<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0101</schemaVersion>
  <headerData>
    <submissionType>N-CEN/A</submissionType>
    <accessionNumber>0000869392-18-000372</accessionNumber>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000205802</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000006568</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2018-09-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Putnam Tax Exempt Income Fund</registrantFullName>
      <investmentCompFileNo>811-02675</investmentCompFileNo>
      <registrantCik>0000205802</registrantCik>
      <registrantLei>549300PNWMOMH70NZD77</registrantLei>
      <registrantstreet1>100 FEDERAL STREET</registrantstreet1>
      <registrantcity>BOSTON</registrantcity>
      <registrantzipCode>02110</registrantzipCode>
      <registrantstate>US-MA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>1-800-225-1581</registrantphoneNumber>
      <websites>
        <website webpage="WWW.PUTNAM.COM"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>225 FRANKLIN STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-617-786-3000</officePhone>
          <booksRecordsDesc>Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are responded to under B.3.a-g</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Higgins Michael J.</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are responded to under B.3.a-g</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Putnam Investment Management, LLC</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are responded to under B.3.a-g</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Putnam Retail Management Limited Partnership</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are responded to under B.3.a-g</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Putnam Investor Services, Inc.</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are responded to under B.3.a-g</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Putnam Family of Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>1</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Baumann Barbara M</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Domotorffy Katinka</directorName>
          <crdNumber>004506390</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Hill Catharine Bond</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Joskow Paul L</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Leibler Kenneth R</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Patterson Robert E</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Putnam, III George</directorName>
          <crdNumber>004355835</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Reynolds Robert L</directorName>
          <crdNumber>002009065</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Singh Manoj P</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Ahamed Liaquat</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Akhoury Ravi</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Clark James F</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>100 FEDERAL STREET</ccoStreet1>
          <ccoCity>BOSTON</ccoCity>
          <ccoStateCountry ccoState="US-MA" ccoCountry="US"/>
          <ccoZipCode>02110</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-20851"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Putnam Retail Management Limited Partnership</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-5088</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000007325</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-MA" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>KPMG LLP</publicAccountantName>
          <pcaobNumber>00185</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-MA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Putnam Tax Exempt Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000006568</mgmtInvSeriesId>
        <mgmtInvLei>549300PNWMOMH70NZD77</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>6</numAuthorizedClass>
        <numAddedClass>1</numAddedClass>
        <numTerminatedClass>1</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="PUTNAM TAX EXEMPT INCOME CLASS A" sharesOutstandingClassId="C000017918" sharesOutstandingTickerSymbol="PTAEX"/>
          <sharesOutstanding sharesOutstandingClassName="PUTNAM TAX EXEMPT INCOME CLASS B" sharesOutstandingClassId="C000017919" sharesOutstandingTickerSymbol="PTBEX"/>
          <sharesOutstanding sharesOutstandingClassName="PUTNAM TAX EXEMPT INCOME CL C" sharesOutstandingClassId="C000017917" sharesOutstandingTickerSymbol="PTECX"/>
          <sharesOutstanding sharesOutstandingClassName="PUTNAM TAX EXEMPT INCOME CLASS M" sharesOutstandingClassId="C000017920" sharesOutstandingTickerSymbol="PTXMX"/>
          <sharesOutstanding sharesOutstandingClassName="PUTNAM TAX EXEMPT INCOME CLASS R6" sharesOutstandingClassId="C000202806" sharesOutstandingTickerSymbol="PEXTX"/>
          <sharesOutstanding sharesOutstandingClassName="TAX EXEMPT INCOME FUND Y SHARES" sharesOutstandingClassId="C000060417" sharesOutstandingTickerSymbol="PTEYX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17e-1 (17 CFR 270.17e-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-6 (17 CFR 270.17a-6)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Putnam Investment Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-7974</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106629</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Putnam Investments Limited</subAdviserName>
            <subAdviserFileNo>801-61441</subAdviserFileNo>
            <subAdviserCrdNo>000122254</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserCountry>GB</subAdviserCountry>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Putnam Investor Services, Inc.</transferAgentName>
            <transferAgentFileNo>84-06331</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services (Muni)</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
            <otherCustodianDesc>N</otherCustodianDesc>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Putnam Investor Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MSCO - MORGAN STANLEY &amp; CO. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>115601533.95</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JPMS - J.P. MORGAN SECURITIES, LLC.</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>80234730.05</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBCD - RBC CAPITAL MARKETS CORPORATION</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>67725408.7</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WCHV - WELLS FARGO SECURITIES, LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>60679048.2</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>57347126.05</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA - BANK OF AMERICA SECURITIES, L.L.C.</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>42829351.3</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MLCO - MERRILL LYNCH, PIERCE, FENNER AND SMITH INC.</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>36211150</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITI - CITIBANK, N.A.</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>E57ODZWZ7FF32TWEFA76</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>34943720.7</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BCAP - BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>31717722.3</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFF - JEFFERIES &amp; CO., INC.</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>NY9Q8VBNB6D1L6YV0J84</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>31387493</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>757927180.95</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>974150400.00</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>317500000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Putnam VT Small Cap Growth Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Sustainable Future Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Utilities Fund" secFileNo="811-05989"/>
