0000771951 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member ptfi:C000010819Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member ptfi:C000010820Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member ptfi:C000010817Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member ptfi:C000010818Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member ptfi:C000060535Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member ptfi:C000060536Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member ptfi:C000010824Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member ptfi:C000010821Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member ptfi:C000010823Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member ptfi:C000010822Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member rr:AfterTaxesOnDistributionsMember ptfi:C000010822Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member rr:AfterTaxesOnDistributionsAndSalesMember ptfi:C000010822Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003861Member ptfi:BarclaysMunicipalBondIndexMember 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member rr:AfterTaxesOnDistributionsMember ptfi:C000010819Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member rr:AfterTaxesOnDistributionsAndSalesMember ptfi:C000010819Member 2011-12-01 2012-11-30 0000771951 ptfi:S000003860Member ptfi:BarclaysMunicipalBondIndexMember 2011-12-01 2012-11-30 pure iso4217:USD 2012-11-30 485BPOS PUTNAM TAX FREE INCOME TRUST /MA/ 0000771951 false 2012-11-28 2012-11-30 2012-07-31 <b>Fund summary </b> <b>Goal</b> Putnam AMT-Free Municipal Fund seeks high current income exempt from federal income tax. <b>Fees and expenses</b> The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). 50000 <b>Shareholder fees </b> (fees paid directly from your investment) 0.04 0 0 0.0325 0 <b>Annual fund operating expenses</b><br/>(expenses you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0045 0.0045 0.0045 0.0024 0.0085 0.01 0.005 0.001 0.001 0.001 0.001 0.001 0.0079 0.014 0.0155 0.0105 0.0055 <b>Example</b> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Your actual costs may be higher or lower. 477 643 258 429 56 642 743 490 648 176 821 966 845 886 307 1339 1845 1513 1566 689 143 158 443 490 766 845 1513 1845 <b>Portfolio turnover</b> The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 10%. 0.1 <b>Fund summary</b> <b>Goal</b> Putnam Tax-Free High Yield Fund seeks high current income exempt from federal income tax. <b>Fees and expenses</b> The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). <b>Shareholder fees </b> (fees paid directly from your investment) <b>Annual fund operating expenses</b></br> (expenses you pay each year as a percentage of the value of your investment) <b>Example</b> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Your actual costs may be higher or lower. <b>Portfolio turnover</b> The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 13%. <b>Investments</b> We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)), are a combination of below-investment grade and investment-grade securities, and have intermediate- to long-term maturities (three years or longer). We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. <b>Risks</b> It is important to understand that you can lose money by investing in the fund.</br></br> The prices of bonds in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer. The risks associated with bond investments include interest rate risk, which means the prices of the fund&#8217;s investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund&#8217;s investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund&#8217;s investments) which can be more sensitive to changes in markets, credit conditions, and interest rates. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. </br></br>The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance</b> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. <b>Average annual total returns after sales charges</b></br>(for periods ending 12/31/11) <b>Annual total returns for class A shares before sales charges</b> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</br></br>Class B share performance does not reflect conversion to class A shares. 0.13 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). 50000 It is important to understand that you can lose money by investing in the fund. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. Please remember that past performance is not necessarily an indication of future results. putnam.com The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Year-to-date performance through 2012-09-30 0.1109 Best calendar quarter 2009-09-30 0.1453 Worst calendar quarter 2008-12-31 -0.1883 0 0.0325 0 0 0.04 0.01 0.05 0.01 0 0 -0.01 -0.01 -0.01 -0.01 -0.01 <b>Investments</b> We invest mainly in bonds that pay interest that is exempt from federal income tax, are investment-grade in quality, and have intermediate to long-term maturities (three years or longer). The fund does not intend to invest in securities the interest on which is subject to the alternative minimum tax (AMT). We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. <b>Risks</b> It is important to understand that you can lose money by investing in the fund.<br/><br/>The prices of bonds in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer. The risks associated with bond investments include interest rate risk, which means the prices of the fund&#8217;s investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund&#8217;s investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. <br/><br/>The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance</b> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. putnam.com <b>Annual total returns for class A shares before sales charges</b> 0.0962 0.0458 0.0362 0.0284 0.0383 0.0302 -0.0306 0.113 0.0201 0.104 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 7.19%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q3 2009</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">7.57%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q4 2010</b></td> <td width="8%">-4.92%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> 0.0049 0.0049 0.0049 0.0049 0.0049 0.0024 0.0085 0.01 0.005 0.0009 0.0009 0.0009 0.0009 0.0009 0.0082 0.0143 0.0158 0.0108 0.0058 Year-to-date performance through 2012-09-30 0.0719 Best calendar quarter 2009-09-30 0.0757 Worst calendar quarter 2010-12-31 -0.0492 <b>Average annual total returns after sales charges</b> <br/> (for periods ending 12/31/11) 480 646 261 432 59 652 753 499 658 186 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.<br/><br/> Class B share performance does not reflect conversion to class A shares. 837 982 861 902 324 1374 1548 1879 1600 727 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. 146 161 453 499 Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. 782 861 1548 1879 After-tax returns are shown for class A shares only and will vary for other classes. 0.0622 0.062 0.0598 0.0493 0.0876 0.0672 0.1097 0.107 0.0263 0.0262 0.0296 0.025 0.0271 0.025 0.0359 0.0522 0.0412 0.0411 0.0425 0.039 0.0374 0.039 0.0428 0.0538 0.0593 0.0592 0.0535 0.0475 0.0855 0.0645 0.1074 0.107 0.0376 0.0375 0.0379 0.0357 0.0381 0.0363 0.0466 0.0522 0.0432 0.0419 0.042 0.0407 0.0392 0.0409 0.0444 0.0538 0.0291 0.061 0.0709 0.0586 0.0617 -0.0008 -0.2446 0.351 0.0512 0.1063 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 11.09%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q3 2009</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">14.53%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q4 2008</b></td> <td width="8%">-18.83%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamTax-FreeHighYieldFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamTax-FreeHighYieldFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamAMT-FreeMunicipalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamAMT-FreeMunicipalFund column period compact * ~</div> 0.01 0.05 0.01 0 0 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamTaxFreeHighYieldFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamTaxFreeHighYieldFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamTaxFreeHighYieldFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamTaxFreeHighYieldFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamAMTFreeMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamAMTFreeMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamAMTFreeMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamAMTFreeMunicipalFund column period compact * ~</div> Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over six years. This charge is eliminated after one year. Represents a blended rate.