<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000205802
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
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
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 100.2
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 1975080
071 B000000 2109233
071 C000000 2123927
071 D000000 93
072 A000000 12
074 N000000 2447134
074 T000000 2374405
075 A000000 0
075 B000000 2448686
077 A000000 N
080 A000000 FEDERAL INSURANCE COMPANY
<PAGE> PAGE 2
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 65
081 A000000 Y
081 B000000 97
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
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>
Financial Data Schedule for Putnam Tax Exempt Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,270,737,841
<INVESTMENTS-AT-VALUE> 2,378,018,018
<RECEIVABLES> 54,423,075
<ASSETS-OTHER> 14,692,772
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,247,163,865
<PAYABLE-FOR-SECURITIES> 34,661,977
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,067,051
<TOTAL-LIABILITIES> 72,729,028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,326,855,419
<SHARES-COMMON-STOCK> 241,611,518
<SHARES-COMMON-PRIOR> 256,168,042
<ACCUMULATED-NII-CURRENT> 1,781,474
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (60,924,420)
<ACCUM-APPREC-OR-DEPREC> 106,692,364
<NET-ASSETS> 2,374,404,837
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 154,598,771
<OTHER-INCOME> 0
<EXPENSES-NET> 19,688,029
<NET-INVESTMENT-INCOME> 134,910,742
<REALIZED-GAINS-CURRENT> 37,140,092
<APPREC-INCREASE-CURRENT> (24,181,648)
<NET-CHANGE-FROM-OPS> 147,869,186
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (121,847,440)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 151,334,010
<NUMBER-OF-SHARES-REDEEMED> (178,136,572)
<SHARES-REINVESTED> 7,830,370
<NET-CHANGE-IN-ASSETS> (112,176,488)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (382,275)
<OVERDIST-NET-GAINS-PRIOR> (96,076,752)
<GROSS-ADVISORY-FEES> 11,570,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,827,215
<AVERAGE-NET-ASSETS> 20,194,364,731
<PER-SHARE-NAV-BEGIN> 8.74
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> (.49)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.76
<EXPENSE-RATIO> .78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Tax Exempt Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,270,737,841
<INVESTMENTS-AT-VALUE> 2,378,018,018
<RECEIVABLES> 54,423,075
<ASSETS-OTHER> 14,692,772
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,247,163,865
<PAYABLE-FOR-SECURITIES> 34,661,977
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,067,051
<TOTAL-LIABILITIES> 72,729,028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,326,855,419
<SHARES-COMMON-STOCK> 28,643,247
<SHARES-COMMON-PRIOR> 28,218,320
<ACCUMULATED-NII-CURRENT> 1,781,474
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (60,924,420)
<ACCUM-APPREC-OR-DEPREC> 106,692,364
<NET-ASSETS> 2,374,404,837
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 154,598,771
<OTHER-INCOME> 0
<EXPENSES-NET> 19,688,029
<NET-INVESTMENT-INCOME> 134,910,742
<REALIZED-GAINS-CURRENT> 37,140,092
<APPREC-INCREASE-CURRENT> (24,181,648)
<NET-CHANGE-FROM-OPS> 147,869,186
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,271,580)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,815,330
<NUMBER-OF-SHARES-REDEEMED> (16,001,570)
<SHARES-REINVESTED> 881,235
<NET-CHANGE-IN-ASSETS> (112,176,488)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (382,275)
<OVERDIST-NET-GAINS-PRIOR> (96,076,752)
<GROSS-ADVISORY-FEES> 11,570,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,827,215
<AVERAGE-NET-ASSETS> 250,426,791
<PER-SHARE-NAV-BEGIN> 8.73
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.76
<EXPENSE-RATIO> 1.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Tax Exempt Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,270,737,841
<INVESTMENTS-AT-VALUE> 2,378,018,018
<RECEIVABLES> 54,423,075
<ASSETS-OTHER> 14,692,772
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,247,163,865
<PAYABLE-FOR-SECURITIES> 34,661,977
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,067,051
<TOTAL-LIABILITIES> 72,729,028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,326,855,419
<SHARES-COMMON-STOCK> 625,547
<SHARES-COMMON-PRIOR> 267,205
<ACCUMULATED-NII-CURRENT> 1,781,474
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (60,924,420)
<ACCUM-APPREC-OR-DEPREC> 106,692,364
<NET-ASSETS> 2,374,404,837
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 154,598,771
<OTHER-INCOME> 0
<EXPENSES-NET> 19,688,029
<NET-INVESTMENT-INCOME> 134,910,742
<REALIZED-GAINS-CURRENT> 37,140,092
<APPREC-INCREASE-CURRENT> (24,181,648)
<NET-CHANGE-FROM-OPS> 147,869,186
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (203,144)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 561,785
<NUMBER-OF-SHARES-REDEEMED> (192,893)
<SHARES-REINVESTED> 16,450
<NET-CHANGE-IN-ASSETS> (112,176,488)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (382,275)
<OVERDIST-NET-GAINS-PRIOR> (96,076,752)
<GROSS-ADVISORY-FEES> 11,570,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,827,215
<AVERAGE-NET-ASSETS> 3,894,780
<PER-SHARE-NAV-BEGIN> 8.75
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.78
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>