Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38914-Q3PH

See

Notes

to

Schedule

of

Investments

1

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

2

Notes

to

Schedule

of

Investments

29

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

Putnam

Strategic

Intermediate

Municipal

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

100.2%

Alabama

5.5%

a

Black

Belt

Energy

Gas

District

,

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

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

$

2,475,000

$

2,477,240

Revenue,

2021

A,

Refunding,

Mandatory

Put,

4%,

12/01/31

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

7,250,000

7,115,533

Revenue,

2022

D-1,

Refunding,

Mandatory

Put,

4%,

6/01/27

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

1,000,000

999,627

Revenue,

2023

D-1,

Refunding,

Mandatory

Put,

5.5%,

2/01/29

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

2,000,000

2,092,333

County

of

Jefferson

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/15/34

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

1,075,000

1,089,542

a

Energy

Southeast

A

Cooperative

District

,

Revenue,

2023

B-1,

Mandatory

Put,

5.75%,

11/01/31

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

5,000,000

5,437,093

Revenue,

2024

B,

Mandatory

Put,

5.25%,

6/01/32

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

18,000,000

19,107,601

Southeast

Energy

Authority

A

Cooperative

District

,

a

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

1,350,000

1,431,594

a

Revenue,

2022

B-1,

Mandatory

Put,

5%,

8/01/28

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

14,550,000

14,949,338

Revenue,

2024

C,

5%,

11/01/26

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

500,000

509,446

Revenue,

2024

C,

5%,

11/01/27

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

410,000

422,218

Revenue,

2024

C,

5%,

11/01/28

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

750,000

779,770

Revenue,

2024

C,

5%,

11/01/29

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

1,000,000

1,047,708

a

Revenue,

2025

B,

Mandatory

Put,

5.25%,

1/01/33

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

13,625,000

14,382,528

a

Revenue,

2025

C,

Mandatory

Put,

5%,

2/01/31

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

19,065,000

19,967,486

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/32

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

6,000,000

6,083,751

b

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

144A,

2024

,

3.75

%

,

9/01/26

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

13,000,000

12,904,641

110,797,449

Alaska

0.6%

Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash,

Revenue,

2019

A,

4%,

10/01/38

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

4,725,000

4,460,396

Dena'

Nena'

Henash,

Revenue,

2019

A,

4%,

10/01/39

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

2,445,000

2,290,208

Dena'

Nena'

Henash,

Revenue,

2019

A,

4%,

10/01/49

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

1,690,000

1,415,236

State

of

Alaska

,

c

GO,

2025

A,

Refunding,

5%,

8/01/33

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

2,000,000

2,220,062

GO,

2025

A,

Refunding,

5%,

8/01/34

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

1,000,000

1,115,154

11,501,056

Arizona

2.4%

Arizona

Industrial

Development

Authority

,

Revenue,

2019-2,

A,

3.625%,

5/20/33

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

5,254,427

4,927,582

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

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

1,000,000

1,032,739

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

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

2,740,000

2,793,683

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2023

A,

5%,

11/01/38

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

450,000

467,381

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2023

A,

5%,

11/01/39

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

780,000

805,427

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2023

A,

5%,

11/01/40

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

650,000

669,646

a

TWG

Glendale

LP,

Revenue,

2024,

Mandatory

Put,

5%,

9/01/26

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

1,000,000

1,014,759

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

4%,

5/15/29

...

1,000,000

966,354

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

4%,

5/15/31

...

1,000,000

949,195

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

12/15/32

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

1,000,000

1,020,480

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Industrial

Development

Authority

of

the

County

of

Pima

(The),

(continued)

b

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

A,

6.25%,

11/15/35

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

$

2,750,000

$

2,893,507

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

A,

4%,

1/01/44

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

2,360,000

2,164,238

b

Grand

Canyon

University

Obligated

Group,

Revenue,

144A,

2024,

7.375%,

10/01/29

9,450,000

9,820,062

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

1/01/44

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

12,000,000

12,808,322

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

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

5,000,000

5,036,686

Revenue,

2007-1,

5.5%,

12/01/29

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

1,000,000

1,062,256

48,432,317

Arkansas

0.1%

Arkansas

Development

Finance

Authority

,

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

5

%

,

2/01/35

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

1,510,000

1,531,764

California

11.8%

a

California

Community

Choice

Financing

Authority

,

Revenue,

2024

A,

Mandatory

Put,

5%,

4/01/32

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

7,200,000

7,569,788

Revenue,

2024

B,

Mandatory

Put,

5%,

12/01/32

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

7,000,000

7,223,781

Revenue,

2024

D,

Mandatory

Put,

5%,

9/01/32

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

5,000,000

5,260,516

Revenue,

2024

H,

Mandatory

Put,

5%,

8/01/33

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

7,500,000

8,029,132

b

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

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

250,000

204,945

California

Educational

Facilities

Authority

,

Revenue,

2015,

Refunding,

5%,

11/01/36

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

2,425,000

2,433,768

University

of

the

Pacific,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/36

..........

155,000

156,499

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/28

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

150,000

154,749

California

Health

Facilities

Financing

Authority

,

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/30

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

1,300,000

1,332,592

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/32

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

1,435,000

1,466,496

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/34

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

1,590,000

1,617,973

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/35

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

1,615,000

1,639,519

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/36

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

1,505,000

1,524,410

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/38

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

1,485,000

1,497,227

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

1,013,903

1,001,121

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

866,813

825,078

CR

Epoca

L

Communities

LP,

Revenue,

2024

DD,

FNMA

Insured,

3.7%,

11/01/37

.

6,200,000

5,958,283

OAHS

Ocean

View

LP,

Revenue,

2024

J,

FNMA

Insured,

4.33%,

2/01/42

........

5,000,000

4,942,916

OAHS

Playa

Del

Alameda

LP,

Revenue,

2024

Q,

FNMA

Insured,

4.25%,

8/01/41

..

2,990,000

2,819,580

California

Infrastructure

&

Economic

Development

Bank

,

a

Museum

Associates,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

4.32%,

6/01/26

1,000,000

996,802

Roseville

Sustainable

Energy

Partner

LLC,

Revenue,

2024

A,

5%,

7/01/44

.......

2,000,000

2,050,136

b

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

4.125%,

1/01/35

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

930,000

877,547

California

Municipal

Finance

Authority

,

b

California

Baptist

University,

Revenue,

144A,

2016

A,

4%,

11/01/26

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

1,055,000

1,045,493

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

CHF-Davis

I

LLC,

Revenue,

2018,

BAM

Insured,

5%,

5/15/40

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

$

5,690,000

$

5,856,939

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

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

915,000

949,160

HumanGood

California

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

10/01/32

1,000,000

1,002,149

a

California

Pollution

Control

Financing

Authority

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

3.7

%

,

9/01/28

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

3,000,000

3,000,528

b

California

School

Finance

Authority

,

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2016

,

5

%

,

8/01/36

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

3,225,000

3,224,673

California

State

Public

Works

Board

,

State

of

California

,

Revenue

,

2014

E

,

5

%

,

9/01/34

900,000

900,675

a

California

State

University

,

Revenue

,

2016

B-2

,

Refunding

,

Mandatory

Put

,

0.55

%

,

11/01/26

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

1,000,000

950,899

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

3%,

6/01/29

.........

1,150,000

1,080,876

St.

John's

Partners

LP,

Revenue,

2013

F,

LOC

FNMA,

4.5%,

8/15/30

...........

10,000,000

10,377,762

USC

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

1/01/48

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

4,500,000

4,550,724

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/31

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

1,500,000

1,597,639

Department

of

Airports,

Revenue,

2022

C,

Refunding,

4%,

5/15/35

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

600,000

593,909

Department

of

Airports,

Revenue,

2025

A,

Refunding,

5.25%,

5/15/40

...........

20,380,000

21,875,325

Department

of

Airports,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

5/15/34

...

5,700,000

5,703,087

Department

of

Airports,

Revenue,

Senior

Lien,

2015

A,

Refunding,

4.75%,

5/15/35

.

8,340,000

8,343,721

b

CSCDA

Community

Improvement

Authority

,

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-2

,

3.125

%

,

8/01/56

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

1,000,000

728,038

c

Desert

Sands

Unified

School

District

,

GO,

2025,

Refunding,

5%,

8/01/29

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

1,780,000

1,939,391

GO,

2025,

Refunding,

5%,

8/01/30

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

1,870,000

2,070,685

GO,

2025,

Refunding,

5%,

8/01/31

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

1,970,000

2,214,422

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

b,d

144A,

FRN,

2022-ML14,

A,

3.65%,

11/25/38

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

4,914,337

4,690,214

2019-ML05,

A-US,

3.4%,

1/25/36

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

8,319,552

7,851,783

2019-ML06,

A-US,

2.543%,

6/25/37

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

12,872,064

11,313,210

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

18,

Special

Tax,

2024,

5%,

9/01/39

1,000,000

1,031,728

City

of

Folsom

Community

Facilities

District

No.

18,

Special

Tax,

2024,

5%,

9/01/44

1,000,000

1,016,401

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

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

2,190,000

1,999,122

Imperial

County

Local

Transportation

Authority

,

County

of

Imperial

Sales

Tax

,

Revenue

,

2022

E

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/32

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

1,305,000

1,375,430

a

Los

Angeles

County

Development

Authority

,

Century

Wlava

2

LP,

Revenue,

2023

C,

Mandatory

Put,

3.75%,

12/01/26

........

2,500,000

2,502,868

VA

Building

402

LP,

Revenue,

2022

F,

Mandatory

Put,

3.375%,

7/01/26

.........

3,250,000

3,235,573

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2022

A,

5%,

7/01/46

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

2,000,000

2,006,379

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/43

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

4,200,000

4,232,395

Water

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/43

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

3,925,000

3,957,194

Manteca

Unified

School

District

,

GO

,

2020

A

,

3

%

,

8/01/41

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

1,000,000

804,939

e

Mendocino-Lake

Community

College

District

,

GO

,

2011

B

,

AGMC

Insured

,

3.449

%,

8/01/40

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

2,600,000

3,053,563

Port

of

Oakland

,

Revenue

,

2021

H

,

ETM,

5

%

,

5/01/28

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

10,000

10,563

San

Diego

Housing

Authority,

Inc.

,

Sea

Breeze

Gardens

Preservation

LP

,

Revenue

,

2024

E

,

FHLMC

Insured

,

4.2

%

,

6/01/40

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

1,995,000

1,931,829

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/32

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

4,900,000

5,186,099

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/35

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

1,900,000

1,980,855

Revenue,

Second

Series,

2022

A,

Refunding,

5%,

5/01/30

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

1,000,000

1,053,896

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport,

(continued)

Revenue,

Second

Series,

2023

C,

Refunding,

5.5%,

5/01/39

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

$

8,850,000

$

9,540,042

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/25

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

290,000

289,847

Revenue,

2020,

Refunding,

4%,

7/01/26

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

300,000

300,936

Revenue,

2020,

Refunding,

5%,

7/01/27

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

625,000

643,282

Revenue,

2020,

Refunding,

5%,

7/01/30

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

620,000

656,652

f

State

of

California

,

GO,

Refunding,

5%,

3/01/45

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

6,000,000

6,410,150

GO,

5%,

3/01/49

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

3,500,000

3,706,975

GO,

5%,

3/01/55

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

10,000,000

10,509,091

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

.......

