# EDGAR Filing Document

**Accession Number:** 0000771951
**File Stem:** 0001133228-26-004098
**Filing Date:** 2026-3
**Character Count:** 233270
**Document Hash:** 5965eaa630461d2692a21f03d8957ea1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004098.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001133228-26-004098

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260326

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM TAX FREE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000771951

**ORGANIZATION NAME:**
- **EIN:** 046483374
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04345
- **FILM NUMBER:** 26796709

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM TAX FREE INCOME TRUST /MA/
- **DATE OF NAME CHANGE:** 19920902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM TAX FREE INCOME TRUST
- **DATE OF NAME CHANGE:** 19920101

## Series and Classes Contracts Data

### Putnam Strategic Intermediate Municipal Fund (Series ID: S000003860)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010817 | Class C Shares  |  |
| C000010819 | Class A Shares  | PPNAX           |
| C000060535 | CLASS Y         |  |
| C000202840 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-02-1874200172000_PutnamStrategicIntermediateMunicipalFund_ClassA_TSRSemiAnnual

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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Strategic Intermediate Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PPNAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $2296413779 |
| **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**<sup>\*</sup> **(% of Total Investments)**

![image](ts6469img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class C [PAMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $2296413779 |
| **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**<sup>\*</sup> **(% of Total Investments)**

![image](ts6470img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class R6 [PAMLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $2296413779 |
| **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**<sup>\*</sup> **(% of Total Investments)**

![image](ts6471img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class Y [PAMYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $2296413779 |
| **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**<sup>\*</sup> **(% of Total Investments)**

![image](ts6472img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

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.

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

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.

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

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

6/01/32

........................................

$

1,250,000

$

1,278,412

a

Black

Belt

Energy

Gas

District

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

%

,

12/01/31

..................

7,250,000

7,420,914

Revenue

,

2022

,

Refunding

,

Mandatory

Put

,

%

,

6/01/27

.................

1,000,000

1,012,862

Revenue

,

2023

,

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

,

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

,

%

,

2/01/41

.................

3,370,000

3,211,846

Southeast

Energy

Authority

A

Cooperative

District

,

a

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

........................

1,350,000

1,443,939

a

Revenue

,

2022

,

Mandatory

Put

,

%

,

8/01/28

..........................

14,550,000

15,154,554

Revenue

,

2024

C

,

%

,

11/01/28

.......................................

750,000

789,749

Revenue

,

2024

C

,

%

,

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

,

%

,

2/01/31

...........................

19,065,000

20,394,046

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

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

,

%

,

10/01/38

......................

4,725,000

4,726,025

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

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

,

%

,

11/01/34

.......................................................

1,000,000

1,045,941

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/38

.......................................................

2,740,000

2,828,729

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

%

,

11/01/38

.......................................................

450,000

483,335

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

%

,

11/01/39

.......................................................

780,000

833,131

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

%

,

11/01/40

.......................................................

650,000

688,825

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

5/15/29

...

1,000,000

994,427

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

1/01/44

...............................

10,000,000

10,959,237

Revenue

,

2025

A

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

%

,

4/01/32

............................

7,200,000

7,727,170

Revenue

,

2024

B

,

Mandatory

Put

,

%

,

12/01/32

...........................

7,000,000

7,391,378

Revenue

,

2024

H

,

Mandatory

Put

,

%

,

8/01/33

...........................

7,500,000

8,232,034

b

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

..............................................

250,000

208,177

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/28

................................

150,000

156,622

California

Health

Facilities

Financing

Authority

,

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center

,

Revenue

,

2018

,

%

,

9/01/30

........................................

1,300,000

1,351,147

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center

,

Revenue

,

2018

,

%

,

9/01/32

........................................

1,435,000

1,486,558

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center

,

Revenue

,

2018

,

%

,

9/01/34

........................................

1,590,000

1,640,699

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center

,

Revenue

,

2018

,

%

,

9/01/35

........................................

1,615,000

1,661,839

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center

,

Revenue

,

2018

,

%

,

9/01/36

........................................

1,505,000

1,543,823

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center

,

Revenue

,

2018

,

%

,

9/01/38

........................................

1,485,000

1,515,484

California

Housing

Finance

Agency

,

Revenue

,

2019-2

,

A

,

%

,

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

,

%

,

7/01/44

...

2,000,000

2,050,967

b

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

,

4.125 %

,

1/01/35

.............

845,000

823,670

California

Municipal

Finance

Authority

,

c

Revenue

,

FRN

,

2025-1

,

,

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

,

%

,

11/01/26

............

535,000

535,699

CHF-Davis

I

LLC

,

Revenue

,

2018

,

BAM

Insured

,

%

,

5/15/40

.................

5,690,000

5,890,816

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

%

,

5/15/34

........................

915,000

966,697

b

California

School

Finance

Authority

,

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2016

,

%

,

8/01/36

............................................

3,225,000

3,225,959

California

State

Public

Works

Board

,

State

of

California

,

Revenue

,

2014

E

,

%

,

9/01/34

900,000

902,501

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC

,

Revenue

,

144A,

2019

A

,

%

,

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

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Los

Angeles,

(continued)

d

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2018

D

,

Refunding

,

%

,

5/15/43

.....

$

9,630,000

$

9,898,573

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2022

C

,

Refunding

,

%

,

5/15/35

.....

600,000

620,247

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/56

..............................................

5,295,000

3,644,069

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

,

2.8 %

,

3/01/47

.........

2,800,000

2,234,995

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

3/01/57

.

9,930,000

6,749,358

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

3.125 %

,

8/01/56

10,330,000

7,729,306

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

2.65 %

,

12/01/46

.....

995,000

827,152

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

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.

