PUTNAM MICHIGAN TAX EXEMPT INCOME FUND /
NSAR-B, 1996-07-30
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<PAGE>      PAGE  1
000 B000000 05/31/96
000 C000000 0000794611
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 MICHIGAN TAX EXEMPT INCOME FUND
001 B000000 811-4529
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
015 A000001 PUTNAM FIDUCIARY TRUST CO.
015 B000001 C
015 C010001 BOSTON
<PAGE>      PAGE  2
015 C020001 MA
015 C030001 02109
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   98
019 C000000 PUTNAMFUND
020 A000001 BANK OF AMERICA NT & SA
020 B000001 94-1687665
020 C000001      3
020 A000002 PAINEWEBBER INC.
020 B000002 13-2638166
020 C000002      2
020 A000003 SALOMON BROTHERS INC.
020 B000003 13-3082694
020 C000003      1
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        6
022 A000001 EVEREN SECURITIES INC.
022 C000001     33644
022 D000001     22476
022 A000002 ABN AMRO SECURITIES INC.
022 B000002 13-3227945
022 C000002     40514
022 D000002     13705
022 A000003 PAINEWEBBER INC.
022 B000003 13-2638166
022 C000003     21115
022 D000003     29300
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004     17633
022 D000004     30149
022 A000005 PRUDENTIAL SECURITIES INC.
022 B000005 22-2347336
022 C000005     21713
022 D000005      8088
022 A000006 SMITH, BARNEY, HARRIS, UPHAM & CO.
022 B000006 13-1912900
022 C000006      9871
022 D000006     17972
022 A000007 BEAR STEARNS & CO.
022 B000007 13-4946705
022 C000007     11242
022 D000007     10631
<PAGE>      PAGE  3
022 A000008 WILLIAM E. SIMON & SONS, INC.
022 B000008 22-3017217
022 C000008      6389
022 D000008     10714
022 A000009 LEHMAN BROTHERS
022 B000009 13-2518466
022 C000009      7378
022 D000009      7782
022 A000010 MOSS (E.A) & CO., INC.
022 C000010      4222
022 D000010     10560
023 C000000     243574
023 D000000     226966
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
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028 D040000      1269
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028 E020000       446
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028 E040000      2276
028 F010000      1691
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028 F030000         0
028 F040000      1243
028 G010000     13750
028 G020000      2756
028 G030000         0
028 G040000      9353
028 H000000     13750
<PAGE>      PAGE  4
029  000000 Y
030 A000000    278
030 B000000  4.75
030 C000000  3.25
031 A000000     36
031 B000000      0
032  000000    242
033  000000      0
034  000000 Y
035  000000     19
036 A000000 Y
036 B000000      0
037  000000 N
038  000000      0
039  000000 N
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042 C000000 100
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048 K020000 0.400
053 A000000 N
055 A000000 N
<PAGE>      PAGE  5
055 B000000 N
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061  000000      500
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062 B000000   0.0
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062 O000000  93.6
062 P000000   0.0
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064 B000000 N
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<PAGE>      PAGE  6
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070 K020000 N
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070 L020000 N
070 M010000 N
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070 N010000 N
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<PAGE>      PAGE  7
072DD010000     7599
072DD020000     1242
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073 A010000   0.4936
073 A020000   0.4314
073 B000000   0.0000
073 C000000   0.0000
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074 D000000   157509
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080 A000000 FEDERAL INSURANCE CO
080 B000000 NATIONAL UNION FIRE INSURANCE CO
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083 A000000 N
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084 A000000 N
<PAGE>      PAGE  8
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SIGNATURE   PAUL BUCUVALAS                               
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 Michigan 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>	MAY-31-1996
<PERIOD-END>	MAY-31-1996
<INVESTMENTS-AT-COST >155,817,923		    
<INVESTMENTS-AT-VALUE>	157,508,715
<RECEIVABLES>	10,876,520
<ASSETS-OTHER>	821,924
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	169,207,159
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	888,066
<TOTAL-LIABILITIES>	888,066