7,065,000

6,811,657

235,691,626

Colorado

2.7%

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75

%

,

11/15/36

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

3,000,000

3,500,971

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

34,100,000

33,843,370

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.5%,

11/01/47

.......

9,335,000

9,719,559

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AGMC

Insured

,

5

%

,

12/01/43

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

1,500,000

1,546,973

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

7/15/37

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

850,000

729,996

State

of

Colorado

,

COP,

2024

A,

5%,

11/01/43

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

1,340,000

1,418,747

COP,

2024

A,

5%,

11/01/44

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

1,100,000

1,158,724

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Metropolitan

District

No.

1

,

Special

Assessment

,

2024

,

5.625

%

,

12/01/43

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

1,241,000

1,240,025

Vauxmont

Metropolitan

District

,

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/15/30

.

125,000

128,834

53,287,199

Connecticut

0.7%

Connecticut

Housing

Finance

Authority

,

Revenue

,

2016

A-1

,

Refunding

,

2.875

%

,

11/15/30

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

2,250,000

2,100,152

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/33

........

250,000

250,099

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/34

........

1,250,000

1,248,044

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/34

...

1,400,000

1,480,105

University

of

New

Haven,

Inc.,

Revenue,

K-3,

5%,

7/01/28

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

550,000

564,897

a

Yale

University,

Revenue,

2016

A-2,

Refunding,

Mandatory

Put,

2%,

7/01/26

.....

1,050,000

1,033,181

b

Harbor

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2017

,

Refunding

,

5

%

,

4/01/39

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

4,000,000

4,004,947

University

of

Connecticut

,

Revenue

,

2023

A

,

5.5

%

,

11/15/53

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

3,000,000

3,257,823

13,939,248

Delaware

0.4%

Delaware

State

Economic

Development

Authority

,

ASPIRA

of

Delaware

Charter

Operations,

Inc.

,

Revenue

,

2016

A

,

5

%

,

6/01/36

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

1,000,000

1,000,326

Delaware

State

Housing

Authority

,

Luther

Towers

Preservation

LP

,

Revenue

,

2023

,

FNMA

Insured

,

4.65

%

,

1/01/41

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

7,285,000

7,464,690

8,465,016

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

6.8%

Broward

County

Housing

Finance

Authority

,

Federation

Plaza

Preservation

LP,

Revenue,

2023,

FNMA

Insured,

5%,

10/01/38

..

$

991,733

$

1,013,126

a

Palms

of

Deerfield

Townhomes

LLC

(The),

Revenue,

2024

A,

Mandatory

Put,

3.4%,

3/01/26

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

1,400,000

1,399,073

a

Pinnacle

441

Phase

2

LLC,

Revenue,

2023,

Mandatory

Put,

4.05%,

3/01/26

......

2,000,000

2,009,458

a

St.

Joseph

Manor

II

LLLP,

Revenue,

2023,

Mandatory

Put,

3.5%,

4/01/26

........

4,000,000

3,996,691

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/31

......

1,500,000

1,563,040

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/32

......

1,000,000

1,037,834

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/33

......

1,500,000

1,549,118

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/35

......

500,000

511,630

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5.25%,

6/01/34

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

1,000,000

1,039,975

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5.25%,

6/01/39

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

1,000,000

1,021,270

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5.25%,

6/01/44

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

1,225,000

1,225,533

b

Capital

Trust

Agency,

Inc.

,

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

3.3

%

,

1/01/31

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

465,000

430,664

b

Capital

Trust

Authority

,

Madrone

Florida

Tech

Student

Housing

I

LLC,

Revenue,

144A,

2025

A,

4.75%,

7/01/40

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

800,000

754,422

Madrone

Florida

Tech

Student

Housing

I

LLC,

Revenue,

144A,

2025

A,

5%,

7/01/45

650,000

608,794

Madrone

Florida

Tech

Student

Housing

I

LLC,

Revenue,

144A,

2025

A,

5.25%,

7/01/50

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

1,250,000

1,177,407

b

Cedar

Crossings

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

4.3

%

,

5/01/32

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

240,000

235,462

b

City

of

Venice

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B-1,

4.625%,

1/01/30

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

550,000

545,323

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B-2,

4.5%,

1/01/30

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

550,000

545,198

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B-3,

4.25%,

1/01/30

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

850,000

842,538

Collier

County

Industrial

Development

Authority

,

NCH

Healthcare

System,

Inc.

Obligated

Group

,

Revenue

,

2024

A

,

AGMC

Insured

,

5

%

,

10/01/42

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

800,000

835,007

Connerton

East

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2025,

4.65%,

6/15/35

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

200,000

196,604

Assessment

Area

2,

Special

Assessment,

2025,

5.625%,

6/15/55

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

855,000

823,490

County

of

Broward

,

Airport

System,

Revenue,

2015

A,

5%,

10/01/34

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

2,000,000

2,002,279

Airport

System,

Revenue,

2019

A,

5%,

10/01/36

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

1,500,000

1,531,854

County

of

Hillsborough

,

Utility

,

Revenue

,

2016

,

Refunding

,

3

%

,

8/01/39

...........

3,800,000

3,115,799

County

of

Miami-Dade

,

Aviation,

Revenue,

2017

B,

Refunding,

5%,

10/01/40

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

10,000,000

10,046,904

Aviation,

Revenue,

2019

A,

5%,

10/01/44

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

8,000,000

8,025,031

Aviation,

Revenue,

2024

A,

Refunding,

5%,

10/01/33

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

7,000,000

7,462,436

b

County

of

Palm

Beach

,

Provident

Group

-

LU

Properties

LLC,

Revenue,

144A,

2021

A,

4.25%,

6/01/31

...

1,200,000

1,155,856

Provident

Group-PBAU

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

4/01/29

....

375,000

374,227

Provident

Group-PBAU

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

4/01/39

....

2,000,000

1,866,771

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Cypress

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.3

%

,

5/01/45

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

$

1,000,000

$

970,510

Double

Branch

Community

Development

District

,

Assessments

,

Special

Assessment,

Senior

Lien

,

2013

A-1

,

Refunding

,

4.25

%

,

5/01/34

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

360,000

354,536

Florida

Development

Finance

Corp.

,

b

Revenue,

144A,

2021

A,

3%,

7/01/31

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

185,000

172,633

River

City

Education

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

7/01/31

.

325,000

334,488

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/52

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

4,500,000

4,205,781

a

Florida

Housing

Finance

Corp.

,

Brownsville

Village

V

Ltd.,

Revenue,

2024

B,

GNMA

Insured,

Mandatory

Put,

3.35%,

10/01/26

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

2,250,000

2,248,633

Northside

Property

III

Ltd.,

Revenue,

2023

B,

GNMA

Insured,

Mandatory

Put,

5%,

2/01/26

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

2,000,000

2,021,697

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

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

275,000

274,406

Fox

Branch

Ranch

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

4.375

%

,

5/01/35

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

175,000

171,042

Greater

Orlando

Aviation

Authority

,

Revenue

,

2017

A

,

5

%

,

10/01/35

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

7,500,000

7,613,791

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/36

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

1,375,000

1,379,199

JEA

Water

&

Sewer

System

,

Revenue,

2025

A,

Refunding,

5%,

10/01/42

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

3,265,000

3,498,523

Revenue,

2025

A,

Refunding,

5%,

10/01/43

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

7,300,000

7,768,241

Revenue,

2025

A,

Refunding,

5%,

10/01/44

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

9,000,000

9,526,887

Lakewood

Ranch

Stewardship

District

,

Assessments,

Special

Assessment,

2023,

5.45%,

5/01/33

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

2,660,000

2,768,338

Assessments,

Special

Assessment,

2023,

6.125%,

5/01/43

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

1,245,000

1,300,370

Assessments,

Special

Assessment,

2024,

4.5%,

5/01/31

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

550,000

546,816

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

B-1

,

4.75

%

,

11/15/29

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

1,300,000

1,300,373

Madeira

Community

Development

District

,

Assessment

Area

No.

1,

Special

Assessment,

2025,

Refunding,

5%,

5/01/35

.....

1,560,000

1,615,834

Assessment

Area

No.

1,

Special

Assessment,

2025,

Refunding,

5%,

5/01/39

.....

585,000

598,355

Assessment

Area

No.

2,

Special

Assessment,

2025,

4.7%,

5/01/35

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

860,000

849,839

Assessment

Area

No.

2,

Special

Assessment,

2025,

5.5%,

5/01/45

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

460,000

445,063

Assessment

Area

No.

2,

Special

Assessment,

2025,

5.8%,

5/01/55

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

1,570,000

1,525,023

a

Miami-Dade

County

Housing

Finance

Authority

,

Cutler

Vista

Housing

LP,

Revenue,

2023,

Mandatory

Put,

5%,

9/01/25

..........

3,000,000

3,009,847

Quail

Roost

Transit

Village

I

Ltd.,

Revenue,

2023,

Mandatory

Put,

5%,

9/01/25

....

4,000,000

4,017,661

St.

Mary

Towers

Apartments

LLLP,

Revenue,

2024,

Mandatory

Put,

3.4%,

10/01/26

1,750,000

1,749,014

Miromar

Lakes

Community

Development

District

,

Special

Assessment

,

2025

,

Refunding

,

5

%

,

5/01/35

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

1,500,000

1,565,944

Orlando

Utilities

Commission

,

Revenue,

2024

A,

5%,

10/01/45

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

1,440,000

1,524,681

Revenue,

2024

A,

5%,

10/01/46

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

2,500,000

2,626,720

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Palermo

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

4.375

%

,

6/15/32

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

$

250,000

$

246,755

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/32

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

2,000,000

2,026,970

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

,

Revenue

,

2019

,

5

%

,

7/01/29

.........

1,895,000

1,907,006

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.45

%

,

6/15/45

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

600,000

589,714

South

Broward

Hospital

District

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

3

%

,

5/01/34

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

1,190,000

1,089,216

b

Southeast

Overtown

Park

West

Community

Redevelopment

Agency

,

Tax

Allocation

,

144A,

2014

A-1

,

5

%

,

3/01/30

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

205,000

205,222

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/29

215,000

204,800

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/30

195,000

184,158

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/31

200,000

187,076

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.1

%

,

5/01/31

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

785,000

771,013

b

Village

Community

Development

District

No.

13

,

Phase

II

,

Special

Assessment

,

144A,

2020

,

1.875

%

,

5/01/25

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

175,000

175,000

b

Village

Community

Development

District

No.

