Item 1. Schedule of Investments:
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Putnam Managed Municipal Income Trust
QUARTERLY PORTFOLIO HOLDINGS
7-31-04
[LOGO OMITTED: scales]
Putnam Managed Municipal Income Trust
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The fund's portfolio
July 31, 2004 (Unaudited)
KEY TO ABBREVIATIONS
AMBAC -- AMBAC Indemnity Corporation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FNMA Coll. -- Federal National Mortgage Association Collateralized
FSA -- Financial Security Assurance
GNMA Coll. -- Government National Mortgage Association Collateralized
G.O. Bonds -- General Obligation Bonds
IFB -- Inverse Floating Rate Bonds
MBIA -- MBIA Insurance Company
PSFG -- Permanent School Fund Guaranteed
U.S. Govt. Coll. -- U.S. Government Collateralized
VRDN -- Variable Rate Demand Notes
Municipal bonds and notes (98.8%) (a)
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Principal amount Rating (RAT) Value
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Alabama (0.3%)
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$1,500,000 Butler, Indl. Dev. Board Rev. Bonds
(Solid Waste Disp. James River Corp.),
8s, 9/1/28 BB+ $1,531,950
Arizona (1.7%)
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1,000,000 Apache Cnty., Indl. Dev. Auth. Poll.
Control Rev. Bonds (Tucson Elec. Pwr.
Co.), Ser. B, 5 7/8s, 3/1/33 Ba3 973,750
1,000,000 AZ Hlth. Fac. Auth. Hosp. Syst. Rev.
Bonds (John C. Lincoln Hlth. Network), 6
3/8s, 12/1/37 BBB 1,022,500
1,800,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds
(Casa Grande Regl. Med. Ctr.), Ser. A, 7
5/8s, 12/1/29 B-/P 1,865,250
500,000 Cochise Cnty., Indl. Dev. Auth. Rev.
Bonds (Sierra Vista Regl. Hlth. Ctr.),
Ser. A, 6.2s, 12/1/21 BB+/P 497,500
3,000,000 Coconino Cnty., Poll. Control Rev. Bonds
(Tuscon/Navajo Elec. Pwr.), Ser. A, 7
1/8s, 10/1/32 Ba3 3,086,250
560,000 Scottsdale, Indl. Dev. Auth. Rev. Bonds
(Westminster Village), 7 7/8s, 6/1/09 AAA/P 600,107
1,000,000 Scottsdale, Indl. Dev. Hosp. Auth. Rev.
Bonds (Scottsdale Hlth. Care), 5.8s,
12/1/31 A3 1,012,500
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9,057,857
Arkansas (1.6%)
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4,600,000 AR State Hosp. Dev. Fin. Auth. Rev.
Bonds (Washington Regl. Med. Ctr.), 7
3/8s, 2/1/29 Baa3 5,048,500
1,000,000 Little Rock G.O. Bonds (Cap. Impt.),
FSA, 3.95s, 4/1/19 Aaa 975,000
2,750,000 Northwest Regl. Arpt. Auth. Rev. Bonds,
7 5/8s, 2/1/27 BB/P 2,963,125
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8,986,625
California (12.8%)
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250,000 Association of Bay Area Governments
(ABAG) Fin. Auth. for Nonprofit Corps.
Rev. Bonds (San Diego Hosp. Assn.), Ser.
C, 5 3/8s, 3/1/21 Baa1 249,063
1,700,000 CA Hlth. Fac. Auth. IFB (Catholic Hlth.
Care West), AMBAC, 8.986s, 7/1/17 Aaa 1,770,125
2,000,000 CA State G.O. Bonds, FGIC, 6.6s, 2/1/11 Aaa 2,352,500
CA State Dept. of Wtr. Resources Rev.
Bonds, Ser. A
1,000,000 6s, 5/1/15 A2 1,123,750
20,000,000 AMBAC, 5 1/2s, 5/1/13 Aaa 22,375,000
3,000,000 5 1/2s, 5/1/11 A2 3,326,250
2,250,000 CA Statewide Cmnty. Dev. Auth. Apt. Dev.
Rev. Bonds (Irvine Apt. Cmntys.), Ser.
A-3, 5.1s, 5/15/25 Baa2 2,354,063
3,000,000 CA Statewide Cmnty. Dev. Auth. COP (The
Internext Group), 5 3/8s, 4/1/30 BBB- 2,801,250
1,000,000 Capistrano, Unified School Dist. Cmnty.