                <creditUser fundName="Putnam VT Equity Income Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam International Equity Fund" secFileNo="811-06190"/>
                <creditUser fundName="Putnam VT Global Asset Allocation Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Equity Fund" secFileNo="811-01403"/>
                <creditUser fundName="Putnam Tax Free High Yield Fund" secFileNo="811-04345"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Growth Fund" secFileNo="811-07121"/>
                <creditUser fundName="Putnam Equity Income Fund" secFileNo="811-02742"/>
                <creditUser fundName="Putnam VT Mortgage Securities Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT International Equity Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Conservative Fund" secFileNo="811-07121"/>
                <creditUser fundName="Putnam California Tax Exempt Income Fund" secFileNo="811-03630"/>
                <creditUser fundName="Putnam VT International Value Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Growth Opportunities Fund" secFileNo="811-07237"/>
                <creditUser fundName="George Putnam Balanced Fund" secFileNo="811-00058"/>
                <creditUser fundName="Putnam International Growth Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Diversified Income Trust" secFileNo="811-05635"/>
                <creditUser fundName="Putnam Money Market Fund" secFileNo="811-02608"/>
                <creditUser fundName="Putnam International Capital Opportunities Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam VT George Putnam Balanced Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT International Growth Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Pennsylvania Tax Exempt Income Fund" secFileNo="811-05802"/>
                <creditUser fundName="Putnam High Yield Fund" secFileNo="811-04616"/>
                <creditUser fundName="Putnam Europe Equity Fund" secFileNo="811-05693"/>
                <creditUser fundName="Putnam VT Global Utilities Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Small Cap Value Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Natural Resources Fund" secFileNo="811-03061"/>
                <creditUser fundName="Putnam VT Income Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Income Trust" secFileNo="811-04524"/>
                <creditUser fundName="Putnam Sustainable Leaders Fund" secFileNo="811-06128"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Balanced Fund" secFileNo="811-07121"/>
                <creditUser fundName="Putnam International Value Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Health Care Fund" secFileNo="811-03386"/>
                <creditUser fundName="Putnam Sustainable Future Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam VT Research Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Mortgage Securities Fund" secFileNo="811-03897"/>
                <creditUser fundName="Putnam Capital Opportunities Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Minnesota Tax Exempt Income Fund" secFileNo="811-04527"/>
                <creditUser fundName="Putnam VT Diversified Income Trust" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Sustainable Leaders Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Investors Fund" secFileNo="811-00159"/>
                <creditUser fundName="Putnam AMT-Free Municipal Fund" secFileNo="811-04345"/>
                <creditUser fundName="Putnam Small Cap Value Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Massachusetts Tax Exempt Income Fund" secFileNo="811-04518"/>
                <creditUser fundName="Putnam VT Government Money Market Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Research Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam New Jersey Tax Exempt Income Fund" secFileNo="811-05977"/>
                <creditUser fundName="Putnam VT Global Health Care Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Global Equity Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Small Cap Growth Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam VT Growth Opportunities Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam New York Tax Exempt Income Fund" secFileNo="811-03741"/>
                <creditUser fundName="Putnam VT High Yield Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Tax Exempt Income Fund" secFileNo="811-02675"/>
                <creditUser fundName="Putnam Convertible Securities Fund" secFileNo="811-02280"/>
                <creditUser fundName="Putnam Ohio Tax Exempt Income Fund" secFileNo="811-04528"/>
                <creditUser fundName="Putnam VT Multi-Cap Core Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Income Fund" secFileNo="811-00653"/>
                <creditUser fundName="Putnam Floating Rate Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Short Duration Bond Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Telecommunications Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Technology Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Emerging Markets Equity Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Fixed Income Absolute Return Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Multi-Asset Absolute Return Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Equity Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Consumer Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Dynamic Risk Allocation Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Financials Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Capital Spectrum Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Industrials Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Multi-Cap Core Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Equity Spectrum Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Short Duration Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Emerging Markets Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Intermediate-Term Municipal Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Government Money Market Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam VT Multi-Asset Absolute Return Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Mortgage Opportunities Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam PanAgora Managed Futures Strategy" secFileNo="811-07237"/>