15

,

Special

Assessment,

144A,

2024,

3.75%,

5/01/29

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

500,000

493,329

Special

Assessment,

144A,

2024,

4%,

5/01/34

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

500,000

485,392

Special

Assessment,

144A,

2024,

4.2%,

5/01/39

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

1,000,000

946,556

Phase

I,

Special

Assessment,

144A,

2023,

4.375%,

5/01/33

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

995,000

1,001,785

Phase

I,

Special

Assessment,

144A,

2023,

4.85%,

5/01/38

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

1,000,000

1,010,161

Woodcreek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

4.35

%

,

5/01/32

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

200,000

196,576

b

Woodland

Preserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

4.3

%

,

5/01/32

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

250,000

246,448

136,894,236

Georgia

4.4%

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

B,

Refunding,

5%,

7/01/30

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

3,500,000

3,710,285

Department

of

Aviation,

Revenue,

2024

A-1,

5%,

7/01/49

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

4,000,000

4,137,393

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/40

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

13,720,000

13,727,416

DeKalb

County

Housing

Authority

,

Revenue,

2023

A,

4%,

12/01/33

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

4,500,000

4,459,220

HADC

Park

at

500

LLC,

Revenue,

2024,

4%,

3/01/34

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

16,000,000

15,648,002

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

4,233,932

Georgia

Power

Co.,

Revenue,

First

Series,

2013-1,

Refunding,

Mandatory

Put,

3.375%,

3/12/27

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

2,500,000

2,481,545

Oglethorpe

Power

Corp.,

Revenue,

2013

A,

Refunding,

Mandatory

Put,

3.6%,

2/01/30

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

6,000,000

5,951,683

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

3,760,863

a

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2019

C,

Mandatory

Put,

4%,

9/01/26

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

820,000

820,281

Revenue,

2021

A,

Mandatory

Put,

4%,

9/01/27

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

10,000,000

9,995,711

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

1,500,000

1,494,144

Revenue,

2023

C,

Mandatory

Put,

5%,

9/01/30

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

2,000,000

2,091,988

Revenue,

2023

E-1,

Mandatory

Put,

5%,

6/01/31

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

5,000,000

5,245,578

Revenue,

2024

B,

Mandatory

Put,

5%,

3/01/32

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

2,500,000

2,625,642

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

a

Main

Street

Natural

Gas,

Inc.,

(continued)

Revenue,

2025

A,

Mandatory

Put,

5%,

6/01/32

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

$

3,000,000

$

3,168,736

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2021

A,

Refunding,

4%,

1/01/46

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

330,000

297,300

Revenue,

2024

A,

Refunding,

5%,

1/01/40

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

850,000

899,537

Revenue,

2024

A,

Refunding,

5%,

1/01/42

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

1,050,000

1,096,163

Revenue,

2024

A,

Refunding,

5%,

1/01/43

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

1,250,000

1,297,827

87,143,246

Hawaii

0.3%

a

City

&

County

of

Honolulu

,

Komohale

Maunakea

Venture

LP

,

Revenue

,

2023

,

Mandatory

Put

,

5

%

,

6/01/26

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

5,000,000

5,084,793

Illinois

5.3%

Chicago

Board

of

Education

,

GO

,

2021

A

,

5

%

,

12/01/39

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

1,000,000

997,603

Chicago

Midway

International

Airport

,

Revenue,

Senior

Lien,

2023

A,

Refunding,

BAM

Insured,

5.75%,

1/01/41

........

500,000

543,814

Revenue,

Senior

Lien,

2023

A,

Refunding,

BAM

Insured,

5.75%,

1/01/42

........

1,000,000

1,081,307

Revenue,

Senior

Lien,

2023

A,

Refunding,

BAM

Insured,

5.75%,

1/01/43

........

1,250,000

1,345,081

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2024

A,

5.5%,

1/01/44

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

2,000,000

2,117,176

Customer

Facility

Charge,

Revenue,

Senior

Lien,

2023,

Refunding,

BAM

Insured,

5.25%,

1/01/39

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

1,195,000

1,307,413

Customer

Facility

Charge,

Revenue,

Senior

Lien,

2023,

Refunding,

BAM

Insured,

5.25%,

1/01/40

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

1,700,000

1,845,996

Chicago

Park

District

,

GO

,

2024

A

,

5

%

,

1/01/47

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

1,500,000

1,519,665

City

of

Chicago

,

GO,

2021

A,

Refunding,

4%,

1/01/36

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

1,000,000

932,893

GO,

2023

A,

5%,

1/01/35

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

3,000,000

3,100,660

Illinois

Finance

Authority

,

a

Revenue,

2020,

Refunding,

Mandatory

Put,

3.875%,

9/01/28

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

2,250,000

2,212,250

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/32

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

685,000

654,622

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/33

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

1,060,000

1,001,179

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

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

445,000

415,652

Ascension

Health

Credit

Group,

Revenue,

2016

C,

Refunding,

5%,

2/15/34

......

1,100,000

1,119,395

CHF-Chicago

LLC,

Revenue,

2017

A,

5%,

2/15/47

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

500,000

472,360

CHF-Chicago

LLC,

Revenue,

2017

A,

5%,

2/15/50

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

460,000

428,139

b

Navy

Pier,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B,

Refunding,

5%,

10/01/34

2,000,000

2,042,288

b

Navy

Pier,

Inc.

Obligated

Group,

Revenue,

144A,

2024

B,

Refunding,

5.25%,

10/01/39

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

1,350,000

1,369,583

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

2017

A,

Refunding,

5%,

8/01/31

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

400,000

407,931

b

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

144A,

2025,

5.25%,

8/01/35

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

9,600,000

9,586,428

University

of

Illinois,

Revenue,

2023

B,

5.5%,

10/01/57

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

5,245,000

5,456,811

Illinois

Housing

Development

Authority

,

Revenue,

2017

A,

GNMA

Insured,

3.125%,

2/01/47

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

11,529,269

10,126,459

a

South

Shore

IL

Preservation

LP,

Revenue,

2023,

FHA

Insured,

Mandatory

Put,

4%,

6/01/25

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

5,500,000

5,502,006

Illinois

State

Toll

Highway

Authority

,

Revenue,

2015

A,

5%,

1/01/40

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

12,850,000

12,749,310

Revenue,

2015

B,

5%,

1/01/40

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

10,000,000

10,022,356

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

12/15/33

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

$

300,000

$

307,462

Northern

Illinois

University

,

COP

,

2024

,

BAM

Insured

,

5.5

%

,

4/01/49

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

2,250,000

2,340,384

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

,

GO,

2024

A,

AGMC

Insured,

5%,

1/01/40

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

325,000

345,641

GO,

2024

A,

AGMC

Insured,

5%,

1/01/41

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

400,000

422,415

GO,

2024

A,

AGMC

Insured,

5%,

1/01/42

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

475,000

498,329

GO,

2024

A,

AGMC

Insured,

5%,

1/01/43

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

500,000

521,688

GO,

2024

A,

AGMC

Insured,

5%,

1/01/44

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

260,000

270,000

GO,

2024

B,

AGMC

Insured,

5%,

1/01/40

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

210,000

219,288

GO,

2024

B,

AGMC

Insured,

5%,

1/01/41

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

210,000

217,753

GO,

2024

B,

AGMC

Insured,

5%,

1/01/42

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

225,000

232,270

GO,

2024

B,

AGMC

Insured,

5%,

1/01/43

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

1,350,000

1,388,936

State

of

Illinois

,

GO,

2016,

4%,

1/01/31

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

695,000

687,470

GO,

2016,

4.125%,

11/01/31

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

830,000

822,155

GO,

2016,

5%,

11/01/34

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

1,650,000

1,666,962

GO,

2016,

5%,

1/01/41

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

340,000

338,087

GO,

2016,

5%,

11/01/41

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

600,000

600,197

GO,

2017

C,

5%,

11/01/29

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

11,170,000

11,514,472

University

of

Illinois

,

Health

Services

Facilities

System,

Revenue,

2023,

Refunding,

5.5%,

10/01/39

....

380,000

409,802

Health

Services

Facilities

System,

Revenue,

2023,

Refunding,

5.5%,

10/01/40

....

605,000

649,504

Health

Services

Facilities

System,

Revenue,

2023,

Refunding,

5.5%,

10/01/41

....

1,660,000

1,777,615

Village

of

Romeoville

,

Lewis

University,

Revenue,

2015,

Refunding,

5%,

10/01/26

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

500,000

500,079

Lewis

University,

Revenue,

2015,

Refunding,

5%,

10/01/27

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

860,000

859,221

Lewis

University,

Revenue,

2015,

Refunding,

5%,

10/01/29

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

975,000

969,543

105,917,650

Indiana

1.3%

City

of

Rockport

,

AEP

Generating

Co.

,

Revenue

,

1995

B

,

Refunding

,

3.125

%

,

7/01/25

4,150,000

4,142,917

a

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

Mandatory

Put

,

5

%

,

6/05/26

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

12,035,000

12,144,619

Indiana

Finance

Authority

,

Revenue,

First

Lien,

2025

A,

Refunding,

5.5%,

10/01/55

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

4,025,000

4,264,784

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

1,596,615

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/38

.......

500,000

544,877

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/40

.......

615,000

657,346

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/41

.......

1,000,000

1,052,874

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2024

A,

Refunding,

5%,

10/01/42

.......

1,350,000

1,416,741

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2019

A

,

5

%

,

2/01/44

..

1,175,000

1,194,979

27,015,752

Iowa

0.1%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

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

1,150,000

993,321

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

6.6%,

5/15/28

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

1,185,000

1,244,182

2,237,503

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

2.4%

City

of

Columbia

,

Lindsey

Wilson

College,

Inc.

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/33

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

$

3,000,000

$

2,979,893

a

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7

%

,

6/01/27

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

5,000,000

5,033,242

Kentucky

Economic

Development

Finance

Authority

,

KentuckyWired

Infrastructure

Co.,

Inc.

,

Revenue,

Senior

Lien

,

2015

A

,

5

%

,

7/01/30

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

2,080,000

2,083,402

a

Kentucky

Public

Energy

Authority

,

Revenue,

2024

A,

Mandatory

Put,

5%,

7/01/30

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

5,750,000

5,974,065

Revenue,

2024

B,

Refunding,

Mandatory

Put,

5%,

8/01/32

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

3,750,000

3,929,105

g

Revenue,

2025

A,

Refunding,

Mandatory

Put,

5.25%,

12/01/29

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

9,000,000

9,452,255

Louisville/Jefferson

County

Metropolitan

Government

,

a

Louisville

Gas

and

Electric

Co.,

Revenue,

2005

A,

Mandatory

Put,

1.75%,

7/01/26

.

5,000,000

4,891,222

Norton

Healthcare

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/31

..

2,750,000

2,790,363

Norton

Healthcare

Obligated

Group,

Revenue,

2023

A,

Refunding,

5%,

10/01/41

..

4,700,000

4,863,080

Rural

Water

Financing

Agency

,

Revenue

,

2023

A

,

3.9

%

,

11/01/25

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

3,000,000

3,001,087

University

of

Kentucky

,

Revenue,

2024,

5%,

10/01/41

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

1,475,000

1,563,539

Revenue,

2024,

5%,

10/01/42

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

1,850,000

1,951,702

48,512,955

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

1,026,969

Christwood

Obligated

Group,

Revenue,

144A,

2024,

Refunding,

5%,

11/15/37

....

1,900,000

1,886,871

a

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

A-3

,

Refunding

,

Mandatory

Put

,

2.2

%

,

7/01/26

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

2,000,000

1,962,749

4,876,589

Maryland

0.3%

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/36

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

300,000

301,607

County

of

Frederick

,

b

Mount

St.

Mary's

University,

Inc.,

Revenue,

144A,

2017

A,

Refunding,

5%,

9/01/27

.

2,045,000

2,044,418

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

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

890,000

840,717

Maryland

Economic

Development

Corp.

