18,000,000
19,539,931
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/41
.................
3,370,000
3,211,846
Southeast
Energy
Authority
A
Cooperative
District
,
a
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
1,350,000
1,443,939
a
Revenue
,
2022
B-1
,
Mandatory
Put
,
5
%
,
8/01/28
..........................
14,550,000
15,154,554
Revenue
,
2024
C
,
5
%
,
11/01/28
.......................................
750,000
789,749
Revenue
,
2024
C
,
5
%
,
11/01/29
.......................................
1,000,000
1,067,513
a
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
13,625,000
14,428,033
a
Revenue
,
2025
C
,
Mandatory
Put
,
5
%
,
2/01/31
...........................
19,065,000
20,394,046
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/32
.............................................
6,000,000
6,073,412
b
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
144A,
2024
,
3.75
%
,
9/01/26
.........................................................
13,000,000
13,000,803
123,303,972
Alaska
0.3%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/38
......................
4,725,000
4,726,025
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/39
......................
2,445,000
2,434,274
7,160,299
Arizona
2.0%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/34
.......................................................
1,000,000
1,045,941
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/38
.......................................................
2,740,000
2,828,729
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5
%
,
11/01/38
.......................................................
450,000
483,335
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5
%
,
11/01/39
.......................................................
780,000
833,131
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5
%
,
11/01/40
.......................................................
650,000
688,825
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
5/15/29
...
1,000,000
994,427
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
5/15/31
...
1,000,000
987,954
b
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
.........
2,750,000
3,031,679
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
1/01/44
...............
2,360,000
2,235,869
b
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
17,250,000
18,396,478
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
1/01/44
...............................
10,000,000
10,959,237
Revenue
,
2025
A
,
Refunding
,
5
%
,
1/01/45
...............................
2,000,000
2,166,779
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
$
1,000,000
$
1,083,081
45,735,465
Arkansas
0.2%
Arkansas
Development
Finance
Authority
,
a
Revenue
,
2025
,
Mandatory
Put
,
3.875
%
,
10/15/32
.........................
3,000,000
3,001,770
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/35
............
1,510,000
1,577,823
4,579,593
California
11.8%
a
California
Community
Choice
Financing
Authority
,
Revenue
,
2024
A
,
Mandatory
Put
,
5
%
,
4/01/32
............................
7,200,000
7,727,170
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
7,000,000
7,391,378
Revenue
,
2024
H
,
Mandatory
Put
,
5
%
,
8/01/33
...........................
7,500,000
8,232,034
b
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
250,000
208,177
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/28
................................
150,000
156,622
California
Health
Facilities
Financing
Authority
,
Lundquist
Institute
For
Biomedical
Innovation
At
Harbor-UCLA
Medical
Center
,
Revenue
,
2018
,
5
%
,
9/01/30
........................................
1,300,000
1,351,147
Lundquist
Institute
For
Biomedical
Innovation
At
Harbor-UCLA
Medical
Center
,
Revenue
,
2018
,
5
%
,
9/01/32
........................................
1,435,000
1,486,558
Lundquist
Institute
For
Biomedical
Innovation
At
Harbor-UCLA
Medical
Center
,
Revenue
,
2018
,
5
%
,
9/01/34
........................................
1,590,000
1,640,699
Lundquist
Institute
For
Biomedical
Innovation
At
Harbor-UCLA
Medical
Center
,
Revenue
,
2018
,
5
%
,
9/01/35
........................................
1,615,000
1,661,839
Lundquist
Institute
For
Biomedical
Innovation
At
Harbor-UCLA
Medical
Center
,
Revenue
,
2018
,
5
%
,
9/01/36
........................................
1,505,000
1,543,823
Lundquist
Institute
For
Biomedical
Innovation
At
Harbor-UCLA
Medical
Center
,
Revenue
,
2018
,
5
%
,
9/01/38
........................................
1,485,000
1,515,484
California
Housing
Finance
Agency
,
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
996,659
1,024,444
CR
Epoca
L
Communities
LP
,
Revenue
,
2024
DD
,
FNMA
Insured
,
3.7
%
,
11/01/37
.
6,200,000
6,380,096
OAHS
Ocean
View
LP
,
Revenue
,
2024
J
,
FNMA
Insured
,
4.33
%
,
2/01/42
........
5,000,000
5,054,617
OAHS
Playa
Del
Alameda
LP
,
Revenue
,
2024
Q
,
FNMA
Insured
,
4.25
%
,
8/01/41
..
2,980,000
3,045,561
California
Infrastructure
&
Economic
Development
Bank
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
7/01/44
...
2,000,000
2,050,967
b
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
4.125
%
,
1/01/35
.............
845,000
823,670
California
Municipal
Finance
Authority
,
c
Revenue
,
FRN
,
2025-1
,
A-2
,
3.439
%
,
2/20/41
............................
13,898,724
12,293,338
4252
Crenshaw
Preservation
LLC
,
Revenue,
Senior
Lien
,
2025
A
,
FHLMC
Insured
,
3.75
%
,
12/01/35
.................................................
10,000,000
10,100,947
b
California
Baptist
University
,
Revenue
,
144A,
2016
A
,
4
%
,
11/01/26
............
535,000
535,699
CHF-Davis
I
LLC
,
Revenue
,
2018
,
BAM
Insured
,
5
%
,
5/15/40
.................
5,690,000
5,890,816
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/34
........................
915,000
966,697
b
California
School
Finance
Authority
,
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
,
5
%
,
8/01/36
............................................
3,225,000
3,225,959
California
State
Public
Works
Board
,
State
of
California
,
Revenue
,
2014
E
,
5
%
,
9/01/34
900,000
902,501
California
Statewide
Communities
Development
Authority
,
b
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2019
A
,
3
%
,
6/01/29
.........
1,000,000
979,006
St.
John's
Partners
LP
,
Revenue
,
2013
F
,
LOC
FNMA
,
4.5
%
,
8/15/30
...........
10,000,000
10,661,768
USC
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/48
...............
4,500,000
4,559,424
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/40
...........
20,380,000
23,161,368
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Los
Angeles,
(continued)
d
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
D
,
Refunding
,
5
%
,
5/15/43
.....
$
9,630,000
$
9,898,573
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2022
C
,
Refunding
,
4
%
,
5/15/35
.....
600,000
620,247
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
5,295,000
3,644,069
b
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
.........
2,800,000
2,234,995
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
9,930,000
6,749,358
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
10,330,000
7,729,306
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
995,000
827,152
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
10,000,000
6,903,315
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
b,c
144A,
FRN
,
2022-ML14
,
A
,
3.65
%
,
11/25/38
..............................
4,867,921
4,573,339
2019-ML05
,
A-US
,
3.4
%
,
1/25/36
......................................
8,185,247
7,872,396
2019-ML06
,
A-US
,
2.543
%
,
6/25/37
....................................
12,707,914
11,187,021
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/39
1,000,000
1,072,995
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/44
1,000,000
1,033,133
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.........................................................
1,780,000
1,631,361
a
Los
Angeles
County
Development
Authority
,
Century
Wlava
2
LP
,
Revenue
,
2023
C
,
Mandatory
Put
,
3.75
%
,
12/01/26
........
2,500,000
2,501,064
VA
Building
402
LP
,
Revenue
,
2022
F
,
Mandatory
Put
,
3.375
%
,
7/01/26
.........
3,250,000
3,250,651
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/46
............................
2,000,000
2,077,894
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
4,200,000
4,459,436
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
3,925,000
4,185,576
Water
System
,
Revenue
,
2025
C
,
Refunding
,
5
%
,
7/01/43
...................
7,000,000
7,646,346
Water
System
,
Revenue
,
2025
C
,
Refunding
,
5
%
,
7/01/45
...................
6,000,000
6,441,700
e
Mendocino-Lake
Community
College
District
,
GO
,
2011
B
,
AG
Insured
,
3.42
%,
8/01/40
2,600,000
3,291,276
Port
of
Oakland
,
Revenue
,
2021
H
,
ETM,
5
%
,
5/01/28
........................
10,000
10,590
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
2023-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
Refunding
,
5
%
,
9/01/34
............................................
360,000
391,041
Community
Facilities
District
2023-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
Refunding
,
4.5
%
,
9/01/40
..........................................
1,300,000
1,317,119
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
d
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
7,600,000
7,749,631
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5.5
%
,
5/01/39
.................
8,850,000
9,995,911
Sierra
View
Local
Health
Care
District
,
Revenue
,
2020
,
Refunding
,
5
%
,
7/01/30
....
620,000
672,584
d
State
of
California
,
GO
,
Refunding
,
5
%
,
3/01/45
.........................................
6,000,000
6,557,462
GO
,
5
%
,
3/01/49
..................................................
3,500,000
3,747,015
GO
,
5
%
,
3/01/55
..................................................
10,000,000
10,595,570
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
6,430,000
6,298,252
271,738,187
Colorado
2.0%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/36
........................................................
3,000,000
3,676,461
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
20,610,000
21,160,910
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.5
%
,
11/01/47
.......
9,335,000
9,838,762
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AG
Insured
,
5
%
,
12/01/43
...........................
$
1,500,000
$
1,589,251
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/15/37
.............................................
850,000
780,603
b
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
4,100,000
4,539,895
State
of
Colorado
,
COP
,
2024
A
,
5
%
,
11/01/43
..........................................
1,340,000
1,471,941
COP
,
2024
A
,
5
%
,
11/01/44
..........................................
1,100,000
1,193,885
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Metropolitan
District
No.
1
,
Special
Assessment
,
2024
,
5.625
%
,
12/01/43
.............................
1,033,000
1,062,315
Vauxmont
Metropolitan
District
,
GO
,
2019
,
Refunding
,
AG
Insured
,
5
%
,
12/15/30
....
125,000
127,628
45,441,651
Connecticut
0.6%
Connecticut
Housing
Finance
Authority
,
Revenue
,
2016
A-1
,
Refunding
,
2.875
%
,
11/15/30
........................................................
2,250,000
2,237,258
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/33
........
250,000
251,399
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/34
........
1,250,000
1,256,280
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/34
...
1,400,000
1,534,241
University
of
New
Haven,
Inc.
,
Revenue
,
K-3
,
5
%
,
7/01/28
...................
550,000
568,421
b
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
4,000,000
4,056,364
University
of
Connecticut
,
Revenue
,
2023
A
,
5.5
%
,
11/15/53
...................
3,000,000
3,252,059
13,156,022
Delaware
0.5%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/36
....
1,000,000
1,001,407
a
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/35
....
3,000,000
3,057,949
Delaware
State
Housing
Authority
,
Luther
Towers
Preservation
LP
,
Revenue
,
2023
,
FNMA
Insured
,
4.65
%
,
1/01/41
........................................
7,210,000
7,644,318
11,703,674
Florida
8.5%
Angeline
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/45
................................................
630,000
637,375
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/45
..............................................
2,590,000
2,685,385
a
Broward
County
Housing
Finance
Authority
,
St.
Joseph
Manor
II
LLLP
,
Revenue
,
2023
,
Mandatory
Put
,
3.5
%
,
4/01/26
........................................
4,000,000
4,001,517
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/31
......
1,500,000
1,605,691
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/32
......
1,000,000
1,065,865
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/33
......
1,500,000
1,592,274
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/35
......
500,000
525,414
b
PRG
-
UnionWest
Properties
LLC
,
Revenue,
Senior
Lien
,
144A,
2024
A-1
,
5.25
%
,
6/01/34
........................................................
1,000,000
1,057,051
b
PRG
-
UnionWest
Properties
LLC
,
Revenue,
Senior
Lien
,
144A,
2024
A-1
,
5.25
%
,
6/01/39
........................................................
1,000,000
1,030,868
b
PRG
-
UnionWest
Properties
LLC
,
Revenue,
Senior
Lien
,
144A,
2024
A-1
,
5.25
%
,
6/01/44
........................................................
1,225,000
1,204,584
b
Capital
Trust
Agency,
Inc.
,
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
3.3
%
,
1/01/31
.........................................................
400,000
379,799
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
A
,
6.25
%
,
7/01/45
........
$
3,745,000
$
3,812,274
Academir
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
A
,
6.375
%
,
7/01/50
.......
