PUTNAM TAX EXEMPT INCOME FUND
NSAR-B, 1994-11-29
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<PAGE>      PAGE  1
000 B000000 09/30/94
000 C000000 0000205802
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM TAX EXEMPT INCOME FUND
001 B000000 811-2675
001 C000000 6172921000
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC
008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 PUTNAM MUTUAL FUNDS CORP
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND
013 B010001 BOSTON
013 B020001 MA
<PAGE>      PAGE  2
013 B030001 02109
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   89
019 C000000 PUTNAMFUND
020 A000001 CANTOR FITZGERALD CO., INC.
020 B000001 95-1786286
020 C000001    664
020 A000002 LEHMAN BROTHERS
020 B000002 13-2518466
020 C000002     94
020 A000003 DEAN WITTER REYNOLDS
020 C000003     12
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000      770
022 A000001 WILLIAM E SIMON & SONS
022 B000001 22-3017217
022 C000001    348411
022 D000001    569223
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002    268315
022 D000002    593948
022 A000003 COWEN SECURITIES
022 B000003 13-3038622
022 C000003    185399
022 D000003    150784
022 A000004 J.C. BRADFORD & CO
022 B000004 62-0677497
022 C000004    132443
022 D000004    143886
022 A000005 BEAR STEARNS & CO.
022 B000005 13-4946705
022 C000005    124161
022 D000005     52103
022 A000006 PAINE WEBBER, INC.
022 B000006 13-2638166
022 C000006    103128
022 D000006     54295
<PAGE>      PAGE  3
022 A000007 ALEX BROWN & SONS, INC.
022 B000007 52-0256630
022 C000007     17224
022 D000007    118319
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008     62923
022 D000008     66940
022 A000009 GOLDMAN SACHS & CO.
022 B000009 13-5108880
022 C000009    111507
022 D000009     14400
022 A000010 MORGAN STANLEY, INC.
022 B000010 13-2655998
022 C000010     46636
022 D000010     46843
023 C000000 1758023700
023 D000000 1672076660
024  000000 N
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027  000000 Y
028 A010000     79193
028 A020000      5515
028 A030000         0
028 A040000     15681
028 B010000    597759
028 B020000      5004
028 B030000         0
028 B040000    482325
028 C010000     72711
028 C020000      6007
028 C030000         0
028 C040000     32801
028 D010000     56712
028 D020000      5786
028 D030000         0
028 D040000     17089
028 E010000     58885
028 E020000     17236
028 E030000       653
028 E040000     19317
028 F010000     68197
028 F020000      6360
<PAGE>      PAGE  4
028 F030000         0
028 F040000     22449
028 G010000    933457
028 G020000     45908
028 G030000       653
028 G040000    589662
028 H000000    933457
029  000000 Y
030 A000000   1145
030 B000000  4.75
030 C000000  0.00
031 A000000     81
031 B000000      0
032  000000   1064
033  000000      0
034  000000 Y
035  000000     82
036 A000000 N
036 B000000      0
037  000000 N
038  000000      0
039  000000 N
040  000000 Y
041  000000 Y
042 A000000   0
042 B000000   0
042 C000000 100
042 D000000   0
042 E000000   0
042 F000000   0
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043  000000   6295
044  000000      0
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046  000000 N
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048  000000  0.000
048 A010000   500000
048 A020000 0.600
048 B010000   500000
048 B020000 0.500
048 C010000   500000
048 C020000 0.450
048 D010000        0
048 D020000 0.000
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<PAGE>      PAGE  5
048 G020000 0.000
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048 I010000        0
048 I020000 0.000
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048 J020000 0.000
048 K010000  1500000
048 K020000 0.400
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
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054 J000000 Y
054 K000000 N
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<PAGE>      PAGE  6
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070 K010000 N
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070 L010000 N
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070 M010000 N
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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080 A000000 FEDERAL INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
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SIGNATURE   \ORDON H. SILVER                             
TITLE       VICE PRESIDENT      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam  Tax Exempt Income Fund Class A AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>                         SEPT-30-1994
<PERIOD-END>                              SEPT-30-1994
<INVESTMENTS-AT-COST>                    2,373,214,565
<INVESTMENTS-AT-VALUE>                   2,361,986,182
<RECEIVABLES>                               97,731,208
<ASSETS-OTHER>                                 897,829
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           2,460,615,219
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   14,325,364
<TOTAL-LIABILITIES>                         14,325,364
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 2,473,174,087
<SHARES-COMMON-STOCK>                      261,196,059
<SHARES-COMMON-PRIOR>                                 
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       (417,701)
<ACCUMULATED-NET-GAINS>                   (15,999,092)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (10,467,439)
<NET-ASSETS>                             2,446,289,855
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                          171,537,242
<OTHER-INCOME>                                       0
<EXPENSES-NET>                              20,693,891
<NET-INVESTMENT-INCOME>                    150,843,351
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                    (123,629,548)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                (141,138,697)
<DISTRIBUTIONS-OF-GAINS>                  (32,434,871)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     98,892,293
<NUMBER-OF-SHARES-REDEEMED>              (102,548,532)
<SHARES-REINVESTED>                         11,764,103
<NET-CHANGE-IN-ASSETS>                   (116,694,417)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                       11,938,420
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                             20,693,891
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             9.66
<PER-SHARE-NII>                                    .53
<PER-SHARE-GAIN-APPREC>                            .97
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.67)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.55
<EXPENSE-RATIO>                                   .77%
<AVG-DEBT-OUTSTANDING>                                
<AVG-DEBT-PER-SHARE>                                  
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam  Tax Exempt Income Fund Class B AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>                         SEPT-30-1994
<PERIOD-END>                              SEPT-30-1994
<INVESTMENTS-AT-COST>                    2,373,214,565
<INVESTMENTS-AT-VALUE>                   2,361,986,182
<RECEIVABLES>                               97,731,208
<ASSETS-OTHER>                                 897,829
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           2,460,615,219
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   14,325,364
<TOTAL-LIABILITIES>                         14,325,364
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 2,473,174,087
<SHARES-COMMON-STOCK>                       25,038,595
<SHARES-COMMON-PRIOR>                      261,196,059
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       (417,701)
<ACCUMULATED-NET-GAINS>                   (15,999,092)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (10,467,439)
<NET-ASSETS>                             2,446,289,855
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                          171,537,242
<OTHER-INCOME>                                       0
<EXPENSES-NET>                              20,693,891
<NET-INVESTMENT-INCOME>                    150,843,351
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                    (123,629,548)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (10,623,343)
<DISTRIBUTIONS-OF-GAINS>                   (2,441,333)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     16,392,070
<NUMBER-OF-SHARES-REDEEMED>                  6,518,200
<SHARES-REINVESTED>                            947,875
<NET-CHANGE-IN-ASSETS>                   (116,694,417)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                       11,938,420
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                             20,693,891
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             9.66
<PER-SHARE-NII>                                    .47
<PER-SHARE-GAIN-APPREC>                          (.98)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.62)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.53
<EXPENSE-RATIO>                                  1.41%
<AVG-DEBT-OUTSTANDING>                                
<AVG-DEBT-PER-SHARE>                                  
        

</TABLE>


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