,

City

of

Baltimore

Port

Covington

Development

District

,

Tax

Allocation

,

2020

,

3.25

%

,

9/01/30

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

1,350,000

1,282,743

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/34

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

250,000

238,894

Montgomery

County

Housing

Opportunities

Commission

,

Multi-family

Housing

,

Revenue

,

2012

A

,

3.75

%

,

7/01/32

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

1,500,000

1,496,494

6,204,873

Massachusetts

1.2%

Massachusetts

Development

Finance

Agency

,

Bentley

University,

Revenue,

2025,

5%,

7/01/37

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

750,000

802,954

Bentley

University,

Revenue,

2025,

5%,

7/01/39

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

1,100,000

1,159,856

Bentley

University,

Revenue,

2025,

5%,

7/01/41

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

1,100,000

1,138,391

Bentley

University,

Revenue,

2025,

5%,

7/01/45

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

1,225,000

1,238,263

b

CHF

Merrimack,

Inc.,

Revenue,

144A,

2024

A,

5%,

7/01/44

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

1,000,000

994,185

Emerson

College,

Revenue,

2025,

Refunding,

5%,

1/01/28

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

1,150,000

1,190,703

Lasell

University,

Revenue,

2021,

Refunding,

4%,

7/01/40

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

7,515,000

6,201,628

b

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

160,000

159,645

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/35

.........

2,000,000

2,020,916

Simmons

University,

Revenue,

K-1,

Refunding,

5%,

10/01/26

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

950,000

950,492

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Simmons

University,

Revenue,

K-1,

Refunding,

5%,

10/01/27

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

$

1,150,000

$

1,149,910

UMass

Memorial

Health

Care

Obligated

Group,

Revenue,

2025

N-1,

Refunding,

5.25%,

7/01/50

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

5,000,000

5,023,106

Massachusetts

Housing

Finance

Agency

,

Revenue,

2017

D,

3.1%,

6/01/30

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

720,000

694,849

a

Revenue,

216,

Refunding,

GNMA

Insured,

Mandatory

Put,

1.85%,

6/01/25

.......

1,000,000

997,501

23,722,399

Michigan

2.1%

City

of

Detroit

,

GO,

2020,

5.5%,

4/01/34

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

660,000

705,901

GO,

2023

B,

6.844%,

5/01/28

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

620,000

631,367

GO,

B-1,

4%,

4/01/44

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

4,474,431

3,524,185

County

of

Genesee

,

Water

Supply

System,

GO,

2024,

Refunding,

AGMC

Insured,

5%,

11/01/35

......

1,000,000

1,092,162

Water

Supply

System,

GO,

2024,

Refunding,

AGMC

Insured,

5%,

11/01/36

......

1,000,000

1,082,789

Water

Supply

System,

GO,

2024,

Refunding,

AGMC

Insured,

5%,

11/01/37

......

750,000

808,155

Water

Supply

System,

GO,

2024,

Refunding,

AGMC

Insured,

5%,

11/01/38

......

585,000

629,184

Water

Supply

System,

GO,

2024,

Refunding,

AGMC

Insured,

5%,

11/01/39

......

800,000

857,265

Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

5

%

,

7/01/48

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

15,125,000

15,385,881

Kalamazoo

Public

Schools

,

GO,

2023

I,

AGMC

Insured,

5%,

5/01/45

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

885,000

906,928

GO,

2023

I,

AGMC

Insured,

5%,

5/01/48

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

820,000

834,346

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/37

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

1,000,000

985,800

Michigan

Finance

Authority

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

2015

C,

5%,

7/01/35

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

1,000,000

998,501

Lawrence

Technological

University

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

2/01/32

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

1,145,000

1,156,626

Lawrence

Technological

University

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

2/01/47

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

1,000,000

937,870

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/27

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

95,000

94,068

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/32

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

285,000

276,207

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/29/40

...........

500,000

527,970

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/28/41

...........

550,000

575,898

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/28/42

...........

625,000

650,611

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.25%,

2/28/43

...........

800,000

830,894

Provident

Group

-

HFH

Energy

LLC,

Revenue,

2024,

5.5%,

2/28/49

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

750,000

791,498

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A-1,

Refunding,

2.326%,

6/01/30

34,214

33,895

Michigan

State

University

,

Revenue

,

2019

B

,

5

%

,

2/15/44

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

3,000,000

3,046,976

Michigan

Strategic

Fund

,

Holland

Home

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/15/34

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

1,900,000

1,902,095

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2015

F

,

Refunding

,

5

%

,

12/01/30

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

1,840,000

1,842,951

41,110,023

Minnesota

1.5%

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/33

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

2,410,000

2,473,244

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Minneapolis,

(continued)

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/36

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

$

4,835,000

$

5,061,119

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/36

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

1,050,000

1,066,454

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/01/32

...

4,325,000

4,124,584

Duluth

Economic

Development

Authority

,

Benedictine

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/31

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

625,000

584,483

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

3,020,055

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2024

B

,

5

%

,

1/01/36

8,500,000

8,954,960

Minnesota

Higher

Education

Facilities

Authority

,

Augsburg

University,

Revenue,

2016

A,

5%,

5/01/46

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

750,000

513,816

a

University

of

St.

Thomas,

Revenue,

2024

B-1,

Mandatory

Put,

5%,

10/01/27

......

3,000,000

3,078,321

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25

%

,

10/01/42

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

1,000,000

1,002,877

29,879,913

Mississippi

0.1%

City

of

Gulfport

,

Memorial

Hospital

at

Gulfport

Obligated

Group

,

Revenue

,

2025

,

5.5

%

,

7/01/50

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

1,150,000

1,187,900

Missouri

2.3%

City

of

St.

Louis

,

Airport

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

7/01/30

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

1,430,000

1,507,661

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/46

.....

12,510,000

11,141,661

Children's

Mercy

Hospital

Obligated

Group,

Revenue,

2017

A,

4%,

5/15/42

......

3,195,000

2,953,669

Mercy

Health,

Revenue,

2012,

BAM

Insured,

4%,

11/15/42

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

1,555,000

1,437,219

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/33

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

2,025,000

2,028,688

Mercy

Health,

Revenue,

2023,

5.5%,

12/01/40

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

1,100,000

1,201,375

Mercy

Health,

Revenue,

2023,

5.5%,

12/01/41

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

2,100,000

2,276,811

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

5%,

5/01/28

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

1,775,000

1,764,656

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/37

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

2,600,000

2,172,121

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/39

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

3,750,000

3,044,433

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/40

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

615,000

490,766

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/43

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

1,750,000

1,341,911

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/38

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

1,440,000

1,184,402

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/39

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

1,250,000

1,014,811

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/45

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

1,280,000

954,262

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City,

Revenue,

2019

A,

5%,

3/01/35

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

5,000,000

5,117,491

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/32

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

1,000,000

1,033,380

City

of

Kansas

City

Airport,

Revenue,

2020

A,

5%,

3/01/30

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

1,540,000

1,619,480

Plaza

at

Noah's

Ark

Community

Improvement

District

,

Revenue,

2021,

Refunding,

3%,

5/01/25

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

225,000

225,000

Revenue,

2021,

Refunding,

3%,

5/01/26

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

275,000

271,092

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax,

Revenue,

2023

B,

Refunding,

3.375%,

12/01/31

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

1,295,000

1,222,110

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Poplar

Bluff

Regional

Transportation

Development

District,

(continued)

Sales

Tax,

Revenue,

2023

B,

Refunding,

4%,

12/01/37

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

$

2,300,000

$

2,130,953

46,133,952

Montana

0.1%

City

of

Forsyth

,

NorthWestern

Corp.

,

Revenue

,

2023

,

Refunding

,

3.875

%

,

7/01/28

...

2,200,000

2,214,586

Nebraska

1.2%

Omaha

Public

Power

District

,

Revenue,

2021

A,

5%,

2/01/46

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

5,000,000

5,124,171

Revenue,

2024

C,

5%,

2/01/41

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

1,750,000

1,873,262

Revenue,

2024

C,

5%,

2/01/42

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

2,150,000

2,272,977

Revenue,

2024

C,

5%,

2/01/43

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

2,250,000

2,390,233

Revenue,

2024

C,

5%,

2/01/44

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

2,715,000

2,852,169

Revenue,

2024

C,

5%,

2/01/54

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

3,750,000

3,879,448

Revenue,

2024

D,

Refunding,

5%,

2/01/43

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

5,000,000

5,311,628

23,703,888

Nevada

1.6%

City

of

Las

Vegas

,

Special

Improvement

District

No.

818,

Special

Assessment,

2024,

5%,

12/01/39

...

1,000,000

1,003,512

Special

Improvement

District

No.

818,

Special

Assessment,

2024,

5%,

12/01/44

...

935,000

901,420

a

County

of

Clark

,

Nevada

Power

Co.

,

Revenue

,

2017

,

Refunding

,

Mandatory

Put

,

3.75

%

,

3/31/26

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

2,250,000

2,244,405

County

of

Humboldt

,

Sierra

Pacific

Power

Co.,

Revenue,

2016

A,

Refunding,

3.55%,

10/01/29

........

2,000,000

1,999,782

Sierra

Pacific

Power

Co.,

Revenue,

2016

B,

Refunding,

3.55%,

10/01/29

........

2,000,000

1,995,732

a

County

of

Washoe

,

Sierra

Pacific

Power

Co.,

Revenue,

2016

B,

Refunding,

Mandatory

Put,

3.625%,

10/01/29

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

3,000,000

2,988,392

Sierra

Pacific

Power

Co.,

Revenue,

2016

G,

Refunding,

Mandatory

Put,

3.625%,

10/01/29

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

1,000,000

996,131

Las

Vegas

Convention

&

Visitors

Authority

,

f

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2018

B,

5%,

7/01/43

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

9,660,000

9,756,445

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/39

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

760,000

810,724

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/40

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

1,550,000

1,643,990

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/41

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

1,000,000

1,051,501

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/42

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

1,200,000

1,256,663

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax,

Revenue,

2023

A,

5%,

7/01/43

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

1,205,000

1,257,858

Reno-Tahoe

Airport

Authority

,

Revenue,

2024

A,

5.25%,

7/01/39

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

1,000,000

1,058,701

Revenue,

2024

A,

5.25%,

7/01/40

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

1,000,000

1,051,135

Revenue,

2024

B,

5%,

7/01/44

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

1,100,000

1,135,927

31,152,318

New

Hampshire

1.8%

New

Hampshire

Business

Finance

Authority

,

Revenue,

2023-2,

A,

3.875%,

1/20/38

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

4,997,467

4,670,156

Revenue,

2024-1,

A,

4.25%,

7/20/41

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

2,963,607

2,824,870

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Hampshire

(continued)

New

Hampshire

Business

Finance

Authority,

(continued)

a

Revenue,

2024-1,

A,

Mandatory

Put,

4.15%,

10/01/34

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

$

3,490,000

$

3,289,480

Revenue,

2024-2,

A,

3.625%,

8/20/39

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

7,756,394

7,104,364

d

Revenue,

FRN,

2024-3,

A,

4.163%,

10/20/41

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

3,980,171

3,680,675

Revenue,

2025-1,

A-1,

3.816%,

1/20/41

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

9,743,199

9,262,125

Revenue,

2025-1,

A-2,

4.168%,

1/20/41

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

3,245,466

2,977,672

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

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

1,050,000

1,007,882

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Southern

New

Hampshire

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

10/01/37

....