,

Special

Tax

,

2024

,

%

,

9/01/39

1,000,000

1,072,995

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

1,000,000

1,033,133

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

.........................................................

1,780,000

1,631,361

a

Los

Angeles

County

Development

Authority

,

Century

Wlava

LP

,

Revenue

,

2023

C

,

Mandatory

Put

,

3.75 %

,

12/01/26

........

2,500,000

2,501,064

VA

Building

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

,

%

,

7/01/46

............................

2,000,000

2,077,894

Power

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/43

...................

4,200,000

4,459,436

Water

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/43

...................

3,925,000

4,185,576

Water

System

,

Revenue

,

2025

C

,

Refunding

,

%

,

7/01/43

...................

7,000,000

7,646,346

Water

System

,

Revenue

,

2025

C

,

Refunding

,

%

,

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,

%

,

5/01/28

........................

10,000

10,590

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

2023-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

Refunding

,

%

,

9/01/34

............................................

360,000

391,041

Community

Facilities

District

2023-1

Improvement

Area

No.

,

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

,

%

,

5/01/45

............................

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

,

%

,

7/01/30

....

620,000

672,584

d

State

of

California

,

GO

,

Refunding

,

%

,

3/01/45

.........................................

6,000,000

6,557,462

GO

,

%

,

3/01/49

..................................................

3,500,000

3,747,015

GO

,

%

,

3/01/55

..................................................

10,000,000

10,595,570

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

,

,

Refunding

,

%

,

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

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

12/01/43

...........................

$

1,500,000

$

1,589,251

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/37

.............................................

850,000

780,603

b

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

................................................

4,100,000

4,539,895

State

of

Colorado

,

COP

,

2024

A

,

%

,

11/01/43

..........................................

1,340,000

1,471,941

COP

,

2024

A

,

%

,

11/01/44

..........................................

1,100,000

1,193,885

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Metropolitan

District

No.

,

Special

Assessment

,

2024

,

5.625 %

,

12/01/43

.............................

1,033,000

1,062,315

Vauxmont

Metropolitan

District

,

GO

,

2019

,

Refunding

,

AG

Insured

,

%

,

12/15/30

....

125,000

127,628

45,441,651

#### Connecticut

#### 0.6%
Connecticut

Housing

Finance

Authority

,

Revenue

,

2016

,

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

,

%

,

7/01/33

........

250,000

251,399

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

%

,

7/01/34

........

1,250,000

1,256,280

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

%

,

7/01/34

...

1,400,000

1,534,241

University

of

New

Haven,

Inc.

,

Revenue

,

,

%

,

7/01/28

...................

550,000

568,421

b

Harbor

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2017

,

Refunding

,

%

,

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

,

%

,

6/01/36

....

1,000,000

1,001,407

a

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

%

,

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

,

Special

Assessment

,

2025

,

5.5 %

,

5/01/45

................................................

630,000

637,375

Bella

Tara

Community

Development

District

,

Assessment

Area

,

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

,

Refunding

,

%

,

10/01/31

......

1,500,000

1,605,691

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/32

......

1,000,000

1,065,865

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/33

......

1,500,000

1,592,274

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/35

......

500,000

525,414

b

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

,

5.25 %

,

6/01/34

........................................................

1,000,000

1,057,051

b

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

,

5.25 %

,

6/01/39

........................................................

1,000,000

1,030,868

b

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

,

5.25 %

,

6/01/44

........................................................

1,225,000

1,204,584

b

Capital

Trust

Agency,

Inc.

,

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

4.625 %

,

1/01/30

.............................................

550,000

551,536

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2024

,

4.5 %

,

1/01/30

...............................................

550,000

551,528

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2024

,

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

,

%

,

10/01/42

................

800,000

862,618

Connerton

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

4.65 %

,

6/15/35

...............

200,000

208,665

Assessment

Area

,

Special

Assessment

,

2025

,

5.625 %

,

6/15/55

..............

855,000

863,449

County

of

Broward

,

Airport

System

,

Revenue

,

2015

A

,

%

,

10/01/34

...........................

2,000,000

2,002,288

Airport

System

,

Revenue

,

2019

A

,

%

,

10/01/36

...........................

1,500,000

1,584,176

Airport

System

,

Revenue

,

2019

A

,

%

,

10/01/44

...........................

5,000,000

5,113,932

County

of

Hillsborough

,

Utility

,

Revenue

,

2016

,

Refunding

,

%

,

8/01/39

...........

3,800,000

3,475,107

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2017

B

,

Refunding

,

%

,

10/01/40

.......................

10,000,000

10,155,591

Aviation

,

Revenue

,

2019

A

,

%

,

10/01/44

................................

8,000,000

8,165,980

Aviation

,

Revenue

,

2024

A

,

Refunding

,

%

,

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

,

%

,

4/01/29

....

375,000

382,202

Provident

Group-PBAU

Properties

LLC

,

Revenue

,

144A,

2019

A

,

%

,

4/01/39

....

3,950,000

3,992,669

Creekview

Community

Development

District

,

Phase

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/44

...................................................

1,320,000

1,332,253

Cypress

Bluff

Community

Development

District

,

Assessment

Area

,

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

,

Refunding

,

4.25 %

,

5/01/34

.........................

360,000

360,096

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

%

,

5/01/45

........

4,000,000

4,153,874

Firethorn

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.3 %

,

5/01/45

................................................

500,000

500,566

Florida

Development

Finance

Corp.

,

b

Revenue

,

144A,

2021

A

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Florida

Development

Finance

Corp.,

(continued)

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

%

,

7/01/44

$

6,475,000

$

6,413,884

River

City

Education

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

7/01/31

.

285,000

297,138

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

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

,

%

,

6/15/45

.............................

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

,

Special

Assessment

,

2025

,

4.375 %

,

5/01/35

...................................

