Summary Prospectus Supplement   March 23, 2020 

Putnam Tax Exempt Income Fund
Summary Prospectus dated January 30, 2020

Effective July 1, 2020, the following information replaces similar information provided with respect to class A shares of the fund under Fees and expenses:

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

				Total annual
		Distribution and	Other	fund operating
Share class	Management Fees	service (12b-1) fees	expenses	expenses
Class A	0.43%	0.25%†	0.13%	0.81%

Example

† The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.

Share class	1 year	3 years	5 years	10 years
Class A	$479	$648	$832	$1,362

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