2,000,000

2,008,553

36,825,777

New

Jersey

1.1%

a

Camden

County

Improvement

Authority

(The)

,

Revenue

,

2024

,

Mandatory

Put

,

5

%

,

3/01/26

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

4,000,000

4,049,831

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

3,045,907

a

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

3.75%,

6/01/28

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

3,000,000

2,985,375

State

of

New

Jersey,

Revenue,

2024

SSS,

Refunding,

5.25%,

6/15/37

..........

1,060,000

1,154,612

State

of

New

Jersey,

Revenue,

2024

SSS,

Refunding,

5.25%,

6/15/38

..........

1,585,000

1,718,591

State

of

New

Jersey,

Revenue,

2024

SSS,

Refunding,

5.25%,

6/15/39

..........

1,000,000

1,082,079

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2016

A-1,

5%,

6/15/28

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

750,000

762,607

State

of

New

Jersey,

Revenue,

2023

A,

Refunding,

4.25%,

6/15/40

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

2,000,000

1,953,541

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25

%

,

7/01/33

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

570,000

572,118

South

Jersey

Transportation

Authority

,

Revenue,

2022

A,

5%,

11/01/38

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

1,140,000

1,197,407

Revenue,

2022

A,

5%,

11/01/40

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

2,500,000

2,598,316

21,120,384

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

2,740,326

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

E,

Refunding,

Mandatory

Put,

3.875%,

6/01/29

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

5,000,000

4,982,410

Public

Service

Co.

of

New

Mexico,

Revenue,

2016

B,

Refunding,

2.15%,

4/01/33

..

2,000,000

1,646,362

City

of

Santa

Fe

,

El

Castillo

Retirement

Residences

Obligated

Group

,

Revenue

,

2012

,

5

%

,

5/15/42

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

980,000

944,350

a

New

Mexico

Mortgage

Finance

Authority

,

JLG

NM

ABQ

2023

LLLP

,

Revenue

,

2023

,

Mandatory

Put

,

5

%

,

9/01/25

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

1,150,000

1,154,125

11,467,573

New

York

9.8%

Albany

Capital

Resource

Corp.

,

Empire

Commons

Student

Housing,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

5/01/25

645,000

645,000

Empire

Commons

Student

Housing,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

5/01/26

400,000

404,122

Build

NYC

Resource

Corp.

,

Classical

Charter

School,

Inc.,

Revenue,

2023

A,

4%,

6/15/33

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

970,000

947,980

b

East

Harlem

Scholars

Academy

Charter

School

Obligated

Group,

Revenue,

144A,

2022,

5%,

6/01/32

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

375,000

378,730

Global

Community

Charter

School,

Revenue,

2022

A,

4%,

6/15/32

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

500,000

459,597

Grand

Concourse

Acadmey

Charter

School,

Revenue,

2022

A,

3.4%,

7/01/27

....

190,000

187,756

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Build

NYC

Resource

Corp.,

(continued)

b

Unity

Preparatory

Charter

School

of

Brooklyn,

Revenue,

144A,

2023

A,

5%,

6/15/33

$

665,000

$

686,682

City

of

New

York

,

GO,

2017

A-1,

5%,

8/01/38

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

1,500,000

1,513,296

GO,

2024

D,

5.25%,

4/01/47

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

16,325,000

17,286,508

GO,

2024

D,

5.5%,

4/01/48

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

17,025,000

18,413,277

GO,

2025

C-1,

5.25%,

9/01/45

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

1,465,000

1,569,148

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2018

,

Refunding

,

5

%

,

7/01/34

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

500,000

511,708

Empire

State

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2023

A

,

5

%

,

3/15/44

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

5,000,000

5,222,307

Monroe

County

Industrial

Development

Corp.

,

Andrews

Terrace

Community

Partners

LP

,

Revenue

,

2023

A

,

FNMA

Insured

,

4.72

%

,

1/01/44

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

5,000,000

5,017,115

New

York

City

Housing

Development

Corp.

,

Revenue,

2019

G-1-B,

Refunding,

3%,

11/01/44

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

765,000

594,683

Revenue,

2020

I-1,

2.55%,

11/01/45

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

6,255,000

4,254,670

a

Revenue,

2022

F-2-B,

FHA

Insured,

Mandatory

Put,

3.4%,

12/22/26

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

12,750,000

12,707,711

a

Revenue,

2023

A-2,

Mandatory

Put,

3.7%,

12/30/27

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

10,000,000

10,007,925

8

Spruce

NY

Owner

LLC,

Revenue,

2024,

B,

Refunding,

6.033%,

12/15/31

......

500,000

510,209

8

Spruce

NY

Owner

LLC,

Revenue,

2024,

E,

Refunding,

4.375%,

12/15/31

......

1,750,000

1,766,877

8

Spruce

NY

Owner

LLC,

Revenue,

2024,

F,

Refunding,

5.25%,

12/15/31

........

7,085,000

7,171,070

New

York

City

Municipal

Water

Finance

Authority

,

New

York

City

Water

&

Sewer

System,

Revenue,

2022

EE,

Refunding,

5%,

6/15/45

2,730,000

2,838,616

New

York

City

Water

&

Sewer

System,

Revenue,

2024

AA-3,

Refunding,

5%,

6/15/43

1,800,000

1,898,920

New

York

City

Transitional

Finance

Authority

,

Building

Aid,

Revenue,

2015

S-2,

5%,

7/15/40

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

5,745,000

5,745,933

Future

Tax

Secured,

Revenue,

2025

H-1,

5.25%,

11/01/48

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

17,650,000

18,758,231

New

York

Liberty

Development

Corp.

,

7

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

1

,

Refunding

,

3

%

,

9/15/43

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

7,915,000

6,063,690

New

York

State

Dormitory

Authority

,

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/37

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

345,000

367,340

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/38

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

650,000

687,872

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/39

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

1,000,000

1,050,818

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/41

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

685,000

708,869

New

York

Institute

of

Technology,

Revenue,

2024,

5%,

7/01/42

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

870,000

896,134

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/53

.......

10,000,000

8,567,941

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

Refunding,

3%,

3/15/39

7,915,000

6,711,377

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/44

........

9,180,000

9,307,401

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

2004

C

,

Refunding

,

4

%

,

4/01/34

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

3,700,000

3,720,413

New

York

State

Housing

Finance

Agency

,

Revenue,

2016

C,

GNMA

Insured,

3.05%,

11/01/36

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

1,500,000

1,309,101

Revenue,

2023

C-1,

SONYMA

HUD

SECT

8,

4.5%,

11/01/43

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

1,000,000

989,996

a

State

of

New

York

Personal

Income

Tax,

Revenue,

2024

A-2,

Mandatory

Put,

3.35%,

6/15/29

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

4,000,000

3,957,690

a

State

of

New

York

Personal

Income

Tax,

Revenue,

2024

A-2,

Mandatory

Put,

3.45%,

12/15/30

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

2,480,000

2,448,617

a

West

38TH

Street

LLC,

Revenue,

2014

A,

FHLMC

Insured,

Mandatory

Put,

3.57%,

11/01/31

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

1,000,000

970,335

New

York

State

Thruway

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

C

,

5

%

,

3/15/53

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

4,000,000

4,089,457

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

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

105,000

103,202

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

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

500,000

507,080

Delta

Air

Lines,

Inc.,

Revenue,

2023,

5.625%,

4/01/40

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

4,000,000

4,143,059

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.,

(continued)

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/29

...

$

500,000

$

520,754

JFK

NTO

LLC,

Revenue,

2023,

5.5%,

6/30/38

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

2,000,000

2,117,965

JFK

NTO

LLC,

Revenue,

2023,

5.5%,

6/30/39

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

1,000,000

1,054,790

JFK

NTO

LLC,

Revenue,

2023,

5.5%,

6/30/40

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

875,000

919,169

JFK

NTO

LLC,

Revenue,

2023,

AGMC

Insured,

5.5%,

6/30/42

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

1,750,000

1,825,575

b

Oneida

Indian

Nation

of

New

York

,

Revenue,

144A,

2024

A,

8%,

9/01/40

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

2,875,000

2,910,345

Revenue,

144A,

2024

B,

6%,

9/01/43

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

1,700,000

1,804,506

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

197th,

Refunding,

5%,

11/15/35

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

5,000,000

5,037,382

f

Revenue,

218th,

5%,

11/01/49

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

1,535,000

1,528,869

Revenue,

236th,

5%,

1/15/36

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

1,000,000

1,053,414

Revenue,

236th,

5%,

1/15/37

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

1,000,000

1,049,240

195,920,472

North

Carolina

0.2%

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue,

2023,

5%,

10/01/41

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

450,000

471,072

Revenue,

2023,

5%,

10/01/42

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

950,000

990,604

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/26

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

1,250,000

1,267,648

North

Carolina

Medical

Care

Commission

,

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

5%,

3/01/26

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

440,000

441,876

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

5%,

3/01/27

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

460,000

464,713

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

5%,

3/01/28

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

365,000

370,686

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

4%,

3/01/29

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

755,000

743,640

4,750,239

North

Dakota

0.4%

Cass

County

Joint

Water

Resource

District

,

Revenue

,

2024

A

,

Refunding

,

3.45

%

,

4/01/27

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

8,000,000

7,956,693

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85

%

,

8/01/26

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

750,000

750,521

8,707,214

Ohio

1.7%

Cleveland-Cuyahoga

County

Port

Authority

,

Euclid

Avenue

Development

Corp.,

Revenue,

2014,

Refunding,

5%,

8/01/39

.....

3,000,000

2,963,734

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5%,

12/01/33

........

3,460,000

3,505,951

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

500,000

504,328

Columbus

Metropolitan

Housing

Authority

,

Revenue,

2024,

4%,

6/01/34

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

1,400,000

1,346,688

Revenue,

2024,

5%,

6/01/34

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

3,325,000

3,417,199

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Franklin

,

Friendship

Village

of

Dublin

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5

%

,

11/15/34

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

$

700,000

$

700,021

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/36

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

3,055,000

3,063,916

County

of

Scioto

,

Southern

Ohio

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

2/15/33

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

500,000

503,592

Dayton-Montgomery

County

Port

Authority

,

Dayton

Regional

STEM

Schools,

Inc.

,

Revenue

,

2024

,

5

%

,

12/01/44

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

500,000

498,787

a

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.,

Revenue,

2022

A,

Refunding,

Mandatory

Put,

4.25%,

6/01/27

.

6,955,000

6,993,304

Duke

Energy

Corp.,

Revenue,

2022

B,

Refunding,

Mandatory

Put,

4%,

6/01/27

...

3,250,000

3,266,022

Ohio

Higher

Educational

Facility

Commission

,

Cleveland

Institute

of

Art

(The),

Revenue,

2018,

5%,

12/01/28

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

865,000

856,689

Cleveland

Institute

of

Art

(The),

Revenue,

2018,

5%,

12/01/33

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

1,570,000

1,520,686

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

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

600,000

623,606

John

Carroll

University,

Revenue,

2020,

5%,

10/01/25

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

220,000

220,801

John

Carroll

University,

Revenue,

2020,

5%,

10/01/28

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

370,000

379,840

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue,

2024

C,

Refunding,

AGMC

Insured,

5.25%,

12/01/48

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

400,000

416,765

Revenue,

2024

C,

Refunding,

AGMC

Insured,

5.25%,

12/01/53

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

525,000

540,758

Revenue,

Senior

Lien,

2024

A,

Refunding,

5%,

12/01/48

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

825,000

853,290

Revenue,

Senior

Lien,

2024

A,

Refunding,

5%,

12/01/53

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

800,000

812,372

b

City

of

Cincinnati

Assigned

City

Residual

Funds,

Revenue,

144A,

2021,

4.25%,

12/01/50

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

690,000

630,494

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/26

285,000

289,745

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/27

240,000

246,019

34,154,607

Oklahoma

0.0%

†

Tulsa

Industrial

Authority

,

University

of

Tulsa

(The)

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/25

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

1,000,000

999,529

Oregon

0.2%

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

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

160,000

160,917

Port

of

Portland

,

Airport,

Revenue,

24

B,

5%,

7/01/33

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

2,000,000

2,025,480

Airport,

Revenue,

25

B,

5%,

7/01/39

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

1,350,000

1,373,154

3,559,551

Others

1.3%

d

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue,

FRN,

2024-ML26,

3.157%,

12/25/38

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

22,907,363

19,839,454

Revenue,

FRN,

2024-ML25,

ACA,

3.199%,

11/25/38

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

4,374,208

4,100,933

b

FHLMC,

Multi-family

VRD

Certificates

,

144A,

2019-ML48

,

A

,

3.15

%

,

1/15/36

.......

2,990,000

2,755,614

26,696,001

Pennsylvania

3.1%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/34

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

2,330,000

2,435,825

Revenue,

2021

A,

5%,

1/01/35

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

8,155,000

8,496,158

Revenue,

2023

A,

AGMC

Insured,

5.5%,

1/01/41

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

1,000,000

1,067,480

Revenue,

2023

A,

AGMC

Insured,

5.5%,

1/01/42

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

1,000,000

1,061,244

Revenue,

2023

A,

AGMC

Insured,

5.5%,

1/01/43

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

1,500,000

1,584,110

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School,

Revenue,

2024,

5%,

3/01/27

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

$

3,600,000

$

3,645,307

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

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

750,000

683,232

Crawford

County

Industrial

Development

Authority

,

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/28

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

1,370,000

1,380,592

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/29

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

1,440,000

1,449,411

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/30

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

1,510,000

1,518,385

Allegheny

College,

Revenue,

2016,

Refunding,

5%,

5/01/31

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

1,465,000

1,471,920

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/29

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

300,000

299,984

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/46

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

675,000

559,306

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/41

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

1,775,000

1,490,630

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

5.25%,

6/30/35

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

2,030,000

2,160,638

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

5.25%,

6/30/36

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

1,650,000

1,745,691

PA

Bridges

Finco

LP,

Revenue,

2015,

5%,

12/31/34

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

16,800,000

16,894,612

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/29

........

725,000

728,062

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/30

........

115,000

115,470

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/31

........

165,000

165,466

Philadelphia

Water

Department,

Revenue,

2020,

Refunding,

4%,

1/01/32

........

540,000

540,292

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2017,

Refunding,

5%,

5/01/30

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

795,000

812,292

Drexel

University,

Revenue,

2017,

Refunding,

5%,

5/01/31

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

705,000

719,234

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

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

935,000

933,906

St.

Joseph's

University,

Revenue,

2017,

5%,

11/01/47

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

3,000,000

2,971,107

b,h

University

of

the

Arts

(The),

Revenue,

144A,

2017,

4.5%,

3/15/29

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

1,610,981

1,256,565

b,h

University

of

the

Arts

(The),

Revenue,

144A,

2017,

5%,

3/15/45

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

5,452,551

4,252,990

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/40

1,250,000

1,347,992

61,787,901

Rhode

Island

0.1%

Rhode

Island

Health

and

Educational

Building

Corp.

,

Lifespan

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/26

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

580,000

587,492

Lifespan

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/33

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

365,000

367,238

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2015

B

,

Refunding

,

5

%

,

6/01/50

....

1,000,000

999,956

1,954,686

South

Carolina

2.2%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

2025,

FHLMC

Insured,

Mandatory

Put,

4%,

3/01/35

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

5,000,000

4,766,714

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/27

......

250,000

255,542

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/28

......

250,000

256,840

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/29

......

200,000

206,152

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/30

......

225,000

232,576

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5%,

11/15/31

......

250,000

258,687

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5.25%,

11/15/39

...

800,000

828,684

g

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2025

A,

5.25%,

11/01/44

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

3,300,000

3,437,973

Novant

Health

Obligated

Group,

Revenue,

2024

A,

5.5%,

11/01/46

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

9,500,000

10,211,090

Novant

Health

Obligated

Group,

Revenue,

2024

A,

5.5%,

11/01/54

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

5,000,000

5,329,711

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Public

Service

Authority

,

Revenue,

2016

A,

Refunding,

5%,

12/01/36

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

$

1,500,000

$

1,501,359

Revenue,

2016

A,

Refunding,

5%,

12/01/37

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

3,435,000

3,435,443

Revenue,

2016

B,

Refunding,

5%,

12/01/37

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

500,000

500,479

Revenue,

2025

A,

5%,

12/01/44

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

3,750,000

3,800,486

Revenue,

2025

B,

Refunding,

5%,

12/01/44

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

1,500,000

1,520,195

Revenue,

2025

B,

Refunding,

5%,

12/01/46

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

1,000,000

1,005,618

Revenue,

2025

B,

Refunding,

5%,

12/01/47

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

1,000,000

1,005,288

Revenue,

2025

B,

Refunding,

5%,

12/01/48

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

3,500,000

3,517,843

South

Carolina

Transportation

Infrastructure

Bank

,

Revenue

,

2016

A

,

Refunding

,

3

%

,

10/01/36

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

1,740,000

1,558,224

43,628,904

Tennessee

2.8%

Knox

County

Health

Educational

&

Housing

Facility

Board

,

Revenue,

2024

B-1,

BAM

Insured,

5%,

7/01/44

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

2,200,000

2,254,806

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/36

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

450,000

480,700

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/38

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

425,000

451,418

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/39

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

450,000

472,680

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/40

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

425,000

443,189

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/41

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

825,000

854,568

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/42

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

1,100,000

1,134,599

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/43

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

550,000

565,106

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/44

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

625,000

640,570

Village

at

Inskip

LP,

Revenue,

2023

A,

FNMA

Insured,

4.625%,

12/01/43

........

1,850,000

1,841,655

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Trevecca

Nazarene

University,

Revenue,

2019,

Refunding,

5%,

10/01/34

........

450,000

459,781

Vanderbilt

University

Medical

Center

Obligated

Group,

Revenue,

2024

A,

5%,

7/01/29

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

10,000,000

10,583,613

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue,

2019

B,

5%,

7/01/33

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

1,000,000

1,043,031

Revenue,

2022

B,

5.5%,

7/01/36

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

650,000

710,563

Revenue,

2022

B,

5.5%,

7/01/37

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

875,000

951,313

a

Tennergy

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

9/01/28

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

13,175,000

13,151,526

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

12,865,000

13,417,327

a

Tennessee

Housing

Development

Agency

,

Revenue

,

2024-3B

,

Refunding

,

Mandatory

Put

,

3.5

%

,

10/01/25

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

6,000,000

5,995,520

55,451,965

Texas

10.6%

Arlington

Higher

Education

Finance

Corp.

,

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.125%,

6/15/34

......

770,000

748,161

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.25%,

6/15/39

.......

1,075,000

1,011,600

b

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

4.5%,

6/15/44

........

830,000

764,326

b

Magellan

School

(The),

Revenue,

144A,

2022,

5.5%,

6/01/32

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

1,245,000

1,274,272

Uplift

Education,

Revenue,

2017

A,

Refunding,

PSF

Guaranty,

4%,

12/01/32

.....

375,000

376,067

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Austin

Community

College

District

,

GO

,

2021

,

3

%

,

8/01/35

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

$

1,350,000

$

1,207,921

Austin-Bergstrom

Landhost

Enterprises,

Inc.

,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

400,000

404,251

Revenue,

2017,

Refunding,

5%,

10/01/36

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

1,485,000

1,489,017

City

of

Austin

,

Airport

System

,

Revenue

,

2019

B

,

5

%

,

11/15/44

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

5,000,000

5,016,138

b,g

City

of

Balch

Springs

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

9/15/54

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

695,000

696,934

b

City

of

Bastrop

,

Valverde

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

9/01/55

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

898,000

864,807

City

of

Corpus

Christi

,

Utility

System

,

Revenue,

Junior

Lien

,

2015

C

,

5

%

,

7/15/40

...

3,050,000

3,052,019

b

City

of

Crandall

,

River

Ridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

4.5

%

,

9/15/35

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

425,000

406,796

City

of

Galveston

,

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5.25%,

8/01/37

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

1,250,000

1,312,947

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

A,

5.25%,

8/01/38

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

1,650,000

1,728,361

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

B,

5.25%,

8/01/43

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

400,000

418,997

Wharves

&

Terminal,

Revenue,

First

Lien,

2024

B,

5.25%,

8/01/44

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

500,000

522,791

City

of

Houston

,

Airport

System

,

Revenue,

Sub.

Lien

,

2020

A

,

Refunding

,

4

%

,

7/01/35

1,500,000

1,462,405

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.25

%

,

7/15/33

4,000,000

4,055,976

b

City

of

Princeton

,

Eastridge

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2025,

4.6%,

9/01/35

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

300,000

291,360

Eastridge

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2025,

5.375%,

9/01/45

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

503,000

480,899

Eastridge

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2025,

5.625%,

9/01/55

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

925,000

882,028

Westridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2025,

5.625%,

9/01/55

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

565,000

538,753

City

of

San

Antonio

,

GO,

2024,

5%,

2/01/42

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

4,000,000

4,237,809

GO,

2024,

5%,

2/01/43

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

2,500,000

2,635,160

GO,

2024,

5%,

2/01/44

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

3,500,000

3,673,580

Electric

&

Gas

Systems,

Revenue,

2023

A,

Refunding,

5.5%,

2/01/50

...........

5,000,000

5,348,166

Electric

&

Gas

Systems,

Revenue,

2024

D,

Refunding,

5%,

2/01/42

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

7,750,000

8,194,347

Electric

&

Gas

Systems,

Revenue,

2024

D,

Refunding,

5%,

2/01/43

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

8,000,000

8,420,821

Electric

&

Gas

Systems,

Revenue,

2024

E,

Refunding,

5%,

2/01/44

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

5,080,000

5,327,730

Clifton

Higher

Education

Finance

Corp.

,

Braination,

Inc.,

Revenue,

2024,

PSF

Guaranty,

5.25%,

8/15/44

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

750,000

783,604

Braination,

Inc.,

Revenue,

2024,

PSF

Guaranty,

5.25%,

8/15/49

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

2,000,000

2,067,198

International

Leadership

of

Texas,

Inc.,

Revenue,

2018

D,

5.25%,

8/15/27

.......

3,890,000

3,889,520

International

Leadership

of

Texas,

Inc.,

Revenue,

2021,

PSF

Guaranty,

3%,

8/15/39

1,560,000

1,260,195

International

Leadership

of

Texas,

Inc.,

Revenue,

2024

A,

Refunding,

PSF

Guaranty,

5%,

8/15/37

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

1,000,000

1,078,311

International

Leadership

of

Texas,

Inc.,

Revenue,

2024

A,

Refunding,

PSF

Guaranty,

5%,

8/15/38

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

900,000

967,190

International

Leadership

of

Texas,

Inc.,

Revenue,

2024

A,

Refunding,

PSF

Guaranty,

5%,

8/15/39

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

1,000,000

1,069,640

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

5%,

4/01/36

......

560,000

595,956

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

5%,

4/01/38

......

265,000

279,603

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

4%,

4/01/43

......

1,650,000

1,549,895

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

12/31/45

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

$

1,660,000

$

1,556,764

Danbury

Higher

Education

Authority,

Inc.

,

Ser-Ninos,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

PSF

Guaranty

,

4

%

,

8/15/41

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

2,080,000

1,974,887

Fort

Bend

Grand

Parkway

Toll

Road

Authority

,

Revenue,

Sub.

Lien,

2021,

3%,

3/01/38

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

1,205,000

1,039,777

Revenue,

Sub.

Lien,

2021,

3%,

3/01/39

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

1,245,000

1,059,519

a

Fort

Bend

Independent

School

District

,

GO

,

2021

B

,

Refunding

,

PSF

Guaranty

,

Mandatory

Put

,

0.72

%

,

8/01/26

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

820,000

786,157

f

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2018

A

,

5

%

,

10/01/48

...........

12,000,000

12,142,996

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

6/01/38

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

500,000

447,941

a

Harris

County

Industrial

Development

Corp.

,

Energy

Transfer

LP

,

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

4.05

%

,

6/01/33

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

2,500,000

2,469,393

a

Houston

Housing

Finance

Corp.

,

Summerdale

Apartments

LP

,

Revenue

,

2023

,

Mandatory

Put

,

5

%

,

8/01/26

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

3,000,000

3,048,600

a

Houston

Independent

School

District

,

GO

,

2014

A-2

,

PSF

Guaranty

,

Mandatory

Put

,

3.5

%

,

6/01/25

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

3,250,000

3,248,266

Hutto

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

5

%

,

8/01/42

.........

1,000,000

1,060,696

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/25

100,000

100,136

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/26

125,000

126,305

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

150,000

153,345

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

175,000

179,517

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

200,000

205,690

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

200,000

205,993

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

150,000

144,042

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

150,000

142,335

Lewisville

Independent

School

District

,

GO

,

2019

,

PSF

Guaranty

,

3

%

,

8/15/39

......

1,000,000

829,415

Lower

Colorado

River

Authority

,

Revenue,

2022,

Refunding,

AGMC

Insured,

4%,

5/15/40

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

5,000,000

4,799,626

a

Revenue,

2023

B,

Refunding,

Mandatory

Put,

5%,

5/15/28

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

2,500,000

2,585,155

Melissa

Independent

School

District

,

GO,

2024,

PSF

Guaranty,

5%,

2/01/41

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

500,000

534,305

GO,

2024,

PSF

Guaranty,

5%,

2/01/42

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

750,000

794,728

GO,

2024,

PSF

Guaranty,

5%,

2/01/43

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

750,000

788,971

GO,

2024,

PSF

Guaranty,

5%,

2/01/44

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

500,000

522,591

New

Caney

Independent

School

District

,

GO

,

2023

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/48

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

23,000,000

23,674,309

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

1,795,000

1,795,843

CHF-Collegiate

Housing

Denton

LLC,

Revenue,

2018

B-1,

AGMC

Insured,

5%,

7/01/38

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

860,000

872,675

North

Texas

Tollway

Authority

,

Revenue,

First

Tier,

2024

A,

Refunding,

5%,

1/01/43

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

625,000

654,865

Revenue,

First

Tier,

2024

A,

Refunding,

5.25%,

1/01/44

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

2,500,000

2,657,291

Revenue,

First

Tier,

2024

A,

Refunding,

5%,

1/01/45

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

3,125,000

3,261,978

Princeton

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

5

%

,

2/15/40

......

1,000,000

1,067,606

a

Prosper

Independent

School

District

,

GO

,

2019

B

,

PSF

Guaranty

,

Mandatory

Put

,

4

%

,

8/15/26

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

2,000,000

2,010,110

Red

Oak

Independent

School

District

,

GO,

2023,

PSF

Guaranty,

5%,

2/15/42

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

2,685,000

2,848,361

GO,

2023,

PSF

Guaranty,

5%,

2/15/43

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

1,980,000

2,088,918

Royse

City

Independent

School

District

,

GO,

2023,

PSF

Guaranty,

5%,

2/15/41

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

1,000,000

1,060,105

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Royse

City

Independent

School

District,

(continued)

GO,

2023,

PSF

Guaranty,

5%,

2/15/42

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

$

1,450,000

$

1,527,772

GO,

2023,

PSF

Guaranty,

5%,

2/15/43

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

1,000,000

1,048,135

SA

Energy

Acquisition

Public

Facility

Corp.

,

Revenue

,

2007

,

5.5

%

,

8/01/25

........

1,000,000

1,003,437

San

Antonio

Housing

Trust

Public

Facility

Corp.

,

Brooks

Family

Apartments

LP

,

Revenue

,

2024

A

,

FNMA

Insured

,

4.55

%

,

3/01/43

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

7,350,000

7,303,489

State

of

Texas

,

GO

,

2017

,

3

%

,

8/01/34

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

2,255,000

2,002,748

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Buckner

Retirement

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/37

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

1,980,000

1,983,745

Buckner

Retirement

Services,

Inc.

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

11/15/37

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

2,360,000

2,367,223

Texas

Health

Resources

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

2/15/41

7,445,000

7,489,290

b,c

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

A-1

,

6.25

%

,

1/01/65

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

4,250,000

3,926,126

Texas

Department

of

Housing

&

Community

Affairs

,

THF

Oaks

on

Lamar

LP

,

Revenue

,

2018

,

FNMA

Insured

,

3.55

%

,

9/01/34

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

2,744,321

2,569,023

a

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

B

,

Mandatory

Put

,

5.5

%

,

1/01/34

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

8,000,000

8,593,814

Texas

Public

Finance

Authority

,

Texas

Southern

University,

Revenue,

2023,

BAM

Insured,

5.25%,

5/01/37

.......

300,000

318,145

Texas

Southern

University,

Revenue,

2023,

BAM

Insured,

5.25%,

5/01/38

.......

300,000

316,752

Texas

Southern

University,

Revenue,

2023,

BAM

Insured,

5.25%,

5/01/39

.......

500,000

524,409

a

Texas

State

Affordable

Housing

Corp.

,

Eden

Court

Senior

Housing

LP,

Revenue,

2023,

Mandatory

Put,

5%,

4/01/26

.....

2,100,000

2,110,957

FC

Juniper

Creek

Housing

LP,

Revenue,

2023,

Mandatory

Put,

3.75%,

7/01/26

...

2,550,000

2,560,311

b

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

4.5

%

,

9/01/35

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

413,000

397,250

g

Town

of

Trophy

Club

,

Public

Improvement

District

No.

1,

Special

Assessment,

2025,

Refunding,

5%,

9/01/30

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

264,000

273,319

Public

Improvement

District

No.

1,

Special

Assessment,

2025,

Refunding,

5%,

9/01/32

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

250,000

259,753

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

16

,

Tax

Allocation

,

2021

,

Refunding

,

3

%

,

9/01/38

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

1,785,000

1,397,696

211,298,156

Utah

1.4%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2023

A,

5%,

7/01/27

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

950,000

977,788

Airport,

Revenue,

2023

A,

5%,

7/01/28

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

750,000

779,582

Airport,

Revenue,

2023

A,

5%,

7/01/32

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

2,000,000

2,134,768

Airport,

Revenue,

2023

A,

5%,

7/01/34

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

2,000,000

2,120,813

Airport,

Revenue,

2023

A,

5.25%,

7/01/40

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

8,160,000

8,550,954

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

987,332

Utah

Charter

School

Finance

Authority

,

Utah

Charter

Academies

,

Revenue

,

2018

,

UT

CSCE

Insured

,

5

%

,

10/15/30

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

575,000

590,509

Utah

Infrastructure

Agency

,

Revenue,

2017

A,

Refunding,

5%,

10/15/32

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

2,165,000

2,207,578

Revenue,

2017

A,

Refunding,

5%,

10/15/34

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

1,380,000

1,403,384

Revenue,

2019,

5%,

10/15/27

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

1,000,000

1,024,996

Revenue,

2019,

5%,

10/15/29

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

1,300,000

1,350,280

Revenue,

2021,

3%,

10/15/26

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

500,000

493,434

Revenue,

2021,

4%,

10/15/28

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

900,000

892,973

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

(continued)

Utah

Infrastructure

Agency,

(continued)

Revenue,

2021,

4%,

10/15/29

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

$

600,000

$

593,427

Revenue,

2021,

4%,

10/15/31

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

460,000

450,699

Revenue,

2021,

4%,

10/15/36

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

400,000

374,658

Revenue,

2022,

5%,

10/15/27

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

550,000

563,359

Revenue,

2023,

5.25%,

10/15/35

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

1,300,000

1,388,761

Revenue,

2023,

5.625%,

10/15/38

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

1,000,000

1,083,382

27,968,677

Vermont

0.2%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/27

...........

760,000

758,606

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/28

...........

1,875,000

1,866,902

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/29

...........

900,000

892,765

Champlain

College,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

10/15/30

...........

500,000

493,712

4,011,985

Virgin

Islands

0.1%

Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax,

Revenue,

2022

A,

Refunding,

5%,

10/01/27

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

515,000

526,285

United

States

Virgin

Islands

Federal

Excise

Tax,

Revenue,

2022

A,

Refunding,

5%,

10/01/30

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

1,000,000

1,031,704

1,557,989

Virginia

0.4%

Isle

Wight

County

Industrial

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group,

Revenue,

2023,

AGMC

Insured,

5%,

7/01/37

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

500,000

535,547

Riverside

Healthcare

Association

Obligated

Group,

Revenue,

2023,

AGMC

Insured,

5%,

7/01/38

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

600,000

639,943

Riverside

Healthcare

Association

Obligated

Group,

Revenue,

2023,

AGMC

Insured,

5.25%,

7/01/43

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

2,750,000

2,960,846

James

City

County

Economic

Development

Authority

,

Williamsburg

Landing,

Inc.

Obligated

Group,

Revenue,

2024

C-1,

5.75%,

12/01/28

.

640,000

640,119

Williamsburg

Landing,

Inc.

Obligated

Group,

Revenue,

2024

C-2,

5.5%,

12/01/28

..

1,100,000

1,100,215

Virginia

Small

Business

Financing

Authority

,

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/27

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

320,000

326,153

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/29

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

590,000

612,473

a

Pure

Salmon

Virginia

LLC,

Revenue,

2022,

Mandatory

Put,

4%,

11/20/25

........

2,000,000

1,999,805

8,815,101

Washington

2.4%

a

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.87

%

,

(

SIFMA

Municipal

Swap

Index

+

0.25

%

),

11/01/26

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

750,000

740,839

Grays

Harbor

County

Public

Hospital

District

No.

1

,

Revenue,

2023,

Refunding,

5.75%,

12/01/25

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

625,000

626,815

Revenue,

2023,

Refunding,

5.75%,

12/01/27

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

695,000

717,778

Revenue,

2023,

Refunding,

6.75%,

12/01/44

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

6,420,000

7,069,252

King

County

Housing

Authority

,

Revenue,

2008,

5.5%,

5/01/38

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

2,500,000

2,503,214

Revenue,

2020,

Refunding,

3%,

6/01/40

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

1,565,000

1,228,806

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Port

of

Seattle

,

Revenue,

2018

B,

5%,

5/01/27

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

$

1,100,000

$

1,129,922

Revenue,

2022

B,

Refunding,

5%,

8/01/40

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

1,750,000

1,805,068

Skagit

County

Public

Hospital

District

No.