175,000

180,639

Greater

Orlando

Aviation

Authority

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

10/01/35

.....

7,500,000

7,691,056

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/36

.................................

1,375,000

1,381,063

Harmony

on

Lake

Eloise

Community

Development

District

,

Assessment

Area

,

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

,

%

,

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

,

%

,

10/01/42

..............................

3,265,000

3,592,456

Revenue

,

2025

A

,

Refunding

,

%

,

10/01/43

..............................

7,300,000

7,953,043

Revenue

,

2025

A

,

Refunding

,

%

,

10/01/44

..............................

9,000,000

9,735,204

Kissimmee

Park

Community

Development

District

,

Assessment

Area

,

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

,

4.75 %

,

11/15/29

...........................................

1,300,000

1,310,258

LTC

Ranch

West

Residential

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024-AA4

,

Refunding

,

5.375 %

,

5/01/44

.................

500,000

500,816

Madeira

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

Refunding

,

%

,

5/01/35

........

1,560,000

1,710,384

Assessment

Area

,

Special

Assessment

,

2025

,

Refunding

,

%

,

5/01/39

........

575,000

625,506

Assessment

Area

,

Special

Assessment

,

2025

,

4.7 %

,

5/01/35

................

860,000

885,374

Assessment

Area

,

Special

Assessment

,

2025

,

5.5 %

,

5/01/45

................

460,000

462,169

Assessment

Area

,

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

,

%

,

5/01/35

.............................................

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

,

%

,

10/01/46

.................

2,500,000

2,648,229

Palermo

Community

Development

District

,

Assessment

Area

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

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

,

%

,

7/01/29

.........

1,495,000

1,531,384

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.45 %

,

6/15/45

..............................

600,000

608,353

b

River

Hall

Community

Development

District

,

Assessment

Area

,

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

,

%

,

5/01/34

...................

1,190,000

1,163,560

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/44

.................

770,000

732,291

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/15/29

215,000

216,212

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/15/30

195,000

196,177

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

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

,

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.

,

Special

Assessment

,

144A,

2024

,

3.75 %

,

5/01/29

.........................

500,000

504,838

Special

Assessment

,

144A,

2024

,

%

,

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

,

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.

Assessment

Area

,

Special

Assessment

,

2025

,

4.75 %

,

5/01/32

..............................

2,000,000

2,024,488

Woodcreek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

4.35 %

,

5/01/32

...............

200,000

203,352

Assessment

Area

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

b

Woodland

Preserve

Community

Development

District

,

Assessment

Area

,

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

,

%

,

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

,

%

,

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

,

%

,

11/01/40

.....

8,720,000

8,745,020

DeKalb

County

Housing

Authority

,

Revenue

,

2023

A

,

%

,

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

,

%

,

12/01/33

.....................

25,000,000

27,000,080

a

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2019

C

,

Mandatory

Put

,

%

,

9/01/26

...........................

820,000

824,757

Revenue

,

2021

C

,

Mandatory

Put

,

%

,

12/01/28

...........................

1,500,000

1,528,776

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

..........................

5,000,000

5,358,402

Revenue

,

2024

B

,

Mandatory

Put

,

%

,

3/01/32

............................

2,500,000

2,705,945

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/32

............................

3,000,000

3,241,288

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2024

A

,

Refunding

,

%

,

1/01/40

...............................

850,000

920,945

Revenue

,

2024

A

,

Refunding

,

%

,

1/01/42

...............................

1,050,000

1,120,669

Revenue

,

2024

A

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

12/01/44

..................................

825,000

796,193

GO

,

2021

A

,

%

,

12/01/34

...........................................

2,705,000

2,770,907

GO

,

2025

B

,

Refunding

,

%

,

12/01/40

..................................

1,000,000

999,979

GO

,

2025

B

,

Refunding

,

%

,

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

,

%

,

1/01/47

.............................

1,500,000

1,534,810

City

of

Chicago

,

GO

,

2021

A

,

Refunding

,

%

,

1/01/36

...................................

1,000,000

982,922

GO

,

2023

A

,

%

,

1/01/35

............................................

3,000,000

3,169,281

GO

,

2025

A

,

BAM

Insured

,

%

,

1/01/46

.................................

8,500,000

9,247,719

GO

,

2025

E

,

%

,

1/01/42

............................................

1,750,000

1,938,944

GO

,

2025

E

,

BAM

Insured

,

%

,

1/01/43

.................................

1,790,000

2,023,507

GO

,

2025

E

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

10/01/32

.......................................................

685,000

684,403

b

Acero

Charter

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

10/01/33

.......................................................

1,060,000

1,052,868

b

Acero

Charter

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

10/01/34

.......................................................

445,000

438,695

Ascension

Health

Credit

Group

,

Revenue

,

2016

C

,

Pre-Refunded

,

%

,

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

,

%

,

2/15/47

.........................

500,000

477,713

CHF-Chicago

LLC

,

Revenue

,

2017

A

,

%

,

2/15/50

.........................

460,000

432,652

b

Navy

Pier,

Inc.

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

1/01/40

........................................

12,850,000

12,865,683

Revenue

,

2015

B

,

%

,

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

,

%

,

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.

Cahokia

,

GO

,

2024

A

,

AG

Insured

,

%

,

1/01/40

..................................

325,000

350,511

GO

,

2024

A

,

AG

Insured

,

%

,

1/01/41

..................................

400,000

427,138

GO

,

2024

A

,

AG

Insured

,

%

,

1/01/42

..................................

475,000

501,688

GO

,

2024

A

,

AG

Insured

,

%

,

1/01/43

..................................

500,000

522,143

GO

,

2024

A

,

AG

Insured

,

%

,

1/01/44

..................................

260,000

269,456

GO

,

2024

B

,

AG

Insured

,

%

,

1/01/40

..................................

210,000

226,484

GO

,

2024

B

,

AG

Insured

,

%

,

1/01/41

..................................

210,000

224,247

GO

,

2024

B

,

AG

Insured

,

%

,

1/01/42

..................................

225,000

237,642

GO

,

2024

B

,

AG

Insured

,

%

,

1/01/43

..................................

1,350,000

1,409,785

State

of

Illinois

,

GO

,

2016

,

%

,

1/01/31

.............................................

695,000

695,482

GO

,

2016

,

4.125 %

,

11/01/31

.........................................

830,000

835,381

GO

,

2016

,

%

,

11/01/34

.............................................

1,650,000

1,672,771

GO

,

2016

,

%

,

1/01/41

.............................................

340,000

340,267

GO

,

2016

,

%

,

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

,

%

,

10/01/26

..................

500,000

500,246

Lewis

University

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/27

..................

860,000

860,458

Lewis

University

,

Revenue

,

2015

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

10/01/38

.......

500,000

568,870

CWA

Authority,

Inc.

,

Revenue,

First

Lien

,

2024

A

,

Refunding

,

%

,

10/01/40

.......

615,000

689,238

CWA

Authority,

Inc.

,

Revenue,

First

Lien

,

2024

A

,

Refunding

,

%

,

10/01/41

.......

1,000,000

1,117,466

CWA

Authority,

Inc.

,

Revenue,

First

Lien

,

2024

A

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

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.

Spring

Hills

,

GO

,

2025

,

Refunding

,

AG

Insured

,

%

,

9/01/43

........................................................

1,600,000

1,854,965

Unified

School

District

No.

Spring

Hills

,

GO

,

2025

,

Refunding

,

AG

Insured

,

%

,

9/01/44

........................................................

1,575,000

1,812,878

Unified

School

District

No.

Spring

Hills

,

GO

,

2025

,

Refunding

,

AG

Insured

,

%

,

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

,

%

,

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

,

%

,

7/01/30

2,080,000

2,083,486

Masonic

Homes

of

Kentucky,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/15/51

....................................................

1,500,000

1,191,844

Kentucky

Public

Energy

Authority

,

a

Revenue

,

2024

A

,

Mandatory

Put

,

%

,

7/01/30

............................

5,750,000

6,093,612

a

Revenue

,

2024

B

,

Refunding

,

Mandatory

Put

,

%

,

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

,

%

,

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

,

%

,

10/01/31

..

2,750,000

2,788,546

Norton

Healthcare

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

10/01/41

..

4,700,000

5,060,858

University

of

Kentucky

,

Revenue

,

2024

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Kentucky
(continued)

University

of

Kentucky,

(continued)

Revenue

,

2024

,

%

,

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

,

%

,

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

,

%

,

1/01/36

......................................................

300,000

305,563

County

of

Frederick

,

b

Mount

St.

Mary's

University,

Inc.

,

Revenue

,

144A,

2017

A

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

7/01/37

...........................

750,000

855,321

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/39

...........................

1,100,000

1,233,198

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/41

...........................

1,100,000

1,206,206

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/45

...........................

1,225,000

1,282,218

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2015

D

,

%

,

7/01/45

....

625,000

556,390

b

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

%

,

7/01/44

..................

1,500,000

1,509,447

Emerson

College

,

Revenue

,

2025

,

Refunding

,

%

,

1/01/28

..................

1,150,000

1,189,527

Lasell

University

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/40

...................

7,515,000

6,898,987

Lasell

University

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/45

...................

1,650,000

1,399,968

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/45

.

1,000,000

1,098,880

Simmons

University

,

Revenue

,

,

Refunding

,

%

,

10/01/26

.................

950,000

950,137

Simmons

University

,

Revenue

,

,

Refunding

,

%

,

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

,

,

%

,

4/01/44

...............................................

4,474,431

3,524,418

County

of

Genesee

,

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/37

.........

750,000

858,893

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/38

.........

585,000

663,621

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/39

.........

800,000

899,763

Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Kalamazoo

Public

Schools

,

GO

,

2023

I

,

AG

Insured

,

%

,

5/01/45

...................................

$

885,000

$

921,729

GO

,

2023

I

,

AG

Insured

,

%

,

5/01/48

...................................

820,000

841,891

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/37

.......................................

1,000,000

1,006,177

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/46

.......................................................

6,995,000

6,262,327

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

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

,

%

,

12/01/46

5,000,000

4,552,850

Michigan

State

University

,

Revenue

,

2019

B

,

%

,

2/15/44

.....................

3,000,000

3,113,987

Michigan

Strategic

Fund

,

Holland

Home

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

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

,

%

,

7/01/47

.........................................................

2,000,000

1,697,279

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/33

.......................................................

3,410,000

3,556,027

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/36

.......................................................

1,050,000

1,085,375

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AG

Insured

,

%

,

11/15/36

...................................................

4,835,000

5,053,972

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/32

...

6,575,000

6,687,405

Duluth

Economic

Development

Authority

,

Benedictine

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

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

,

%

,

5/01/46

....................................................

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

,

%

,

9/01/32

.

3,250,000

3,392,170

#### Missouri

#### 1.3%
City

of

St.

Louis

,

Airport

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/30

..............

1,430,000

1,554,369

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2015

B

,

Refunding

,

%

,

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

,

%

,

5/01/28

....................................................

1,775,000

1,751,791

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

5/01/39

....................................................

$

3,750,000

$

3,007,013

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

%

,

5/01/40

....................................................

615,000

487,086

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

%

,

5/01/43

....................................................

1,750,000

1,332,901

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/01/38

....................................................

1,440,000

1,171,428

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/01/39

....................................................

1,250,000

1,002,338

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/01/45

....................................................

1,280,000

935,480

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

A

,

%

,

3/01/35

...................

5,000,000

5,240,829

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

%

,

3/01/32

...................

1,000,000

1,057,390

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

%

,

3/01/30

...................

1,540,000

1,663,413

Plaza

at

Noah's

Ark

Community

Improvement

District

,

Revenue

,

2021

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

2/01/46

........................................

5,000,000

5,158,658

Revenue

,

2024

C

,

%

,

2/01/43

........................................

4,500,000

4,868,481

Revenue

,

2024

C

,

%

,

2/01/44

........................................

5,415,000

5,813,319

Revenue

,

2024

D

,

Refunding

,

%

,

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

,

%

,

12/01/39

...

1,000,000

1,051,679

Special

Improvement

District

No.

818

,

Special

Assessment

,

2024

,

%

,

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

,

%

,

7/01/43

........................................................

9,660,000

9,930,496

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax

,

Revenue

,

2023

A

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

7/01/40

........................................................

$

1,550,000

$

1,710,864

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax

,

Revenue

,

2023

A

,

%

,

7/01/41

........................................................

1,000,000

1,096,098

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax

,

Revenue

,

2023

A

,

%

,

7/01/42

........................................................

1,200,000

1,302,596

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax

,

Revenue

,

2023

A

,

%

,

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

,

%

,

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

,

,

4.086 %

,

1/20/41

............................

9,679,364

9,676,320

c

Revenue

,

FRN

,

2025-1

,

,

4.086 %

,

1/20/41

............................

3,226,455

3,064,135

c

Revenue

,

FRN

,

2025-3

,

,

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

,

%

,

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

,

%

,

5/15/42

......................................................

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York

#### 9.3%
Albany

Capital

Resource

Corp.

,

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/26

.......................................

$

400,000

$

401,656

Build

NYC

Resource

Corp.

,

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

%

,

6/15/33

................

960,000

957,836

b

East

Harlem

Scholars

Academy

Charter

School

Obligated

Group

,

Revenue

,

144A,

2022

,

%

,

6/01/32

................................................

375,000

390,510

Global

Community

Charter

School

,

Revenue

,

2022

A

,

%

,

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

,

%

,

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

,

5.25 %

,

9/01/45

........................................

1,465,000

1,574,687

GO

,

2025

,

5.25 %

,

9/01/46

........................................

20,000,000

21,294,896

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2018

,

Refunding

,

%

,

7/01/34

.................................

500,000

519,588

Empire

State

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2023

A

,

%

,

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

,

%

,

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

,

Mandatory

Put

,

3.7 %

,

12/30/27

........................

10,000,000

10,004,367

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

B

,

Refunding

,

6.033 %

,

12/15/31

......

500,000

514,376

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

E

,

Refunding

,

4.375 %

,

12/15/31

......

1,750,000

1,802,289

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

,

Refunding

,

%

,

6/15/43

..........

1,800,000

1,952,297

Water

&

Sewer

System

,

Revenue,

Sub.

Lien

,

2022

EE

,

Refunding

,

%

,

6/15/45

...

2,730,000

2,880,036

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

11/01/44

.....................

5,000,000

5,379,358

Future

Tax

Secured

,

Revenue

,

2026

,

5.25 %

,

5/01/46

....................

2,000,000

2,158,494

New

York

Liberty

Development

Corp.

,

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

,

Refunding

,

%

,

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

,

%

,

3/15/44

........

9,180,000

9,529,122

State

of

New

York

Sales

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/44

.........

3,000,000

3,270,216

State

of

New

York

Sales

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/45

.........

3,750,000

4,027,875

State

of

New

York

Sales

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

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

,

%

,

4/01/34

......................

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

,

4.5 %

,

11/01/43

....................................

1,000,000

1,016,118

a

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

,

Mandatory

Put

,

3.35 %

,

6/15/29

........................................................

4,000,000

4,024,746

a

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

%

,

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

,

%

,

12/01/39

.............

3,000,000

3,192,063

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

%

,

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

,

%

,

6/30/54

..............................

15,660,000

16,285,611

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/40

..............................

1,200,000

1,369,053

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/41

..............................

1,350,000

1,532,797

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

%

,

9/01/40

...................................

2,875,000

2,921,717

Revenue

,

144A,

2024

B

,

%

,

9/01/43

...................................

1,700,000

1,838,399

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

197th

,

Refunding

,

%

,

11/15/35

...............................

5,000,000

5,065,202

d

Revenue

,

218th

,

%

,

11/01/49

........................................

1,535,000

1,561,067

Revenue

,

236th

,

%

,

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

,

%

,

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

,

%

,

3/01/26

....................................................

440,000

440,596

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

,

Revenue

,

2021

C

,

Refunding

,

%

,

3/01/27

....................................................

460,000

468,697

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

,

Revenue

,

2021

C

,

Refunding

,

%

,

3/01/28

....................................................

365,000

378,061

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

,

Revenue

,

2021

C

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

6/01/34

.........................................

1,400,000

1,419,893

Revenue

,

2024

,

%

,

6/01/34

.........................................

3,325,000

3,557,744

Revenue

,

2025

C

,

%

,

11/01/35

.......................................

3,080,000

3,074,165

Revenue

,

2025

C

,

%

,

11/01/35

.......................................

2,000,000

2,145,482

Revenue

,

2025

D

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Columbus

Metropolitan

Housing

Authority,

(continued)

Revenue

,

2025

D

,

%

,

11/01/35

.......................................

$

4,500,000

$

4,827,334

Revenue

,

2025

F

,

%

,

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

,

%

,

11/01/44

............................................

2,700,000

2,442,213

County

of

Franklin

,

Friendship

Village

of

Dublin

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

%

,

11/15/34

............................................

700,000

700,457

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/36

.............................................

3,055,000

3,057,580

County

of

Scioto

,

Southern

Ohio

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

2/15/33

.............................................

500,000

500,516

Dayton-Montgomery

County

Port

Authority

,

Dayton

Regional

STEM

Schools,

Inc.

,

Revenue

,

2024

,

%

,

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

,

%

,

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

,

%

,

12/01/28

................

720,000

725,990

Cleveland

Institute

of

Art

(The)

,

Revenue

,

2018

,

%

,

12/01/33

................

1,570,000

1,579,928

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

%

,

12/01/32

..............

600,000

638,119

John

Carroll

University

,

Revenue

,

2020

,

%

,

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

,

%

,

12/01/48

....................

825,000

858,698

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

%

,

12/01/53

....................

800,000

824,011

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/26

285,000

288,973

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/27

240,000

247,283

Summit

County

Development

Finance

Authority

,

PRG

-

Akron

Properties

LLC

,

Revenue

,

2025

A

,

BAM

Insured

,

%

,

7/01/45

.............................

1,940,000

2,004,492

West

Central

Ohio

Port

Authority

,

Global

Impact

STEM

Academy

,

Revenue

,

2025

A

,

%

,

12/01/40

...............

725,000

756,387

Global

Impact

STEM

Academy

,

Revenue

,

2025

A

,

%

,

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

,

B

,

%

,

7/01/33

....................................

2,000,000

2,032,332

Airport

,

Revenue

,

B

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania

#### 2.9%
Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

%

,

1/01/34

........................................

$

2,330,000

$

2,510,052

Revenue

,

2021

A

,

%

,

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

,

%

,

5/01/42

....................................

1,400,000

1,536,723

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

%

,

3/01/27

...................

3,600,000

3,630,064

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

%

,

8/01/45

...............

750,000

706,789

Crawford

County

Industrial

Development

Authority

,

Allegheny

College

,

Revenue

,

2016

,

Refunding

,

%

,

5/01/28

..................

1,370,000

1,375,782

Allegheny

College

,

Revenue

,

2016

,

Refunding

,

%

,

5/01/29

..................

1,440,000

1,445,914

Allegheny

College

,

Revenue

,

2016

,

Refunding

,

%

,

5/01/30

..................

1,510,000

1,516,000

Allegheny

College

,

Revenue

,

2016

,

Refunding

,

%

,

5/01/31

..................

1,465,000

1,470,510

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

%

,

5/01/29

......................................................

245,000

245,085

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/46

........................................

675,000

585,304

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

%

,

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

,

%

,

12/31/34

........................

16,800,000

16,871,414

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/29

........

725,000

743,175

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/30

........

115,000

118,834

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/31

........

165,000

171,430

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/32

........

540,000

563,082

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2017

,

Refunding

,

%

,

5/01/30

...................

795,000

815,139

Drexel

University

,

Revenue

,

2017

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

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

,

%

,

5/15/33

.......

365,000

366,084

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/38

..........

350,000

380,177

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/39

..........

400,000

431,431

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/40

..........

350,000

373,268

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/45

..........

3,000,000

3,062,863

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2015

B

,

Refunding

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

3/01/35

.............................

5,000,000

5,163,350

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

%

,

11/15/27

......

250,000

257,192

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

%

,

11/15/28

......

250,000

260,776

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

%

,

11/15/29

......

200,000

211,140

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

%

,

11/15/30

......

225,000

239,719

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

%

,

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

,

%

,

4/01/41

....................................................

1,095,000

1,150,022

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

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

,

%

,

12/01/37

..............................

3,435,000

3,455,132

Revenue

,

2016

B

,

Refunding

,

%

,

12/01/37

..............................

500,000

507,374

Revenue

,

2025

A

,

%

,

12/01/44

.......................................

3,750,000

3,997,555

Revenue

,

2025

A

,

%

,

12/01/46

.......................................

2,000,000

2,083,479

Revenue

,

2025

B

,

Refunding

,

%

,

12/01/44

..............................

1,500,000

1,599,022

Revenue

,

2025

B

,

Refunding

,

%

,

12/01/46

..............................

1,000,000

1,041,739

Revenue

,

2025

B

,

Refunding

,

%

,

12/01/48

..............................

2,500,000

2,579,762

South

Carolina

Transportation

Infrastructure

Bank

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/36

........................................................

1,740,000

1,664,471

63,603,277

#### Tennessee

#### 1.6%
Knox

County

Health

Educational

&

Housing

Facility

Board

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/44

...........................

2,200,000

2,285,594

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/39

........................................................

450,000

488,524

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/42

........................................................

1,100,000

1,164,942

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

%

,

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

,

%

,

10/01/34

........

450,000

463,015

Trevecca

Nazarene

University

,

Revenue

,

2019

,

Refunding

,

%

,

10/01/48

........

705,000

660,010

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2019

B

,

%

,

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

,

%

,

9/01/28

.................

13,175,000

13,424,590

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

12/01/32

.....

375,000

380,008

Austin

Community

College

District

,

GO

,

2021

,

%

,

8/01/35

....................

1,350,000

1,337,889

Austin-Bergstrom

Landhost

Enterprises,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/33

................................

400,000

409,973

Revenue

,

2017

,

Refunding

,

%

,

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.

,

Special

Assessment

,

144A,

2025

,

4.5 %

,

9/01/32

.........................................

143,000

146,320

Lone

Oak

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/01/54

...........................................

604,000

616,872

City

of

Anna

,

b

Crystal

Park

Public

Improvement

District

No.

Improvement

Area

No.

,

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.

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

9/15/54

..............................................

695,000

712,734

b

City

of

Bastrop

,

Valverde

Public

Improvement

District

Improvement

Area

No.

,

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.

,

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

,

%

,

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.

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

............................

1,125,000

1,179,382

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

,

Special

Assessment

,

2025

,

4.25 %

,

9/01/35

.............................................

1,000,000

1,007,069

Solterra

Public

Improvement

District

Improvement

Area

,

Special

Assessment

,

2025

,

5.25 %

,

9/01/45

.............................................

570,000

564,790

City

of

Princeton

,

b

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Princeton,

(continued)

b

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/01/45

.......................................

$

503,000

$

506,387

b

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

9/01/55

.......................................

925,000

924,309

b

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.25 %

,

9/01/45

........................................

1,000,000

1,000,242

b

Southridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/01/55

................................

801,000

819,047

b

Westridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

9/01/55

.......................................

565,000

565,838

b

Winchester

Crossing

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

............................................

500,000

492,961

b

Windmore

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/01/55

................................

843,000

859,916

Windmore

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.25 %

,

9/01/45

...................................

851,000

851,206

City

of

San

Antonio

,

GO

,

2024

,

%

,

2/01/43

.............................................

2,500,000

2,722,600

GO

,

2024

,

%

,

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

,

%

,

2/01/42

............

7,750,000

8,581,384

Electric

&

Gas

Systems

,

Revenue

,

2024

E

,

Refunding

,

%

,

2/01/44

............

5,080,000

5,512,079

b

City

of

Uhland

,

Anderson

Park

Public

Improvement

District

Area

No.

,

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

,

%

,

8/15/39

1,560,000

1,427,623

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/37

....................................................

1,000,000

1,097,955

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/38

....................................................

900,000

983,273

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

PSF

Guaranty

,

%

,

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

,

%

,

4/01/36

......

560,000

613,229

YES

Prep

Public

Schools,

Inc.

,

Revenue

,

2023

,

PSF

Guaranty

,

%

,

4/01/38

......

265,000

287,447

YES

Prep

Public

Schools,

Inc.

,

Revenue

,

2023

,

PSF

Guaranty

,

%

,

4/01/43

......

1,650,000

1,604,806

b

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

12/31/45

......................

1,660,000

1,714,984

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/42

..........................

17,440,000

19,143,989

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/43

..........................

4,000,000

4,337,320

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/44

..........................

5,450,000

5,848,788

Revenue

,

2025

,

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

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Fort

Bend

Grand

Parkway

Toll

Road

Authority

,

Revenue,

Sub.

Lien

,

2021

,

%

,

3/01/38

.................................

$

1,205,000

$

1,134,250

Revenue,

Sub.

Lien

,

2021

,

%

,

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

,

%

,

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

,

%

,

6/01/33

...

520,000

507,646

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

%

,

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

,

%

,

8/01/26

..........................................

3,000,000

3,014,194

Hutto

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

8/01/42

.........

1,000,000

1,087,426

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/26

125,000

126,093

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/28

150,000

155,739

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/29

175,000

184,142

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/30

200,000

212,820

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/31

200,000

214,570

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/32

150,000

152,399

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/33

150,000

151,794

Lewisville

Independent

School

District

,

GO

,

2019

,

PSF

Guaranty

,

%

,

8/15/39

......

1,000,000

917,685

Lower

Colorado

River

Authority

,

Revenue

,

2022

,

Refunding

,

AG

Insured

,

%

,

5/15/40

5,000,000

5,083,397

Mansfield

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/43

......

1,900,000

2,065,026

Melissa

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

2/01/41

..................................

500,000

552,330

GO

,

2024

,

PSF

Guaranty

,

%

,

2/01/42

..................................

750,000

819,422

GO

,

2024

,

PSF

Guaranty

,

%

,

2/01/43

..................................

750,000

810,149

GO

,

2024

,

PSF

Guaranty

,

%

,

2/01/44

..................................

500,000

534,620

New

Caney

Independent

School

District

,

GO

,

2023

,

Refunding

,

PSF

Guaranty

,

%

,

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

,

%

,

4/01/29

....

1,795,000

1,795,656

CHF-Collegiate

Housing

Denton

LLC

,

Revenue

,

2018

,

AG

Insured

,

%

,

7/01/38

860,000

874,919

North

Texas

Tollway

Authority

,

Revenue,

First

Tier

,

2024

A

,

Refunding

,

%

,

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

,

%

,

1/01/45

.......................

3,125,000

3,343,896

Princeton

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/40

......

1,000,000

1,097,164

Red

Oak

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/42

..................................

2,685,000

2,911,374

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/43

..................................

1,980,000

2,127,772

Royse

City

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/41

..................................

1,000,000

1,089,651

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/42

..................................

1,450,000

1,565,144

GO

,

2023

,

PSF

Guaranty

,

%

,

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

,

%

,

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

,

%

,

11/15/37

...................................................

1,980,000

1,993,421

Buckner

Retirement

Services,

Inc.

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

2/15/41

$

7,445,000

$

7,499,363

b

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

,

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

,

%

,

2/15/40

.......

2,100,000

2,355,407

b

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

4.5 %

,

9/01/35

.................

413,000

417,114

Town

of

Trophy

Club

,

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/30

........................................................

264,000

280,933

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/32

........................................................

250,000

270,473

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

9/01/38

................................

1,785,000

1,508,106

Westpointe

Special

Improvement

District

,

GO

,

2025

,

AG

Insured

,

%

,

8/15/40

....................................

650,000

692,772

GO

,

2025

,

AG

Insured

,

%

,

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

,

%

,

10/15/30

.........................................

575,000

593,454

Utah

Infrastructure

Agency

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/15/32

..............................

2,165,000

2,214,570

Revenue

,

2017

A

,

Refunding

,

%

,

10/15/34

..............................

