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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 9
SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Tax Exempt Money Market Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1998
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<OTHER-ITEMS-LIABILITIES> 328,975
<TOTAL-LIABILITIES> 328,975
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 84,976,770
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<NET-INVESTMENT-INCOME> 1,357,976
<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 1,357,976
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,357,976)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58,828,367
<NUMBER-OF-SHARES-REDEEMED> (80,523,878)
<SHARES-REINVESTED> 1,230,145
<NET-CHANGE-IN-ASSETS> (20,465,366)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 325,065
<AVERAGE-NET-ASSETS> 86,439,871
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .0151
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.0151)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
