diff --git a/doc/source/release.rst b/doc/source/release.rst
index bb82a055dcd8d..8fba8618fd860 100644
--- a/doc/source/release.rst
+++ b/doc/source/release.rst
@@ -262,6 +262,8 @@ See :ref:`Internal Refactoring<whatsnew_0130.refactoring>`
     if code argument out of range (:issue:`4519`, :issue:`4520`)
   - Fix reindexing with multiple axes; if an axes match was not replacing the current axes, leading
     to a possible lazay frequency inference issue (:issue:`3317`)
+  - Fixed issue where ``DataFrame.apply`` was reraising exceptions incorrectly
+    (causing the original stack trace to be truncated).
 
 pandas 0.12
 ===========
diff --git a/pandas/core/frame.py b/pandas/core/frame.py
index d032bbf66f95e..413cb0b6ef3d0 100644
--- a/pandas/core/frame.py
+++ b/pandas/core/frame.py
@@ -3632,7 +3632,7 @@ def _apply_standard(self, func, axis, ignore_failures=False, reduce=True):
                 except (NameError, UnboundLocalError):  # pragma: no cover
                     # no k defined yet
                     pass
-                raise e
+                raise
 
         if len(results) > 0 and _is_sequence(results[0]):
             if not isinstance(results[0], Series):