0000205802 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member PTAEX:C000017918Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member PTAEX:C000017919Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member PTAEX:C000017917Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member PTAEX:C000202806Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member PTAEX:C000060417Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member rr:AfterTaxesOnDistributionsMember PTAEX:C000017918Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member rr:AfterTaxesOnDistributionsAndSalesMember PTAEX:C000017918Member 2023-01-30 2023-01-30 0000205802 PTAEX:S000006568Member PTAEX:BMBIndexMember 2023-01-30 2023-01-30 iso4217:USD pure 0000205802 false 485BPOS Putnam Tax Exempt Income Fund N-1A 2022-12-31 ~ http://putnam.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PTAEX_S000006568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTAEX_S000006568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTAEX_S000006568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact PTAEX_S000006568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PTAEX_S000006568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fund summary Goal Putnam Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax as we believe to be consistent with preservation of capital. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in class A shares of Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 15 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in class A shares of Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0400 0.0100 0 0.0500 0 0.0100 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0043 0.0025 0.0015 0.0083 0.0043 0.0085 0.0015 0.0143 0.0043 0.0100 0.0015 0.0158 0.0043 0 0.0013 0.0056 0.0043 0 0.0015 0.0058 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. 481 654 842 1384 646 752 982 1550 146 452 782 1550 261 499 860 1677 161 499 860 1677 57 179 313 701 59 186 324 726 Portfolio turnover The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 57%. 0.57 Investments, risks, and performance Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy exclude investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. Risks It is important to understand that you can lose money by investing in the fund. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates and may be considered speculative. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges -0.0410 0.0993 0.0265 0.0038 0.0588 0.0070 0.0815 0.0448 0.0213 -0.1057 Best calendar quarter 2022-12-31 0.0437 Worst calendar quarter 2022-03-31 -0.0654 Average annual total returns after sales charges (for periods ended 12/31/22) -0.1415 -0.0005 0.0138 -0.1416 -0.0032 0.0123 -0.0746 0.0053 0.0174 -0.1548 -0.0019 0.0129 -0.1217 0.0000 0.0117 -0.1029 0.0103 0.0204 -0.1041 0.0101 0.0203 -0.0853 0.0125 0.0213 <div id="xdx_A89_err--PerformanceTableClosingTextBlock_z9V9P8JJQpij"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>All Bloomberg indices provided by Bloomberg Index Services Limited.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Class B and C share performance reflects conversion to class A shares after eight years. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over six years. This charge is eliminated after one year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher.