# EDGAR Filing Document

**Accession Number:** 0000771951
**File Stem:** 0001133228-25-010179
**Filing Date:** 2025-9
**Character Count:** 309986
**Document Hash:** c173d7f8377077bbc9df87bfdc85b1c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-010179.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001133228-25-010179

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04345
- **FILM NUMBER:** 251347636

**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'? 2025-08-1974200172000_PutnamStrategicIntermediateMunicipalFund_ClassA_TSRAnnual

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, NY 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: **July 31, 2025**

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) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2024, to July 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A | $90 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class A shares of Putnam Strategic Intermediate Municipal Fund returned 0.70%. The Fund compares its performance to the Bloomberg 3-15 Year Blend Municipal Bond Index and the Putnam Strategic Intermediate Municipal Linked Benchmark<sup>†</sup>, which both returned 1.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in bonds rated below investment-grade |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight exposure to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to municipal bonds with 20 to 30 years to maturity |
| ↓ | Overweight exposure to bonds rated below investment-grade |
| ↓ | Underweight exposure to municipal bonds with five to 10 years to maturity |

---

**Use of derivatives and the impact on performance:**

The Fund utilized U.S. Treasury futures to manage its duration and yield curve exposure, which had a positive impact on performance.

Putnam Strategic Intermediate Municipal Fund PAGE 1 38914-ATSA-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 7/31/2015 — 7/31/2025

![image](ts4762img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 0.70 | 1.04 | 2.36 |
| **Class A (with sales charge)**  | -1.56 | 0.58 | 2.13 |
| **Bloomberg Municipal Bond Index**  | 0.00 | 0.13 | 2.11 |
| **Bloomberg 3-15 Year Blend Municipal Bond Index**  | 1.86 | 0.54 | 2.16 |
| **Putnam Strategic Intermediate Municipal Linked** **Benchmark**<sup>†</sup>  | 1.86 | 0.53 | 2.31 |

---

† The Putnam Strategic Intermediate Municipal Linked Benchmark represents the performance of the Bloomberg Municipal Bond Index through August 27, 2020, and the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to July 1, 2022, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective August 28, 2020, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2069468785 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 829 |
| **Total Management Fee Paid** | $7840095 |
| **Portfolio Turnover Rate** | 41% |

---

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

Putnam Strategic Intermediate Municipal Fund PAGE 2 38914-ATSA-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4762img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are Benjamin Barber, James Conn, Garrett Hamilton, Francisco Rivera and Daniel Workman.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Strategic Intermediate Municipal Fund PAGE 3 38914-ATSA-0925

97751040010355105031124111717122521151811659122551234010000106941072210828116191224212645117691187812323123221000010611106571071611470120531236611676117881215812384100001069410722108281162012242125491184911962123391256819.514.612.611.411.08.77.17.03.02.61.80.40.3 ------

---

| | |
|:---|:---|
| **Putnam Strategic Intermediate Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAMTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2024, to July 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class C | $165 | 1.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class C shares of Putnam Strategic Intermediate Municipal Fund returned 0.02%. The Fund compares its performance to the Bloomberg 3-15 Year Blend Municipal Bond Index and the Putnam Strategic Intermediate Municipal Linked Benchmark<sup>†</sup>, which both returned 1.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in bonds rated below investment-grade |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight exposure to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to municipal bonds with 20 to 30 years to maturity |
| ↓ | Overweight exposure to bonds rated below investment-grade |
| ↓ | Underweight exposure to municipal bonds with five to 10 years to maturity |

---

**Use of derivatives and the impact on performance:**

The Fund utilized U.S. Treasury futures to manage its duration and yield curve exposure, which had a positive impact on performance.

Putnam Strategic Intermediate Municipal Fund PAGE 1 38914-ATSC-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4763img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 0.02 | 0.29 | 1.73 |
| **Class C (with sales charge)**  | -0.96 | 0.29 | 1.73 |
| **Bloomberg Municipal Bond Index**  | 0.00 | 0.13 | 2.11 |
| **Bloomberg 3-15 Year Blend Municipal Bond Index**  | 1.86 | 0.54 | 2.16 |
| **Putnam Strategic Intermediate Municipal Linked** **Benchmark**<sup>†</sup>  | 1.86 | 0.53 | 2.31 |

---

† The Putnam Strategic Intermediate Municipal Linked Benchmark represents the performance of the Bloomberg Municipal Bond Index through August 27, 2020, and the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

Effective August 28, 2020, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2069468785 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 829 |
| **Total Management Fee Paid** | $7840095 |
| **Portfolio Turnover Rate** | 41% |

---

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

Putnam Strategic Intermediate Municipal Fund PAGE 2 38914-ATSC-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4763img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are Benjamin Barber, James Conn, Garrett Hamilton, Francisco Rivera and Daniel Workman.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Strategic Intermediate Municipal Fund PAGE 3 38914-ATSC-0925

100001055610424104901114811529119721116411218117911187310000106941072210828116191224212645117691187812323123221000010611106571071611470120531236611676117881215812384100001069410722108281162012242125491184911962123391256819.514.612.611.411.08.77.17.03.02.61.80.40.3 ------

---

| | |
|:---|:---|
| **Putnam Strategic Intermediate Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAMLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2024, to July 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R6 | $56 | 0.56% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Strategic Intermediate Municipal Fund returned 1.04%. The Fund compares its performance to the Bloomberg 3-15 Year Blend Municipal Bond Index and the Putnam Strategic Intermediate Municipal Linked Benchmark<sup>†</sup>, which both returned 1.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in bonds rated below investment-grade |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight exposure to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to municipal bonds with 20 to 30 years to maturity |
| ↓ | Overweight exposure to bonds rated below investment-grade |
| ↓ | Underweight exposure to municipal bonds with five to 10 years to maturity |

---

**Use of derivatives and the impact on performance:**

The Fund utilized U.S. Treasury futures to manage its duration and yield curve exposure, which had a positive impact on performance.

Putnam Strategic Intermediate Municipal Fund PAGE 1 38914-ATSR6-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4764img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 1.04 | 1.34 | 2.63 |
| **Bloomberg Municipal Bond Index**  | 0.00 | 0.13 | 2.11 |
| **Bloomberg 3-15 Year Blend Municipal Bond Index**  | 1.86 | 0.54 | 2.16 |
| **Putnam Strategic Intermediate Municipal Linked** **Benchmark**<sup>†</sup>  | 1.86 | 0.53 | 2.31 |

---

† The Putnam Strategic Intermediate Municipal Linked Benchmark represents the performance of the Bloomberg Municipal Bond Index through August 27, 2020, and the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 5/22/2018. Returns for periods before 5/22/2018 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective August 28, 2020, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2069468785 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 829 |
| **Total Management Fee Paid** | $7840095 |
| **Portfolio Turnover Rate** | 41% |

---

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

Putnam Strategic Intermediate Municipal Fund PAGE 2 38914-ATSR6-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4764img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are Benjamin Barber, James Conn, Garrett Hamilton, Francisco Rivera and Daniel Workman.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Strategic Intermediate Municipal Fund PAGE 3 38914-ATSR6-0925

100001066310636108091160312122127091197712159128251295810000106941072210828116191224212645117691187812323123221000010611106571071611470120531236611676117881215812384100001069410722108281162012242125491184911962123391256819.514.612.611.411.08.77.17.03.02.61.80.40.3 ------

---

| | |
|:---|:---|
| **Putnam Strategic Intermediate Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAMYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Strategic Intermediate Municipal Fund for the period August 1, 2024, to July 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class Y | $65 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class Y shares of Putnam Strategic Intermediate Municipal Fund returned 1.03%. The Fund compares its performance to the Bloomberg 3-15 Year Blend Municipal Bond Index and the Putnam Strategic Intermediate Municipal Linked Benchmark<sup>†</sup>, which both returned 1.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in bonds rated below investment-grade |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight exposure to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to municipal bonds with 20 to 30 years to maturity |
| ↓ | Overweight exposure to bonds rated below investment-grade |
| ↓ | Underweight exposure to municipal bonds with five to 10 years to maturity |

---

**Use of derivatives and the impact on performance:**

The Fund utilized U.S. Treasury futures to manage its duration and yield curve exposure, which had a positive impact on performance.

Putnam Strategic Intermediate Municipal Fund PAGE 1 38914-ATSY-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4765img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 1.03 | 1.29 | 2.60 |
| **Bloomberg Municipal Bond Index**  | 0.00 | 0.13 | 2.11 |
| **Bloomberg 3-15 Year Blend Municipal Bond Index**  | 1.86 | 0.54 | 2.16 |
| **Putnam Strategic Intermediate Municipal Linked** **Benchmark**<sup>†</sup>  | 1.86 | 0.53 | 2.31 |

---

† The Putnam Strategic Intermediate Municipal Linked Benchmark represents the performance of the Bloomberg Municipal Bond Index through August 27, 2020, and the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 28, 2020, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2069468785 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 829 |
| **Total Management Fee Paid** | $7840095 |
| **Portfolio Turnover Rate** | 41% |

---

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

Putnam Strategic Intermediate Municipal Fund PAGE 2 38914-ATSY-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4765img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are Benjamin Barber, James Conn, Garrett Hamilton, Francisco Rivera and Daniel Workman.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Strategic Intermediate Municipal Fund PAGE 3 38914-ATSY-0925

100001066310636108121160612124127091197612154127971292810000106941072210828116191224212645117691187812323123221000010611106571071611470120531236611676117881215812384100001069410722108281162012242125491184911962123391256819.514.612.611.411.08.77.17.03.02.61.80.40.3 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $139,277 in July 31, 2024 and $98,213 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $17,261 in July 31, 2024 and $28,768 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in July 31, 2024 and $489,647 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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

#### Annual
\|

July

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 34
Notes

to

Financial

Statements

#### 38
Report

of

Independent

Registered

Public

Accounting

Firm

#### 49
Tax

Information

#### 50
Changes

In

and

Disagreements

with

Accountants

#### 51
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.10

$13.82

$14.00

$15.37

$15.33

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.46 0.42 0.34 0.21 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.37)

0.27 (0.18)

(1.11)

0.43 Total

from

investment

operations

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

0.09 0.69 0.16 (0.90)

0.68 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.41)

(0.34)

(0.20)

(0.26)

Net

realized

gains

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

—

—

—

(0.27)

(0.38)

Total

distributions

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

(0.44)

(0.41)

(0.34)

(0.47)

(0.64)

Net

asset

value,

end

of

year

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

$13.75

$14.10

$13.82

$14.00

$15.37

Total

return

c

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

0.70%

5.10%

1.22%

(5.99)%

4.57%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.90%

0.90%

0.84%

0.84%

0.87%

e

Net

investment

income

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

3.30%

3.06%

2.56%

1.49%

1.63%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$285,966

$269,359

$220,266

$200,256

$207,780

Portfolio

turnover

rate

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

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.13

$13.86

$14.04

$15.43

$15.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.36 0.32 0.24 0.11 0.13 Net

realized

and

unrealized

gains

(losses)

...........

(0.37)

0.26 (0.18)

(1.13)

0.45 Total

from

investment

operations

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

(0.01)

0.58 0.06 (1.02)

0.58 Less

distributions

from:

Net

investment

income

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

(0.33)

(0.31)

(0.24)

(0.10)

(0.15)

Net

realized

gains

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

—

—

—

(0.27)

(0.38)

Total

distributions

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

(0.33)

(0.31)

(0.24)

(0.37)

(0.53)

Net

asset

value,

end

of

year

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

$13.79

$14.13

$13.86

$14.04

$15.43

Total

return

c

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

0.02%

4.24%

0.48%

(6.75)%

3.84%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

1.65%

1.65%

1.59%

1.59%

1.62%

e

Net

investment

income

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

2.55%

2.31%

1.79%

0.73%

0.90%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$7,627

$9,288

$8,512

$9,473

$11,268

Portfolio

turnover

rate

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

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Includes

one-time

proxy

costs

of

0.02%.

Putnam

Tax-Free

Income

Trust

Financial

Highlights

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.10

$13.82

$14.00

$15.39

$15.35

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.51 0.47 0.38 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

...........

(0.38)

0.27 (0.18)

(1.12)

0.43 Total

from

investment

operations

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

0.13 0.74 0.20 (0.86)

0.72 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.46)

(0.38)

(0.26)

(0.30)

Net

realized

gains

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

—

—

—

(0.27)

(0.38)

Total

distributions

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

(0.48)

(0.46)

(0.38)

(0.53)

(0.68)

Net

asset

value,

end

of

year

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

$13.75

$14.10

$13.82

$14.00

$15.39

Total

return

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

1.04%

5.47%

1.52%

(5.76)%

4.84%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.56%

0.54%

0.57%

0.58%

0.61%

d

Net

investment

income

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

3.64%

3.44%

2.88%

1.90%

1.86%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$43,498

$28,257

$13,855

$4,243

$803

Portfolio

turnover

rate

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

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

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.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.10

$13.83

$14.01

$15.39

$15.35

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.50 0.46 0.38 0.25 0.29 Net

realized

and

unrealized

gains

(losses)

...........

(0.35)

0.26 (0.18)

(1.12)

0.43 Total

from

investment

operations

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

0.15 0.72 0.20 (0.87)

0.72 Less

distributions

from:

Net

investment

income

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

(0.49)

(0.45)

(0.38)

(0.24)

(0.30)

Net

realized

gains

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

—

—

—

(0.27)

(0.38)

Total

distributions

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

(0.49)

(0.45)

(0.38)

(0.51)

(0.68)

Net

asset

value,

end

of

year

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

$13.76

$14.10

$13.83

$14.01

$15.39

Total

return

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

1.03%

5.29%

1.49%

(5.77)%

4.82%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.65%

0.65%

0.59%

0.59%

0.62%

d

Net

investment

income

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

3.55%

3.32%

2.84%

1.87%

1.87%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,732,378

$1,188,701

$806,539

$318,012

$58,762

Portfolio

turnover

rate

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

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Includes

one-time

proxy

costs

of

0.02%.

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 98.5%

#### Alabama

#### 5.5%
a,b

Baldwin

County

Industrial

Development

Authority

,

Novelis

Corp.

,

Revenue

,

144A,

2025

A

,

Mandatory

Put

,

%

,

6/01/32

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

$

1,250,000

$

1,248,372

a

Black

Belt

Energy

Gas

District

,

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

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

2,475,000

2,479,699

Revenue,

2021

A,

Refunding,

Mandatory

Put,

4%,

12/01/31

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

7,250,000

7,336,302

Revenue,

2022

D-1,

Refunding,

Mandatory

Put,

4%,

6/01/27

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

1,000,000

1,010,566

Revenue,

2023

D-1,

Refunding,

Mandatory

Put,

5.5%,

2/01/29

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

2,000,000

2,107,262

County

of

Jefferson

,

Sales

&

Use

Tax

,

Revenue

,

2017

,

Refunding

,

%

,

9/15/34

.....

1,075,000

1,089,524

a

Energy

Southeast

A

Cooperative

District

,

Revenue,

2023

B-1,

Mandatory

Put,

5.75%,

11/01/31

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

5,000,000

5,473,497

Revenue,

2024

B,

Mandatory

Put,

5.25%,

6/01/32

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

18,000,000

19,292,801

Southeast

Energy

Authority

A

Cooperative

District

,

a

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

1,350,000

1,436,623

a

Revenue,

2022

B-1,

Mandatory

Put,

5%,

8/01/28

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

14,550,000

15,044,655

Revenue,

2024

C,

5%,

11/01/26

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

500,000

510,884

Revenue,

2024

C,

5%,

11/01/27

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

410,000

425,812

Revenue,

2024

C,

5%,

11/01/28

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

750,000

790,322

Revenue,

2024

C,

5%,

11/01/29

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

1,000,000

1,065,626

a

Revenue,

2025

B,

Mandatory

Put,

5.25%,

1/01/33

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

13,625,000

14,146,675

a

Revenue,

2025

C,

Mandatory

Put,

5%,

2/01/31

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

19,065,000

20,282,519

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

9/01/32

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

6,000,000

6,102,066

b

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

144A,

2024

,

3.75 %

,

9/01/26

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

13,000,000

13,000,497

112,843,702

#### Alaska

#### 0.4%
Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash,

Revenue,

2019

A,

4%,

10/01/38

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

4,725,000

4,392,072

Dena'

Nena'

Henash,

Revenue,

2019

A,

4%,

10/01/39

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

2,445,000

2,254,450

Dena'

Nena'

Henash,

Revenue,

2019

A,

4%,

10/01/49

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

1,690,000

1,381,844

8,028,366

#### Arizona

#### 2.3%
Arizona

Industrial

Development

Authority

,

Revenue,

2019-2,

A,

3.625%,

5/20/33

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

5,223,532

5,028,165

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

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

1,000,000

1,028,774

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

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

2,740,000

2,769,094

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2023

A,

5%,

11/01/38

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

450,000

459,794

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2023

A,

5%,

11/01/39

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

780,000

791,175

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2023

A,

5%,

11/01/40

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

650,000

656,586

a

TWG

Glendale

LP,

Revenue,

2024,

Mandatory

Put,

5%,

9/01/26

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

1,000,000

1,015,466

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

4%,

5/15/29

...

1,000,000

985,224

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

4%,

5/15/31

...

1,000,000

965,303

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

2,881,842

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

A,

4%,

1/01/44

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

2,360,000

2,102,540

b

Grand

Canyon

University

Obligated

Group,

Revenue,

144A,

2024,

7.375%,

10/01/29

9,450,000

9,760,862

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2025

A,

Refunding,

5%,

1/01/44

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

$

10,000,000

$

10,365,473

Revenue,

2025

A,

Refunding,

5%,

1/01/45

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

2,000,000

2,065,143

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

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

5,000,000

5,029,915

Revenue,

2007-1,

5.5%,

12/01/29

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

1,000,000

1,074,716

46,980,072

#### Arkansas

#### 0.1%
Arkansas

Development

Finance

Authority

,

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

%

,

2/01/35

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

1,510,000

1,535,431

#### California

#### 11.5%
a

California

Community

Choice

Financing

Authority

,

Revenue,

2024

A,

Mandatory

Put,

5%,

4/01/32

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

7,200,000

7,614,384

Revenue,

2024

B,

Mandatory

Put,

5%,

12/01/32

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

7,000,000

7,290,060

Revenue,

2024

D,

Mandatory

Put,

5%,

9/01/32

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

5,000,000

5,323,562

Revenue,

2024

H,

Mandatory

Put,

5%,

8/01/33

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

7,500,000

8,135,565

b

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

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

250,000

198,467

California

Educational

Facilities

Authority

,

University

of

the

Pacific,

Revenue,

2015,

5%,

11/01/36

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

2,425,000

2,429,162

University

of

the

Pacific,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/36

..........

155,000

155,992

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/28

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

150,000

157,010

California

Health

Facilities

Financing

Authority

,

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/30

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

1,300,000

1,346,671

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/32

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

1,435,000

1,474,385

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/34

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

1,590,000

1,621,231

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/35

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

1,615,000

1,640,707

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/36

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

1,505,000

1,523,779

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/38

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

1,485,000

1,492,832

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

1,008,226

1,016,241

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

862,903

805,631

CR

Epoca

L

Communities

LP,

Revenue,

2024

DD,

FNMA

Insured,

3.7%,

11/01/37

.

6,200,000

5,944,593

OAHS

Ocean

View

LP,

Revenue,

2024

J,

FNMA

Insured,

4.33%,

2/01/42

........

5,000,000

4,716,857

OAHS

Playa

Del

Alameda

LP,

Revenue,

2024

Q,

FNMA

Insured,

4.25%,

8/01/41

..

2,990,000

2,834,875

California

Infrastructure

&

Economic

Development

Bank

,

a

Museum

Associates,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

2.99%,

6/01/26

1,000,000

994,918

Roseville

Sustainable

Energy

Partner

LLC,

Revenue,

2024

A,

5%,

7/01/44

.......

2,000,000

2,013,058

b

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

4.125%,

1/01/35

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

845,000

790,204

California

Municipal

Finance

Authority

,

c

Revenue,

FRN,

2025-1,

A-2,

3.536%,

2/20/41

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

9,983,041

8,459,326

b

California

Baptist

University,

Revenue,

144A,

2016

A,

4%,

11/01/26

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

1,055,000

1,051,663

CHF-Davis

I

LLC,

Revenue,

2018,

BAM

Insured,

5%,

5/15/40

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

5,690,000

5,815,398

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

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

915,000

950,601

HumanGood

California

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

10/01/32

1,000,000

1,003,749

a

California

Pollution

Control

Financing

Authority

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

3.7 %

,

9/01/28

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

3,000,000

3,048,605

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

b

California

School

Finance

Authority

,

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2016

,

%

,

8/01/36

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

$

3,225,000

$

3,214,529

California

State

Public

Works

Board

,

State

of

California

,

Revenue

,

2014

E

,

%

,

9/01/34

900,000

901,144

a

California

State

University

,

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

0.55 %

,

11/01/26

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

1,000,000

964,628

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

3%,

6/01/29

.........

1,000,000

961,275

St.

John's

Partners

LP,

Revenue,

2013

F,

LOC

FNMA,

4.5%,

8/15/30

...........

10,000,000

10,563,027

USC

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

1/01/48

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

4,500,000

4,500,629

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/31

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

1,500,000

1,631,946

Department

of

Airports,

Revenue,

2022

C,

Refunding,

4%,

5/15/35

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

600,000

591,851

Department

of

Airports,

Revenue,

2025

A,

Refunding,

5.25%,

5/15/40

...........

20,380,000

21,640,244

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

9,930,000

6,289,745

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

3,000,000

2,124,481

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.65%,

12/01/46

.....

1,000,000

797,691

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

13,000,000

8,670,278

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

b,c

144A,

FRN,

2022-ML14,

A,

3.65%,

11/25/38

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

4,899,784

4,495,327

2019-ML05,

A-US,

3.4%,

1/25/36

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

8,279,663

7,701,855

2019-ML06,

A-US,

2.543%,

6/25/37

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

12,817,972

10,929,177

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

18,

Special

Tax,

2024,

5%,

9/01/39

1,000,000

1,017,936

City

of

Folsom

Community

Facilities

District

No.

18,

Special

Tax,

2024,

5%,

9/01/44

1,000,000

986,918

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

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

1,805,000

1,624,576

Imperial

County

Local

Transportation

Authority

,

County

of

Imperial

Sales

Tax

,

Revenue

,

2022

E

,

Refunding

,

AG

Insured

,

%

,

6/01/32

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

1,165,000

1,242,383

a

Los

Angeles

County

Development

Authority

,

Century

Wlava

LP,

Revenue,

2023

C,

Mandatory

Put,

3.75%,

12/01/26

........

2,500,000

2,506,372

VA

Building

LP,

Revenue,

2022

F,

Mandatory

Put,

3.375%,

7/01/26

.........

3,250,000

3,250,658

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2022

A,

5%,

7/01/46

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

2,000,000

2,006,601

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/43

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

4,200,000

4,251,888

Water

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/43

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

3,925,000

3,981,316

Manteca

Unified

School

District

,

GO

,

2020

A

,

%

,

8/01/41

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

1,000,000

783,628

d

Mendocino-Lake

Community

College

District

,

GO

,

2011

B

,

AG

Insured

,

3.42 %,

8/01/40

2,600,000

3,039,011

Port

of

Oakland

,

Revenue

,

2021

H

,

ETM,

%

,

5/01/28

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

10,000

10,664

San

Diego

Housing

Authority,

Inc.

,

Sea

Breeze

Gardens

Preservation

LP

,

Revenue

,

2024

E

,

FHLMC

Insured

,

4.2 %

,

6/01/40

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

1,985,000

1,874,407

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/32

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

4,900,000

5,235,335

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/35

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

1,900,000

1,982,318

Revenue,

Second

Series,

2022

A,

Refunding,

5%,

5/01/30

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

1,000,000

1,081,845

Revenue,

Second

Series,

2023

C,

Refunding,

5.5%,

5/01/39

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

8,850,000

9,486,610

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/26

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

300,000

301,998

Revenue,

2020,

Refunding,

5%,

7/01/27

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

625,000

647,427

Revenue,

2020,

Refunding,

5%,

7/01/30

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

620,000

667,999

e

State

of

California

,

f

GO,

Refunding,

5%,

3/01/45

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

6,000,000

6,261,146

GO,

5%,

3/01/49

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

3,500,000

3,604,285

GO,

5%,

3/01/55

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

10,000,000

10,281,098

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

,

,

Refunding

,

%

,

6/01/48

.......

$

6,430,000

$

5,951,375

237,905,147

#### Colorado

#### 2.7%
City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75 %

,

11/15/36

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

3,000,000

3,452,703

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

34,100,000

33,412,172

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.5%,

11/01/47

.......

9,335,000

9,505,590

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

%

,

12/01/43

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

1,500,000

1,516,249

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/37

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

850,000

728,114

b

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

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

4,100,000

4,329,467

State

of

Colorado

,

COP,

2024

A,

5%,

11/01/43

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

1,340,000

1,382,624

COP,

2024

A,

5%,

11/01/44

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

1,100,000

1,128,786

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Metropolitan

District

No.

,

Special

Assessment

,

2024

,

5.625 %

,

12/01/43

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

1,241,000

1,223,207

Vauxmont

Metropolitan

District

,

GO

,

2019

,

Refunding

,

AG

Insured

,

%

,

12/15/30

....

125,000

128,873

56,807,785

#### Connecticut

#### 0.7%
Connecticut

Housing

Finance

Authority

,

Revenue

,

2016

,

Refunding

,

2.875 %

,

11/15/30

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

2,250,000

2,164,104

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/33

........

250,000

250,357

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/34

........

1,250,000

1,250,411

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/34

...

1,400,000

1,488,262

University

of

New

Haven,

Inc.,

Revenue,

K-3,

5%,

7/01/28

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

550,000

570,531

a

Yale

University,

Revenue,

2016

A-2,

Refunding,

Mandatory

Put,

2%,

7/01/26

.....

1,050,000

1,036,326

b

Harbor

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2017

,

Refunding

,

%

,

4/01/39

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

4,000,000

4,007,949

University

of

Connecticut

,

Revenue

,

2023

A

,

5.5 %

,

11/15/53

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

3,000,000

3,158,564

13,926,504

#### Delaware

#### 0.4%
Delaware

State

Economic

Development

Authority

,

ASPIRA

of

Delaware

Charter

Operations,

Inc.

,

Revenue

,

2016

A

,

%

,

6/01/36

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

1,000,000

997,956

Delaware

State

Housing

Authority

,

Luther

Towers

Preservation

LP

,

Revenue

,

2023

,

FNMA

Insured

,

4.65 %

,

1/01/41

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

7,250,000

7,189,870

8,187,826

#### Florida

#### 7.5%
Broward

County

Housing

Finance

Authority

,

Federation

Plaza

Preservation

LP,

Revenue,

2023,

FNMA

Insured,

5%,

10/01/38

..

989,741

1,005,327

a

Palms

of

Deerfield

Townhomes

LLC

(The),

Revenue,

2024

A,

Mandatory

Put,

3.4%,

3/01/26

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

1,400,000

1,400,235

a

Pinnacle

Phase

LLC,

Revenue,

2023,

Mandatory

Put,

4.05%,

3/01/26

......

2,000,000

2,012,460

a

St.

Joseph

Manor

II

LLLP,

Revenue,

2023,

Mandatory

Put,

3.5%,

4/01/26

........

4,000,000

4,001,363

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/31

......

1,500,000

1,583,547

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/32

......

1,000,000

1,048,335

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

Capital

Projects

Finance

Authority,

(continued)

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/33

......

$

1,500,000

$

1,560,816

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/35

......

500,000

512,951

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5.25%,

6/01/34

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

1,000,000

1,048,443

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5.25%,

6/01/39

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

1,000,000

1,013,886

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5.25%,

6/01/44

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

1,225,000

1,191,511

b

Capital

Trust

Agency,

Inc.

,

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

,

3.3 %

,

1/01/31

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

440,000

411,831

b

Capital

Trust

Authority

,

Madrone

Florida

Tech

Student

Housing

I

LLC,

Revenue,

144A,

2025

A,

4.75%,

7/01/40

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

800,000

766,763

Madrone

Florida

Tech

Student

Housing

I

LLC,

Revenue,

144A,

2025

A,

5%,

7/01/45

650,000

607,782

Madrone

Florida

Tech

Student

Housing

I

LLC,

Revenue,

144A,

2025

A,

5.25%,

7/01/50

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

1,250,000

1,169,050

b

Cedar

Crossings

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

4.3 %

,

5/01/32

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

240,000

239,492

b

City

of

Venice

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B-1,

4.625%,

1/01/30

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

550,000

551,488

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B-2,

4.5%,

1/01/30

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

550,000

551,465

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B-3,

4.25%,

1/01/30

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

850,000

852,271

Collier

County

Industrial

Development

Authority

,

NCH

Healthcare

System,

Inc.

Obligated

Group

,

Revenue

,

2024

A

,

AG

Insured

,

%

,

10/01/42

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

800,000

822,679

Connerton

East

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2025,

4.65%,

6/15/35

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

200,000

200,538

Assessment

Area

2,

Special

Assessment,

2025,

5.625%,

6/15/55

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

855,000

833,572

County

of

Broward

,

Airport

System,

Revenue,

2015

A,

5%,

10/01/34

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

2,000,000

2,001,631

Airport

System,

Revenue,

2019

A,

5%,

10/01/36

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

1,500,000

1,536,034

Airport

System,

Revenue,

2019

A,

5%,

10/01/44

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

5,000,000

4,904,344

County

of

Hillsborough

,

Utility

,

Revenue

,

2016

,

Refunding

,

%

,

8/01/39

...........

3,800,000

3,146,625

County

of

Miami-Dade

,

Aviation,

Revenue,

2017

B,

Refunding,

5%,

10/01/40

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

10,000,000

9,975,631

Aviation,

Revenue,

2019

A,

5%,

10/01/44

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

8,000,000

7,808,898

Aviation,

Revenue,

2024

A,

Refunding,

5%,

10/01/33

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

7,000,000

7,595,137

b

County

of

Palm

Beach

,

Palm

Beach

Atlantic

University,

Inc.,

Revenue,

144A,

2025

A,

5.5%,

10/01/45

.....

3,000,000

3,009,788

Provident

Group

-

LU

Properties

LLC,

Revenue,

144A,

2021

A,

4.25%,

6/01/31

...

1,200,000

1,173,959

Provident

Group-PBAU

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

4/01/29

....

375,000

381,845

Provident

Group-PBAU

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

4/01/39

....

2,000,000

1,943,890

Cypress

Bluff

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.3 %

,

5/01/45

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

1,000,000

945,796

Del

Webb

River

Reserve

Community

Development

District

,

Special

Assessment

,

2025

,

5.875 %

,

5/01/55

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

865,000

851,096

Double

Branch

Community

Development

District

,

Assessments

,

Special

Assessment,

Senior

Lien

,

2013

,

Refunding

,

4.25 %

,

5/01/34

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

360,000

357,983

f

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

%

,

5/01/45

........

4,000,000

3,990,400

Florida

Development

Finance

Corp.

,

b

Revenue,

144A,

2021

A,

3%,

7/01/31

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

185,000

175,579

River

City

Education

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

7/01/31

.

285,000

296,889

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Florida

Development

Finance

Corp.,

(continued)

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/52

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

$

5,550,000

$

5,009,158

a

Florida

Housing

Finance

Corp.

,

Brownsville

Village

V

Ltd.,

Revenue,

2024

B,

GNMA

Insured,

Mandatory

Put,

3.35%,

10/01/26

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

2,250,000

2,255,329

Northside

Property

III

Ltd.,

Revenue,

2023

B,

GNMA

Insured,

Mandatory

Put,

5%,

2/01/26

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

2,000,000

2,019,977

b

Florida

Local

Government

Finance

Commission

,

BridgePrep

Academy,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

A

,

%

,

6/15/45

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

1,750,000

1,749,880

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

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

235,000

237,390

Fox

Branch

Ranch

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

4.375 %

,

5/01/35

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

175,000

172,339

Greater

Orlando

Aviation

Authority

,

Revenue

,

2017

A

,

%

,

10/01/35

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

7,500,000

7,626,916

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/36

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

1,375,000

1,378,219

Hillsborough

County

Housing

Finance

Authority

,

Tampa

47th

Street

Apartments

LLC

,

Revenue

,

2025

A

,

FNMA

Insured

,

%

,

12/01/42

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

3,075,000

3,066,462

Ibis

Landing

Community

Development

District

,

Special

Assessment

,

2025

,

5.875 %

,

6/15/55

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

720,000

705,349

JEA

Water

&

Sewer

System

,

Revenue,

2025

A,

Refunding,

5%,

10/01/42

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

3,265,000

3,395,893

Revenue,

2025

A,

Refunding,

5%,

10/01/43

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

7,300,000

7,569,517

Revenue,

2025

A,

Refunding,

5%,

10/01/44

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

9,000,000

9,279,420

Lakewood

Ranch

Stewardship

District

,

Assessments,

Special

Assessment,

2023,

5.45%,

5/01/33

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

2,660,000

2,795,983

Assessments,

Special

Assessment,

2023,

6.125%,

5/01/43

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

1,245,000

1,284,819

Assessments,

Special

Assessment,

2024,

4.5%,

5/01/31

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

550,000

555,603

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

,

4.75 %

,

11/15/29

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

1,300,000

1,311,294

Madeira

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2025,

Refunding,

5%,

5/01/35

........

1,560,000

1,626,010

Assessment

Area

1,

Special

Assessment,

2025,

Refunding,

5%,

5/01/39

........

585,000

592,418

Assessment

Area

2,

Special

Assessment,

2025,

4.7%,

5/01/35

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

860,000

856,004

Assessment

Area

2,

Special

Assessment,

2025,

5.5%,

5/01/45

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

460,000

433,934

Assessment

Area

2,

Special

Assessment,

2025,

5.8%,

5/01/55

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

1,570,000

1,476,790

a

Miami-Dade

County

Housing

Finance

Authority

,

Cutler

Vista

Housing

LP,

Revenue,

2023,

Mandatory

Put,

5%,

9/01/25

..........

3,000,000

3,004,174

Quail

Roost

Transit

Village

I

Ltd.,

Revenue,

2023,

Mandatory

Put,

5%,

9/01/25

....

4,000,000

4,006,721

St.

Mary

Towers

Apartments

LLLP,

Revenue,

2024,

Mandatory

Put,

3.4%,

10/01/26

1,750,000

1,750,232

Miromar

Lakes

Community

Development

District

,

Special

Assessment

,

2025

,

Refunding

,

%

,

5/01/35

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

1,500,000

1,575,582

Orlando

Utilities

Commission

,

Revenue

,

2024

A

,

%

,

10/01/46

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

2,500,000

2,545,076

Palermo

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

4.375 %

,

6/15/32

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

250,000

252,412

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/32

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

2,000,000

2,022,087

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

,

Revenue

,

2019

,

%

,

7/01/29

.........

1,495,000

1,522,845

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.45 %

,

6/15/45

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

600,000

574,706

Rivers

Edge

III

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

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

450,000

445,641

South

Broward

Hospital

District

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

5/01/34

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

1,190,000

1,105,174

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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

Southeast

Overtown

Park

West

Community

Redevelopment

Agency

,

Tax

Allocation

,

144A,

2014

,

%

,

3/01/30

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

$

205,000

$

205,295

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/29

215,000

209,269

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/30

195,000

187,931

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/31

200,000

190,321

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2025

,

5.875 %

,

6/15/55

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

850,000

830,402

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.1 %

,

5/01/31

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

690,000

690,563

b

Varrea

South

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/55

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

465,000

452,494

b

Village

Community

Development

District

No.

,

Special

Assessment,

144A,

2024,

3.75%,

5/01/29

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

500,000

501,489

Special

Assessment,

144A,

2024,

4%,

5/01/34

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

500,000

489,689

Special

Assessment,

144A,

2024,

4.2%,

5/01/39

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

1,000,000

930,390

Phase

I,

Special

Assessment,

144A,

2023,

4.375%,

5/01/33

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

990,000

1,005,878

Phase

I,

Special

Assessment,

144A,

2023,

4.85%,

5/01/38

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

990,000

995,689

Woodcreek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

4.35 %

,

5/01/32

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

200,000

199,925

b

Woodland

Preserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

4.3 %

,

5/01/32

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

250,000

250,391

154,824,410

#### Georgia

#### 4.0%
City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

B,

Refunding,

5%,

7/01/30

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

3,500,000

3,792,458

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/40

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

13,720,000

13,719,268

DeKalb

County

Housing

Authority

,

Revenue,

2023

A,

4%,

12/01/33

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

4,500,000

4,495,039

HADC

Park

at

500

LLC,

Revenue,

2024,

4%,

3/01/34

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

16,000,000

15,729,643

a

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.,

Revenue,

First

Series,

2012-1,

Refunding,

Mandatory

Put,

2.875%,

8/19/25

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

4,250,000

4,250,043

Georgia

Power

Co.,

Revenue,

First

Series,

2013-1,

Refunding,

Mandatory

Put,

3.375%,

3/12/27

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

2,500,000

2,502,874

Oglethorpe

Power

Corp.,

Revenue,

2013

A,

Refunding,

Mandatory

Put,

3.6%,

2/01/30

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

6,000,000

6,074,577

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

3,848,169

a

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2019

C,

Mandatory

Put,

4%,

9/01/26

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

820,000

821,930

Revenue,

2021

A,

Mandatory

Put,

4%,

9/01/27

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

10,000,000

10,107,569

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

1,500,000

1,508,849

Revenue,

2023

C,

Mandatory

Put,

5%,

9/01/30

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

2,000,000

2,114,734

Revenue,

2023

E-1,

Mandatory

Put,

5%,

6/01/31

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

5,000,000

5,284,308

Revenue,

2024

B,

Mandatory

Put,

5%,

3/01/32

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

2,500,000

2,650,012

Revenue,

2025

A,

Mandatory

Put,

5%,

6/01/32

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

3,000,000

3,193,222

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2024

A,

Refunding,

5%,

1/01/40

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

850,000

881,734

Revenue,

2024

A,

Refunding,

5%,

1/01/42

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

1,050,000

1,070,654

Revenue,

2024

A,

Refunding,

5%,

1/01/43

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

1,250,000

1,262,482

PowerSouth

Energy

Cooperative,

Revenue,

2021

A,

Refunding,

4%,

1/01/46

.....

330,000

286,382

83,593,947

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Hawaii

#### 0.2%
a

City

&

County

of

Honolulu

,

Komohale

Maunakea

Venture

LP

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/26

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

$

5,000,000

$

5,080,960

#### Illinois

#### 5.6%
Chicago

Board

of

Education

,

GO

,

2021

A

,

%

,

12/01/39

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

1,000,000

952,976

Chicago

Midway

International

Airport

,

Revenue,

Senior

Lien,

2023

A,

Refunding,

BAM

Insured,

5.75%,

1/01/41

........

500,000

536,425

Revenue,

Senior

Lien,

2023

A,

Refunding,

BAM

Insured,

5.75%,

1/01/42

........

1,000,000

1,064,837

Revenue,

Senior

Lien,

2023

A,

Refunding,

BAM

Insured,

5.75%,

1/01/43

........

1,250,000

1,323,836

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2024

A

,

5.5 %

,

1/01/44

..

2,000,000

2,077,984

Chicago

Park

District

,

GO

,

2024

A

,

%

,

1/01/47

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

1,500,000

1,482,856

City

of

Chicago

,

GO,

2021

A,

Refunding,

4%,

1/01/36

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

1,000,000

938,891

GO,

2023

A,

5%,

1/01/35

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

3,000,000

3,091,747

GO,

2025

A,

BAM

Insured,

6%,

1/01/46

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

8,500,000

9,005,275

GO,

2025

E,

6%,

1/01/42

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

1,750,000

1,845,665

GO,

2025

E,

BAM

Insured,

6%,

1/01/43

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

1,790,000

1,936,251

GO,

2025

E,

6%,

1/01/45

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

2,000,000

2,075,214

Illinois

Finance

Authority

,

a

Revenue,

2020,

Refunding,

Mandatory

Put,

3.875%,

9/01/28

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

2,250,000

2,204,007

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/32

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

685,000

662,675

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/33

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

1,060,000

1,010,708

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

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

445,000

417,990

Ascension

Health

Credit

Group,

Revenue,

2016

C,

5%,

2/15/34

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

915,000

933,500

Ascension

Health

Credit

Group,

Revenue,

2016

C,

Pre-Refunded,

5%,

2/15/34

...

185,000

191,725

a,b

Centerpoint

Joliet

Terminal

Railroad

LLC,

Revenue,

144A,

2012,

Mandatory

Put,

4.8%,

7/02/35

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

5,000,000

4,998,455

CHF-Chicago

LLC,

Revenue,

2017

A,

5%,

2/15/47

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

500,000

455,262

CHF-Chicago

LLC,

Revenue,

2017

A,

5%,

2/15/50

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

460,000

410,304

b

Navy

Pier,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B,

Refunding,

5%,

10/01/34

2,000,000

2,054,941

b

Navy

Pier,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B,

Refunding,

5.25%,

10/01/39

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

1,350,000

1,358,140

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

2017

A,

Refunding,

5%,

8/01/31

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

400,000

409,552

b

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

144A,

2025,

5.25%,

8/01/35

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

9,600,000

9,512,529

University

of

Illinois,

Revenue,

2023

B,

5.5%,

10/01/57

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

5,245,000

5,321,389

Illinois

Housing

Development

Authority

,

Revenue

,

2017

A

,

GNMA

Insured

,

3.125 %

,

2/01/47

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

11,348,211

10,228,155

Illinois

State

Toll

Highway

Authority

,

Revenue,

2015

A,

5%,

1/01/40

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

12,850,000

12,846,550

Revenue,

2015

B,

5%,

1/01/40

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

10,000,000

10,004,400

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2017

B

,

Refunding

,

%

,

12/15/33

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

300,000

308,238

Northern

Illinois

University

,

COP

,

2024

,

BAM

Insured

,

5.5 %

,

4/01/49

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

2,250,000

2,293,088

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

,

GO,

2024

A,

AG

Insured,

5%,

1/01/40

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

325,000

339,453

GO,

2024

A,

AG

Insured,

5%,

1/01/41

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

400,000

414,162

GO,

2024

A,

AG

Insured,

5%,

1/01/42

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

475,000

487,664

GO,

2024

A,

AG

Insured,

5%,

1/01/43

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

500,000

510,188

GO,

2024

A,

AG

Insured,

5%,

1/01/44

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

260,000

263,956

GO,

2024

B,

AG

Insured,

5%,

1/01/40

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

210,000

216,502

GO,

2024

B,

AG

Insured,

5%,

1/01/41

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

210,000

214,627

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

St.

Clair

County

Community

Unit

School

District

No.

Cahokia,

(continued)

GO,

2024

B,

AG

Insured,

5%,

1/01/42

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

$

225,000

$

228,488

GO,

2024

B,

AG

Insured,

5%,

1/01/43

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

1,350,000

1,365,341

State

of

Illinois

,

GO,

2016,

4%,

1/01/31

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

695,000

695,570

GO,

2016,

4.125%,

11/01/31

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

830,000

832,093

GO,

2016,

5%,

11/01/34

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

1,650,000

1,669,027

GO,

2016,

5%,

1/01/41

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

340,000

334,499

GO,

2016,

5%,

11/01/41

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

600,000

592,265

GO,

2017

C,

5%,

11/01/29

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

11,170,000

11,629,957

University

of

Illinois

,

Health

Services

Facilities

System,

Revenue,

2023,

Refunding,

5.5%,

10/01/39

....

380,000

406,360

Health

Services

Facilities

System,

Revenue,

2023,

Refunding,

5.5%,

10/01/40

....

605,000

643,203

Health

Services

Facilities

System,

Revenue,

2023,

Refunding,

5.5%,

10/01/41

....

1,660,000

1,751,316

Village

of

Romeoville

,

Lewis

University,

Revenue,

2015,

Refunding,

5%,

10/01/26

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

500,000

500,216

Lewis

University,

Revenue,

2015,

Refunding,

5%,

10/01/27

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

860,000

860,412

Lewis

University,

Revenue,

2015,

Refunding,

5%,

10/01/29

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

975,000

975,382

116,884,246

#### Indiana

#### 1.2%
a

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

Mandatory

Put

,

%

,

6/05/26

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

12,035,000

12,195,670

Indiana

Finance

Authority

,

Board

of

Directors

for

Department

of

Public

Utilities

of

City

of

Indianapolis,

Revenue,

First

Lien,

2025

A,

Refunding,

5.5%,

10/01/50

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

1,500,000

1,555,074

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

4,169,476

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/38

.......

500,000

538,721

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/40

.......

615,000

648,606

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/41

.......

1,000,000

1,044,058

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/42

.......

1,350,000

1,394,671

Indiana

Masonic

Home,

Inc.

Obligated

Group,

Revenue,

2025

A,

4.3%,

5/01/29

...

750,000

761,592

Indiana

Masonic

Home,

Inc.

Obligated

Group,

Revenue,

2025

B,

5.25%,

5/01/45

..

1,000,000

950,118

Indianapolis

Local

Public

Improvement

Bond

Bank

,

City

of

Indianapolis

,

Revenue

,

2019

A

,

%

,

2/01/44

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

1,175,000

1,180,394

24,438,380

#### Iowa

#### 0.1%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

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

1,150,000

931,382

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

6.6%,

5/15/28

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

915,000

963,623

1,895,005

#### Kansas

#### 0.3%
Johnson

&

Miami

Counties

,

Unified

School

District

No.

Spring

Hills,

GO,

2025,

Refunding,

AG

Insured,

6%,

9/01/43

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

1,600,000

1,774,474

Unified

School

District

No.

Spring

Hills,

GO,

2025,

Refunding,

AG

Insured,

6%,

9/01/44

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

1,575,000

1,739,493

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Kansas
(continued)

Johnson

&

Miami

Counties,

(continued)

Unified

School

District

No.

Spring

Hills,

GO,

2025,

Refunding,

AG

Insured,

6%,

9/01/45

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

$

1,650,000

$

1,814,072

5,328,039

#### Kentucky

#### 2.4%
City

of

Columbia

,

Lindsey

Wilson

College,

Inc.

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/33

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

3,000,000

3,006,553

a

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7 %

,

6/01/27

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

5,000,000

5,056,210

Kentucky

Economic

Development

Finance

Authority

,

KentuckyWired

Infrastructure

Co.,

Inc.

,

Revenue,

Senior

Lien

,

2015

A

,

%

,

7/01/30

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

2,080,000

2,082,173

a

Kentucky

Public

Energy

Authority

,

Revenue,

2024

A,

Mandatory

Put,

5%,

7/01/30

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

5,750,000

6,034,703

Revenue,

2024

B,

Refunding,

Mandatory

Put,

5%,

8/01/32

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

3,750,000

3,968,198

Revenue,

2025

A,

Refunding,

Mandatory

Put,

5.25%,

12/01/29

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

9,000,000

9,504,441

Louisville/Jefferson

County

Metropolitan

Government

,

a

Louisville

Gas

and

Electric

Co.,

Revenue,

2005

A,

Mandatory

Put,

1.75%,

7/01/26

.

5,000,000

4,916,642

Norton

Healthcare

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/31

..

2,750,000

2,793,473

Norton

Healthcare

Obligated

Group,

Revenue,

2023

A,

Refunding,

5%,

10/01/41

..

4,700,000

4,791,003

Rural

Water

Financing

Agency

,

Revenue

,

2023

A

,

3.9 %

,

11/01/25

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

3,000,000

3,001,711

University

of

Kentucky

,

Revenue,

2024,

5%,

10/01/41

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

1,475,000

1,538,855

Revenue,

2024,

5%,

10/01/42

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

1,850,000

1,916,830

48,610,792

#### Louisiana

#### 0.2%
b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Christwood

Obligated

Group,

Revenue,

144A,

2024,

Refunding,

4.25%,

11/15/30

..

1,045,000

1,043,638

Christwood

Obligated

Group,

Revenue,

144A,

2024,

Refunding,

5%,

11/15/37

....

1,900,000

1,860,344

a

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

,

Refunding

,

Mandatory

Put

,

2.2 %

,

7/01/26

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

2,000,000

1,983,808

4,887,790

#### Maryland

#### 0.3%
City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/36

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

300,000

301,332

County

of

Frederick

,

b

Mount

St.

Mary's

University,

Inc.,

Revenue,

144A,

2017

A,

Refunding,

5%,

9/01/27

.

2,045,000

2,058,850

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

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

735,000

710,517

Maryland

Economic

Development

Corp.

,

City

of

Baltimore

Port

Covington

Development

District

,

Tax

Allocation

,

2020

,

3.25 %

,

9/01/30

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

1,350,000

1,300,347

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/34

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

250,000

242,594

Montgomery

County

Housing

Opportunities

Commission

,

Multi-family

Housing

,

Revenue

,

2012

A

,

3.75 %

,

7/01/32

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

1,500,000

1,500,189

6,113,829

#### Massachusetts

#### 1.1%
Massachusetts

Development

Finance

Agency

,

Bentley

University,

Revenue,

2025,

5%,

7/01/37

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

750,000

805,511

Bentley

University,

Revenue,

2025,

5%,

7/01/39

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

1,100,000

1,155,794

Bentley

University,

Revenue,

2025,

5%,

7/01/41

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

1,100,000

1,132,962

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Massachusetts
(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Bentley

University,

Revenue,

2025,

5%,

7/01/45

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

$

1,225,000

$

1,223,196

b

CHF

Merrimack,

Inc.,

Revenue,

144A,

2024

A,

5%,

7/01/44

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

1,000,000

930,393

Emerson

College,

Revenue,

2025,

Refunding,

5%,

1/01/28

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

1,150,000

1,197,738

Lasell

University,

Revenue,

2021,

Refunding,

4%,

7/01/40

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

7,515,000

6,168,494

b

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

160,000

160,120

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/35

.........

2,000,000

2,022,891

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2025,

Refunding,

6%,

9/01/45

.

1,000,000

1,043,605

Simmons

University,

Revenue,

K-1,

Refunding,

5%,

10/01/26

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

950,000

950,877

Simmons

University,

Revenue,

K-1,

Refunding,

5%,

10/01/27

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

1,150,000

1,150,758

UMass

Memorial

Health

Care

Obligated

Group,

Revenue,

2025

N-1,

Refunding,

5.25%,

7/01/50

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

5,000,000

4,983,767

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2017

D

,

3.1 %

,

6/01/30

........

720,000

717,907

23,644,013

#### Michigan

#### 1.8%
City

of

Detroit

,

GO,

2020,

5.5%,

4/01/34

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

660,000

706,002

GO,

2023

B,

6.844%,

5/01/28

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

295,000

303,688

GO,

B-1,

4%,

4/01/44

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

4,474,431

3,484,125

County

of

Genesee

,

Water

Supply

System,

GO,

2024,

Refunding,

AG

Insured,

5%,

11/01/35

.........

1,000,000

1,097,180

Water

Supply

System,

GO,

2024,

Refunding,

AG

Insured,

5%,

11/01/36

.........

1,000,000

1,084,427

Water

Supply

System,

GO,

2024,

Refunding,

AG

Insured,

5%,

11/01/37

.........

750,000

806,567

Water

Supply

System,

GO,

2024,

Refunding,

AG

Insured,

5%,

11/01/38

.........

585,000

624,564

Water

Supply

System,

GO,

2024,

Refunding,

AG

Insured,

5%,

11/01/39

.........

800,000

848,190

Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

7/01/48

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

13,440,000

13,353,480

Kalamazoo

Public

Schools

,

GO,

2023

I,

AG

Insured,

5%,

5/01/45

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

885,000

886,629

GO,

2023

I,

AG

Insured,

5%,

5/01/48

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

820,000

807,873

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/37

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

1,000,000

977,357

Michigan

Finance

Authority

,

Lawrence

Technological

University

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

2/01/32

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

1,145,000

1,155,585

Lawrence

Technological

University

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

2/01/47

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

1,000,000

888,048

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/27

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

95,000

94,884

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/32

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

285,000

278,535

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/29/40

...........

500,000

522,676

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/28/41

...........

550,000

569,280

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/28/42

...........

625,000

642,243

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/28/43

...........

800,000

819,029

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.5%,

2/28/49

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

750,000

766,646

Michigan

State

University

,

Revenue

,

2019

B

,

%

,

2/15/44

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

3,000,000

3,017,454

Michigan

Strategic

Fund

,

Holland

Home

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

11/15/34

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

1,900,000

1,908,123

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2015

F

,

Refunding

,

%

,

12/01/30

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

1,840,000

1,843,928

37,486,513

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota

#### 1.6%
City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/33

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

$

2,410,000

$

2,478,488

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/36

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

1,050,000

1,065,853

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AG

Insured,

5%,

11/15/36

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

4,835,000

5,052,461

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/32

...

6,575,000

6,408,580

Duluth

Economic

Development

Authority

,

Benedictine

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/31

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

625,000

595,957

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

3,014,825

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2024

B

,

%

,

1/01/36

8,500,000

9,004,092

Minnesota

Higher

Education

Facilities

Authority

,

Augsburg

University,

Revenue,

2016

A,

5%,

5/01/46

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

750,000

497,049

a

University

of

St.

Thomas,

Revenue,

2024

B-1,

Mandatory

Put,

5%,

10/01/27

......

3,000,000

3,096,665

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25 %

,

10/01/42

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

1,000,000

982,306

32,196,276

#### Mississippi

#### 0.2%
City

of

Gulfport

,

Memorial

Hospital

at

Gulfport

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/50

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

1,150,000

1,161,919

County

of

Warren

,

International

Paper

Co.

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/32

.

3,250,000

3,265,076

4,426,995

#### Missouri

#### 2.2%
City

of

St.

Louis

,

Airport

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/30

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

1,430,000

1,544,078

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/46

.....

12,510,000

10,853,605

Children's

Mercy

Hospital

Obligated

Group,

Revenue,

2017

A,

4%,

5/15/42

......

3,195,000

2,877,798

Mercy

Health,

Revenue,

2012,

BAM

Insured,

4%,

11/15/42

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

1,555,000

1,396,824

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/33

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

2,025,000

2,026,064

Mercy

Health,

Revenue,

2023,

5.5%,

12/01/40

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

1,100,000

1,178,410

Mercy

Health,

Revenue,

2023,

5.5%,

12/01/41

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

2,100,000

2,232,253

b

Missouri

Baptist

College,

Revenue,

144A,

2025,

Refunding,

4.5%,

10/01/30

......

500,000

495,585

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

5%,

5/01/28

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

1,775,000

1,788,313

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/37

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

2,600,000

2,167,953

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/39

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

3,750,000

2,999,403

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/40

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

615,000

482,334

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/43

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

1,750,000

1,302,245

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/38

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

1,440,000

1,173,102

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/39

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

1,250,000

999,801

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/45

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

1,280,000

919,725

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City,

Revenue,

2019

A,

5%,

3/01/35

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

5,000,000

5,108,075

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/32

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

1,000,000

1,038,930

City

of

Kansas

City

Airport,

Revenue,

2020

A,

5%,

3/01/30

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

1,540,000

1,654,494

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

Plaza

at

Noah's

Ark

Community

Improvement

District

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/26

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

$

275,000

$

272,734

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax,

Revenue,

2023

B,

Refunding,

3.375%,

12/01/31

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

1,030,000

995,975

Sales

Tax,

Revenue,

2023

B,

Refunding,

4%,

12/01/37

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

2,300,000

2,122,578

45,630,279

#### Montana

#### 0.1%
City

of

Forsyth

,

NorthWestern

Corp.

,

Revenue

,

2023

,

Refunding

,

3.875 %

,

7/01/28

...

2,200,000

2,240,781

#### Nebraska

#### 0.9%
Omaha

Public

Power

District

,

Revenue,

2021

A,

5%,

2/01/46

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

5,000,000

5,035,017

Revenue,

2024

C,

5%,

2/01/43

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

4,500,000

4,646,624

Revenue,

2024

C,

5%,

2/01/44

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

5,415,000

5,559,896

Revenue,

2024

D,

Refunding,

5%,

2/01/43

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

2,300,000

2,374,941

17,616,478

#### Nevada

#### 1.5%
City

of

Las

Vegas

,

Special

Improvement

District

No.

818,

Special

Assessment,

2024,

5%,

12/01/39

...

1,000,000

997,194

Special

Improvement

District

No.

818,

Special

Assessment,

2024,

5%,

12/01/44

...

935,000

891,724

a

County

of

Clark

,

Nevada

Power

Co.

,

Revenue

,

2017

,

Refunding

,

Mandatory

Put

,

3.75 %

,

3/31/26

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

2,250,000

2,252,821

County

of

Humboldt

,

Sierra

Pacific

Power

Co.,

Revenue,

2016

A,

Refunding,

3.55%,

10/01/29

........

2,000,000

2,039,599

Sierra

Pacific

Power

Co.,

Revenue,

2016

B,

Refunding,

3.55%,

10/01/29

........

2,000,000

2,025,840

a

County

of

Washoe

,

Sierra

Pacific

Power

Co.,

Revenue,

2016

B,

Refunding,

Mandatory

Put,

3.625%,

10/01/29

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

3,000,000

2,993,509

Sierra

Pacific

Power

Co.,

Revenue,

2016

G,

Refunding,

Mandatory

Put,

3.625%,

10/01/29

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

1,000,000

997,837

Las

Vegas

Convention

&

Visitors

Authority

,

e

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2018

B,

5%,

7/01/43

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

9,660,000

9,585,742

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/39

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

760,000

799,312

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/40

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

1,550,000

1,618,614

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/41

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

1,000,000

1,033,046

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/42

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

1,200,000

1,232,015

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/43

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

1,205,000

1,231,385

Reno-Tahoe

Airport

Authority

,

Revenue,

2024

A,

5.25%,

7/01/39

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

1,000,000

1,045,283

Revenue,

2024

A,

5.25%,

7/01/40

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

1,000,000

1,035,777

Revenue,

2024

B,

5%,

7/01/44

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

1,100,000

1,115,941

30,895,639

#### New

#### Hampshire

#### 1.5%
New

Hampshire

Business

Finance

Authority

,

Revenue,

2024-1,

A,

4.25%,

7/20/41

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

2,954,570

2,805,876

a

Revenue,

2024-1,

A,

Mandatory

Put,

4.15%,

10/01/34

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

3,485,000

3,279,439

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Hampshire
(continued)

New

Hampshire

Business

Finance

Authority,

(continued)

Revenue,

2024-2,

A,

3.625%,

8/20/39

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

$

7,740,540

$

7,053,209

c

Revenue,

FRN,

2024-3,

A,

4.163%,

10/20/41

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

3,975,874

3,634,656

c

Revenue,

FRN,

2025-1,

A-1,

4.168%,

1/20/41

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

9,721,918

9,184,662

c

Revenue,

FRN,

2025-1,

A-2,

4.168%,

1/20/41

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

3,240,639

2,883,101

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

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

1,050,000

1,029,688

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Southern

New

Hampshire

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/37

....

2,000,000

2,004,010

31,874,641

#### New

#### Jersey

#### 1.0%
a

Camden

County

Improvement

Authority

(The)

,

Revenue

,

2024

,

Mandatory

Put

,

%

,

3/01/26

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

4,000,000

4,046,717

New

Jersey

Economic

Development

Authority

,

a

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

A,

Refunding,

Mandatory

Put,

2.2%,

12/03/29

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

3,500,000

3,164,678

a

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

3.75%,

6/01/28

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

3,000,000

2,995,515

State

of

New

Jersey,

Revenue,

2024

SSS,

Refunding,

5.25%,

6/15/37

..........

1,060,000

1,151,015

State

of

New

Jersey,

Revenue,

2024

SSS,

Refunding,

5.25%,

6/15/38

..........

1,585,000

1,703,200

State

of

New

Jersey,

Revenue,

2024

SSS,

Refunding,

5.25%,

6/15/39

..........

1,000,000

1,064,998

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2016

A-1,

5%,

6/15/28

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

750,000

765,128

State

of

New

Jersey,

Revenue,

2023

A,

Refunding,

4.25%,

6/15/40

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

2,000,000

1,889,579

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25 %

,

7/01/33

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

515,000

520,912

South

Jersey

Transportation

Authority

,

Revenue,

2022

A,

5%,

11/01/38

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

1,140,000

1,179,774

Revenue,

2022

A,

5%,

11/01/40

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

2,500,000

2,558,921

21,040,437

#### New

#### Mexico

#### 0.6%
City

of

Farmington

,

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

3.875%,

6/01/29

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

2,750,000

2,797,381

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

E,

Refunding,

Mandatory

Put,

3.875%,

6/01/29

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

5,000,000

5,086,146

Public

Service

Co.

of

New

Mexico,

Revenue,

2016

B,

Refunding,

2.15%,

4/01/33

..

2,000,000

1,684,594

City

of

Santa

Fe

,

El

Castillo

Retirement

Residences

Obligated

Group

,

Revenue

,

2012

,

%

,

5/15/42

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

980,000

916,877

a

New

Mexico

Mortgage

Finance

Authority

,

JLG

NM

ABQ

2023

LLLP

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

9/01/25

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

1,150,000

1,154,436

11,639,434

#### New

#### York

#### 9.9%
Albany

Capital

Resource

Corp.

,

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/26

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

400,000

404,406

Build

NYC

Resource

Corp.

,

Classical

Charter

School,

Inc.,

Revenue,

2023

A,

4%,

6/15/33

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

960,000

950,428

b

East

Harlem

Scholars

Academy

Charter

School

Obligated

Group,

Revenue,

144A,

2022,

5%,

6/01/32

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

375,000

381,781

Global

Community

Charter

School,

Revenue,

2022

A,

4%,

6/15/32

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

500,000

466,137

Grand

Concourse

Acadmey

Charter

School,

Revenue,

2022

A,

3.4%,

7/01/27

....

130,000

129,623

TrIPs

Obligated

Group,

Revenue,

2025,

5.5%,

7/01/44

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

1,265,000

1,281,555

TrIPs

Obligated

Group,

Revenue,

2025,

5.5%,

7/01/50

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

1,000,000

991,480

b

Unity

Preparatory

Charter

School

of

Brooklyn,

Revenue,

144A,

2023

A,

5%,

6/15/33

665,000

692,262

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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
(continued)

City

of

New

York

,

GO,

2017

A-1,

5%,

8/01/38

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

$

1,500,000

$

1,513,590

GO,

2024

D,

5.25%,

4/01/47

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

16,325,000

16,737,430

GO,

2024

D,

5.5%,

4/01/48

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

16,025,000

16,722,182

GO,

2024

D,

5.5%,

4/01/49

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

1,000,000

1,045,381

GO,

2025

C-1,

5.25%,

9/01/45

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

1,465,000

1,516,612

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2018

,

Refunding

,

%

,

7/01/34

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

500,000

513,496

Empire

State

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2023

A

,

%

,

3/15/44

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

5,000,000

5,114,870

Monroe

County

Industrial

Development

Corp.

,

Andrews

Terrace

Community

Partners

LP

,

Revenue

,

2023

A

,

FNMA

Insured

,

4.72 %

,

1/01/44

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

5,000,000

4,815,227

New

York

City

Housing

Development

Corp.

,

Revenue,

2019

G-1-B,

Refunding,

3%,

11/01/44

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

765,000

575,883

Revenue,

2020

I-1,

2.55%,

11/01/45

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

6,255,000

4,208,372

a

Revenue,

2022

F-2-B,

FHA

Insured,

Mandatory

Put,

3.4%,

12/22/26

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

12,750,000

12,751,494

a

Revenue,

2023

A-2,

Mandatory

Put,

3.7%,

12/30/27

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

10,000,000

10,018,053

Spruce

NY

Owner

LLC,

Revenue,

2024,

B,

Refunding,

6.033%,

12/15/31

......

500,000

511,361

Spruce

NY

Owner

LLC,

Revenue,

2024,

E,

Refunding,

4.375%,

12/15/31

......

1,750,000

1,793,641

Spruce

NY

Owner

LLC,

Revenue,

2024,

F,

Refunding,

5.25%,

12/15/31

........

7,085,000

7,260,175

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2022

EE,

Refunding,

5%,

6/15/45

...........

2,730,000

2,756,945

Water

&

Sewer

System,

Revenue,

2024

AA-3,

Refunding,

5%,

6/15/43

..........

1,800,000

1,856,604

New

York

City

Transitional

Finance

Authority

,

Building

Aid,

Revenue,

2015

S-2,

5%,

7/15/40

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

5,745,000

5,746,652

Future

Tax

Secured,

Revenue,

2025

H-1,

5%,

11/01/44

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

5,000,000

5,140,421

Future

Tax

Secured,

Revenue,

2025

H-1,

5.25%,

11/01/48

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

17,650,000

18,261,316

New

York

Liberty

Development

Corp.

,

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

,

Refunding

,

%

,

9/15/43

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

7,915,000

5,994,553

New

York

State

Dormitory

Authority

,

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/37

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

345,000

363,649

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/38

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

650,000

678,477

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/39

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

1,000,000

1,033,093

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/41

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

685,000

693,344

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/42

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

870,000

874,715

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/53

.......

10,000,000

8,256,976

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

Refunding,

3%,

3/15/39

7,915,000

6,683,910

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/44

........

9,180,000

9,247,032

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

2004

C

,

Refunding

,

%

,

4/01/34

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

3,700,000

3,699,172

New

York

State

Housing

Finance

Agency

,

Revenue,

2016

C,

GNMA

Insured,

3.05%,

11/01/36

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

1,500,000

1,320,909

Revenue,

2023

C-1,

4.5%,

11/01/43

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

1,000,000

957,897

a

State

of

New

York

Personal

Income

Tax,

Revenue,

2024

A-2,

Mandatory

Put,

3.35%,

6/15/29

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

4,000,000

4,010,608

a

State

of

New

York

Personal

Income

Tax,

Revenue,

2024

A-2,

Mandatory

Put,

3.45%,

12/15/30

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

2,480,000

2,499,647

a

West

38TH

Street

LLC,

Revenue,

2014

A,

FHLMC

Insured,

Mandatory

Put,

3.57%,

11/01/31

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

1,000,000

1,006,567

New

York

State

Thruway

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

C

,

%

,

3/15/53

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

4,000,000

4,004,588

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

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

105,000

103,462

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

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

3,210,000

3,249,932

Delta

Air

Lines,

Inc.,

Revenue,

2023,

5.625%,

4/01/40

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

4,000,000

4,104,516

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/29

...

500,000

536,961

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

Transportation

Development

Corp.,

(continued)

JFK

NTO

LLC,

Revenue,

2023,

5.5%,

6/30/38

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

$

2,000,000

$

2,065,000

JFK

NTO

LLC,

Revenue,

2023,

5.5%,

6/30/39

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

1,000,000

1,029,716

JFK

NTO

LLC,

Revenue,

2023,

5.5%,

6/30/40

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

875,000

895,210

JFK

NTO

LLC,

Revenue,

2023,

AG

Insured,

5.5%,

6/30/42

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

1,750,000

1,788,528

JFK

NTO

LLC,

Revenue,

2025,

6%,

6/30/40

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

1,200,000

1,301,342

JFK

NTO

LLC,

Revenue,

2025,

6%,

6/30/41

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

1,350,000

1,451,133

b

Oneida

Indian

Nation

of

New

York

,

Revenue,

144A,

2024

A,

8%,

9/01/40

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

2,875,000

2,939,572

Revenue,

144A,

2024

B,

6%,

9/01/43

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

1,700,000

1,778,383

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

197th,

Refunding,

5%,

11/15/35

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

5,000,000

5,066,517

e

Revenue,

218th,

5%,

11/01/49

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

1,535,000

1,491,949

Revenue,

236th,

5%,

1/15/36

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

1,000,000

1,051,256

Revenue,

236th,

5%,

1/15/37

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

1,000,000

1,038,370

205,374,361

#### North

#### Carolina

#### 0.2%
North

Carolina

Agricultural

&

Technical

State

University

,

Revenue,

2023,

5%,

10/01/41

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

450,000

466,120

Revenue,

2023,

5%,

10/01/42

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

950,000

976,187

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

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

1,250,000

1,271,493

North

Carolina

Medical

Care

Commission

,

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

5%,

3/01/26

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

440,000

442,570

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

5%,

3/01/27

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

460,000

467,678

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

5%,

3/01/28

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

365,000

375,197

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

4%,

3/01/29

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

755,000

758,141

4,757,386

#### North

#### Dakota

#### 0.4%
Cass

County

Joint

Water

Resource

District

,

Revenue

,

2024

A

,

Refunding

,

3.45 %

,

4/01/27

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

8,000,000

8,007,673

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85 %

,

8/01/26

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

750,000

750,310

8,757,983

#### Ohio

#### 1.7%
Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5%,

12/01/33

........

3,460,000

3,507,975

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

500,000

500,776

Columbus

Metropolitan

Housing

Authority

,

Revenue,

2024,

4%,

6/01/34

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

1,400,000

1,364,855

Revenue,

2024,

5%,

6/01/34

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

3,325,000

3,441,235

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2025

A

,

FNMA

Insured

,

5.125 %

,

1/01/44

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

4,800,000

4,730,752

County

of

Franklin

,

Friendship

Village

of

Dublin

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

%

,

11/15/34

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

700,000

700,041

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/36

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

3,055,000

3,060,870

County

of

Scioto

,

Southern

Ohio

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

2/15/33

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

500,000

503,119

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

Dayton-Montgomery

County

Port

Authority

,

Dayton

Regional

STEM

Schools,

Inc.

,

Revenue

,

2024

,

%

,

12/01/44

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

$

500,000

$

483,850

a

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.,

Revenue,

2022

A,

Refunding,

Mandatory

Put,

4.25%,

6/01/27

.

6,955,000

7,056,422

Duke

Energy

Corp.,

Revenue,

2022

B,

Refunding,

Mandatory

Put,

4%,

6/01/27

...

3,250,000

3,296,965

Ohio

Higher

Educational

Facility

Commission

,

Cleveland

Institute

of

Art

(The),

Revenue,

2018,

5%,

12/01/28

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

865,000

868,272

Cleveland

Institute

of

Art

(The),

Revenue,

2018,

5%,

12/01/33

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

1,570,000

1,534,873

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

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

600,000

625,770

John

Carroll

University,

Revenue,

2020,

5%,

10/01/25

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

220,000

220,557

John

Carroll

University,

Revenue,

2020,

5%,

10/01/28

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

370,000

384,029

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue,

2024

C,

Refunding,

AG

Insured,

5.25%,

12/01/48

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

400,000

402,158

Revenue,

2024

C,

Refunding,

AG

Insured,

5.25%,

12/01/53

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

525,000

526,028

Revenue,

Senior

Lien,

2024

A,

Refunding,

5%,

12/01/48

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

825,000

833,038

Revenue,

Senior

Lien,

2024

A,

Refunding,

5%,

12/01/53

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

800,000

792,644

b

City

of

Cincinnati

Assigned

City

Residual

Funds,

Revenue,

144A,

2021,

4.25%,

12/01/50

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

690,000

599,328

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/26

285,000

290,748

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/27

240,000

248,278

35,972,583

#### Oklahoma

#### 0.0%

#### †
Tulsa

Industrial

Authority

,

University

of

Tulsa

(The)

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/25

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

1,000,000

1,000,844

#### Oregon

#### 0.2%
City

of

Keizer

,

Special

Assessment

,

2008

,

5.2 %

,

6/01/31

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

145,000

145,722

Port

of

Portland

,

Airport,

Revenue,

B,

5%,

7/01/33

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

2,000,000

2,026,792

Airport,

Revenue,

B,

5%,

7/01/39

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

1,350,000

1,363,610

3,536,124

#### Others

#### 1.3%
c

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue,

FRN,

2024-ML26,

3.157%,

12/25/38

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

22,851,672

19,734,256

Revenue,

FRN,

2024-ML25,

ACA,

3.541%,

11/25/38

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

4,361,128

4,026,844

FHLMC,

Multi-family

VRD

Certificates

,

b

144A,

2019-ML48,

A,

3.15%,

1/15/36

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

2,985,000

2,637,174

2022-ML68,

A,

3.15%,

10/15/36

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

1,250,000

1,083,891

27,482,165

#### Pennsylvania

#### 2.8%
Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/34

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

2,330,000

2,438,614

Revenue,

2021

A,

5%,

1/01/35

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

8,155,000

8,468,715

Revenue,

2023

A,

AG

Insured,

5.5%,

1/01/41

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

1,000,000

1,055,351

Revenue,

2023

A,

AG

Insured,

5.5%,

1/01/42

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

1,000,000

1,047,425

Revenue,

2023

A,

AG

Insured,

5.5%,

1/01/43

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

1,500,000

1,562,580

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School,

Revenue,

2024,

5%,

3/01/27

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

3,600,000

3,648,329

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

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

750,000

661,160

Crawford

County

Industrial

Development

Authority

,

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/28

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

1,370,000

1,384,264

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Crawford

County

Industrial

Development

Authority,

(continued)

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/29

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

$

1,440,000

$

1,453,565

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/30

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

1,510,000

1,522,223

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/31

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

1,465,000

1,474,491

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

%

,

5/01/29

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

245,000

245,060

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/46

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

675,000

537,228

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

%

,

5/01/41

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

1,775,000

1,453,338

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

5.25%,

6/30/35

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

2,030,000

2,147,633

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

5.25%,

6/30/36

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

1,650,000

1,724,340

PA

Bridges

Finco

LP,

Revenue,

2015,

5%,

12/31/34

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

16,800,000

16,868,072

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/29

........

725,000

740,071

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/30

........

115,000

117,708

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/31

........

165,000

168,483

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/32

........

540,000

548,727

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2017,

Refunding,

5%,

5/01/30

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

795,000

818,613

Drexel

University,

Revenue,

2017,

Refunding,

5%,

5/01/31

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

705,000

723,037

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

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

935,000

917,358

St.

Joseph's

University,

Revenue,

2017,

5%,

11/01/47

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

3,000,000

2,812,995

b,g

University

of

the

Arts

(The),

Revenue,

144A,

2017,

4.5%,

3/15/29

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

660,878

330,439

b,g

University

of

the

Arts

(The),

Revenue,

144A,

2017,

5%,

3/15/45

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

2,236,818

1,118,409

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25 %

,

6/01/40

1,250,000

1,323,914

57,312,142

#### Rhode

#### Island

#### 0.1%
Rhode

Island

Health

and

Educational

Building

Corp.

,

Lifespan

Corp.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/26

.......

580,000

587,735

Lifespan

Corp.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/33

.......

365,000

365,429

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2015

B

,

Refunding

,

%

,

6/01/50

....

1,000,000

964,114

1,917,278

#### South

#### Carolina

#### 2.1%
South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

2025,

Mandatory

Put,

4%,

3/01/35

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

5,000,000

4,825,599

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/27

......

250,000

257,955

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/28

......

250,000

260,561

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/29

......

200,000

209,849

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/30

......

225,000

236,627

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/31

......

250,000

262,520

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5.25%,

11/15/39

...

800,000

820,110

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2025

A,

5.25%,

11/01/44

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

3,300,000

3,398,577

Novant

Health

Obligated

Group,

Revenue,

2024

A,

5.5%,

11/01/45

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

4,000,000

4,173,427

Novant

Health

Obligated

Group,

Revenue,

2024

A,

5.5%,

11/01/46

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

10,500,000

10,908,837

South

Carolina

Public

Service

Authority

,

Revenue,

2016

A,

Refunding,

5%,

12/01/36

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

1,500,000

1,501,420

Revenue,

2016

A,

Refunding,

5%,

12/01/37

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

3,435,000

3,435,190

Revenue,

2016

B,

Refunding,

5%,

12/01/37

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

500,000

500,191

Revenue,

2025

A,

5%,

12/01/44

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

3,750,000

3,776,478

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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
(continued)

South

Carolina

Public

Service

Authority,

(continued)

Revenue,

2025

A,

5%,

12/01/46

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

$

2,000,000

$

1,998,778

Revenue,

2025

B,

Refunding,

5%,

12/01/44

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

1,500,000

1,510,591

Revenue,

2025

B,

Refunding,

5%,

12/01/46

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

1,000,000

999,389

Revenue,

2025

B,

Refunding,

5%,

12/01/48

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

2,500,000

2,470,178

South

Carolina

Transportation

Infrastructure

Bank

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/36

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

1,740,000

1,565,063

43,111,340

#### Tennessee

#### 2.4%
Knox

County

Health

Educational

&

Housing

Facility

Board

,

Revenue,

2024

B-1,

BAM

Insured,

5%,

7/01/44

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

2,200,000

2,204,504

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/36

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

450,000

479,724

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/38

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

425,000

444,764

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/39

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

450,000

467,139

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/40

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

425,000

437,507

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/41

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

825,000

842,283

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/42

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

1,100,000

1,114,045

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/43

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

550,000

553,785

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/44

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

625,000

626,280

Village

at

Inskip

LP,

Revenue,

2023

A,

FNMA

Insured,

4.625%,

12/01/43

........

1,850,000

1,782,404

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Trevecca

Nazarene

University,

Revenue,

2019,

Refunding,

5%,

10/01/34

........

450,000

461,129

Vanderbilt

University

Medical

Center

Obligated

Group,

Revenue,

2024

A,

5%,

7/01/29

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

10,000,000

10,773,906

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue,

2019

B,

5%,

7/01/33

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

1,000,000

1,048,054

Revenue,

2022

B,

5.5%,

7/01/36

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

650,000

705,229

Revenue,

2022

B,

5.5%,

7/01/37

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

875,000

941,853

a

Tennergy

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

9/01/28

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

13,175,000

13,248,316

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

11/01/31

12,865,000

13,461,838

49,592,760

#### Texas

#### 10.3%
Arlington

Higher

Education

Finance

Corp.

,

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.125%,

6/15/34

......

770,000

759,437

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.25%,

6/15/39

.......

1,075,000

1,005,446

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.5%,

6/15/44

........

830,000

747,004

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.75%,

6/15/49

.......

2,700,000

2,406,694

b

Magellan

School

(The),

Revenue,

144A,

2022,

5.5%,

6/01/32

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

1,245,000

1,284,075

Uplift

Education,

Revenue,

2017

A,

Refunding,

PSF

Guaranty,

4%,

12/01/32

.....

375,000

377,713

Austin

Community

College

District

,

GO

,

2021

,

%

,

8/01/35

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

1,350,000

1,215,156

Austin-Bergstrom

Landhost

Enterprises,

Inc.

,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

400,000

407,774

Revenue,

2017,

Refunding,

5%,

10/01/36

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

1,485,000

1,500,584

b

Beaumont

Housing

Authority

,

Revenue,

Senior

Lien

,

144A,

2025

A

,

6.5 %

,

7/01/55

...

4,325,000

4,095,164

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

b

City

of

Alvarado

,

Lone

Oak

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2025,

4.5%,

9/01/32

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

$

143,000

$

143,792

Lone

Oak

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2025,

6%,

9/01/54

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

604,000

600,421

b

City

of

Balch

Springs

,

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

9/15/54

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

695,000

695,899

b

City

of

Bastrop

,

Valverde

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

9/01/55

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

898,000

860,523

b

City

of

Boyd

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

9/15/55

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

242,000

242,470

City

of

Corpus

Christi

,

Utility

System

,

Revenue,

Junior

Lien

,

2015

C

,

Refunding

,

%

,

7/15/40

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

3,050,000

3,063,155

b

City

of

Crandall

,

River

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

4.5 %

,

9/15/35

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

425,000

415,594

City

of

Galveston

,

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5.25%,

8/01/37

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

1,250,000

1,298,291

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5.25%,

8/01/38

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

1,650,000

1,697,488

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

B,

5.25%,

8/01/43

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

400,000

412,553

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

B,

5.25%,

8/01/44

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

500,000

511,542

City

of

Houston

,

Airport

System

,

Revenue,

Sub.

Lien

,

2020

A

,

Refunding

,

%

,

7/01/35

1,500,000

1,471,375

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.25 %

,

7/15/33

4,000,000

4,165,766

b,f

City

of

Lavon

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/15/45

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

800,000

801,781

b

City

of

Manor

,

EntradenGlen

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

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

1,125,000

1,121,593

b

City

of

Princeton

,

Eastridge

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2025,

4.6%,

9/01/35

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

300,000

297,093

Eastridge

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2025,

5.375%,

9/01/45

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

503,000

485,205

Eastridge

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2025,

5.625%,

9/01/55

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

925,000

896,486

Southridge

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2025,

6%,

9/01/55

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

801,000

793,962

Westridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2025,

5.625%,

9/01/55

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

565,000

536,114

Windmore

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2025,

6%,

9/01/55

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

843,000

835,592

City

of

San

Antonio

,

GO,

2024,

5%,

2/01/43

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

2,500,000

2,580,572

GO,

2024,

5%,

2/01/44

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

3,500,000

3,597,378

Electric

&

Gas

Systems,

Revenue,

2023

A,

Refunding,

5.25%,

2/01/42

..........

9,155,000

9,528,674

Electric

&

Gas

Systems,

Revenue,

2023

A,

Refunding,

5.5%,

2/01/50

...........

5,000,000

5,235,926

Electric

&

Gas

Systems,

Revenue,

2024

D,

Refunding,

5%,

2/01/42

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

7,750,000

7,936,312

Electric

&

Gas

Systems,

Revenue,

2024

E,

Refunding,

5%,

2/01/44

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

5,080,000

5,161,534

b

City

of

Wharton

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/15/45

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

640,000

634,357

Clifton

Higher

Education

Finance

Corp.

,

Braination,

Inc.,

Revenue,

2024,

PSF

Guaranty,

5.25%,

8/15/44

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

750,000

770,749

Braination,

Inc.,

Revenue,

2024,

PSF

Guaranty,

5.25%,

8/15/49

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

2,000,000

2,028,456

International

Leadership

of

Texas,

Inc.,

Revenue,

2018

D,

Refunding,

5.25%,

8/15/27

3,890,000

3,893,897

International

Leadership

of

Texas,

Inc.,

Revenue,

2021,

PSF

Guaranty,

3%,

8/15/39

1,560,000

1,262,794

International

Leadership

of

Texas,

Inc.,

Revenue,

2024

A,

Refunding,

PSF

Guaranty,

5%,

8/15/37

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

1,000,000

1,054,662

International

Leadership

of

Texas,

Inc.,

Revenue,

2024

A,

Refunding,

PSF

Guaranty,

5%,

8/15/38

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

900,000

941,349

International

Leadership

of

Texas,

Inc.,

Revenue,

2024

A,

Refunding,

PSF

Guaranty,

5%,

8/15/39

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

1,000,000

1,037,572

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

Clifton

Higher

Education

Finance

Corp.,

(continued)

International

Leadership

of

Texas,

Inc.,

Revenue,

2025

A,

Refunding,

PSF

Guaranty,

4.375%,

2/15/42

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

$

3,300,000

$

3,143,635

International

Leadership

of

Texas,

Inc.,

Revenue,

2025

A,

Refunding,

PSF

Guaranty,

5.25%,

2/15/43

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

3,875,000

3,976,026

International

Leadership

of

Texas,

Inc.,

Revenue,

2025

A,

Refunding,

PSF

Guaranty,

5.25%,

2/15/45

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

4,225,000

4,327,025

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

5%,

4/01/36

......

560,000

593,778

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

5%,

4/01/38

......

265,000

277,115

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

4%,

4/01/43

......

1,650,000

1,498,081

b

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

12/31/45

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

1,660,000

1,663,068

Danbury

Higher

Education

Authority,

Inc.

,

Ser-Ninos,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/41

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

2,080,000

1,986,675

Fort

Bend

Grand

Parkway

Toll

Road

Authority

,

Revenue,

Sub.

Lien,

2021,

3%,

3/01/38

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

1,205,000

1,033,157

Revenue,

Sub.

Lien,

2021,

3%,

3/01/39

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

1,245,000

1,045,892

a

Fort

Bend

Independent

School

District

,

GO

,

2021

B

,

Refunding

,

PSF

Guaranty

,

Mandatory

Put

,

0.72 %

,

8/01/26

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

820,000

796,489

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

%

,

6/01/38

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

500,000

439,859

a

Harris

County

Industrial

Development

Corp.

,

Energy

Transfer

LP

,

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

4.05 %

,

6/01/33

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

2,500,000

2,467,974

a

Houston

Housing

Finance

Corp.

,

Summerdale

Apartments

LP

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

8/01/26

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

3,000,000

3,039,795

Hutto

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

8/01/42

.........

1,000,000

1,035,059

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/25

100,000

100,084

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/26

125,000

126,583

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

150,000

155,302

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

175,000

182,670

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

200,000

209,439

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

200,000

209,155

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

150,000

146,708

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

150,000

144,580

Lewisville

Independent

School

District

,

GO

,

2019

,

PSF

Guaranty

,

%

,

8/15/39

......

1,000,000

809,577

Lower

Colorado

River

Authority

,

Revenue,

2022,

Refunding,

AG

Insured,

4%,

5/15/40

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

5,000,000

4,702,429

a

Revenue,

2023

B,

Refunding,

Mandatory

Put,

5%,

5/15/28

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

2,500,000

2,616,986

Mansfield

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/43

......

1,900,000

1,959,081

Melissa

Independent

School

District

,

GO,

2024,

PSF

Guaranty,

5%,

2/01/41

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

500,000

524,383

GO,

2024,

PSF

Guaranty,

5%,

2/01/42

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

750,000

778,988

GO,

2024,

PSF

Guaranty,

5%,

2/01/43

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

750,000

774,504

GO,

2024,

PSF

Guaranty,

5%,

2/01/44

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

500,000

513,575

New

Caney

Independent

School

District

,

GO

,

2023

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/48

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

23,000,000

23,312,517

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

1,795,000

1,795,487

CHF-Collegiate

Housing

Denton

LLC,

Revenue,

2018

B-1,

AG

Insured,

5%,

7/01/38

860,000

870,190

North

Texas

Tollway

Authority

,

Revenue,

First

Tier,

2024

A,

Refunding,

5%,

1/01/43

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

625,000

640,793

Revenue,

First

Tier,

2024

A,

Refunding,

5.25%,

1/01/44

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

2,500,000

2,593,208

Revenue,

First

Tier,

2024

A,

Refunding,

5%,

1/01/45

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

3,125,000

3,177,036

Princeton

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/40

......

1,000,000

1,051,315

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

a

Prosper

Independent

School

District

,

GO

,

2019

B

,

PSF

Guaranty

,

Mandatory

Put

,

%

,

8/15/26

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

$

2,000,000

$

2,017,944

Red

Oak

Independent

School

District

,

GO,

2023,

PSF

Guaranty,

5%,

2/15/42

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

2,685,000

2,760,528

GO,

2023,

PSF

Guaranty,

5%,

2/15/43

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

1,980,000

2,026,964

Royse

City

Independent

School

District

,

GO,

2023,

PSF

Guaranty,

5%,

2/15/41

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

1,000,000

1,040,590

GO,

2023,

PSF

Guaranty,

5%,

2/15/42

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

1,450,000

1,497,059

GO,

2023,

PSF

Guaranty,

5%,

2/15/43

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

1,000,000

1,026,323

SA

Energy

Acquisition

Public

Facility

Corp.

,

Revenue

,

2007

,

5.5 %

,

8/01/25

........

1,000,000

1,000,000

San

Antonio

Housing

Trust

Public

Facility

Corp.

,

Brooks

Family

Apartments

LP

,

Revenue

,

2024

A

,

FNMA

Insured

,

4.55 %

,

3/01/43

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

7,350,000

7,040,128

State

of

Texas

,

GO

,

2017

,

%

,

8/01/34

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

2,255,000

2,031,936

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Buckner

Retirement

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/37

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

1,980,000

1,981,843

Buckner

Retirement

Services,

Inc.

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

11/15/37

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

2,360,000

2,363,938

Texas

Health

Resources

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

2/15/41

7,445,000

7,466,596

b

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

,

6.25 %

,

1/01/65

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

4,250,000

3,781,805

Texas

Department

of

Housing

&

Community

Affairs

,

THF

Oaks

on

Lamar

LP

,

Revenue

,

2018

,

FNMA

Insured

,

3.55 %

,

9/01/34

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

2,732,915

2,610,669

a

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

B

,

Mandatory

Put

,

5.5 %

,

1/01/34

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

8,000,000

8,692,834

Texas

Public

Finance

Authority

,

Texas

Southern

University,

Revenue,

2023,

BAM

Insured,

5.25%,

5/01/37

.......

300,000

315,433

Texas

Southern

University,

Revenue,

2023,

BAM

Insured,

5.25%,

5/01/38

.......

300,000

312,505

Texas

Southern

University,

Revenue,

2023,

BAM

Insured,

5.25%,

5/01/39

.......

500,000

516,549

a

Texas

State

Affordable

Housing

Corp.

,

Eden

Court

Senior

Housing

LP,

Revenue,

2023,

Mandatory

Put,

5%,

4/01/26

.....

2,100,000

2,103,531

FC

Juniper

Creek

Housing

LP,

Revenue,

2023,

Mandatory

Put,

3.75%,

7/01/26

...

2,550,000

2,568,863

f

Tomball

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/40

.......

2,100,000

2,221,897

b

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

4.5 %

,

9/01/35

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

413,000

402,482

Town

of

Trophy

Club

,

Public

Improvement

District

No.

1,

Special

Assessment,

2025,

Refunding,

5%,

9/01/30

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

264,000

278,520

Public

Improvement

District

No.

1,

Special

Assessment,

2025,

Refunding,

5%,

9/01/32

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

250,000

264,007

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

9/01/38

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

1,785,000

1,390,640

213,241,776

#### Utah

#### 1.5%
City

of

Salt

Lake

City

,

Airport,

Revenue,

2023

A,

5%,

7/01/27

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

950,000

984,449

Airport,

Revenue,

2023

A,

5%,

7/01/28

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

750,000

795,275

Airport,

Revenue,

2023

A,

5%,

7/01/32

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

2,000,000

2,173,880

Airport,

Revenue,

2023

A,

5%,

7/01/34

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

2,000,000

2,145,884

Airport,

Revenue,

2023

A,

5.25%,

7/01/40

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

8,160,000

8,419,482

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

1,054,670

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Utah
(continued)

Downtown

Revitalization

Public

Infrastructure

District,

(continued)

City

of

Salt

Lake

City

Revitalization

Sales

Tax,

Revenue,

Second

Lien,

2025

B,

AG

Insured,

5.25%,

6/01/44

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

$

1,165,000

$

1,213,463

City

of

Salt

Lake

City

Revitalization

Sales

Tax,

Revenue,

Second

Lien,

2025

B,

AG

Insured,

5.25%,

6/01/45

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

1,000,000

1,036,015

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

995,360

Utah

Charter

School

Finance

Authority

,

Utah

Charter

Academies

,

Revenue

,

2018

,

UT

CSCE

Insured

,

%

,

10/15/30

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

575,000

594,059

Utah

Infrastructure

Agency

,

Revenue,

2017

A,

Refunding,

5%,

10/15/32

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

2,165,000

2,215,048

Revenue,

2017

A,

Refunding,

5%,

10/15/34

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

1,380,000

1,404,602

Revenue,

2019,

5%,

10/15/27

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

1,000,000

1,034,379

Revenue,

2019,

5%,

10/15/29

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

1,300,000

1,375,419

Revenue,

2021,

3%,

10/15/26

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

500,000

497,421

Revenue,

2021,

4%,

10/15/28

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

900,000

908,796

Revenue,

2021,

4%,

10/15/29

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

600,000

606,154

Revenue,

2021,

4%,

10/15/31

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

460,000

459,008

Revenue,

2021,

4%,

10/15/36

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

400,000

375,493

Revenue,

2022,

5%,

10/15/27

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

550,000

568,553

Revenue,

2023,

5.25%,

10/15/35

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

1,300,000

1,391,974

Revenue,

2023,

5.625%,

10/15/38

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

1,000,000

1,075,010

31,324,394

#### Vermont

#### 0.2%
Vermont

Educational

&

Health

Buildings

Financing

Agency

,

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/27

...........

760,000

760,848

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/28

...........

1,875,000

1,876,325

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/29

...........

900,000

899,493

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/30

...........

500,000

496,558

4,033,224

#### Virgin

#### Islands

#### 0.1%
Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax,

Revenue,

2022

A,

Refunding,

5%,

10/01/27

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

515,000

523,157

United

States

Virgin

Islands

Federal

Excise

Tax,

Revenue,

2022

A,

Refunding,

5%,

10/01/30

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

1,000,000

1,025,360

1,548,517

#### Virginia

#### 0.4%
Isle

Wight

County

Industrial

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group,

Revenue,

2023,

AG

Insured,

5%,

7/01/37

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

500,000

534,873

Riverside

Healthcare

Association

Obligated

Group,

Revenue,

2023,

AG

Insured,

5%,

7/01/38

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

600,000

634,121

Riverside

Healthcare

Association

Obligated

Group,

Revenue,

2023,

AG

Insured,

5.25%,

7/01/43

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

2,750,000

2,823,992

James

City

County

Economic

Development

Authority

,

Williamsburg

Landing,

Inc.

Obligated

Group,

Revenue,

2024

C-1,

5.75%,

12/01/28

.

640,000

640,362

Williamsburg

Landing,

Inc.

Obligated

Group,

Revenue,

2024

C-2,

5.5%,

12/01/28

..

1,100,000

1,100,632

Virginia

Small

Business

Financing

Authority

,

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/27

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

320,000

327,378

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Virginia

Small

Business

Financing

Authority,

(continued)

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/29

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

$

590,000

$

620,575

a

Pure

Salmon

Virginia

LLC,

Revenue,

2022,

Mandatory

Put,

4%,

11/20/25

........

2,000,000

2,001,268

8,683,201

#### Washington

#### 2.6%
a

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

2.54 %

,

(SIFMA

Municipal

Swap

Index

+

0.25 %),

11/01/26

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

750,000

742,331

Grays

Harbor

County

Public

Hospital

District

No.

,

Revenue,

2023,

Refunding,

5.75%,

12/01/25

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

625,000

627,217

Revenue,

2023,

Refunding,

5.75%,

12/01/27

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

695,000

724,020

Revenue,

2023,

Refunding,

6.75%,

12/01/44

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

6,420,000

6,942,166

King

County

Housing

Authority

,

Revenue,

2008,

5.5%,

5/01/38

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

2,500,000

2,503,215

Revenue,

2020,

Refunding,

3%,

6/01/40

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

1,565,000

1,215,786

Revenue,

2025,

Refunding,

5%,

7/01/40

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

540,000

538,152

Revenue,

2025,

Refunding,

5.375%,

7/01/45

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

2,000,000

2,013,700

Port

of

Seattle

,

Revenue,

2018

B,

5%,

5/01/27

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

1,100,000

1,135,968

Revenue,

2022

B,

Refunding,

5%,

8/01/40

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

1,750,000

1,770,303

Skagit

County

Public

Hospital

District

No.

,

Revenue,

2024,

5.5%,

12/01/38

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

885,000

934,360

Revenue,

2024,

5.5%,

12/01/40

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

1,000,000

1,037,631

Revenue,

2024,

5.5%,

12/01/41

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

775,000

797,380

Revenue,

2024,

5.5%,

12/01/42

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

875,000

894,664

State

of

Washington

,

GO,

2021

C,

5%,

2/01/41

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

3,860,000

3,982,241

GO,

2024

A,

5%,

8/01/44

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

5,070,000

5,184,733

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/44

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

1,140,000

1,117,005

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

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

6,488,897

6,098,688

Revenue,

2023-1,

A,

3.375%,

4/20/37

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

5,607,770

5,082,277

c

Revenue,

FRN,

2024-1,

A,

4.221%,

3/20/40

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

2,885,368

2,656,072

Eastside

Retirement

Association

Obligated

Group,

Revenue,

2023

A,

Refunding,

5%,

7/01/38

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

1,580,000

1,608,646

b

Provident

Group

-

SH

II

Properties

LLC,

Revenue,

144A,

2025

A,

BAM

Insured,

5%,

7/01/45

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

2,250,000

2,217,571

b

Provident

Group

-

SH

II

Properties

LLC,

Revenue,

144A,

2025

B,

7%,

7/01/64

....

1,800,000

1,819,547

b

Seattle

Academy

of

Arts

&

Sciences,

Revenue,

144A,

2023,

Refunding,

5.125%,

7/01/33

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

735,000

783,336

b

Seattle

Academy

of

Arts

&

Sciences,

Revenue,

144A,

2023,

Refunding,

6.375%,

7/01/63

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

1,720,000

1,822,983

54,249,992

#### West

#### Virginia

#### 0.3%
West

Virginia

Hospital

Finance

Authority

,

Vandalia

Health,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

5.75%,

9/01/41

2,000,000

2,109,565

Vandalia

Health,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

5.75%,

9/01/43

3,000,000

3,131,051

5,240,616

#### Wisconsin

#### 3.0%
Public

Finance

Authority

,

b

AMCP

Franklin

LLC,

Revenue,

Senior

Lien,

144A,

2025

A-1,

6.75%,

12/01/60

....

4,085,000

4,028,544

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Wisconsin
(continued)

Public

Finance

Authority,

(continued)

Beyond

Boone

LLC,

Revenue,

2019

A,

AG

Insured,

5%,

7/01/44

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

$

1,000,000

$

985,794

Beyond

Boone

LLC,

Revenue,

2019

A,

AG

Insured,

5%,

7/01/54

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

1,475,000

1,419,950

Campus

Real

Estate

Holding

Corp.

LLC,

Revenue,

2025

A,

Refunding,

5.25%,

6/01/45

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

260,000

250,458

b

CHF

-

Manoa

LLC,

Revenue,

Senior

Lien,

144A,

2023

A,

5.25%,

7/01/38

........

1,000,000

1,001,868

b

CHF

-

Manoa

LLC,

Revenue,

Senior

Lien,

144A,

2023

A,

5.5%,

7/01/43

.........

1,000,000

970,750

b

Dominium

Holdings

I

LLC,

Revenue,

144A,

2024-1,

B-1,

6.81%,

4/28/36

........

2,850,000

2,890,034

a

Duke

Energy

Progress

LLC,

Revenue,

2022

A-2,

Refunding,

Mandatory

Put,

3.7%,

10/01/30

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

7,000,000

7,072,639

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.,

Revenue,

144A,

2024,

5%,

7/01/35

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

700,000

711,705

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.,

Revenue,

144A,

2024,

4.75%,

7/01/45

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

1,800,000

1,570,280

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5%,

6/15/30

.........

180,000

190,460

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5.25%,

6/15/35

......

275,000

292,093

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5.25%,

6/15/45

......

275,000

269,107

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

Senior

Lien,

2025

A,

5.25%,

6/15/45

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

500,000

501,611

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

Senior

Lien,

2025

A,

5.25%,

6/15/55

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

1,250,000

1,219,835

b

Mater

Academy

of

Nevada,

Revenue,

144A,

2024

A,

5%,

12/15/34

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

825,000

826,595

b

Methodist

University,

Inc.

(The),

Revenue,

144A,

2021,

Refunding,

4%,

3/01/29

...

1,780,000

1,712,395

NC

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/27

...........

880,000

903,511

NC

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/28

...........

655,000

680,589

b

North

Carolina

Leadership

Charter

Academy,

Inc.,

Revenue,

144A,

2019

A,

5%,

6/15/49

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

1,560,000

1,368,948

b

Roseman

University

of

Health

Sciences,

Revenue,

144A,

2020,

5%,

4/01/30

.....

475,000

486,687

b

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

4.5%,

1/01/35

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

1,085,000

1,037,047

Wisconsin

Health

&

Educational

Facilities

Authority

,

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

4/01/39

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

4,225,000

3,915,515

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

4/01/37

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

3,930,000

3,841,296

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/43

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

2,000,000

2,034,627

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/45

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

2,500,000

2,513,730

Milwaukee

Regional

Medical

Center

Utility

&

Infrastructure

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

4/01/44

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

7,890,000

7,632,369

Sanford

Obligated

Group,

Revenue,

2024

A,

5.5%,

2/15/54

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

6,830,000

7,136,220

Wisconsin

Housing

&

Economic

Development

Authority

,

Home

Ownership

,

Revenue

,

2017

A

,

GNMA

Insured

,

2.69 %

,

7/01/47

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

4,588,353

4,075,319

61,539,976

#### U.S.

#### Territories

#### 1.1%

#### District

#### of

#### Columbia

#### 0.5%
District

of

Columbia

,

Ingleside

Presbyterian

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/37

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

1,200,000

1,198,500

KIPP

DC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/48

..........

1,250,000

1,176,602

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

6/01/30

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

1,485,000

1,464,735

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2018

A,

Refunding,

5%,

10/01/35

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

3,000,000

3,073,678

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/31

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

1,000,000

1,053,224

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### District

#### of

#### Columbia
(continued)

Metropolitan

Washington

Airports

Authority,

(continued)

Aviation,

Revenue,

2022

A,

Refunding,

5%,

10/01/30

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

$

910,000

$

987,482

e

Dulles

Metrorail

and

Capital

Improvement

Projects,

Revenue,

Sub.

Lien,

2019

B,

Refunding,

4%,

10/01/44

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

665,000

580,764

e

Dulles

Metrorail

and

Capital

Improvement

Projects,

Revenue,

Sub.

Lien,

2019

B,

Refunding,

4%,

10/01/53

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

660,000

534,310

10,069,295

#### Guam

#### 0.0%

#### †
Guam

Government

Waterworks

Authority

,

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/26

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

750,000

763,003

#### Puerto

#### Rico

#### 0.6%
Commonwealth

of

Puerto

Rico

,

GO,

2022

A-1,

5.625%,

7/01/27

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

1,683,000

1,735,027

GO,

2022

A-1,

4%,

7/01/33

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

2,400,000

2,341,902

GO,

2022

A-1,

4%,

7/01/41

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

100,000

87,225

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.15 %,

7/01/33

...

10,000,000

7,249,528

11,413,682

#### Total

#### U.S.

#### Territories

#### ....................................................................
22,245,980

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $2,061,791,002)

#### ...................................

#### 2,037,486,359
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.0%

#### Shares
a

#### Management

#### Investment

#### Companies

#### 1.2%
h,i

Putnam

Short

Term

Investment

Fund,

Class

P,

4.558%

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

24,616,404

24,616,404

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $24,616,404)
....................

#### 24,616,404

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 0.7%

#### Minnesota

#### 0.4%
j

City

of

Rochester

,

Mayo

Clinic,

Revenue,

2008

B,

SPA

Northern

Trust

Co.

(The),

Daily

VRDN

and

Put,

2.08%,

11/15/38

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

1,500,000

1,500,000

Mayo

Clinic,

Revenue,

2011

B,

Refunding,

Daily

VRDN

and

Put,

2.08%,

11/15/38

..

2,000,000

2,000,000

j

County

of

Hennepin

,

GO

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.2 %

,

12/01/38

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

2,310,000

2,310,000

j

Minnesota

Housing

Finance

Agency

,

Revenue

,

2017

F

,

Refunding

,

GNMA

Insured

,

SPA

Royal

Bank

of

Canada

,

Daily

VRDN

and

Put

,

2.25 %

,

1/01/41

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

2,000,000

2,000,000

7,810,000

#### Mississippi

#### 0.0%

#### †
j

Mississippi

Business

Finance

Corp.

,

Chevron

USA,

Inc.

,

Revenue

,

2007

B

,

Daily

VRDN

and

Put

,

2.75 %

,

12/01/30

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

980,000

980,000

#### New

#### Jersey

#### 0.0%

#### †
j

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.35 %

,

7/01/36

........

1,000,000

1,000,000

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### New

#### York

#### 0.3%
j

City

of

New

York

,

GO

,

2023

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.75 %

,

9/01/49

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

$

1,500,000

$

1,500,000

j

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2019

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.75 %

,

8/01/45

..........

4,000,000

4,000,000

5,500,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $15,290,000)

#### ......................................

#### 15,290,000

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
d,k

U.S.

Treasury

Bills

,

4.21%,

10/02/25

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

300,000

297,808

4.21%,

11/06/25

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

1,500,000

1,483,000

1,780,808

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,781,343)

#### ..................

#### 1,780,808

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $41,687,747)

#### ................................

#### 41,687,212

#### a

#### Total

#### Investments

#### (Cost

#### $2,103,478,749)

#### 100.5%

#### ................................

#### $2,079,173,571

#### Floating

#### Rate

#### Notes

#### Issued

#### (1.1)%

#### .............................................

#### (23,715,848)

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.6%

#### .............................................

#### 14,011,062

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,069,468,785
†

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

July

31,

2025,

the

aggregate

value

of

these

securities

was

$176,132,479,

representing

8.5%

of

net

assets.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

The

rate

shown

represents

the

yield

at

period

end.

e

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

f

Security

purchased

on

a

when-issued

basis.

See

Note

(b).

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

h

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

j

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.

k

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

July

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,727,420,

representing

0.1%

of

net

assets.

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

July

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

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

Long

$

34,506,828

9/30/25

$

92,163

U.S.

Treasury

Ultra

Bonds

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

Short

44,109,500

9/19/25

(769,551)

Total

Futures

Contracts

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

$(677,388)

\*

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

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,078,862,345

Cost

-

Non-controlled

affiliates

(Note

g)

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

24,616,404

Value

-

Unaffiliated

issuers

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

$2,054,557,167

Value

-

Non-controlled

affiliates

(Note

g)

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

24,616,404

Cash

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

Receivables:

Capital

shares

sold

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

3,730,445

Dividends

and

interest

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

24,583,194

Prepaid

expenses

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

112,374

Total

assets

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

2,107,599,641

Liabilities:

Payables:

Investment

securities

purchased

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

7,019,988

Capital

shares

redeemed

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

3,125,660

Management

fees

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

950,413

Administrative

fees

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

2,011

Distribution

fees

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

66,918

Transfer

agent

fees

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

415,748

Trustees'

fees

and

expenses

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

84,148

Floating

rate

notes

issued

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

23,715,848

Distributions

to

shareholders

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

2,009,847

Variation

margin

on

futures

contracts

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

192,983

Accrued

interest

(Note

1d)

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

273,729

Accrued

expenses

and

other

liabilities

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

273,563

Total

liabilities

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

38,130,856

Net

assets,

at

value

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

$2,069,468,785

Net

assets

consist

of:

Paid-in

capital

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

$2,100,842,351

Total

distributable

earnings

(losses)

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

(31,373,566)

Net

assets,

at

value

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

$2,069,468,785

Putnam

Tax-Free

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$285,965,843

Shares

outstanding

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

20,794,669

Net

asset

value

per

share

a,b

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

$13.75

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

b

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

$14.07

#### Class

#### C:
Net

assets,

at

value

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

$7,627,134

Shares

outstanding

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

553,121

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$13.79

#### Class

#### R6:
Net

assets,

at

value

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

$43,497,938

Shares

outstanding

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

3,162,982

Net

asset

value

and

maximum

offering

price

per

share

b

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

$13.75

#### Class

#### Y:
Net

assets,

at

value

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

$1,732,377,870

Shares

outstanding

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

125,912,493

Net

asset

value

and

maximum

offering

price

per

share

b

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

$13.76

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

year

ended

July

31,

2025

franklintempleton.com

Annual

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)

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

$1,922,791

Interest:

Unaffiliated

issuers

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

75,210,776

Total

investment

income

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

77,133,567

Expenses:

Management

fees

(Note

a)

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

7,840,095

Administrative

fees

(Note

b)

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

28,975

Distribution

fees:

(Note

3c)

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

A

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

706,752

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

B

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

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

C

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

82,062

Transfer

agent

fees:

(Note

3e)

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

A

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

385,560

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

B

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

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

C

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

11,532

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

R6

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

17,490

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

Y

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

2,052,265

Custodian

fees

(Note

4)

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

23,695

Reports

to

shareholders

fees

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

113,784

Registration

and

filing

fees

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

213,413

Professional

fees

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

202,166

Trustees'

fees

and

expenses

(Note

3f)

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

69,413

Interest

expense

(Note

1d)

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

903,876

Other

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

17,052

Total

expenses

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

12,668,142

Expense

reductions

(Note

4)

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

(11,412)

Net

expenses

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

12,656,730

Net

investment

income

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

64,476,837

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(6,747,587)

Futures

contracts

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

1,309,823

Net

realized

gain

(loss)

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

(5,437,764)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(44,106,978)

Futures

contracts

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

(267,043)

Net

change

in

unrealized

appreciation

(depreciation)

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

(44,374,021)

Net

realized

and

unrealized

gain

(loss)

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

(49,811,785)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$14,665,052

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.

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$64,476,837

$41,415,690

Net

realized

gain

(loss)

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

(5,437,764)

(1,058,250)

Net

change

in

unrealized

appreciation

(depreciation)

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

(44,374,021)

26,436,683

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

14,665,052

66,794,123

Distributions

to

shareholders:

Class

A

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

(9,081,813)

(7,246,842)

Class

B

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

(29) (592) Class

C

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

(200,907)

(195,861)

Class

R6

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

(1,246,384)

(696,136)

Class

Y

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

(52,489,482)

(32,228,538)

Total

distributions

to

shareholders

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

(63,018,615)

(40,367,969)

Capital

share

transactions:

(Note

2)

Class

A

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

23,666,529

44,236,192

Class

B

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

(12,938)

(29,022)

Class

C

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

(1,470,516)

598,060

Class

R6

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

16,123,844

13,888,089

Class

Y

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

583,897,351

361,284,347

Total

capital

share

transactions

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

622,204,270

419,977,666

Net

increase

(decrease)

in

net

assets

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

573,850,707

446,403,820

Net

assets:

Beginning

of

year

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

1,495,618,078

1,049,214,258

End

of

year

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

$2,069,468,785

$1,495,618,078

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund

franklintempleton.com

Annual

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

two

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Strategic

Intermediate

Municipal

Fund

(Fund)

is

included

in

this

report.

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. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

c. #### 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

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

and

can

be

in

the

form

of

cash

and/or

securities.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

d. #### 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

$32,339,294

were

held

by

the

TOB

trust

and

served

as

collateral

for

$23,715,848 in

floating-rate

bonds

outstanding.

For

the

reporting

period

ended

July

31,

2025,

the

Fund

incurred

interest

expense

of

$753,194

for

these

investments

based

on

an

average

interest

rate

of

3.12%.

e. #### 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

July

31,

2025, 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).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f. #### 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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

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

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

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.

g. #### 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.

h. #### 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.

i. #### 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

July

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

5,484,422

$76,631,341

6,004,987

$83,411,186

Shares

issued

in

reinvestment

of

distributions

..........

589,897

8,237,869

467,550

6,484,694

Shares

redeemed

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

(4,389,329)

(61,202,681)

(3,299,466)

(45,659,688)

Net

increase

(decrease)

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

1,684,990

$23,666,529

3,173,071

$44,236,192

#### Class

#### B

#### Shares:

#### \*
Shares

sold

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

—

$—

$17

Shares

issued

in

reinvestment

of

distributions

..........

569

Shares

redeemed

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

(914) (12,964)

(2,144)

(29,608)

Net

increase

(decrease)

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

(912) $(12,938)

(2,102)

$(29,022)

#### Class

#### C

#### Shares:
Shares

sold

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

116,427

$1,640,774

229,865

$3,193,799

Shares

issued

in

reinvestment

of

distributions

..........

11,676

163,636

12,394

172,312

Shares

redeemed

a

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

(232,163)

(3,274,926)

(199,269)

(2,768,051)

Net

increase

(decrease)

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

(104,060)

$(1,470,516)

42,990

$598,060

#### Class

#### R6

#### Shares:
Shares

sold

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

1,863,784

$25,930,657

1,391,648

$19,263,529

Shares

issued

in

reinvestment

of

distributions

..........

88,839

1,239,359

50,022

695,255

Shares

redeemed

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

(794,220)

(11,046,172)

(439,555)

(6,070,695)

Net

increase

(decrease)

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

1,158,403

$16,123,844

1,002,115

$13,888,089

#### Class

#### Y

#### Shares:
Shares

sold

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

73,949,164

$1,034,815,336

46,409,223

$642,248,593

Shares

issued

in

reinvestment

of

distributions

..........

2,555,628

35,695,011

1,643,946

22,843,127

Shares

redeemed

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

(34,882,028)

(486,612,996)

(22,089,653)

(303,807,373)

Net

increase

(decrease)

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

41,622,764

$583,897,351

25,963,516

$361,284,347

\*

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. Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

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

year

ended

July

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.427%

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.

Effective

November

1,

2024,

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.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

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.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

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

#### 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.

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

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.

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

year:

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

B,

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

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

B

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

1.00%

0.85%

Class

C

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

1.00%

1.00%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$5,274

CDSC

retained

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

$11,368

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

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

year

ended

July

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

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

year

ended

July

31,

2025,

these

purchase

and

sale

transactions

aggregated

$4,500,000

and

$0,

respectively.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

July

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

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

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

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

#### a

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.558%

......

$13,041,484

$872,940,284

$(861,365,364)

$—

$—

$24,616,404

24,616,404

$1,922,791

#### Total

#### Affiliated

#### Securities

#### ...
$13,041,484

$872,940,284

$(861,365,364)

$—

$—

$24,616,404

$1,922,791

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

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:

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2025

and

2024,

was

as

follows:

At

July

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income 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

year

ended

July

31,

2025,

aggregated

$1,407,783,987 and

$730,738,706,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

July

31,

2025,

the

Fund

had 7.9%

of

its

portfolio

invested

in

high

yield

securities

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

July

31,

2025,

the

aggregate

value

of

these

securities

was $1,448,848

representing 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.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

3,288,380

Long

term

................................................................................

5,378,864

Total

capital

loss

carryforwards

...............................................................

$8,667,244

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$2,724,598

$2,778,255

Tax

exempt

income

........................................................

60,294,017

37,589,714

$63,018,615

$40,367,969

Cost

of

investments

..........................................................................

$2,102,018,285

Unrealized

appreciation

........................................................................

$15,776,005

Unrealized

depreciation

........................................................................

(39,298,107)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(23,522,102)

Distributable

earnings:

Undistributed

tax

exempt

income

.................................................................

$2,825,629

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

July

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

year

ended

July

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

July

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

$54,176,432.

See

Note

1(c) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
Effective

January

31,

2025,

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

30,

2026. 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

shall,

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,

#### 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

$

92,163

a

Variation

margin

on

futures

contracts

$

769,551

a

Total

....................

$92,163

$769,551

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

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### 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

$1,309,823

Futures

contracts

$(267,043)

Total

.......................

$1,309,823

$(267,043)

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

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

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

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)

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

July

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

$

—

$

2,037,486,359

$

—

$

2,037,486,359

Short

Term

Investments

...................

24,616,404

17,070,808

—

41,687,212

Total

Investments

in

Securities

...........

$24,616,404

$2,054,557,167

$—

$2,079,173,571

Other

Financial

Instruments:

Futures

Contracts

.......................

$92,163

$—

$—

$92,163

Total

Other

Financial

Instruments

.........

$92,163

$—

$—

$92,163

#### Liabilities:
Other

Financial

Instruments:

Futures

Contracts

........................

$

769,551

$

—

$

—

$

769,551

Total

Other

Financial

Instruments

.........

$769,551

$—

$—

$769,551

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

9. #### Credit

#### Facility
(continued)

Putnam

Tax-Free

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
(continued)

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

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.

#### Abbreviations

#### Selected

#### Portfolio

#### 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

#### SIFMA
Securities

Industry

and

Financial

Markets

Association

#### SPA
Standby

Purchase

Agreement

Putnam

Tax-Free

Income

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Tax-Free

Income

Trust

and

Shareholders

of

Putnam

Strategic

Intermediate

Municipal

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Strategic

Intermediate

Municipal

Fund

(one

of

the

funds

constituting

Putnam

Tax-Free

Income

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

July

31,

2025,

the

related

statement

of

operations

for

the

year

ended

July

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

administrative

agent

for

the

tender

option

bond

trust,

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

September

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Tax-Free

Income

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

July

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$59,222,218

Section

163(j)

Interest

Earned

§163(j)

$2,649,102

Putnam

Tax-Free

Income

Trust

franklintempleton.com

Annual

Report

#### Putnam

#### Strategic

#### Intermediate

#### Municipal

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML")

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### 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

Putnam

Tax-Free

Income

Trust

franklintempleton.com

Annual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Tax-Free

Income

Trust

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds,

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

November

30,

2026. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

third

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

fifth

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Tax-Free

Income

Trust

franklintempleton.com

Annual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Tax-Free

Income

Trust

franklintempleton.com

Annual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024,

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Intermediate

Municipal

Debt

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

216,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

One-year

period

Three-year

period

Five-year

period

2nd

1st

1st

Putnam

Tax-Free

Income

Trust

franklintempleton.com

Annual

Report

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38914-AFSOI

09/25©

2025

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 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) Code of Ethics attached hereto.](psimf-efp17569_ex99code.htm)

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-efp17569_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-efp17569_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**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | September 26, 2025 |

---

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: | September 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | September 26, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: September 26, 2025

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| 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: September 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| 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 **July 31, 2025** (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.

---

| | |
|:---|:---|
| **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: September 26, 2025 | Date: September 26, 2025 |

---

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.