                <creditUser fundName="Putnam PanAgora Risk Parity Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam PanAgora Market Neutral Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Short-Term Municipal Income Fund" secFileNo="811-07513"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>235500000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Putnam VT Small Cap Growth Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Sustainable Future Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Utilities Fund" secFileNo="811-05989"/>
                <creditUser fundName="Putnam VT Equity Income Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam International Equity Fund" secFileNo="811-06190"/>
                <creditUser fundName="Putnam VT Global Asset Allocation Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Equity Fund" secFileNo="811-01403"/>
                <creditUser fundName="Putnam Tax Free High Yield Fund" secFileNo="811-04345"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Growth Fund" secFileNo="811-07121"/>
                <creditUser fundName="Putnam Equity Income Fund" secFileNo="811-02742"/>
                <creditUser fundName="Putnam VT Mortgage Securities Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT International Equity Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Conservative Fund" secFileNo="811-07121"/>
                <creditUser fundName="Putnam California Tax Exempt Income Fund" secFileNo="811-03630"/>
                <creditUser fundName="Putnam VT International Value Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Growth Opportunities Fund" secFileNo="811-07237"/>
                <creditUser fundName="George Putnam Balanced Fund" secFileNo="811-00058"/>
                <creditUser fundName="Putnam International Growth Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Diversified Income Trust" secFileNo="811-05635"/>
                <creditUser fundName="Putnam Money Market Fund" secFileNo="811-02608"/>
                <creditUser fundName="Putnam International Capital Opportunities Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam VT George Putnam Balanced Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT International Growth Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Pennsylvania Tax Exempt Income Fund" secFileNo="811-05802"/>
                <creditUser fundName="Putnam High Yield Fund" secFileNo="811-04616"/>
                <creditUser fundName="Putnam Europe Equity Fund" secFileNo="811-05693"/>
                <creditUser fundName="Putnam VT Global Utilities Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Small Cap Value Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Natural Resources Fund" secFileNo="811-03061"/>
                <creditUser fundName="Putnam VT Income Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Global Income Trust" secFileNo="811-04524"/>
                <creditUser fundName="Putnam Sustainable Leaders Fund" secFileNo="811-06128"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Balanced Fund" secFileNo="811-07121"/>
                <creditUser fundName="Putnam International Value Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Health Care Fund" secFileNo="811-03386"/>
                <creditUser fundName="Putnam Sustainable Future Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam VT Research Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Mortgage Securities Fund" secFileNo="811-03897"/>
                <creditUser fundName="Putnam Capital Opportunities Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Minnesota Tax Exempt Income Fund" secFileNo="811-04527"/>
                <creditUser fundName="Putnam VT Diversified Income Trust" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Sustainable Leaders Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Investors Fund" secFileNo="811-00159"/>
                <creditUser fundName="Putnam AMT-Free Municipal Fund" secFileNo="811-04345"/>
                <creditUser fundName="Putnam Small Cap Value Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Massachusetts Tax Exempt Income Fund" secFileNo="811-04518"/>
                <creditUser fundName="Putnam VT Government Money Market Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Research Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam New Jersey Tax Exempt Income Fund" secFileNo="811-05977"/>
                <creditUser fundName="Putnam VT Global Health Care Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam VT Global Equity Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Small Cap Growth Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam VT Growth Opportunities Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam New York Tax Exempt Income Fund" secFileNo="811-03741"/>
                <creditUser fundName="Putnam VT High Yield Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Tax Exempt Income Fund" secFileNo="811-02675"/>
                <creditUser fundName="Putnam Convertible Securities Fund" secFileNo="811-02280"/>
                <creditUser fundName="Putnam Ohio Tax Exempt Income Fund" secFileNo="811-04528"/>
                <creditUser fundName="Putnam VT Multi-Cap Core Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Income Fund" secFileNo="811-00653"/>
                <creditUser fundName="Putnam Floating Rate Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Short Duration Bond Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Telecommunications Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Technology Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Emerging Markets Equity Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Fixed Income Absolute Return Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Multi-Asset Absolute Return Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Dynamic Asset Allocation Equity Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Consumer Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Dynamic Risk Allocation Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Financials Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Capital Spectrum Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Global Industrials Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Multi-Cap Core Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Equity Spectrum Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Short Duration Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Emerging Markets Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Intermediate-Term Municipal Income Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam Government Money Market Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam VT Multi-Asset Absolute Return Fund" secFileNo="811-05346"/>
                <creditUser fundName="Putnam Mortgage Opportunities Fund" secFileNo="811-07513"/>
                <creditUser fundName="Putnam PanAgora Managed Futures Strategy" secFileNo="811-07237"/>
                <creditUser fundName="Putnam PanAgora Risk Parity Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam PanAgora Market Neutral Fund" secFileNo="811-07237"/>
                <creditUser fundName="Putnam Short-Term Municipal Income Fund" secFileNo="811-07513"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Putnam Tax Exempt Income Fund" signedDate="2019-02-25" signature="Janet C. Smith" title="Principal Financial Officer"/>
  </formData>
</edgarSubmission>