Fac. Special Tax (No 98-2 Ladera), 5.7s,
9/1/20 BB/P 1,013,750
Chula Vista, Cmnty. Fac. Dist. Special
Tax
300,000 (No 07-I-Otay Ranch Village Eleven), 5
7/8s, 9/1/34 BB-/P 303,000
300,000 (No. 07-I Otay Ranch Village Eleven),
5.8s, 9/1/28 BB-/P 302,250
1,250,000 Chula Vista, Cmnty. Fac. Dist. Special
Tax Rev. Bonds (No. 08-1 Otay Ranch
Village Six), 6s, 9/1/33 BB-/P 1,234,375
10,775,000 Corona, COP (Vista Hosp. Syst.), zero %,
7/1/29 (In default) (NON) D/P 215,500
750,000 Folsom, Special Tax Rev. Bonds (Cmnty.
Facs. Dist. No. 10), 5 7/8s, 9/1/28 BB 752,813
1,970,000 Gilroy, Rev. Bonds (Bonfante Gardens
Park), 8s, 11/1/25 D/P 1,391,313
2,500,000 Golden State Tobacco Securitization
Corp. Rev. Bonds, Ser. B, 5 5/8s, 6/1/38 Baa1 2,528,125
1,100,000 Murrieta, Cmnty. Fac. Dist. Special Tax
(No. 2 The Oaks Impt. Area A), 6s,
9/1/34 BB- 1,101,375
650,000 Orange Cnty., Cmnty. Fac. Dist. Special
Tax Rev. Bonds (Ladera Ranch - No.
02-1), Ser. A, 5.55s, 8/15/33 BB+/P 647,563
1,250,000 Sacramento, Special Tax (North Natomas
Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33 BB+/P 1,260,938
7,000,000 San Bernardino Cnty., Certificates of
Participation (Med. Ctr. Fin.), Ser. A,
MBIA, 6 1/2s, 8/1/28 Aaa 7,490,630
8,750,000 Santa Clara Cnty., Fin. Auth. Lease Rev.
Bonds (VMC Fac. Replacement Project),
Ser. A, AMBAC, 6 3/4s, 11/15/20 Aaa 9,061,063
2,550,000 Santaluz Cmnty., Facs. Dist. No. 2
Special Tax Rev. Bonds (Impt. Area No.
1), Ser. B, 6 3/8s, 9/1/30 BB+/P 2,604,188
2,500,000 Vallejo, COP (Marine World Foundation),
7.2s, 2/1/26 BBB-/P 2,506,250
1,765,000 Valley Hlth. Syst. Hosp. Rev. Bonds,
Ser. A, 6 1/2s, 5/15/25 B+ 1,464,950
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70,230,084
Colorado (1.9%)
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3,015,000 CO Hlth. Fac. Auth. Rev. Bonds
(Evangelical Lutheran), 3.05s, 10/1/05 A3 3,052,688
CO Hwy. Auth. Rev. Bonds (E-470 Pub.
Hwy.), Ser. B
15,500,000 zero %, 9/1/35 Baa3 1,550,000
16,500,000 zero %, 9/1/34 Baa3 1,773,750
Denver, City & Cnty. Arpt. Rev. Bonds
1,050,000 Ser. D, AMBAC, 7 3/4s, 11/15/13 AAA 1,282,313
2,500,000 MBIA, 5 1/2s, 11/15/25 Aaa 2,615,625
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10,274,376
Connecticut (1.6%)
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9,000,000 CT State Hlth. & Edl. Fac. Auth. VRDN
(Yale U.), Ser. U2, 0.96s, 7/1/33 VMIG1 9,000,000
District of Columbia (0.6%)
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4,000,000 DC Tobacco Settlement Fin. Corp. Rev.
Bonds, 6 1/2s, 5/15/33 BBB 3,495,000
Florida (3.9%)
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2,000,000 Cap. Trust Agcy. Rev. Bonds (Seminole
Tribe Convention), Ser. A, 10s, 10/1/33 B/P 2,420,000
1,500,000 CFM Cmnty. Dev. Dist. Rev. Bonds, Ser.
A, 6 1/4s, 5/1/35 BB-/P 1,511,250
3,210,000 Escambia Cnty., Poll. Control Rev. Bonds
(Champion Intl. Corp.), 6.9s, 8/1/22 Baa2 3,290,250
Fishhawk, Cmnty. Dev. Dist. II Rev.
Bonds
500,000 Ser. A, 6 1/8s, 5/1/34 BB-/P 500,625
1,400,000 Ser. B, 5s, 11/1/07 BB-/P 1,403,500
770,000 FL State Mid-Bay Bridge Auth. Rev.