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	167,906,911
<SHARES-COMMON-STOCK>	15,634,139
<SHARES-COMMON-PRIOR>	15,089,622
<ACCUMULATED-NII-CURRENT>	85,347
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	1,363,957
<ACCUM-APPREC-OR-DEPREC>	1,690,792
<NET-ASSETS>	168,319,093
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	10,361,547
<OTHER-INCOME>	0
<EXPENSES-NET>	1,606,238
<NET-INVESTMENT-INCOME>	8,755,309
<REALIZED-GAINS-CURRENT>	1,753,438
<APPREC-INCREASE-CURRENT>	(4,781,877)
<NET-CHANGE-FROM-OPS>	5,726,870
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(7,598,988)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	1,790,658
<NUMBER-OF-SHARES-REDEEMED>	(1,767,677)
<SHARES-REINVESTED>	521,536
<NET-CHANGE-IN-ASSETS>	11,118,478
<ACCUMULATED-NII-PRIOR>	96,048
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	(3,026,581)
<GROSS-ADVISORY-FEES>	990,338
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	1,817,431
<AVERAGE-NET-ASSETS>	138,753,133
<PER-SHARE-NAV-BEGIN>	9.01
<PER-SHARE-NII>	.49
<PER-SHARE-GAIN-APPREC>	(.16)
<PER-SHARE-DIVIDEND>	(.49)
<PER-SHARE-DISTRIBUTIONS>	0
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.85
<EXPENSE-RATIO>	1.00
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED 
FROM Putnam Michigan 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>	MAY-31-1996
<PERIOD-END>	MAY-31-1996
<INVESTMENTS-AT-COST > 155,817,923		    
<INVESTMENTS-AT-VALUE>	157,508,715
<RECEIVABLES>	10,876,520
<ASSETS-OTHER>	821,924
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	169,207,159
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	888,066
<TOTAL-LIABILITIES>	888,066
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	167,906,911
<SHARES-COMMON-STOCK>	3,324,013
<SHARES-COMMON-PRIOR>	2,341,519
<ACCUMULATED-NII-CURRENT>	85,347
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	1,363,957
<ACCUM-APPREC-OR-DEPREC>	1,690,792
<NET-ASSETS>	168,319,093
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	10,361,547
<OTHER-INCOME>	0
<EXPENSES-NET>	1,606,238
<NET-INVESTMENT-INCOME>	8,755,309
<REALIZED-GAINS-CURRENT>	1,753,438
<APPREC-INCREASE-CURRENT>	(4,781,877)
<NET-CHANGE-FROM-OPS>	5,726,870
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(1,242,161)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	1,169,338
<NUMBER-OF-SHARES-REDEEMED>	(277,570)
<SHARES-REINVESTED>	90,726
<NET-CHANGE-IN-ASSETS>	11,118,478
<ACCUMULATED-NII-PRIOR>	96,048
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	(3,026,581)
<GROSS-ADVISORY-FEES>	990,338
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	1,817,431
<AVERAGE-NET-ASSETS>	25,819,388
<PER-SHARE-NAV-BEGIN>	9.00
<PER-SHARE-NII>	.43
<PER-SHARE-GAIN-APPREC>	(.16)
<PER-SHARE-DIVIDEND>	(.43)
<PER-SHARE-DISTRIBUTIONS>	0
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.84
<EXPENSE-RATIO>	1.65
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED 
FROM Putnam Michigan Tax Exempt Income Fund Class M AND IS QUALIFIED 
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR	
<FISCAL-YEAR-END>	MAY-31-1996
<PERIOD-END>	MAY-31-1996
<INVESTMENTS-AT-COST >155,817,923		    
<INVESTMENTS-AT-VALUE>	157,508,715
<RECEIVABLES>	10,876,520
<ASSETS-OTHER>	821,924
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	169,207,159
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	888,066
<TOTAL-LIABILITIES>	888,066
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	167,906,911
<SHARES-COMMON-STOCK>	63,100
<SHARES-COMMON-PRIOR>	13,253
<ACCUMULATED-NII-CURRENT>	85,347
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	1,363,957
<ACCUM-APPREC-OR-DEPREC>	1,690,792
<NET-ASSETS>	168,319,093
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	10,361,547
<OTHER-INCOME>	0
<EXPENSES-NET>	1,606,238
<NET-INVESTMENT-INCOME>	8,755,309
<REALIZED-GAINS-CURRENT>	1,753,438
<APPREC-INCREASE-CURRENT>	(4,781,877)
<NET-CHANGE-FROM-OPS>	5,726,870
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(15,675)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	51,346
<NUMBER-OF-SHARES-REDEEMED>	(2,683)
<SHARES-REINVESTED>	1,184
<NET-CHANGE-IN-ASSETS>	11,118,478
<ACCUMULATED-NII-PRIOR>	96,048
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	(3,026,581)
<GROSS-ADVISORY-FEES>	990,338
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	1,817,431
<AVERAGE-NET-ASSETS>	310,325
<PER-SHARE-NAV-BEGIN>	9.00
<PER-SHARE-NII>	.47
<PER-SHARE-GAIN-APPREC>	(.16)
<PER-SHARE-DIVIDEND>	(.46)
<PER-SHARE-DISTRIBUTIONS>	0
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.85
<EXPENSE-RATIO>	3.53
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        

</TABLE>


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