3,000,000
3,035,837
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
4.75
%
,
7/01/40
........................................................
2,100,000
2,123,157
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5
%
,
7/01/45
650,000
630,777
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/50
........................................................
1,250,000
1,218,111
b
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
4.3
%
,
5/01/32
..........................
240,000
243,783
Special
Assessment
,
144A,
2025
,
5.3
%
,
5/01/45
..........................
400,000
400,163
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
2025
,
5.875
%
,
10/01/45
.....................................
1,000,000
1,039,839
b
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
B-1
,
4.625
%
,
1/01/30
.............................................
550,000
551,536
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
B-2
,
4.5
%
,
1/01/30
...............................................
550,000
551,528
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
B-3
,
4.25
%
,
1/01/30
..............................................
850,000
852,369
Collier
County
Industrial
Development
Authority
,
NCH
Healthcare
System,
Inc.
Obligated
Group
,
Revenue
,
2024
A
,
AG
Insured
,
5
%
,
10/01/42
................
800,000
862,618
Connerton
East
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.65
%
,
6/15/35
...............
200,000
208,665
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.625
%
,
6/15/55
..............
855,000
863,449
County
of
Broward
,
Airport
System
,
Revenue
,
2015
A
,
5
%
,
10/01/34
...........................
2,000,000
2,002,288
Airport
System
,
Revenue
,
2019
A
,
5
%
,
10/01/36
...........................
1,500,000
1,584,176
Airport
System
,
Revenue
,
2019
A
,
5
%
,
10/01/44
...........................
5,000,000
5,113,932
County
of
Hillsborough
,
Utility
,
Revenue
,
2016
,
Refunding
,
3
%
,
8/01/39
...........
3,800,000
3,475,107
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
10/01/40
.......................
10,000,000
10,155,591
Aviation
,
Revenue
,
2019
A
,
5
%
,
10/01/44
................................
8,000,000
8,165,980
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/33
.......................
7,000,000
7,974,616
b
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.5
%
,
5/15/45
................................................
925,000
946,642
b
County
of
Palm
Beach
,
Palm
Beach
Atlantic
University,
Inc.
,
Revenue
,
144A,
2025
A
,
5.5
%
,
10/01/45
.....
3,000,000
3,068,395
Provident
Group
-
LU
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4.25
%
,
6/01/31
...
1,200,000
1,197,706
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/29
....
375,000
382,202
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....
3,950,000
3,992,669
Creekview
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
...................................................
1,320,000
1,332,253
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
.....................................
1,000,000
1,006,952
b
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
5/01/45
..............................................
840,000
848,934
Del
Webb
River
Reserve
Community
Development
District
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/55
...................................................
865,000
886,751
Double
Branch
Community
Development
District
,
Assessments
,
Special
Assessment,
Senior
Lien
,
2013
A-1
,
Refunding
,
4.25
%
,
5/01/34
.........................
360,000
360,096
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6
%
,
5/01/45
........
4,000,000
4,153,874
Firethorn
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
................................................
500,000
500,566
Florida
Development
Finance
Corp.
,
b
Revenue
,
144A,
2021
A
,
3
%
,
7/01/31
...................................
185,000
181,397
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Development
Finance
Corp.,
(continued)
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
7/01/44
$
6,475,000
$
6,413,884
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/31
.
285,000
297,138
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
5,550,000
5,283,877
a
Florida
Housing
Finance
Corp.
,
Brownsville
Village
V
Ltd.
,
Revenue
,
2024
B
,
GNMA
Insured
,
Mandatory
Put
,
3.35
%
,
10/01/26
................................
2,250,000
2,255,986
b
Florida
Local
Government
Finance
Commission
,
BridgePrep
Academy,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
A
,
6
%
,
6/15/45
.............................
1,750,000
1,800,956
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
...............
235,000
239,994
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
4.375
%
,
5/01/35
...................................
175,000
180,639
Greater
Orlando
Aviation
Authority
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
10/01/35
.....
7,500,000
7,691,056
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
1,375,000
1,381,063
Harmony
on
Lake
Eloise
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.45
%
,
11/01/45
....................................
675,000
679,498
Hillsborough
County
Housing
Finance
Authority
,
Tampa
47th
Street
Apartments
LLC
,
Revenue
,
2025
A
,
FNMA
Insured
,
5
%
,
12/01/42
...........................
3,075,000
3,303,801
Ibis
Landing
Community
Development
District
,
Special
Assessment
,
2025
,
5.875
%
,
6/15/55
.........................................................
720,000
739,323
JEA
Water
&
Sewer
System
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
10/01/42
..............................
3,265,000
3,592,456
Revenue
,
2025
A
,
Refunding
,
5
%
,
10/01/43
..............................
7,300,000
7,953,043
Revenue
,
2025
A
,
Refunding
,
5
%
,
10/01/44
..............................
9,000,000
9,735,204
Kissimmee
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/45
...................................
1,375,000
1,425,639
Lakes
of
Sarasota
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
A
,
5.3
%
,
5/01/44
....................................
325,000
326,695
b
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
5/01/45
...............................
1,325,000
1,340,101
Lakewood
Ranch
Stewardship
District
,
Assessment
Southeast
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/40
.............
1,335,000
1,426,477
Assessment
Southeast
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/45
.............
565,000
587,350
Assessments
,
Special
Assessment
,
2023
,
5.45
%
,
5/01/33
...................
2,660,000
2,864,337
Assessments
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/43
..................
1,245,000
1,336,822
Assessments
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
....................
535,000
546,538
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-1
,
4.75
%
,
11/15/29
...........................................
1,300,000
1,310,258
LTC
Ranch
West
Residential
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2024-AA4
,
Refunding
,
5.375
%
,
5/01/44
.................
500,000
500,816
Madeira
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
5/01/35
........
1,560,000
1,710,384
Assessment
Area
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
5/01/39
........
575,000
625,506
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.7
%
,
5/01/35
................
860,000
885,374
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/45
................
460,000
462,169
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/55
................
1,570,000
1,571,353
a
Miami-Dade
County
Housing
Finance
Authority
,
St.
Mary
Towers
Apartments
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.4
%
,
10/01/26
...........................
1,750,000
1,750,549
Miromar
Lakes
Community
Development
District
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
5/01/35
.............................................
1,500,000
1,656,939
b
New
Port
Corners
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.2
%
,
6/15/45
....................................................
410,000
410,319
Orlando
Utilities
Commission
,
Revenue
,
2024
A
,
5
%
,
10/01/46
.................
2,500,000
2,648,229
Palermo
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.375
%
,
6/15/32
..............................................
250,000
256,599
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/32
...............
$
2,000,000
$
2,029,239
Palm
Gate
Community
Development
District
,
Special
Assessment
,
2025
,
5.3
%
,
6/15/45
650,000
646,921
Parkside
Trails
Community
Development
District
,
2025
Project
Area
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
.....................................
650,000
651,311
Parrish
Lakes
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.....................................
580,000
590,011
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
....................................................
500,000
512,267
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/29
.........
1,495,000
1,531,384
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.45
%
,
6/15/45
..............................
600,000
608,353
b
River
Hall
Community
Development
District
,
Assessment
Area
5
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
5/01/44
..........................................
800,000
808,274
Rivers
Edge
III
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
...............................................
450,000
465,503
b
Riverwalk
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
5.3
%
,
5/01/45
.........................................................
500,000
503,371
Six
Mile
Creek
Community
Development
District
,
2024
Project
Area
,
Special
Assessment
,
2024
,
5.1
%
,
5/01/44
.....................................
500,000
497,019
South
Broward
Hospital
District
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
3
%
,
5/01/34
...................
1,190,000
1,163,560
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
5/01/44
.................
770,000
732,291
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/29
215,000
216,212
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/30
195,000
196,177
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/31
200,000
200,649
b
Starling
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
4.5
%
,
5/01/35
.........................................................
1,990,000
2,007,893
Stonegate
Preserve
Community
Development
District
,
Special
Assessment
,
2025
,
5.875
%
,
6/15/55
...................................................
850,000
867,561
Terra
Lago
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/45
................................................
2,000,000
1,999,069
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2024
,
4.1
%
,
5/01/31
................................................
685,000
693,834
Tranquility
Community
Development
District
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
1,930,000
1,913,022
b
Varrea
South
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
...................................................
465,000
473,886
b
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
3.75
%
,
5/01/29
.........................
500,000
504,838
Special
Assessment
,
144A,
2024
,
4
%
,
5/01/34
............................
495,000
506,954
Special
Assessment
,
144A,
2024
,
4.2
%
,
5/01/39
..........................
1,000,000
1,001,798
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
5/01/33
..................
990,000
1,035,081
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.85
%
,
5/01/38
...................
990,000
1,032,066
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
.........................................................
1,000,000
1,006,742
Waterford
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................................................
395,000
396,066
b
Waterset
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/45
................................
700,000
706,848
West
Villages
Improvement
District
,
Unit
Development
No.
11
Assessment
Area
1
,
Special
Assessment
,
2025
,
4.75
%
,
5/01/32
..............................
2,000,000
2,024,488
Woodcreek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.35
%
,
5/01/32
...............
200,000
203,352
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.35
%
,
5/01/45
...............
575,000
572,681
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
4.3
%
,
5/01/32
................................
$
250,000
$
254,600
Yarborough
Lane
Community
Development
District
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
.........................................................
780,000
786,976
194,040,725
Georgia
3.0%
b
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
5
%
,
7/01/35
.............
725,000
764,328
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/40
...........
2,300,000
2,396,342
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/45
.............
1,075,000
1,126,559
Atlanta
Urban
Residential
Finance
Authority
,
Auburn
Square
LLC
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.75
%
,
8/01/44
........................................
3,180,000
3,259,957
City
of
Atlanta
,
Water
&
Wastewater
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/40
.....
8,720,000
8,745,020
DeKalb
County
Housing
Authority
,
Revenue
,
2023
A
,
4
%
,
12/01/33
..............
4,500,000
4,616,597
b
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
3.625
%
,
1/01/31
.............................
4,000,000
3,929,178
Main
Street
Energy,
Inc.
,
Revenue
,
2025
D
,
5
%
,
12/01/33
.....................
25,000,000
27,000,080
a
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2019
C
,
Mandatory
Put
,
4
%
,
9/01/26
...........................
820,000
824,757
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
1,500,000
1,528,776
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
5,000,000
5,358,402
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
3/01/32
............................
2,500,000
2,705,945
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
............................
3,000,000
3,241,288
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/40
...............................
850,000
920,945
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/42
...............................
1,050,000
1,120,669
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/43
...............................
1,250,000
1,320,794
68,859,637
Hawaii
0.2%
a
City
&
County
of
Honolulu
,
Komohale
Maunakea
Venture
LP
,
Revenue
,
2023
,
Mandatory
Put
,
5
%
,
6/01/26
..........................................
5,000,000
5,035,530
Illinois
5.1%
Board
of
Trustees
of
the
University
of
Illinois
(The)
,
University
of
Illinois
Health
Services
Facilities
System
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
10/01/41
................
1,660,000
1,850,276
Chicago
Board
of
Education
,
GO
,
2017
G
,
Refunding
,
5
%
,
12/01/44
..................................
825,000
796,193
GO
,
2021
A
,
5
%
,
12/01/34
...........................................
2,705,000
2,770,907
GO
,
2025
B
,
Refunding
,
5
%
,
12/01/40
..................................
1,000,000
999,979
GO
,
2025
B
,
Refunding
,
6
%
,
12/01/43
..................................
500,000
529,514
GO
,
2025
C
,
Refunding
,
5.5
%
,
12/01/45
.................................
6,500,000
6,535,252
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.75
%
,
1/01/41
........
500,000
559,703
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.75
%
,
1/01/42
........
1,000,000
1,108,005
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.75
%
,
1/01/43
........
1,250,000
1,372,837
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2024
A
,
5.5
%
,
1/01/44
..
2,000,000
2,160,985
Chicago
Park
District
,
GO
,
2024
A
,
5
%
,
1/01/47
.............................
1,500,000
1,534,810
City
of
Chicago
,
GO
,
2021
A
,
Refunding
,
4
%
,
1/01/36
...................................
1,000,000
982,922
GO
,
2023
A
,
5
%
,
1/01/35
............................................
3,000,000
3,169,281
GO
,
2025
A
,
BAM
Insured
,
6
%
,
1/01/46
.................................
8,500,000
9,247,719
GO
,
2025
E
,
6
%
,
1/01/42
............................................
1,750,000
1,938,944
GO
,
2025
E
,
BAM
Insured
,
6
%
,
1/01/43
.................................
1,790,000
2,023,507
GO
,
2025
E
,
6
%
,
1/01/45
............................................
2,000,000
2,144,102
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority
,
a
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
3.875
%
,
9/01/28
.................
$
2,250,000
$
2,307,691
b
Acero
Charter
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/32
.......................................................
685,000
684,403
b
Acero
Charter
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/33
.......................................................
1,060,000
1,052,868
b
Acero
Charter
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/34
.......................................................
445,000
438,695
Ascension
Health
Credit
Group
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
2/15/34
...
185,000
190,027
a,b
Centerpoint
Joliet
Terminal
Railroad
LLC
,
Revenue
,
144A,
2012
,
Mandatory
Put
,
4.8
%
,
7/02/35
...................................................
5,000,000
5,206,061
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/47
.........................
500,000
477,713
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/50
.........................
460,000
432,652
b
Navy
Pier,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
5
%
,
10/01/34
2,000,000
2,129,038
b
Navy
Pier,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
5.25
%
,
10/01/39
.......................................................
1,350,000
1,448,768
Rosalind
Franklin
University
of
Medicine
and
Science
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/01/31
....................................................
400,000
408,892
b
Rosalind
Franklin
University
of
Medicine
and
Science
,
Revenue
,
144A,
2025
,
5.25
%
,
8/01/35
........................................................
9,600,000
10,119,298
University
of
Illinois
,
Revenue
,
2023
B
,
5.5
%
,
10/01/57
......................
5,245,000
5,424,276
Illinois
Housing
Development
Authority
,
Revenue
,
2017
A
,
GNMA
Insured
,
3.125
%
,
2/01/47
...................................................
10,962,549
10,161,694
Illinois
State
Toll
Highway
Authority
,
Revenue
,
2015
A
,
5
%
,
1/01/40
........................................
12,850,000
12,865,683
Revenue
,
2015
B
,
5
%
,
1/01/40
........................................
10,000,000
10,012,205
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
12/15/33
...................
300,000
309,213
Northern
Illinois
University
,
COP
,
2024
,
BAM
Insured
,
5.5
%
,
4/01/49
.............
2,250,000
2,351,726
St.
Clair
County
Community
Unit
School
District
No.
187
Cahokia
,
GO
,
2024
A
,
AG
Insured
,
5
%
,
1/01/40
..................................
325,000
350,511
GO
,
2024
A
,
AG
Insured
,
5
%
,
1/01/41
..................................
400,000
427,138
GO
,
2024
A
,
AG
Insured
,
5
%
,
1/01/42
..................................
475,000
501,688
GO
,
2024
A
,
AG
Insured
,
5
%
,
1/01/43
..................................
500,000
522,143
GO
,
2024
A
,
AG
Insured
,
5
%
,
1/01/44
..................................
260,000
269,456
GO
,
2024
B
,
AG
Insured
,
5
%
,
1/01/40
..................................
210,000
226,484
GO
,
2024
B
,
AG
Insured
,
5
%
,
1/01/41
..................................
210,000
224,247
GO
,
2024
B
,
AG
Insured
,
5
%
,
1/01/42
..................................
225,000
237,642
GO
,
2024
B
,
AG
Insured
,
5
%
,
1/01/43
..................................
1,350,000
1,409,785
State
of
Illinois
,
GO
,
2016
,
4
%
,
1/01/31
.............................................
695,000
695,482
GO
,
2016
,
4.125
%
,
11/01/31
.........................................
830,000
835,381
GO
,
2016
,
5
%
,
11/01/34
.............................................
1,650,000
1,672,771
GO
,
2016
,
5
%
,
1/01/41
.............................................
340,000
340,267
GO
,
2016
,
5
%
,
11/01/41
.............................................
600,000
604,019
University
of
Illinois
,
Health
Services
Facilities
System
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
10/01/39
....
380,000
429,456
Health
Services
Facilities
System
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
10/01/40
....
605,000
680,478
Village
of
Romeoville
,
Lewis
University
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/26
..................
500,000
500,246
Lewis
University
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/27
..................
860,000
860,458
Lewis
University
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/29
..................
975,000
975,494
117,508,985
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
0.6%
Indiana
Finance
Authority
,
Board
of
Directors
for
Department
of
Public
Utilities
of
City
of
Indianapolis
,
Revenue,
First
Lien
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
...........................
$
4,025,000
$
4,268,108
City
of
Indianapolis
Department
of
Public
Utilities
Thermal
Energy
System
,
Revenue,
First
Lien
,
2025
A
,
Refunding
,
5.5
%
,
10/01/50
...........................
1,500,000
1,598,684
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
5
%
,
10/01/38
.......
500,000
568,870
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
5
%
,
10/01/40
.......
615,000
689,238
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
5
%
,
10/01/41
.......
1,000,000
1,117,466
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
5
%
,
10/01/42
.......
1,350,000
1,490,704
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
4.3
%
,
5/01/29
...
750,000
767,099
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.25
%
,
5/01/45
..
1,000,000
1,011,370
Indianapolis
Local
Public
Improvement
Bond
Bank
,
City
of
Indianapolis
,
Revenue
,
2019
A
,
5
%
,
2/01/44
....................................................
1,175,000
1,206,223
12,717,762
Iowa
0.1%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/46
........................................................
1,150,000
978,143
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.6
%
,
5/15/28
........................................................
915,000
954,122
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
4.5
%
,
10/01/35
...
750,000
767,521
2,699,786
Kansas
0.2%
Johnson
&
Miami
Counties
,
Unified
School
District
No.
230
Spring
Hills
,
GO
,
2025
,
Refunding
,
AG
Insured
,
6
%
,
9/01/43
........................................................
1,600,000
1,854,965
Unified
School
District
No.
230
Spring
Hills
,
GO
,
2025
,
Refunding
,
AG
Insured
,
6
%
,
9/01/44
........................................................
1,575,000
1,812,878
Unified
School
District
No.
230
Spring
Hills
,
GO
,
2025
,
Refunding
,
AG
Insured
,
6
%
,
9/01/45
........................................................
1,650,000
1,879,258
5,547,101
Kentucky
3.2%
City
of
Columbia
,
Lindsey
Wilson
College,
Inc.
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/33
........................................................
3,000,000
3,068,190
a
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
....................................................
5,000,000
5,048,937
Kentucky
Economic
Development
Finance
Authority
,
KentuckyWired
Infrastructure
Co.,
Inc.
,
Revenue,
Senior
Lien
,
2015
A
,
5
%
,
7/01/30
2,080,000
2,083,486
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/51
....................................................
1,500,000
1,191,844
Kentucky
Public
Energy
Authority
,
a
Revenue
,
2024
A
,
Mandatory
Put
,
5
%
,
7/01/30
............................
5,750,000
6,093,612
a
Revenue
,
2024
B
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/32
...................
3,750,000
4,042,396
a
Revenue
,
2025
A
,
Refunding
,
Mandatory
Put
,
5.25
%
,
12/01/29
................
11,710,000
12,464,426
Revenue
,
2025
B
,
5
%
,
12/01/33
.......................................
21,235,000
22,271,393
Louisville/Jefferson
County
Metropolitan
Government
,
a
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2005
A
,
Mandatory
Put
,
1.75
%
,
7/01/26
.
5,000,000
4,966,152
Norton
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/31
..
2,750,000
2,788,546
Norton
Healthcare
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
10/01/41
..
4,700,000
5,060,858
University
of
Kentucky
,
Revenue
,
2024
,
5
%
,
10/01/41
........................................
1,475,000
1,612,383
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
University
of
Kentucky,
(continued)
Revenue
,
2024
,
5
%
,
10/01/42
........................................
$
1,850,000
$
2,002,691
72,694,914
Louisiana
0.1%
b
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
4.25
%
,
11/15/30
..
895,000
907,127
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
11/15/37
....
1,900,000
1,995,673
2,902,800
Maryland
0.2%
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/36
......................................................
300,000
305,563
County
of
Frederick
,
b
Mount
St.
Mary's
University,
Inc.
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
9/01/27
.
1,400,000
1,406,661
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.25
%
,
7/01/29
........................................................
735,000
726,788
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District
,
Tax
Allocation
,
2020
,
3.25
%
,
9/01/30
.............................
1,185,000
1,153,377
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/34
...............................
250,000
252,508
Montgomery
County
Housing
Opportunities
Commission
,
Multi-family
Housing
,
Revenue
,
2012
A
,
3.75
%
,
7/01/32
.....................................
1,500,000
1,500,984
5,345,881
Massachusetts
0.8%
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/37
...........................
750,000
855,321
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/39
...........................
1,100,000
1,233,198
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/41
...........................
1,100,000
1,206,206
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/45
...........................
1,225,000
1,282,218
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2015
D
,
4
%
,
7/01/45
....
625,000
556,390
b
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/44
..................
1,500,000
1,509,447
Emerson
College
,
Revenue
,
2025
,
Refunding
,
5
%
,
1/01/28
..................
1,150,000
1,189,527
Lasell
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
...................
7,515,000
6,898,987
Lasell
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/45
...................
1,650,000
1,399,968
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
6
%
,
9/01/45
.
1,000,000
1,098,880
Simmons
University
,
Revenue
,
K-1
,
Refunding
,
5
%
,
10/01/26
.................
950,000
950,137
Simmons
University
,
Revenue
,
K-1
,
Refunding
,
5
%
,
10/01/27
.................
1,150,000
1,150,112
19,330,391
Michigan
2.1%
City
of
Detroit
,
GO
,
2020
,
5.5
%
,
4/01/34
............................................
660,000
721,232
GO
,
2023
B
,
6.844
%
,
5/01/28
.........................................
295,000
301,093
GO
,
B-1
,
4
%
,
4/01/44
...............................................
4,474,431
3,524,418
County
of
Genesee
,
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/37
.........
750,000
858,893
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/38
.........
585,000
663,621
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/39
.........
800,000
899,763
Detroit
Downtown
Development
Authority
,
Catalyst
Development
Area
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
7/01/48
........................................
15,760,000
16,289,298
Grand
Rapids
Economic
Development
Corp.
,
Michigan
Christian
Home
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.75
%
,
11/01/45
......................
2,000,000
2,007,725
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Kalamazoo
Public
Schools
,
GO
,
2023
I
,
AG
Insured
,
5
%
,
5/01/45
...................................
$
885,000
$
921,729
GO
,
2023
I
,
AG
Insured
,
5
%
,
5/01/48
...................................
820,000
841,891
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/37
.......................................
1,000,000
1,006,177
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
11/15/46
.......................................................
6,995,000
6,262,327
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/27
........................................................
95,000
95,052
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.25
%
,
2/29/40
...........
500,000
549,273
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.25
%
,
2/28/41
...........
550,000
598,371
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.25
%
,
2/28/42
...........
625,000
671,113
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.25
%
,
2/28/43
...........
800,000
849,891
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
750,000
791,723
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
MI
,
Refunding
,
4
%
,
12/01/46
5,000,000
4,552,850
Michigan
State
University
,
Revenue
,
2019
B
,
5
%
,
2/15/44
.....................
3,000,000
3,113,987
Michigan
Strategic
Fund
,
Holland
Home
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/34
.....................................................
1,900,000
1,972,594
47,493,021
Minnesota
1.0%
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science
,
Revenue
,
2016
A
,
5
%
,
7/01/47
.........................................................
2,000,000
1,697,279
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/33
.......................................................
3,410,000
3,556,027
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/36
.......................................................
1,050,000
1,085,375
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
AG
Insured
,
5
%
,
11/15/36
...................................................
4,835,000
5,053,972
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
6,575,000
6,687,405
Duluth
Economic
Development
Authority
,
Benedictine
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/31
...............................
625,000
618,195
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
,
Hmong
College
Prep
Academy
,
Revenue
,
2016
A
,
Refunding
,
5.5
%
,
9/01/36
..................
3,000,000
3,018,190
Minnesota
Health
&
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
....................................................
750,000
517,690
St.
Paul
Port
Authority
,
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-4
,
5.25
%
,
10/01/42
...................................................
1,000,000
1,045,783
23,279,916
Mississippi
0.2%
County
of
Warren
,
International
Paper
Co.
,
Revenue
,
2018
,
Refunding
,
4
%
,
9/01/32
.
3,250,000
3,392,170
Missouri
1.3%
City
of
St.
Louis
,
Airport
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
7/01/30
..............
1,430,000
1,554,369
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Mercy
Health
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
2/01/33
....................
2,025,000
2,027,732
Mercy
Health
,
Revenue
,
2023
,
5.5
%
,
12/01/40
............................
1,100,000
1,247,795
Mercy
Health
,
Revenue
,
2023
,
5.5
%
,
12/01/41
............................
2,100,000
2,359,157
b
Missouri
Baptist
College
,
Revenue
,
144A,
2025
,
Refunding
,
4.5
%
,
10/01/30
......
500,000
502,213
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
5/01/28
....................................................
1,775,000
1,751,791
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/37
....................................................
2,600,000
2,152,634
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
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
%
,
5/01/39
....................................................
$
3,750,000
$
3,007,013
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/40
....................................................
615,000
487,086
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/43
....................................................
1,750,000
1,332,901
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/38
....................................................
1,440,000
1,171,428
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/39
....................................................
1,250,000
1,002,338
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/45
....................................................
1,280,000
935,480
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
A
,
5
%
,
3/01/35
...................
5,000,000
5,240,829
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/32
...................
1,000,000
1,057,390
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
5
%
,
3/01/30
...................
1,540,000
1,663,413
Plaza
at
Noah's
Ark
Community
Improvement
District
,
Revenue
,
2021
,
Refunding
,
3
%
,
5/01/26
.........................................................
275,000
274,340
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
..................
715,000
716,558
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
12/01/37
......................
2,300,000
2,302,770
30,787,237
Montana
0.1%
City
of
Forsyth
,
NorthWestern
Corp.
,
Revenue
,
2023
,
Refunding
,
3.875
%
,
7/01/28
...
2,200,000
2,248,127
Nebraska
0.8%
Omaha
Public
Power
District
,
Revenue
,
2021
A
,
5
%
,
2/01/46
........................................
5,000,000
5,158,658
Revenue
,
2024
C
,
5
%
,
2/01/43
........................................
4,500,000
4,868,481
Revenue
,
2024
C
,
5
%
,
2/01/44
........................................
5,415,000
5,813,319
Revenue
,
2024
D
,
Refunding
,
5
%
,
2/01/43
...............................
2,300,000
2,488,335
18,328,793
Nevada
1.4%
City
of
Las
Vegas
,
Special
Improvement
District
No.
818
,
Special
Assessment
,
2024
,
5
%
,
12/01/39
...
1,000,000
1,051,679
Special
Improvement
District
No.
818
,
Special
Assessment
,
2024
,
5
%
,
12/01/44
...
935,000
943,937
a
County
of
Clark
,
Nevada
Power
Co.
,
Revenue
,
2017
,
Refunding
,
Mandatory
Put
,
3.75
%
,
3/31/26
...................................................
2,250,000
2,252,661
County
of
Humboldt
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
A
,
Refunding
,
3.55
%
,
10/01/29
........
2,000,000
2,057,697
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
B
,
Refunding
,
3.55
%
,
10/01/29
........
2,000,000
2,039,357
a
County
of
Washoe
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
B
,
Refunding
,
Mandatory
Put
,
3.625
%
,
10/01/29
.......................................................
3,000,000
3,065,072
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
G
,
Refunding
,
Mandatory
Put
,
3.625
%
,
10/01/29
.......................................................
1,000,000
1,021,691
Las
Vegas
Convention
&
Visitors
Authority
,
d
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2018
B
,
5
%
,
7/01/43
........................................................
9,660,000
9,930,496
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2023
A
,
5
%
,
7/01/39
........................................................
760,000
843,054
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
Las
Vegas
Convention
&
Visitors
Authority,
(continued)
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2023
A
,
5
%
,
7/01/40
........................................................
$
1,550,000
$
1,710,864
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2023
A
,
5
%
,
7/01/41
........................................................
1,000,000
1,096,098
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2023
A
,
5
%
,
7/01/42
........................................................
1,200,000
1,302,596
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2023
A
,
5
%
,
7/01/43
........................................................
1,205,000
1,293,281
Reno-Tahoe
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
7/01/39
.....................................
1,000,000
1,114,979
Revenue
,
2024
A
,
5.25
%
,
7/01/40
.....................................
1,000,000
1,104,339
Revenue
,
2024
B
,
5
%
,
7/01/44
........................................
1,100,000
1,163,460
31,991,261
New
Hampshire
1.9%
New
Hampshire
Business
Finance
Authority
,
Revenue
,
2024-1
,
A
,
4.25
%
,
7/20/41
...................................
2,934,755
2,978,545
a
Revenue
,
2024-1
,
A
,
Mandatory
Put
,
4.15
%
,
10/01/34
......................
3,476,337
3,490,324
Revenue
,
2024-2
,
A
,
3.625
%
,
8/20/39
..................................
7,706,363
7,529,596
c
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
3,962,952
3,999,631
c
Revenue
,
FRN
,
2025-1
,
A-1
,
4.086
%
,
1/20/41
............................
9,679,364
9,676,320
c
Revenue
,
FRN
,
2025-1
,
A-2
,
4.086
%
,
1/20/41
............................
3,226,455
3,064,135
c
Revenue
,
FRN
,
2025-3
,
A-2
,
4.795
%
,
2/20/41
............................
4,993,722
5,066,322
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
3.75
%
,
8/15/30
...............
1,050,000
1,047,036
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
5.125
%
,
8/01/40
..
2,605,000
2,653,062
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
5.75
%
,
8/01/45
...
1,770,000
1,786,601
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Southern
New
Hampshire
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/37
....
2,000,000
2,011,997
43,303,569
New
Jersey
0.4%
a
New
Jersey
Economic
Development
Authority
,
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
Mandatory
Put
,
2.2
%
,
12/03/29
..................................................
3,500,000
3,321,593
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2020
B
,
Refunding
,
Mandatory
Put
,
3.75
%
,
6/01/28
..................................................
3,000,000
3,042,957
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
4.25
%
,
6/15/40
.........................................
2,000,000
2,051,228
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
4.25
%
,
7/01/33
.......................................
515,000
530,566
8,946,344
New
Mexico
0.5%
City
of
Farmington
,
a
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
B
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
2,750,000
2,815,602
a
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
E
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
5,000,000
5,119,277
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
..
2,000,000
1,773,540
City
of
Santa
Fe
,
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2012
,
5
%
,
5/15/42
......................................................
985,000
985,054
10,693,473
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
9.3%
Albany
Capital
Resource
Corp.
,
Empire
Commons
Student
Housing,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/26
.......................................
$
400,000
$
401,656
Build
NYC
Resource
Corp.
,
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4
%
,
6/15/33
................
960,000
957,836
b
East
Harlem
Scholars
Academy
Charter
School
Obligated
Group
,
Revenue
,
144A,
2022
,
5
%
,
6/01/32
................................................
375,000
390,510
Global
Community
Charter
School
,
Revenue
,
2022
A
,
4
%
,
6/15/32
.............
500,000
481,853
Grand
Concourse
Acadmey
Charter
School
,
Revenue
,
2022
A
,
3.4
%
,
7/01/27
....
130,000
130,025
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/44
......................
1,265,000
1,354,222
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/50
......................
1,000,000
1,038,934
b
Unity
Preparatory
Charter
School
of
Brooklyn
,
Revenue
,
144A,
2023
A
,
5
%
,
6/15/33
665,000
711,044
City
of
New
York
,
GO
,
2024
D
,
5.5
%
,
4/01/48
..........................................
16,025,000
17,125,406
GO
,
2024
D
,
5.5
%
,
4/01/49
..........................................
1,000,000
1,066,051
GO
,
2025
C-1
,
5.25
%
,
9/01/45
........................................
1,465,000
1,574,687
GO
,
2025
C-1
,
5.25
%
,
9/01/46
........................................
20,000,000
21,294,896
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The)
,
Revenue
,
2018
,
Refunding
,
5
%
,
7/01/34
.................................
500,000
519,588
Empire
State
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2023
A
,
5
%
,
3/15/44
.........................................................
5,000,000
5,352,639
Monroe
County
Industrial
Development
Corp.
,
Andrews
Terrace
Community
Partners
LP
,
Revenue
,
2023
A
,
FNMA
Insured
,
4.72
%
,
1/01/44
.......................
5,000,000
5,106,692
New
York
City
Housing
Development
Corp.
,
Revenue
,
2016
C-1-A
,
3.4
%
,
11/01/47
..................................
375,000
308,628
Revenue
,
2019
G-1-B
,
Refunding
,
3
%
,
11/01/44
...........................
765,000
631,307
a
Revenue
,
2022
F-2-B
,
FHA
Insured
,
Mandatory
Put
,
3.4
%
,
12/22/26
............
12,750,000
12,753,875
a
Revenue
,
2023
A-2
,
Mandatory
Put
,
3.7
%
,
12/30/27
........................
10,000,000
10,004,367
8
Spruce
NY
Owner
LLC
,
Revenue
,
2024
,
B
,
Refunding
,
6.033
%
,
12/15/31
......
500,000
514,376
8
Spruce
NY
Owner
LLC
,
Revenue
,
2024
,
E
,
Refunding
,
4.375
%
,
12/15/31
......
1,750,000
1,802,289
8
Spruce
NY
Owner
LLC
,
Revenue
,
2024
,
F
,
Refunding
,
5.25
%
,
12/15/31
........
7,085,000
7,344,346
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2024
AA-3
,
Refunding
,
5
%
,
6/15/43
..........
1,800,000
1,952,297
Water
&
Sewer
System
,
Revenue,
Sub.
Lien
,
2022
EE
,
Refunding
,
5
%
,
6/15/45
...
2,730,000
2,880,036
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2025
H-1
,
5
%
,
11/01/44
.....................
5,000,000
5,379,358
Future
Tax
Secured
,
Revenue
,
2026
A-1
,
5.25
%
,
5/01/46
....................
2,000,000
2,158,494
New
York
Liberty
Development
Corp.
,
7
World
Trade
Center
II
LLC
,
Revenue
,
2022
A
,
1
,
Refunding
,
3
%
,
9/15/43
...........................................
7,915,000
6,681,113
New
York
State
Dormitory
Authority
,
d
Cornell
University
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
7/01/54
...............
10,000,000
10,828,505
Mount
Sinai
Hospital
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/36
..........
1,720,000
1,973,508
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/44
........
9,180,000
9,529,122
State
of
New
York
Sales
Tax
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
3/15/44
.........
3,000,000
3,270,216
State
of
New
York
Sales
Tax
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
3/15/45
.........
3,750,000
4,027,875
State
of
New
York
Sales
Tax
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
3/15/46
.........
4,465,000
4,735,012
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
2004
C
,
Refunding
,
4
%
,
4/01/34
......................
3,700,000
3,869,948
New
York
State
Housing
Finance
Agency
,
Revenue
,
2016
C
,
GNMA
Insured
,
3.05
%
,
11/01/36
........................
1,500,000
1,398,110
Revenue
,
2023
C-1
,
4.5
%
,
11/01/43
....................................
1,000,000
1,016,118
a
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2024
A-2
,
Mandatory
Put
,
3.35
%
,
6/15/29
........................................................
4,000,000
4,024,746
a
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2024
A-2
,
Mandatory
Put
,
3.45
%
,
12/15/30
.......................................................
2,480,000
2,518,282
a
West
38TH
Street
LLC
,
Revenue
,
2014
A
,
FHLMC
Insured
,
Mandatory
Put
,
3.57
%
,
11/01/31
.......................................................
1,000,000
1,022,421
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Thruway
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
C
,
5
%
,
3/15/53
...............................................
$
4,000,000
$
4,052,672
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.25
%
,
8/01/26
............
50,000
49,790
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/35
.........................
3,210,000
3,409,696
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
4,000,000
4,248,790
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/39
.............
3,000,000
3,192,063
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/41
.............
2,000,000
2,110,908
JFK
NTO
LLC
,
Revenue
,
2023
,
5.5
%
,
6/30/38
............................
2,000,000
2,162,107
JFK
NTO
LLC
,
Revenue
,
2023
,
5.5
%
,
6/30/39
............................
1,000,000
1,076,324
JFK
NTO
LLC
,
Revenue
,
2023
,
5.5
%
,
6/30/40
............................
875,000
934,766
JFK
NTO
LLC
,
Revenue
,
2023
,
AG
Insured
,
5.5
%
,
6/30/42
...................
1,750,000
1,863,472
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
15,660,000
16,285,611
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/40
..............................
1,200,000
1,369,053
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/41
..............................
1,350,000
1,532,797
b
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
...................................
2,875,000
2,921,717
Revenue
,
144A,
2024
B
,
6
%
,
9/01/43
...................................
1,700,000
1,838,399
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
197th
,
Refunding
,
5
%
,
11/15/35
...............................
5,000,000
5,065,202
d
Revenue
,
218th
,
5
%
,
11/01/49
........................................
1,535,000
1,561,067
Revenue
,
236th
,
5
%
,
1/15/37
.........................................
1,000,000
1,103,880
Suffolk
Regional
Off-Track
Betting
Corp.
,
Revenue
,
2024
,
5.75
%
,
12/01/44
........
1,000,000
1,026,228
213,934,930
North
Carolina
0.1%
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/26
......................................
1,250,000
1,263,964
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
3/01/26
....................................................
440,000
440,596
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
3/01/27
....................................................
460,000
468,697
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
3/01/28
....................................................
365,000
378,061
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
3/01/29
....................................................
755,000
772,843
3,324,161
North
Dakota
0.4%
Cass
County
Joint
Water
Resource
District
,
Revenue
,
2024
A
,
Refunding
,
3.45
%
,
4/01/27
.........................................................
8,000,000
8,002,591
City
of
Horace
,
GO
,
2024
B
,
Refunding
,
4.85
%
,
8/01/26
......................
750,000
750,361
8,752,952
Ohio
3.6%
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/33
........
3,460,000
3,548,180
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
12/01/38
.....
500,000
510,069
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
6/01/34
.........................................
1,400,000
1,419,893
Revenue
,
2024
,
5
%
,
6/01/34
.........................................
3,325,000
3,557,744
Revenue
,
2025
C
,
4
%
,
11/01/35
.......................................
3,080,000
3,074,165
Revenue
,
2025
C
,
5
%
,
11/01/35
.......................................
2,000,000
2,145,482
Revenue
,
2025
D
,
4
%
,
11/01/35
.......................................
10,000,000
9,981,054
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Columbus
Metropolitan
Housing
Authority,
(continued)
Revenue
,
2025
D
,
5
%
,
11/01/35
.......................................
$
4,500,000
$
4,827,334
Revenue
,
2025
F
,
4
%
,
12/01/35
.......................................
6,385,000
6,360,677
CMHA
Country
Ridge
LLC
,
Revenue
,
2024
,
4.375
%
,
12/01/41
................
1,905,000
1,912,252
Columbus-Franklin
County
Finance
Authority
,
Revenue
,
2025
A
,
FNMA
Insured
,
5.125
%
,
1/01/44
...................................................
4,800,000
5,130,227
County
of
Allen
,
Hospital
Facilities,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2015
A
,
Refunding
,
4
%
,
11/01/44
............................................
2,700,000
2,442,213
County
of
Franklin
,
Friendship
Village
of
Dublin
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
11/15/34
............................................
700,000
700,457
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/36
.............................................
3,055,000
3,057,580
County
of
Scioto
,
Southern
Ohio
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
2/15/33
.............................................
500,000
500,516
Dayton-Montgomery
County
Port
Authority
,
Dayton
Regional
STEM
Schools,
Inc.
,
Revenue
,
2024
,
5
%
,
12/01/44
........................................
500,000
506,920
Ohio
Air
Quality
Development
Authority
,
a
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
.
6,955,000
7,067,556
a
Duke
Energy
Corp.
,
Revenue
,
2022
B
,
Refunding
,
Mandatory
Put
,
4
%
,
6/01/27
...
3,250,000
3,304,866
b
Pratt
Paper
OH
LLC
,
Revenue
,
144A,
2017
,
4.25
%
,
1/15/38
..................
11,780,000
11,833,600
Ohio
Higher
Educational
Facility
Commission
,
Cleveland
Institute
of
Art
(The)
,
Revenue
,
2018
,
5
%
,
12/01/28
................
720,000
725,990
Cleveland
Institute
of
Art
(The)
,
Revenue
,
2018
,
5
%
,
12/01/33
................
1,570,000
1,579,928
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5
%
,
12/01/32
..............
600,000
638,119
John
Carroll
University
,
Revenue
,
2020
,
5
%
,
10/01/28
......................
370,000
383,354
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
C
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/48
..................
400,000
418,748
Revenue
,
2024
C
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/53
..................
525,000
546,076
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
12/01/48
....................
825,000
858,698
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
12/01/53
....................
800,000
824,011
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/15/26
285,000
288,973
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/15/27
240,000
247,283
Summit
County
Development
Finance
Authority
,
PRG
-
Akron
Properties
LLC
,
Revenue
,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
.............................
1,940,000
2,004,492
West
Central
Ohio
Port
Authority
,
Global
Impact
STEM
Academy
,
Revenue
,
2025
A
,
5
%
,
12/01/40
...............
725,000
756,387
Global
Impact
STEM
Academy
,
Revenue
,
2025
A
,
5
%
,
12/01/45
...............
660,000
653,308
81,806,152
Oregon
0.2%
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
120,000
120,174
Port
of
Portland
,
Airport
,
Revenue
,
24
B
,
5
%
,
7/01/33
....................................
2,000,000
2,032,332
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/39
....................................
1,350,000
1,404,874
3,557,380
Others
0.4%
c
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
FRN
,
2024-ML25
,
ACA
,
3.427
%
,
11/25/38
..................................................
4,335,320
4,120,228
FHLMC,
Multi-family
VRD
Certificates
,
b
144A,
2019-ML48
,
A
,
3.15
%
,
1/15/36
...................................
2,970,000
2,784,033
2022-ML68
,
A
,
3.15
%
,
10/15/36
.......................................
1,245,000
1,138,487
8,042,748
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
2.9%
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
$
2,330,000
$
2,510,052
Revenue
,
2021
A
,
5
%
,
1/01/35
........................................
8,155,000
8,751,415
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/41
.............................
1,000,000
1,103,678
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/42
.............................
1,000,000
1,093,009
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/43
.............................
1,500,000
1,625,030
b
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
144A,
2025
,
5.5
%
,
5/01/32
...................................
1,000,000
1,086,842
Revenue
,
144A,
2025
,
6
%
,
5/01/42
....................................
1,400,000
1,536,723
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
...................
3,600,000
3,630,064
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
750,000
706,789
Crawford
County
Industrial
Development
Authority
,
Allegheny
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/01/28
..................
1,370,000
1,375,782
Allegheny
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/01/29
..................
1,440,000
1,445,914
Allegheny
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/01/30
..................
1,510,000
1,516,000
Allegheny
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/01/31
..................
1,465,000
1,470,510
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/29
......................................................
245,000
245,085
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/46
........................................
675,000
585,304
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/41
........................................
1,775,000
1,566,898
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/35
........................................................
2,030,000
2,264,072
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/36
........................................................
1,650,000
1,826,209
PA
Bridges
Finco
LP
,
Revenue
,
2015
,
5
%
,
12/31/34
........................
16,800,000
16,871,414
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/29
........
725,000
743,175
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/30
........
115,000
118,834
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/31
........
165,000
171,430
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/32
........
540,000
563,082
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/01/30
...................
795,000
815,139
Drexel
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/01/31
...................
705,000
721,924
Pennsylvania
Housing
Finance
Agency
,
Baldwin
Housing
LP
,
Revenue
,
2025
,
FNMA
Insured
,
4.6
%
,
11/01/42
.............................................
9,860,000
10,248,263
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
............
935,000
953,464
b,f
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
4.5
%
,
3/15/29
..............
504,017
100,803
b,f
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
...............
1,705,902
341,181
Southeastern
Pennsylvania
Transportation
Authority
,
Revenue
,
2022
,
5.25
%
,
6/01/40
1,250,000
1,385,709
67,373,794
Rhode
Island
0.2%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/33
.......
365,000
366,084
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/38
..........
350,000
380,177
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/39
..........
400,000
431,431
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/40
..........
350,000
373,268
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/45
..........
3,000,000
3,062,863
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
6/01/50
....
1,000,000
988,828
5,602,651
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
2.8%
b
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
$
1,425,000
$
1,430,121
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
2025
,
Mandatory
Put
,
4
%
,
3/01/35
.............................
5,000,000
5,163,350
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5
%
,
11/15/27
......
250,000
257,192
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5
%
,
11/15/28
......
250,000
260,776
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5
%
,
11/15/29
......
200,000
211,140
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5
%
,
11/15/30
......
225,000
239,719
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5
%
,
11/15/31
......
250,000
268,630
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
11/15/39
...
800,000
851,008
Bishop
Gadsden
Episcopal
Retirement
Community
Obligated
Group
,
Revenue
,
2025
,
5
%
,
4/01/41
....................................................
1,095,000
1,150,022
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/44
.....
5,000,000
4,611,973
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2025
A
,
5.25
%
,
11/01/44
............
3,300,000
3,584,618
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.25
%
,
11/01/44
............
10,000,000
10,781,886
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/45
.............
6,000,000
6,536,812
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/46
.............
10,500,000
11,327,496
South
Carolina
Public
Service
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/37
..............................
3,435,000
3,455,132
Revenue
,
2016
B
,
Refunding
,
5
%
,
12/01/37
..............................
500,000
507,374
Revenue
,
2025
A
,
5
%
,
12/01/44
.......................................
3,750,000
3,997,555
Revenue
,
2025
A
,
5
%
,
12/01/46
.......................................
2,000,000
2,083,479
Revenue
,
2025
B
,
Refunding
,
5
%
,
12/01/44
..............................
1,500,000
1,599,022
Revenue
,
2025
B
,
Refunding
,
5
%
,
12/01/46
..............................
1,000,000
1,041,739
Revenue
,
2025
B
,
Refunding
,
5
%
,
12/01/48
..............................
2,500,000
2,579,762
South
Carolina
Transportation
Infrastructure
Bank
,
Revenue
,
2016
A
,
Refunding
,
3
%
,
10/01/36
........................................................
1,740,000
1,664,471
63,603,277
Tennessee
1.6%
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Revenue
,
2024
B-1
,
BAM
Insured
,
5
%
,
7/01/44
...........................
2,200,000
2,285,594
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/39
........................................................
450,000
488,524
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/42
........................................................
1,100,000
1,164,942
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/43
........................................................
550,000
576,960
Village
at
Inskip
LP
,
Revenue
,
2023
A
,
FNMA
Insured
,
4.625
%
,
12/01/43
........
1,850,000
1,908,991
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Trevecca
Nazarene
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
10/01/34
........
450,000
463,015
Trevecca
Nazarene
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
10/01/48
........
705,000
660,010
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/33
........................................
1,000,000
1,073,604
Revenue
,
2022
B
,
5.5
%
,
7/01/36
......................................
650,000
735,381
Revenue
,
2022
B
,
5.5
%
,
7/01/37
......................................
875,000
983,514
a
Tennergy
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/28
.................
13,175,000
13,424,590
a
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
12,865,000
13,817,161
37,582,286
Texas
12.7%
Arlington
Higher
Education
Finance
Corp.
,
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.125
%
,
6/15/34
......
770,000
771,474
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.25
%
,
6/15/39
.......
1,075,000
1,049,256
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.5
%
,
6/15/44
........
1,330,000
1,230,955
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Arlington
Higher
Education
Finance
Corp.,
(continued)
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.75
%
,
6/15/49
.......
$
2,700,000
$
2,454,586
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
,
Refunding
,
5.625
%
,
6/15/45
........................................................
1,000,000
1,021,441
b
Magellan
School
(The)
,
Revenue
,
144A,
2022
,
5.5
%
,
6/01/32
.................
1,245,000
1,303,009
Uplift
Education
,
Revenue
,
2017
A
,
Refunding
,
PSF
Guaranty
,
4
%
,
12/01/32
.....
375,000
380,008
Austin
Community
College
District
,
GO
,
2021
,
3
%
,
8/01/35
....................
1,350,000
1,337,889
Austin-Bergstrom
Landhost
Enterprises,
Inc.
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/33
................................
400,000
409,973
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/36
................................
1,485,000
1,513,761
b
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
4,325,000
4,280,973
b
City
of
Alvarado
,
Lone
Oak
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
4.5
%
,
9/01/32
.........................................
143,000
146,320
Lone
Oak
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/54
...........................................
604,000
616,872
City
of
Anna
,
b
Crystal
Park
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/45
...............................
699,000
694,754
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3
,
Special
Assessment
,
2025
,
5.2
%
,
9/15/45
..........................
675,000
677,038
b
City
of
Balch
Springs
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
9/15/54
..............................................
695,000
712,734
b
City
of
Bastrop
,
Valverde
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
...............................
898,000
903,186
b
City
of
Boyd
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
9/15/55
................
242,000
248,322
b
City
of
Crandall
,
River
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
4.5
%
,
9/15/35
..........................
425,000
434,505
b
City
of
Dayton
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/01/45
...............
1,741,000
1,739,789
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
4.25
%
,
9/01/35
.............
315,000
317,686
b
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
4.125
%
,
9/15/35
.........................
702,000
705,084
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/45
.........................
500,000
496,302
City
of
Galveston
,
Wharves
&
Terminal
,
Revenue,
First
Lien
,
2024
A
,
5.25
%
,
8/01/37
.............
1,250,000
1,360,922
Wharves
&
Terminal
,
Revenue,
First
Lien
,
2024
A
,
5.25
%
,
8/01/38
.............
1,650,000
1,786,455
Wharves
&
Terminal
,
Revenue,
First
Lien
,
2024
B
,
5.25
%
,
8/01/43
.............
400,000
426,179
Wharves
&
Terminal
,
Revenue,
First
Lien
,
2024
B
,
5.25
%
,
8/01/44
.............
500,000
528,882
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2020
A
,
Refunding
,
4
%
,
7/01/35
1,500,000
1,525,132
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2024
B
,
5.25
%
,
7/15/33
4,000,000
4,334,617
City
of
Lavon
,
b
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/45
.........................
800,000
824,770
Elevon
Public
Improvement
District
Improvement
Area
No.
3-5
,
Special
Assessment
,
2025
,
5.375
%
,
9/15/45
............................................
1,000,000
998,057
b
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
............................
1,125,000
1,179,382
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
4.25
%
,
9/01/35
.............................................
1,000,000
1,007,069
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.25
%
,
9/01/45
.............................................
570,000
564,790
City
of
Princeton
,
b
Eastridge
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2025
,
4.6
%
,
9/01/35
.........................................
300,000
311,584
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Princeton,
(continued)
b
Eastridge
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/45
.......................................
$
503,000
$
506,387
b
Eastridge
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
925,000
924,309
b
Eastridge
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/01/45
........................................
1,000,000
1,000,242
b
Southridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
................................
801,000
819,047
b
Westridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
565,000
565,838
b
Winchester
Crossing
Public
Improvement
District
No.
3
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
............................................
500,000
492,961
b
Windmore
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
................................
843,000
859,916
Windmore
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
2025
,
5.25
%
,
9/01/45
...................................
851,000
851,206
City
of
San
Antonio
,
GO
,
2024
,
5
%
,
2/01/43
.............................................
2,500,000
2,722,600
GO
,
2024
,
5
%
,
2/01/44
.............................................
3,500,000
3,774,439
Electric
&
Gas
Systems
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
2/01/42
..........
9,155,000
10,162,732
Electric
&
Gas
Systems
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
2/01/50
...........
5,000,000
5,375,688
Electric
&
Gas
Systems
,
Revenue
,
2024
D
,
Refunding
,
5
%
,
2/01/42
............
7,750,000
8,581,384
Electric
&
Gas
Systems
,
Revenue
,
2024
E
,
Refunding
,
5
%
,
2/01/44
............
5,080,000
5,512,079
b
City
of
Uhland
,
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
...............................
500,000
496,480
b
City
of
Wharton
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/45
..............
640,000
655,377
Clifton
Higher
Education
Finance
Corp.
,
Braination,
Inc.
,
Revenue
,
2024
,
PSF
Guaranty
,
5.25
%
,
8/15/44
...............
750,000
796,840
Braination,
Inc.
,
Revenue
,
2024
,
PSF
Guaranty
,
5.25
%
,
8/15/49
...............
2,000,000
2,078,686
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2021
,
PSF
Guaranty
,
3
%
,
8/15/39
1,560,000
1,427,623
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
....................................................
1,000,000
1,097,955
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/38
....................................................
900,000
983,273
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/39
....................................................
1,000,000
1,086,009
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
4.375
%
,
2/15/42
.................................................
3,300,000
3,380,472
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/43
..................................................
3,875,000
4,174,828
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/45
..................................................
4,225,000
4,484,260
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
5
%
,
4/01/36
......
560,000
613,229
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
5
%
,
4/01/38
......
265,000
287,447
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4
%
,
4/01/43
......
1,650,000
1,604,806
b
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
12/31/45
......................
1,660,000
1,714,984
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/42
..........................
17,440,000
19,143,989
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/43
..........................
4,000,000
4,337,320
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/44
..........................
5,450,000
5,848,788
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/45
..........................
7,885,000
8,371,921
Danbury
Higher
Education
Authority,
Inc.
,
Ser-Ninos,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
PSF
Guaranty
,
4
%
,
8/15/41
.................................
2,080,000
2,110,857
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Fort
Bend
Grand
Parkway
Toll
Road
Authority
,
Revenue,
Sub.
Lien
,
2021
,
3
%
,
3/01/38
.................................
$
1,205,000
$
1,134,250
Revenue,
Sub.
Lien
,
2021
,
3
%
,
3/01/39
.................................
1,245,000
1,152,451
a
Fort
Bend
Independent
School
District
,
GO
,
2021
B
,
Refunding
,
PSF
Guaranty
,
Mandatory
Put
,
0.72
%
,
8/01/26
.......................................
795,000
784,345
FW
Chaparral
PFC
,
Revenue
,
2025
,
4
%
,
10/01/35
..........................
6,250,000
6,271,763
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/33
...
520,000
507,646
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/38
...
500,000
459,585
a
Harris
County
Industrial
Development
Corp.
,
Energy
Transfer
LP
,
Revenue
,
2023
,
Refunding
,
Mandatory
Put
,
4.05
%
,
6/01/33
...............................
2,500,000
2,584,509
a
Houston
Housing
Finance
Corp.
,
Summerdale
Apartments
LP
,
Revenue
,
2023
,
Mandatory
Put
,
5
%
,
8/01/26
..........................................
3,000,000
3,014,194
Hutto
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5
%
,
8/01/42
.........
1,000,000
1,087,426
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/26
125,000
126,093
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/28
150,000
155,739
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/29
175,000
184,142
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/30
200,000
212,820
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/31
200,000
214,570
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
150,000
152,399
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/33
150,000
151,794
Lewisville
Independent
School
District
,
GO
,
2019
,
PSF
Guaranty
,
3
%
,
8/15/39
......
1,000,000
917,685
Lower
Colorado
River
Authority
,
Revenue
,
2022
,
Refunding
,
AG
Insured
,
4
%
,
5/15/40
5,000,000
5,083,397
Mansfield
Independent
School
District
,
GO
,
2025
,
PSF
Guaranty
,
5
%
,
2/15/43
......
1,900,000
2,065,026
Melissa
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
5
%
,
2/01/41
..................................
500,000
552,330
GO
,
2024
,
PSF
Guaranty
,
5
%
,
2/01/42
..................................
750,000
819,422
GO
,
2024
,
PSF
Guaranty
,
5
%
,
2/01/43
..................................
750,000
810,149
GO
,
2024
,
PSF
Guaranty
,
5
%
,
2/01/44
..................................
500,000
534,620
New
Caney
Independent
School
District
,
GO
,
2023
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/48
.........................................................
18,000,000
18,807,604
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
College
Station
I
LLC
,
Revenue
,
2014
A
,
5
%
,
4/01/29
....
1,795,000
1,795,656
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
B-1
,
AG
Insured
,
5
%
,
7/01/38
860,000
874,919
North
Texas
Tollway
Authority
,
Revenue,
First
Tier
,
2024
A
,
Refunding
,
5
%
,
1/01/43
.......................
625,000
682,857
Revenue,
First
Tier
,
2024
A
,
Refunding
,
5.25
%
,
1/01/44
.....................
2,500,000
2,753,031
Revenue,
First
Tier
,
2024
A
,
Refunding
,
5
%
,
1/01/45
.......................
3,125,000
3,343,896
Princeton
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5
%
,
2/15/40
......
1,000,000
1,097,164
Red
Oak
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5
%
,
2/15/42
..................................
2,685,000
2,911,374
GO
,
2023
,
PSF
Guaranty
,
5
%
,
2/15/43
..................................
1,980,000
2,127,772
Royse
City
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5
%
,
2/15/41
..................................
1,000,000
1,089,651
GO
,
2023
,
PSF
Guaranty
,
5
%
,
2/15/42
..................................
1,450,000
1,565,144
GO
,
2023
,
PSF
Guaranty
,
5
%
,
2/15/43
..................................
1,000,000
1,070,316
San
Antonio
Housing
Trust
Public
Facility
Corp.
,
Brooks
Family
Apartments
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.55
%
,
3/01/43
.........................
7,350,000
7,519,737
State
of
Texas
,
GO
,
2017
,
3
%
,
8/01/34
...................................
2,255,000
2,171,760
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/37
...................................................
1,980,000
1,993,421
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/15/37
.......................................................
2,360,000
2,395,802
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
(continued)
Texas
Health
Resources
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/41
$
7,445,000
$
7,499,363
b
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
4,250,000
3,961,851
Texas
Department
of
Housing
&
Community
Affairs
,
THF
Oaks
on
Lamar
LP
,
Revenue
,
2018
,
FNMA
Insured
,
3.55
%
,
9/01/34
...................................
2,710,401
2,726,217
a
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
B
,
Mandatory
Put
,
5.5
%
,
1/01/34
....................................................
8,000,000
9,012,342
a
Texas
State
Affordable
Housing
Corp.
,
FC
Juniper
Creek
Housing
LP
,
Revenue
,
2023
,
Mandatory
Put
,
3.75
%
,
7/01/26
.......................................
2,550,000
2,559,570
d
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
30,000,000
32,501,739
Tomball
Independent
School
District
,
GO
,
2025
,
PSF
Guaranty
,
5
%
,
2/15/40
.......
2,100,000
2,355,407
b
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
4.5
%
,
9/01/35
.................
413,000
417,114
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/30
........................................................
264,000
280,933
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/32
........................................................
250,000
270,473
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/38
................................
1,785,000
1,508,106
Westpointe
Special
Improvement
District
,
GO
,
2025
,
AG
Insured
,
5
%
,
8/15/40
....................................
650,000
692,772
GO
,
2025
,
AG
Insured
,
5
%
,
8/15/45
....................................
700,000
723,002
290,823,076
Utah
1.2%
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2023
A
,
5.25
%
,
7/01/40
................
8,160,000
8,951,320
Downtown
Revitalization
Public
Infrastructure
District
,
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.25
%
,
6/01/42
...........................................
1,000,000
1,115,404
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.25
%
,
6/01/44
...........................................
1,165,000
1,271,695
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.25
%
,
6/01/45
...........................................
1,000,000
1,080,541
b
MIDA
Mountain
Village
Public
Infrastructure
District
,
Military
Recreation
Facilities
Project
Area
,
Tax
Allocation
,
144A,
2024-2
,
5.5
%
,
6/15/39
...................
1,000,000
1,034,418
Utah
Charter
School
Finance
Authority
,
Utah
Charter
Academies
,
Revenue
,
2018
,
UT
CSCE
Insured
,
5
%
,
10/15/30
.........................................
575,000
593,454
Utah
Infrastructure
Agency
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/15/32
..............................
2,165,000
2,214,570
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/15/34
..............................
1,380,000
1,407,433
Revenue
,
2019
,
5
%
,
10/15/27
........................................
1,000,000
1,029,538
Revenue
,
2019
,
5
%
,
10/15/29
........................................
1,300,000
1,379,190
Revenue
,
2021
,
3
%
,
10/15/26
........................................
500,000
499,101
Revenue
,
2021
,
4
%
,
10/15/28
........................................
900,000
912,846
Revenue
,
2021
,
4
%
,
10/15/29
........................................
600,000
610,527
Revenue
,
2021
,
4
%
,
10/15/31
........................................
460,000
467,086
Revenue
,
2021
,
4
%
,
10/15/36
........................................
400,000
396,193
Revenue
,
2023
,
5.25
%
,
10/15/35
......................................
1,300,000
1,439,255
Revenue
,
2023
,
5.625
%
,
10/15/38
.....................................
1,000,000
1,104,684
Revenue
,
2025
,
5.25
%
,
10/15/49
......................................
2,875,000
2,873,833
28,381,088
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Vermont
0.2%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/27
...........
$
760,000
$
754,195
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/28
...........
1,875,000
1,852,943
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/29
...........
900,000
885,638
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/30
...........
500,000
489,519
3,982,295
Virgin
Islands
0.1%
Matching
Fund
Special
Purpose
Securitization
Corp.
,
United
States
Virgin
Islands
Federal
Excise
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/27
.......................................................
515,000
526,945
United
States
Virgin
Islands
Federal
Excise
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/30
.......................................................
1,000,000
1,051,538
1,578,483
Virginia
0.2%
Isle
Wight
County
Industrial
Development
Authority
,
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5
%
,
7/01/37
........................................................
500,000
561,929
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5
%
,
7/01/38
........................................................
600,000
668,633
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5.25
%
,
7/01/43
..................................................
2,750,000
2,999,438
Virginia
Small
Business
Financing
Authority
,
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/27
....................................................
320,000
325,890
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/29
....................................................
590,000
623,640
5,179,530
Washington
2.2%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
5.75
%
,
12/01/27
.............................
695,000
720,270
Revenue
,
2023
,
Refunding
,
6.75
%
,
12/01/44
.............................
6,420,000
7,144,821
King
County
Housing
Authority
,
Revenue
,
2008
,
5.5
%
,
5/01/38
........................................
2,500,000
2,505,219
Revenue
,
2020
,
Refunding
,
3
%
,
6/01/40
.................................
1,565,000
1,357,197
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/40
.................................
540,000
572,936
Revenue
,
2025
,
Refunding
,
5.375
%
,
7/01/45
.............................
2,000,000
2,100,152
Port
of
Seattle
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
8/01/40
.....................
1,750,000
1,874,588
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/38
.......................................
885,000
976,962
Revenue
,
2024
,
5.5
%
,
12/01/40
.......................................
1,000,000
1,082,388
Revenue
,
2024
,
5.5
%
,
12/01/41
.......................................
775,000
828,192
Revenue
,
2024
,
5.5
%
,
12/01/42
.......................................
875,000
922,175
State
of
Washington
,
GO
,
2021
C
,
5
%
,
2/01/41
............................................
3,860,000
4,145,003
GO
,
2024
A
,
5
%
,
8/01/44
............................................
5,070,000
5,448,082
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
1,140,000
1,170,472
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
6,350,295
6,231,584
Revenue
,
2023-1
,
A
,
3.375
%
,
4/20/37
..................................
5,572,262
5,328,808
c
Revenue
,
FRN
,
2024-1
,
A
,
4.084
%
,
3/20/40
..............................
2,874,351
2,833,419
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
State
Housing
Finance
Commission,
(continued)
Eastside
Retirement
Association
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/38
........................................................
$
1,580,000
$
1,678,074
b
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
........................................................
2,250,000
2,264,825
b
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5.125
%
,
7/01/33
........................................................
735,000
796,810
b
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
1,520,000
1,625,644
51,607,621
West
Virginia
0.2%
West
Virginia
Hospital
Finance
Authority
,
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
5.75
%
,
9/01/41
2,180,000
2,418,065
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
5.75
%
,
9/01/43
3,000,000
3,260,064
5,678,129
Wisconsin
2.8%
Public
Finance
Authority
,
b
AMCP
Franklin
LLC
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.75
%
,
12/01/60
....
4,085,000
4,159,579
Campus
Real
Estate
Holding
Corp.
LLC
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
6/01/45
........................................................
260,000
262,932
b
CHF
-
Manoa
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
5.5
%
,
7/01/43
.........
1,000,000
1,008,262
b
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
2,850,000
2,952,243
a
Duke
Energy
Progress
LLC
,
Revenue
,
2022
A-2
,
Refunding
,
Mandatory
Put
,
3.7
%
,
10/01/30
.......................................................
7,000,000
7,209,392
b
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/35
....................................................
700,000
743,723
b
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
4.75
%
,
7/01/45
..................................................
1,800,000
1,653,307
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Sub.
Lien
,
2025
B
,
5
%
,
6/15/30
180,000
190,182
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Sub.
Lien
,
2025
B
,
5.25
%
,
6/15/35
........................................................
275,000
300,760
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Sub.
Lien
,
2025
B
,
5.25
%
,
6/15/45
........................................................
275,000
277,797
b
Mater
Academy
of
Nevada
,
Revenue
,
144A,
2024
A
,
5
%
,
12/15/34
.............
1,575,000
1,649,192
b
Methodist
University,
Inc.
(The)
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
3/01/29
...
1,780,000
1,734,265
NC
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/27
...........
880,000
897,463
NC
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/28
...........
655,000
677,224
b
North
Carolina
Leadership
Charter
Academy,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
6/15/49
........................................................
1,560,000
1,434,647
b
Roseman
University
of
Health
Sciences
,
Revenue
,
144A,
2020
,
5
%
,
4/01/30
.....
475,000
487,925
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
6/30/60
........
4,695,000
5,187,056
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/41
........................................................
1,000,000
901,127
b
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
4.5
%
,
1/01/35
...............
1,035,000
1,029,631
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
4/01/39
........................................................
4,225,000
4,230,604
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/37
........................................................
3,930,000
4,038,297
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/43
........................................................
2,000,000
2,118,609
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/45
........................................................
2,500,000
2,594,552
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
Milwaukee
Regional
Medical
Center
Utility
&
Infrastructure
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
4/01/44
...............................
$
7,890,000
$
8,000,730
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
..................
6,830,000
7,148,493
Wisconsin
Housing
&
Economic
Development
Authority
,
Home
Ownership
,
Revenue
,
2017
A
,
GNMA
Insured
,
2.69
%
,
7/01/47
.................................
4,365,520
3,808,557
64,696,549
U.S.
Territories
0.7%
District
of
Columbia
0.4%
District
of
Columbia
,
Ingleside
Presbyterian
Retirement
Community
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/37
....................................................
1,200,000
1,211,854
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/30
...............................
1,485,000
1,485,187
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/35
.......................
3,000,000
3,123,516
Aviation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/31
.......................
1,000,000
1,074,105
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/44
........
660,000
615,495
d
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/44
........
5,000
4,663
d
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
........
660,000
565,738
8,080,558
Puerto
Rico
0.3%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
1,683,000
1,721,146
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
2,400,000
2,427,257
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
3,482,000
3,499,282
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
100,000
93,996
7,741,681
Total
U.S.
Territories
....................................................................
15,822,239
Total
Municipal
Bonds
(Cost
$
2,166,819,956
)
...................................
2,211,295,627
a
a
a
a
Short
Term
Investments
4.9%
Shares
a
Management
Investment
Companies
4.3%
g,h
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
.......................
99,638,718
99,638,718
Total
Management
Investment
Companies
(Cost
$
99,638,718
)
....................
99,638,718
Principal
Amount
Municipal
Bonds
0.6%
Minnesota
0.2%
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2008
B
,
SPA
Northern
Trust
Co.
(The)
,
Daily
VRDN
and
Put
,
2.1
%
,
11/15/38
..................................................
1,500,000
1,500,000
Mayo
Clinic
,
Revenue
,
2011
B
,
Refunding
,
Daily
VRDN
and
Put
,
2.35
%
,
11/15/38
..
2,000,000
2,000,000
i
Minnesota
Housing
Finance
Agency
,
Revenue
,
2017
F
,
Refunding
,
GNMA
Insured
,
SPA
Royal
Bank
of
Canada
,
Daily
VRDN
and
Put
,
2.26
%
,
1/01/41
.................
2,000,000
2,000,000
5,500,000
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Mississippi
0.1%
i
Mississippi
Business
Finance
Corp.
,
Chevron
USA,
Inc.
,
Revenue
,
2007
B
,
Daily
VRDN
and
Put
,
3.4
%
,
12/01/30
.......................................
$
980,000
$
980,000
New
Jersey
0.0%
†
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.
,
Revenue
,
2008
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.29
%
,
7/01/36
........
1,000,000
1,000,000
New
York
0.3%
i
City
of
New
York
,
GO
,
2023
A-4
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
9/01/49
1,500,000
1,500,000
i
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2019
A-4
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
8/01/45
..
4,000,000
4,000,000
5,500,000
Total
Municipal
Bonds
(Cost
$
12,980,000
)
......................................
12,980,000
Total
Short
Term
Investments
(Cost
$
112,618,718
)
...............................
112,618,718
a
Total
Investments
(Cost
$
2,279,438,674
)
101.2
%
................................
$2,323,914,345
Floating
Rate
Notes
Issued
(
1.9
)
%
.............................................
(43,780,256)
Other
Assets,
less
Liabilities
0.7
%
.............................................
16,279,690
Net
Assets
100.0%
...........................................................
$2,296,413,779
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$251,284,181,
representing
10.9%
of
net
assets.
c
The
coupon
rate
shown
represents
the
rate
at
period
end.
d
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
g
See
Note
3
(
g
)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
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.
Putnam
Tax-Free
Income
Trust
Schedule
of
Investments
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
At
January
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(b)
. 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
523
$
59,703,719
3/20/26
$
258,508
U.S.
Treasury
5
Year
Notes
.....................
Long
1,676
182,566,157
3/31/26
(
950,717
)
U.S.
Treasury
Ultra
Bonds
......................
Short
383
44,978,562
3/20/26
11,425
Total
Futures
Contracts
......................................................................
$(680,784)
*
As
of
period
end.
See
Note 
8
 regarding
other
derivative
information.
See
A
bbreviations
on
page
48
.
Putnam
Tax-Free
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Putnam
Strategic
Intermediate
Municipal
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,179,799,956
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
99,638,718
Value
-
Unaffiliated
issuers
..................................................................
$2,224,275,627
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
99,638,718
Cash
....................................................................................
9,580
Receivables:
Capital
shares
sold
........................................................................
3,897,386
Dividends
and
interest
.....................................................................
26,405,416
Deposits
with
brokers
for:
Futures
contracts
........................................................................
1,944,350
Variation
margin
on
futures
contracts
...........................................................
283,776
Prepaid
expenses
..........................................................................
152,006
Total
assets
..........................................................................
2,356,606,859
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
9,174,303
Capital
shares
redeemed
...................................................................
3,004,882
Management
fees
.........................................................................
823,455
Administrative
fees
........................................................................
4,157
Distribution
fees
..........................................................................
90,924
Transfer
agent
fees
........................................................................
459,859
Trustees'
fees
and
expenses
.................................................................
96,611
Floating
rate
notes
issued
...................................................................
43,780,256
Distributions
to
shareholders
.................................................................
2,089,207
Accrued
interest
(Note
1d)
..................................................................
418,432
Accrued
expenses
and
other
liabilities
...........................................................
250,994
Total
liabilities
.........................................................................
60,193,080
Net
assets,
at
value
.................................................................
$2,296,413,779
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$2,254,576,890
Total
distributable
earnings
(losses)
.............................................................
41,836,889
Net
assets,
at
value
.................................................................
$2,296,413,779
Putnam
Tax-Free
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
January
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Putnam
Strategic
Intermediate
Municipal
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$394,242,017
Shares
outstanding
........................................................................
27,729,856
Net
asset
value
per
share
a,b
..................................................................
$14.22
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
b
................................
$14.55
Class
C:
Net
assets,
at
value
.......................................................................
$10,102,720
Shares
outstanding
........................................................................
708,673
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$14.26
Class
R6:
Net
assets,
at
value
.......................................................................
$55,294,600
Shares
outstanding
........................................................................
3,889,165
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$14.22
Class
Y:
Net
assets,
at
value
.......................................................................
$1,836,774,442
Shares
outstanding
........................................................................
129,124,042
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$14.22
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Tax-Free
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Putnam
Strategic
Intermediate
Municipal
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$1,432,200
Interest:
Unaffiliated
issuers
........................................................................
49,501,731
Total
investment
income
...................................................................
50,933,931
Expenses:
Management
fees
(Note
3
a
)
...................................................................
4,498,237
Administrative
fees
(Note
3
b
)
..................................................................
27,244
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
443,320
    Class
C
................................................................................
46,597
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
216,490
    Class
C
................................................................................
5,690
    Class
R6
...............................................................................
12,283
    Class
Y
................................................................................
1,162,614
Custodian
fees
............................................................................
4,691
Reports
to
shareholders
fees
..................................................................
38,473
Registration
and
filing
fees
....................................................................
55,677
Professional
fees
...........................................................................
100,734
Trustees'
fees
and
expenses
(Note
3
f
)
...........................................................
43,441
Interest
expense
(Note
1d)
....................................................................
989,606
Other
....................................................................................
24,478
Total
expenses
.........................................................................
7,669,575
Expense
reductions
(Note
4)
...............................................................
(1,317)
Net
expenses
.........................................................................
7,668,258
Net
investment
income
................................................................
43,265,673
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
3,134,138
Futures
contracts
.........................................................................
759,386
Net
realized
gain
(loss)
..................................................................
3,893,524
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
68,780,849
Futures
contracts
.........................................................................
(3,396)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
68,777,453
Net
realized
and
unrealized
gain
(loss)
............................................................
72,670,977
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$115,936,650
Putnam
Tax-Free
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Putnam
Strategic
Intermediate
Municipal
Fund
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$43,265,673
$64,476,837
Net
realized
gain
(loss)
.................................................
3,893,524
(5,437,764)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
68,777,453
(44,374,021)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
115,936,650
14,665,052
Distributions
to
shareholders:
Class
A
.............................................................
(6,183,695)
(9,081,813)
Class
B
.............................................................
—
(29)
Class
C
.............................................................
(127,043)
(200,907)
Class
R6
............................................................
(938,306)
(1,246,384)
Class
Y
.............................................................
(35,477,151)
(52,489,482)
Total
distributions
to
shareholders
..........................................
(42,726,195)
(63,018,615)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
97,632,948
23,666,529
Class
B
.............................................................
—
(12,938)
Class
C
.............................................................
2,202,797
(1,470,516)
Class
R6
............................................................
10,259,282
16,123,844
Class
Y
.............................................................
43,639,512
583,897,351
Total
capital
share
transactions
............................................
153,734,539
622,204,270
Net
increase
(decrease)
in
net
assets
...................................
226,944,994
573,850,707
Net
assets:
Beginning
of
period
.....................................................
2,069,468,785
1,495,618,078
End
of
period
..........................................................
$2,296,413,779
$2,069,468,785
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
Strategic
Intermediate
Municipal
Fund
38
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
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
one
fund,
Putnam
Strategic
Intermediate
Municipal
Fund
(Fund).
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.
The
Fund
offers
four
classes
of
shares:
Class
A,
Class
C,
Class
R6
and
Class
Y.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Effective
September
5,
2024,
all
Class
B
shares
were
converted
to
Class
A.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
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 Fund'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 over-the-counter
(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.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
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.
b.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker
and
can
be
in
the
form
of
cash
and/or
securities.
The
Fund
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
8
 regarding
other
derivative
information.
c.
Tender
Option
Bonds
The
Fund
may
participate
in
transactions
whereby
a
fixed-
rate
bond
is
transferred
to
a
tender
option
bond
trust
(TOB
trust)
sponsored
by
a
broker.
The
TOB
trust
funds
the
purchase
of
the
fixed
rate
bonds
by
issuing
floating-rate
bonds
to
third
parties
and
allowing
the
Fund
to
retain
the
residual
interest
in
the
TOB
trust’s
assets
and
cash
flows,
which
are
in
the
form
of
inverse
floating
rate
bonds.
The
inverse
floating
rate
bonds
held
by
the
Fund
give
the
Fund
the
right
to
(1)
cause
the
holders
of
the
floating
rate
bonds
to
tender
their
notes
at
par,
and
(2)
to
have
the
fixed-rate
bond
held
by
the
TOB
trust
transferred
to
the
Fund,
causing
the
TOB
trust
to
collapse.
The
Fund
accounts
for
the
transfer
of
the
fixed-rate
bond
to
the
TOB
trust
as
a
secured
borrowing
by
including
the
fixed-rate
bond
in
the
Fund’s
portfolio
and
including
the
floating
rate
bond
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
At
the
close
of
the
reporting
period,
the
Fund’s
investments
with
a
value
of
$61,438,720
were
held
by
the
TOB
trust
and
served
as
collateral
for
$43,780,256 in
floating-rate
bonds
outstanding.
For
the
reporting
period
ended
January
31,
2026,
the
average
monthly
amount
of
floating
rate
notes
outstanding
was
$36,192,143, and the
Fund
incurred
interest
expense
of
$895,483
for
these
investments
based
on
an
average
interest
rate
of
2.66%.
d.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its income
and
net
realized
gains
to
relieve
it
from
federal
income
and 
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
January
31,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Derivative
Financial
Instruments
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Some
municipal
securities
in
the
Fund
are
secured
by
collateral
guaranteed
by
an
agency
of
the
U.S.
government.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
9,636,397
$135,653,129
5,484,422
$76,631,341
Shares
issued
in
reinvestment
of
distributions
..........
391,239
5,517,302
589,897
8,237,869
Shares
redeemed
...............................
(3,092,449)
(43,537,483)
(4,389,329)
(61,202,681)
Net
increase
(decrease)
..........................
6,935,187
$97,632,948
1,684,990
$23,666,529
Class
B
Shares:
*
Shares
issued
in
reinvestment
of
distributions
..........
—
$—
2
$26
Shares
redeemed
...............................
—
—
(914)
(12,964)
Net
increase
(decrease)
..........................
—
$—
(912)
$(12,938)
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
Six
Months
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
C
Shares:
Shares
sold
...................................
310,577
$4,389,210
116,427
$1,640,774
Shares
issued
in
reinvestment
of
distributions
..........
7,688
108,753
11,676
163,636
Shares
redeemed
a
..............................
(162,713)
(2,295,166)
(232,163)
(3,274,926)
Net
increase
(decrease)
..........................
155,552
$2,202,797
(104,060)
$(1,470,516)
Class
R6
Shares:
Shares
sold
...................................
1,027,070
$14,438,615
1,863,784
$25,930,657
Shares
issued
in
reinvestment
of
distributions
..........
66,291
934,574
88,839
1,239,359
Shares
redeemed
...............................
(367,178)
(5,113,907)
(794,220)
(11,046,172)
Net
increase
(decrease)
..........................
726,183
$10,259,282
1,158,403
$16,123,844
Class
Y
Shares:
Shares
sold
...................................
34,279,288
$483,161,921
73,949,164
$1,034,815,336
Shares
issued
in
reinvestment
of
distributions
..........
1,557,380
21,961,195
2,555,628
35,695,011
Shares
redeemed
...............................
(32,625,119)
(461,483,604)
(34,882,028)
(486,612,996)
Net
increase
(decrease)
..........................
3,211,549
$43,639,512
41,622,764
$583,897,351
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
“double
counting”
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
January
31,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.390%
of
the
Fund’s
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b–1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
Annualized
Fee
Rate
Net
Assets
0.590%
of
the
first
$5
billion,
0.540%
of
the
next
$5
billion,
0.490%
of
the
next
$10
billion,
0.440%
of
the
next
$10
billion,
0.390%
of
the
next
$50
billion,
0.370%
of
the
next
$50
billion,
0.360%
of
the
next
$100
billion
and
0.355%
of
any
excess
thereafter.
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C
and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-
defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund’s
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund’s
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund’s
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
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.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$3,863
CDSC
retained
..............................................................................
$2,700
3.
Transactions
with
Affiliates
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
h.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
November
30,
2026,
to
waive
fees
and/or
reimburse
the
Fund’s
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund’s
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund’s
average
net
assets
over
such
fiscal
year-to-date
period.
i.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
January
31,
2026,
these
purchase
and
sale
transactions
aggregated
$–
and
$39,435,644,
respectively,
with
net
realized
gains
of
$60,554.
4.
Expense
Offset
Arrangement
The Fund has entered
into
an arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
January
31,
2026,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.  
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2025,
the
capital
loss
carryforwards
were
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
Strategic
Intermediate
Municipal
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
$24,616,404
$512,983,660
$(437,961,346)
$—
$—
$99,638,718
99,638,718
$1,432,200
Total
Affiliated
Securities
...
$24,616,404
$512,983,660
$(437,961,346)
$—
$—
$99,638,718
$1,432,200
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
3,288,380
Long
term
................................................................................
5,378,864
Total
capital
loss
carryforwards
...............................................................
$8,667,244
3.
Transactions
with
Affiliates
(continued)
g.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
At
January
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
bond
discounts
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2026,
aggregated
$581,993,089 and
$496,996,989,
respectively. 
7.
Credit
Risk
At
January
31,
2026,
the
Fund
had 11.1%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
January
31,
2026,
the
aggregate
value
of
these
securities
represents
less
than
0.1%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
8.
Other
Derivative
Information
At
January
31,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
Cost
of
investments
..........................................................................
$2,277,978,210
Unrealized
appreciation
........................................................................
$54,317,872
Unrealized
depreciation
........................................................................
(9,062,521)
Net
unrealized
appreciation
(depreciation)
..........................................................
$45,255,351
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Strategic
Intermediate
Municipal
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
269,933
a
Variation
margin
on
futures
contracts
$
950,717
a
Total
....................
$269,933
$950,717
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
5.
Income
Taxes
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
For
the
period
ended
January
31,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
January
31,
2026,
the
average
month
end
notional
amount
of
futures
contracts
represented
$151,553,625.
See
Note
1(b) regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
48
.
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
January
31,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
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)
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Strategic
Intermediate
Municipal
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$759,386
Futures
contracts
$(3,396)
Total
.......................
$759,386
$(3,396)
8.
Other
Derivative
Information
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
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
January
31,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
11.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Putnam
Strategic
Intermediate
Municipal
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
2,211,295,627
$
—
$
2,211,295,627
Short
Term
Investments
...................
99,638,718
12,980,000
—
112,618,718
Total
Investments
in
Securities
...........
$99,638,718
$2,224,275,627
$—
$2,323,914,345
Other
Financial
Instruments:
Futures
Contracts
.......................
$269,933
$—
$—
$269,933
Total
Other
Financial
Instruments
.........
$269,933
$—
$—
$269,933
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$
950,717
$
—
$
—
$
950,717
Total
Other
Financial
Instruments
.........
$950,717
$—
$—
$950,717
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
10.
Fair
Value
Measurements
(continued)
Putnam
Tax-Free
Income
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
Putnam
Strategic
Intermediate
Municipal
Fund
(continued)
Abbreviations
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FHA
Federal
Housing
Administration
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
PSF
Permanent
School
Fund
SPA
Standby
Purchase
Agreement
Putnam
Tax-Free
Income
Trust
49
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
38914-SFSOI
03/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

Putnam Tax Free Income Trust  
     
By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: March 26, 2026  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: March 26, 2026  
     
By: /s/ Jeffrey White  
  Jeffrey White  
  Principal Financial Officer  
     
Date: March 26, 2026  

 

 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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