PUTNAM TAX EXEMPT INCOME FUND
NSAR-B, 1995-11-29
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<PAGE>      PAGE  1
000 B000000 09/30/95
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 LLP
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    159
020 A000002 BANK OF AMERICA
020 B000002 94-1687665
020 C000002    122
020 A000003 PAINE WEBBER
020 B000003 13-2638166
020 C000003    106
020 A000004 MERRILL LYNCH PIERCE, FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004     63
020 A000005 LEHMAN BROTHERS
020 B000005 13-2518466
020 C000005     57
020 A000006 GOLDMAN SACHS & CO.
020 B000006 13-5108880
020 C000006     23
020 A000007 SALOMON BROTHERS INC.
020 B000007 13-3082694
020 C000007     21
020 A000008 KIDDER PEABODY & CO., INC.
020 B000008 13-5650440
020 C000008     21
020 A000009 DEAN WITTER REYNOLDS INC.
020 B000009 94-1671384
020 C000009     19
020 A000010 SCOTT BALDWIN
020 B000010 31-9581870
020 C000010      8
021  000000      613
022 A000001 PAINWEBBER INC.
022 B000001 13-2638166
022 C000001    401241
022 D000001    416858
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002    421063
022 D000002    342699
022 A000003 LEHMAN BROTHERS
<PAGE>      PAGE  3
022 B000003 13-2518466
022 C000003    378465
022 D000003    338662
022 A000004 WILLIAM E. SIMON & SONS, INC.
022 B000004 22-3017217
022 C000004    239661
022 D000004    247571
022 A000005 RW CORBY
022 B000005 52-1037969
022 C000005    190671
022 D000005    118354
022 A000006 MORGAN (J.P.) SECURITIES
022 B000006 13-3224016
022 C000006     78681
022 D000006    139973
022 A000007 BEAR STERNS & CO.
022 B000007 13-4946705
022 C000007    113164
022 D000007    104620
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008     43532
022 D000008    125466
022 A000009 DILLON, READ & CO., INC.
022 B000009 13-1939216
022 C000009     86917
022 D000009     67556
022 A000010 FIRST ALBANY CORP.
022 B000010 14-1391446
022 C000010     58371
022 D000010     72532
023 C000000    2463579
023 D000000    2500297
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     84128
028 A020000      6639
028 A030000         0
028 A040000    127728
028 B010000    158826
028 B020000      7535
028 B030000         0
<PAGE>      PAGE  4
028 B040000     60605
028 C010000    130401
028 C020000      6681
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028 F040000    165268
028 G010000    796670
028 G020000     40924
028 G030000         0
028 G040000    842695
028 H000000    796670
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
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042 C000000 100
042 D000000   0
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042 F000000   0
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042 H000000   0
043  000000   6361
044  000000      0
045  000000 Y
046  000000 N
<PAGE>      PAGE  5
047  000000 Y
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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048 K010000  1500000
048 K020000 0.400
049  000000 N
050  000000 N
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053 A000000 Y
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
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054 K000000 N
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060 A000000 Y
<PAGE>      PAGE  6
060 B000000 Y
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064 A000000 Y
064 B000000 N
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070 E020000 N
070 F010000 N
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070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
<PAGE>      PAGE  7
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
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<PAGE>      PAGE  8
073 A010000   0.5200
073 A020000   0.4600
073 B000000   0.0000
073 C000000   0.0000
074 A000000      409
074 B000000        0
074 C000000  2402175
074 D000000    16175
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074 Y000000        0
075 A000000        0
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076  000000     0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
080 A000000 FEDERAL INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000       65
081 A000000 Y
081 B000000  94
082 A000000 N
082 B000000        0
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
<PAGE>      PAGE  9
085 A000000 Y
085 B000000 N
SIGNATURE   PAUL BUCAVALAS                               
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 E
NTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	Sept-30-95
<PERIOD-END>	Sept-30-95
<INVESTMENTS-AT-COST >                                                       2,273,004,763
<INVESTMENTS-AT-VALUE>	2,402,175,445
<RECEIVABLES>	104,179,101
<ASSETS-OTHER>	419,168
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	2,506,773,714
<PAYABLE-FOR-SECURITIES>	8,282,639
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	11,909,750
<TOTAL-LIABILITIES>	20,192,389
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	2,453,398,420
<SHARES-COMMON-STOCK>	256,168,042
<SHARES-COMMON-PRIOR>	261,196,059
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(382,275)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(96,076,752)
<ACCUM-APPREC-OR-DEPREC>	129,641,932
<NET-ASSETS>	2,486,581,325
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	0
<OTHER-INCOME>	164,389,584
<EXPENSES-NET>	18,703,729
<NET-INVESTMENT-INCOME>	145,685,855
<REALIZED-GAINS-CURRENT>	(79,603,919)
<APPREC-INCREASE-CURRENT>	140,109,371
<NET-CHANGE-FROM-OPS>	206,191,307
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(133,906,914)
<DISTRIBUTIONS-OF-GAINS>	--
<DISTRIBUTIONS-OTHER>	--
<NUMBER-OF-SHARES-SOLD>	152,618,601
<NUMBER-OF-SHARES-REDEEMED>	(166,654,699)
<SHARES-REINVESTED>	9,008,081
<NET-CHANGE-IN-ASSETS>	40,291,470
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(15,999,092)
<OVERDIST-NET-GAINS-PRIOR>	(417,701)
<GROSS-ADVISORY-FEES>	11,532,857
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	20,444,106
<AVERAGE-NET-ASSETS>	2,214,784,471
<PER-SHARE-NAV-BEGIN>	8.55
<PER-SHARE-NII>	.52
<PER-SHARE-GAIN-APPREC>	.19
<PER-SHARE-DIVIDEND>	(.52)
<PER-SHARE-DISTRIBUTIONS>	0
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.74
<EXPENSE-RATIO>	.78
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        	0
??  

</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 E
NTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	Sept-30-95
<PERIOD-END>	Sept-30-95
<INVESTMENTS-AT-COST>                                                        2,273,004,763
<INVESTMENTS-AT-VALUE>	2,402,175,445
<RECEIVABLES>	104,179,101
<ASSETS-OTHER>	419,168
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	2,506,773,714
<PAYABLE-FOR-SECURITIES>	8,282,639
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	11,909,750
<TOTAL-LIABILITIES>	20,192,389
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	2,453,398,420
<SHARES-COMMON-STOCK>	28,218,320
<SHARES-COMMON-PRIOR>	25,038,595
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(382,275)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(96,076,752)
<ACCUM-APPREC-OR-DEPREC>	129,641,932
<NET-ASSETS>	2,486,581,325
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	0
<OTHER-INCOME>	164,389,584
<EXPENSES-NET>	18,703,729
<NET-INVESTMENT-INCOME>	145,685,855
<REALIZED-GAINS-CURRENT>	(79,603,919)
<APPREC-INCREASE-CURRENT>	140,109,371
<NET-CHANGE-FROM-OPS>	206,191,307
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(12,184,294)
<DISTRIBUTIONS-OF-GAINS>	--
<DISTRIBUTIONS-OTHER>	--
<NUMBER-OF-SHARES-SOLD>	13,000,881
<NUMBER-OF-SHARES-REDEEMED>	(10,729,890)
<SHARES-REINVESTED>	908,734
<NET-CHANGE-IN-ASSETS>	40,291,470
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(15,999,092)
<OVERDIST-NET-GAINS-PRIOR>	(417,701)
<GROSS-ADVISORY-FEES>	11,532,857
<INTEREST-EXPENSE>	226,903,695
<GROSS-EXPENSE>	20,444,106
<AVERAGE-NET-ASSETS>	0
<PER-SHARE-NAV-BEGIN>	8.53
<PER-SHARE-NII>	.46
<PER-SHARE-GAIN-APPREC>	.20
<PER-SHARE-DIVIDEND>	(.46)
<PER-SHARE-DISTRIBUTIONS>	0
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.73
<EXPENSE-RATIO>	1.43
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        	0
??  

</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 M  AND IS QUALIFIED IN ITS E
NTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	Sept-30-95
<PERIOD-END>	Sept-30-95
<INVESTMENTS-AT-COST >                                                       2,273,004,763
<INVESTMENTS-AT-VALUE>	2,402,175,445
<RECEIVABLES>	104,179,101
<ASSETS-OTHER>	419,168
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	2,506,773,714
<PAYABLE-FOR-SECURITIES>	8,282,639
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	11,909,750
<TOTAL-LIABILITIES>	20,192,389
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	2,453,398,420
<SHARES-COMMON-STOCK>	267,205
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(382,275)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(96,076,752)
<ACCUM-APPREC-OR-DEPREC>	129,641,932
<NET-ASSETS>	2,486,581,325
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	0
<OTHER-INCOME>	164,389,584
<EXPENSES-NET>	18,703,729
<NET-INVESTMENT-INCOME>	145,685,855
<REALIZED-GAINS-CURRENT>	(79,603,919)
<APPREC-INCREASE-CURRENT>	140,109,371
<NET-CHANGE-FROM-OPS>	206,191,307
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(32,962)
<DISTRIBUTIONS-OF-GAINS>	--
<DISTRIBUTIONS-OTHER>	--
<NUMBER-OF-SHARES-SOLD>	282,768
<NUMBER-OF-SHARES-REDEEMED>	(17,963)
<SHARES-REINVESTED>	2,400
<NET-CHANGE-IN-ASSETS>	40,291,470
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(15,999,092)
<OVERDIST-NET-GAINS-PRIOR>	(417,701)
<GROSS-ADVISORY-FEES>	11,532,857
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	20,444,106
<AVERAGE-NET-ASSETS>	1,123,179
<PER-SHARE-NAV-BEGIN>	8.61
<PER-SHARE-NII>	.31
<PER-SHARE-GAIN-APPREC>	.13
<PER-SHARE-DIVIDEND>	(.30)
<PER-SHARE-DISTRIBUTIONS>	0
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.75
<EXPENSE-RATIO>	.67
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        	0
??  

</TABLE>


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