1

,

Revenue,

2024,

5.5%,

12/01/38

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

885,000

941,825

Revenue,

2024,

5.5%,

12/01/40

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

1,000,000

1,050,858

Revenue,

2024,

5.5%,

12/01/41

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

775,000

808,861

Revenue,

2024,

5.5%,

12/01/42

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

875,000

909,279

State

of

Washington

,

GO,

2021

C,

5%,

2/01/41

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

3,860,000

4,057,669

GO,

2024

A,

5%,

8/01/44

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

5,070,000

5,324,396

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

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

1,140,000

1,131,421

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

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

6,517,677

6,005,210

Revenue,

2023-1,

A,

3.375%,

4/20/37

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

5,625,413

5,070,620

d

Revenue,

FRN,

2024-1,

A,

3.812%,

3/20/40

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

2,891,334

2,661,806

Eastside

Retirement

Association

Obligated

Group,

Revenue,

2023

A,

Refunding,

5%,

7/01/38

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

1,580,000

1,631,002

b

Seattle

Academy

of

Arts

&

Sciences,

Revenue,

144A,

2023,

Refunding,

5.125%,

7/01/33

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

735,000

776,938

b

Seattle

Academy

of

Arts

&

Sciences,

Revenue,

144A,

2023,

Refunding,

6.375%,

7/01/63

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

1,820,000

1,960,356

48,151,935

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

2,140,370

Vandalia

Health,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

5.75%,

9/01/43

3,000,000

3,184,756

5,325,126

Wisconsin

2.9%

Public

Finance

Authority

,

Beyond

Boone

LLC,

Revenue,

2019

A,

AGMC

Insured,

5%,

7/01/44

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

1,000,000

1,003,437

Beyond

Boone

LLC,

Revenue,

2019

A,

AGMC

Insured,

5%,

7/01/54

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

1,475,000

1,476,314

b

CHF

-

Manoa

LLC,

Revenue,

Senior

Lien,

144A,

2023

A,

5.25%,

7/01/38

........

1,000,000

1,035,098

b

CHF

-

Manoa

LLC,

Revenue,

Senior

Lien,

144A,

2023

A,

5.5%,

7/01/43

.........

1,000,000

1,026,238

b

Dominium

Holdings

I

LLC,

Revenue,

144A,

2024-1,

B-1,

6.81%,

4/28/36

........

2,850,000

2,890,038

a

Duke

Energy

Progress

LLC,

Revenue,

2022

A-2,

Refunding,

Mandatory

Put,

3.7%,

10/01/30

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

7,000,000

6,933,192

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.,

Revenue,

144A,

2024,

5%,

7/01/35

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

700,000

704,495

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.,

Revenue,

144A,

2024,

4.75%,

7/01/45

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

1,800,000

1,631,583

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5%,

6/15/30

.........

200,000

208,535

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5.25%,

6/15/35

......

275,000

291,131

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5.25%,

6/15/45

......

275,000

276,792

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

Senior

Lien,

2025

A,

5.25%,

6/15/45

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

500,000

511,971

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

Senior

Lien,

2025

A,

5.25%,

6/15/55

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

1,250,000

1,259,964

b

Mater

Academy

of

Nevada,

Revenue,

144A,

2024

A,

5%,

12/15/34

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

825,000

838,572

b

Methodist

University,

Inc.

(The),

Revenue,

144A,

2021,

Refunding,

4%,

3/01/29

...

1,780,000

1,678,182

NC

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/27

...........

880,000

897,385

NC

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/28

...........

655,000

672,368

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

b

North

Carolina

Leadership

Charter

Academy,

Inc.,

Revenue,

144A,

2019

A,

5%,

6/15/49

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

$

1,560,000

$

1,436,879

b

Roseman

University

of

Health

Sciences,

Revenue,

144A,

2020,

5%,

4/01/30

.....

475,000

481,761

b

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

4.5%,

1/01/35

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

1,110,000

1,070,890

Wisconsin

Health

&

Educational

Facilities

Authority

,

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

4/01/39

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

4,225,000

3,957,459

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

4/01/37

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

3,930,000

3,831,556

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/43

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

2,000,000

2,082,143

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/45

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

2,500,000

2,577,663

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2024

A,

5.5%,

2/15/54

6,830,000

7,225,781

Milwaukee

Regional

Medical

Center

Utility

&

Infrastructure

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

4/01/44

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

7,890,000

7,877,198

Wisconsin

Housing

&

Economic

Development

Authority

,

Home

Ownership

,

Revenue

,

2017

A

,

GNMA

Insured

,

2.69

%

,

7/01/47

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

4,639,696

3,997,445

57,874,070

U.S.

Territories

1.2%

District

of

Columbia

0.5%

District

of

Columbia

,

Ingleside

Presbyterian

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/37

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

1,200,000

1,199,405

KIPP

DC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/48

..........

1,250,000

1,237,279

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

6/01/30

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

1,745,000

1,687,920

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2018

A,

Refunding,

5%,

10/01/35

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

3,000,000

3,063,058

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/31

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

1,000,000

1,045,625

Aviation,

Revenue,

2022

A,

Refunding,

5%,

10/01/30

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

910,000

966,794

f

Dulles

Toll

Road,

Revenue,

Sub.

Lien,

2019

B,

Refunding,

4%,

10/01/44

........

665,000

598,329

f

Dulles

Toll

Road,

Revenue,

Sub.

Lien,

2019

B,

Refunding,

4%,

10/01/53

........

660,000

555,356

10,353,766

Guam

0.1%

Guam

Government

Waterworks

Authority

,

Guam

Waterworks

Authority

Water

And

Wastewater

System,

Revenue,

2024

A,

Refunding,

5%,

7/01/25

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

700,000

701,101

Guam

Waterworks

Authority

Water

And

Wastewater

System,

Revenue,

2024

A,

Refunding,

5%,

7/01/26

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

750,000

758,862

1,459,963

Puerto

Rico

0.6%

Commonwealth

of

Puerto

Rico

,

GO,

2022

A-1,

5.375%,

7/01/25

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

1,697,651

1,700,503

GO,

2022

A-1,

5.625%,

7/01/27

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

1,683,000

1,716,529

GO,

2022

A-1,

4%,

7/01/33

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

2,400,000

2,293,515

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.39

%,

7/01/33

...

$

10,000,000

$

7,037,490

12,748,037

Total

U.S.

Territories

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

24,561,766

Total

Municipal

Bonds

(Cost

$2,019,448,193)

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

2,003,227,859

a

a

a

a

Short

Term

Investments

1.6%

Municipal

Bonds

0.5%

Minnesota

0.2%

i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2008

B

,

SPA

Northern

Trust

Co.

(The)

,

Daily

VRDN

and

Put

,

2.8

%

,

11/15/38

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

1,500,000

1,500,000

i

County

of

Hennepin

,

GO

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.56

%

,

12/01/38

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

1,310,000

1,310,000

i

Minnesota

Housing

Finance

Agency

,

Revenue

,

2017

F

,

Refunding

,

GNMA

Insured

,

SPA

Royal

Bank

of

Canada

,

Daily

VRDN

and

Put

,

3.62

%

,

1/01/41

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

500,000

500,000

3,310,000

Mississippi

0.0%

†

i

Mississippi

Business

Finance

Corp.

,

Chevron

USA,

Inc.

,

Revenue

,

2007

B

,

Daily

VRDN

and

Put

,

2.5

%

,

12/01/30

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

980,000

980,000

New

Jersey

0.0%

†

i

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.47

%

,

7/01/36

........

1,000,000

1,000,000

New

York

0.3%

i

City

of

New

York

,

GO

,

2023

A-4

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.5

%

,

9/01/49

1,500,000

1,500,000

i

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2019

A-4

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.5

%

,

8/01/45

...........

4,000,000

4,000,000

5,500,000

Total

Municipal

Bonds

(Cost

$10,790,000)

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

10,790,000

U.S.

Government

and

Agency

Securities

0.1%

e,j

U.S.

Treasury

Bills

,

3.94%,

5/15/25

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

900,000

898,526

4.03%,

5/20/25

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

600,000

598,661

4.13%,

10/02/25

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

300,000

294,765

1,791,952

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,792,127)

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

1,791,952

Putnam

Tax-Free

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Strategic

Intermediate

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

At

April

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

31

.

Short

Term

Investments

(continued)

a

a

Shares

a

Value

a

Money

Market

Funds

1.0%

k,l

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

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

19,293,688

$

19,293,688

Total

Money

Market

Funds

(Cost

$19,293,688)

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

19,293,688

Total

Short

Term

Investments

(Cost

$31,875,815)

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

31,875,640

a

Total

Investments

(Cost

$2,051,324,008)

101.8%

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

$2,035,103,499

Floating

Rate

Notes

Issued

(1.6)%

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

(32,715,848)

Other

Assets,

less

Liabilities

(0.2)%

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

(2,171,735)

Net

Assets

100.0%

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

$2,000,215,916

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

April

30,

2025,

the

aggregate

value

of

these

securities

was

$128,011,976,

representing

6.4%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

The

rate

shown

represents

the

yield

at

period

end.

f

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

g

Security

purchased

on

a

when-issued

basis.

†

Rounds

to

less

than

0.1%

of

net

assets.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,709,137,

representing

0.1%

net

assets.

k

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

5

Year

Notes

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

Long

329

$

35,925,258

6/30/25

$

722,258

U.S.

Treasury

Ultra

Bonds

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

Short

375

45,386,719

6/18/25

760,274

Total

Futures

Contracts

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

$1,482,532

*

As

of

period

end.

Putnam

Tax-Free

Income

Trust

29

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

Tax-Free

Income

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of two separate

Funds.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Putnam

Strategic

Intermediate

Municipal

Fund

(Fund)

is

included

in

this

report.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Derivative

financial

instruments

listed

on

an

exchange

are

valued

at

the

official

closing

price

of

the

day.

Certain

derivative

financial

instruments

are

centrally

cleared

or trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

April

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Putnam

Tax-Free

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

30

Quarterly

Schedule

of

Investments

4. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2025,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Strategic

Intermediate

Municipal

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

......

$13,041,484

$753,266,607

$(747,014,403)

$—

$—

$19,293,688

19,293,688

$1,409,702

Total

Affiliated

Securities

...

$13,041,484

$753,266,607

$(747,014,403)

$—

$—

$19,293,688

$1,409,702

Level

1

Level

2

Level

3

Total

Putnam

Strategic

Intermediate

Municipal

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

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

$

—

$

2,003,227,859

$

—

$

2,003,227,859

Short

Term

Investments

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

19,293,688

12,581,952

—

31,875,640

Total

Investments

in

Securities

...........

$19,293,688

$2,015,809,811

$—

$2,035,103,499

Other

Financial

Instruments:

Futures

Contracts

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

$1,482,532

$—

$—

$1,482,532

Total

Other

Financial

Instruments

.........

$1,482,532

$—

$—

$1,482,532

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Tax-Free

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

31

Quarterly

Schedule

of

Investments

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

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

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.