1,380,000

1,407,433

Revenue

,

2019

,

%

,

10/15/27

........................................

1,000,000

1,029,538

Revenue

,

2019

,

%

,

10/15/29

........................................

1,300,000

1,379,190

Revenue

,

2021

,

%

,

10/15/26

........................................

500,000

499,101

Revenue

,

2021

,

%

,

10/15/28

........................................

900,000

912,846

Revenue

,

2021

,

%

,

10/15/29

........................................

600,000

610,527

Revenue

,

2021

,

%

,

10/15/31

........................................

460,000

467,086

Revenue

,

2021

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Vermont

#### 0.2%
Vermont

Educational

&

Health

Buildings

Financing

Agency

,

Champlain

College,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/15/27

...........

$

760,000

$

754,195

Champlain

College,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/15/28

...........

1,875,000

1,852,943

Champlain

College,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/15/29

...........

900,000

885,638

Champlain

College,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

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

,

%

,

10/01/27

.......................................................

515,000

526,945

United

States

Virgin

Islands

Federal

Excise

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

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

,

%

,

7/01/37

........................................................

500,000

561,929

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

%

,

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

,

%

,

1/01/27

....................................................

320,000

325,890

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/29

....................................................

590,000

623,640

5,179,530

#### Washington

#### 2.2%
Grays

Harbor

County

Public

Hospital

District

No.

,

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

,

%

,

6/01/40

.................................

1,565,000

1,357,197

Revenue

,

2025

,

Refunding

,

%

,

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

,

%

,

8/01/40

.....................

1,750,000

1,874,588

Skagit

County

Public

Hospital

District

No.

,

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

,

%

,

2/01/41

............................................

3,860,000

4,145,003

GO

,

2024

A

,

%

,

8/01/44

............................................

5,070,000

5,448,082

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington
(continued)

Washington

State

Housing

Finance

Commission,

(continued)

Eastside

Retirement

Association

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

7/01/38

........................................................

$

1,580,000

$

1,678,074

b

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

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

,

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

,

,

6.81 %

,

4/28/36

........

2,850,000

2,952,243

a

Duke

Energy

Progress

LLC

,

Revenue

,

2022

,

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

,

%

,

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

,

%

,

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

,

%

,

12/15/34

.............

1,575,000

1,649,192

b

Methodist

University,

Inc.

(The)

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

3/01/29

...

1,780,000

1,734,265

NC

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

%

,

6/01/27

...........

880,000

897,463

NC

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

%

,

6/01/28

...........

655,000

677,224

b

North

Carolina

Leadership

Charter

Academy,

Inc.

,

Revenue

,

144A,

2019

A

,

%

,

6/15/49

........................................................

1,560,000

1,434,647

b

Roseman

University

of

Health

Sciences

,

Revenue

,

144A,

2020

,

%

,

4/01/30

.....

475,000

487,925

SR

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

,

%

,

9/01/41

........................................................

1,000,000

901,127

b

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

,

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

,

%

,

4/01/39

........................................................

4,225,000

4,230,604

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/37

........................................................

3,930,000

4,038,297

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

4/01/43

........................................................

2,000,000

2,118,609

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

%

,

7/01/37

....................................................

1,200,000

1,211,854

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

6/01/30

...............................

1,485,000

1,485,187

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2018

A

,

Refunding

,

%

,

10/01/35

.......................

3,000,000

3,123,516

Aviation

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/31

.......................

1,000,000

1,074,105

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

%

,

10/01/44

........

660,000

615,495

d

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

%

,

10/01/44

........

5,000

4,663

d

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

%

,

10/01/53

........

660,000

565,738

8,080,558

#### Puerto

#### Rico

#### 0.3%
Commonwealth

of

Puerto

Rico

,

GO

,

2022

,

5.625 %

,

7/01/27

.......................................

1,683,000

1,721,146

GO

,

2022

,

%

,

7/01/33

..........................................

2,400,000

2,427,257

GO

,

2022

,

%

,

7/01/35

..........................................

3,482,000

3,499,282

GO

,

2022

,

%

,

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.

#### 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

,

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

,

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

.

g

See

Note

(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

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

Year

Ultra

Notes

................

Short

523

$

59,703,719

3/20/26

$

258,508

U.S.

Treasury

Year

Notes

.....................

Long

1,676

182,566,157

3/31/26

(950,717)

U.S.

Treasury

Ultra

Bonds

......................

Short

44,978,562

3/20/26

11,425

Total

Futures

Contracts

......................................................................

$(680,784)

\*

As

of

period

end.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

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.

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$2,179,799,956

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

99,638,718

Value

-

Unaffiliated

issuers

..................................................................

$2,224,275,627

Value

-

Non-controlled

affiliates

(Note

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

#### 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.

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$1,432,200

Interest:

Unaffiliated

issuers

........................................................................

49,501,731

Total

investment

income

...................................................................

50,933,931

Expenses:

Management

fees

(Note

a)

...................................................................

4,498,237

Administrative

fees

(Note

b)

..................................................................

27,244

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

443,320

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

46,597

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

216,490

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

5,690

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

12,283

&nbsp;&nbsp;&nbsp;&nbsp;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

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

#### 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

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

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

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)

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

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)

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

..........

—

$—

$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)

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)

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)

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)

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:

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### 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)

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)

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

.

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

&nbsp;&nbsp;&nbsp;&nbsp;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)

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)

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](psimf-efp23292_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](psimf-efp23292_ex99906cert.htm)

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** | **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 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Tax Free Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 26, 2026 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Tax Free Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 26, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Tax Free Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **January 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Tax Free Income Trust | Putnam Tax Free Income Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: March 26, 2026 | Date: March 26, 2026 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.