Bonds, Ser. A, 6.05s, 10/1/22 BBB/P 788,288
500,000 Fleming Island, Plantation Cmnty. Dev.
Dist. Special Assmt. Rev. Bonds, Ser. B,
7 3/8s, 5/1/31 BB/P 536,250
500,000 Gateway Svcs. Cmnty. Dev. Dist. Special
Assmt. (Stoneybrook), 5 1/2s, 7/1/08 BB-/P 509,375
500,000 Heritage Harbor, South Cmnty. Dev.
Distr. Rev. Bonds, Ser. A, 6 1/2s,
5/1/34 BB-/P 518,125
1,000,000 Lee Cnty., Indl. Dev. Auth. Rev. Bonds
(Alliance Cmnty. Project), Ser. C, 5
1/2s, 11/15/29 BBB- 937,500
1,335,000 Miami Beach, Hlth. Fac. Auth. Hosp. Rev.
Bonds (Mount Sinai Med. Ctr.), Ser. A,
6.7s, 11/15/19 BB 1,366,706
500,000 Middle Village Cmnty. Dev. Dist. Special
Assmt., Ser. A, 5.8s, 5/1/22 BB-/P 500,000
200,000 Oakstead Cmnty. Dev. Dist. Cap. Impt.
Rev. Bonds, Ser. B, 6 1/2s, 5/1/07 BB/P 202,750
1,500,000 South Miami, Hlth. Fac. Auth. Rev. Bonds
(Baptist Hlth.), 5 1/4s, 11/15/33 Aa3 1,503,750
2,000,000 St. Johns Cnty., Hlth. Care Indl. Dev.
Auth. Rev. Bonds (Glenmoor St. Johns
Project), Ser. A, 8s, 1/1/30 B-/P 1,910,000
1,000,000 Sterling Hill, Cmnty. Dev. Dist. Rev.
Bonds, Ser. B, 5 1/2s, 11/1/10 BB- 1,011,250
1,250,000 Westchester Cmnty. Dev. Dist. No. 1
Special Assmt. (Cmnty. Infrastructure),
6 1/8s, 5/1/35 BB- 1,259,375
World Commerce Cmnty. Dev. Dist. Special
Assmt.
750,000 Ser. A-1, 6 1/2s, 5/1/36 BB-/P 750,000
500,000 Ser. A-2, 6 1/8s, 5/1/35 BB-/P 496,250
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21,415,244
Georgia (1.9%)
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4,000,000 Burke Cnty., Poll. Control Dev. Auth.
Mandatory Put Bonds (GA Power Co.),
4.45s, 12/1/08 A2 4,170,000
425,000 Fulton Cnty., Res. Care Fac. Rev. Bonds
(Canterbury Court), Class A, 6 1/8s,
2/15/34 B+/P 420,750
700,000 GA Med. Ctr. Hosp. Auth. IFB, MBIA,
11.081s, 8/1/10 Aaa 704,774
2,500,000 Muni. Elec. Auth. Rev. Bonds, AMBAC, 5s,
1/1/26 Aaa 2,681,250
2,145,000 Rockdale Cnty., Dev. Auth. Solid Waste
Disp. Rev. Bonds (Visay Paper, Inc.),
7.4s, 1/1/16 BB+/P 2,215,442
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10,192,216
Hawaii (0.3%)
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1,760,000 HI Dept. of Trans. Special Fac. Rev.
Bonds (Continental Airlines, Inc.), 7s,
6/1/20 B 1,487,200
Illinois (1.6%)
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3,500,000 Chicago, G.O. Bonds, Ser. A, AMBAC, 5
5/8s, 1/1/39 Aaa 3,679,375
1,495,000 Chicago, O'Hare Intl. Arpt. Special Fac.
Rev. Bonds (American Airlines, Inc.),
8.2s, 12/1/24 Caa2 1,151,150
3,250,000 IL Dev. Fin. Auth. Hosp. Rev. Bonds
(Adventist Hlth. Syst./Sunbelt
Obligation), 5.65s, 11/15/24 A 3,278,438
500,000 IL Hlth. Fac. Auth. Rev. Bonds (St.
Benedict), Ser. 03A-1, 6.9s, 11/15/33 B+ 496,250
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8,605,213
Indiana (2.0%)
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2,500,000 IN State Dev. Fin. Auth. Env. Impt. Rev.
Bonds (USX Corp.), 5.6s, 12/1/32 Baa1 2,500,000
6,500,000 IN Trans. Fin. Auth. Arpt. Facs. Lease
Rev. Bonds, Ser. A, AMBAC, 5s, 11/1/16 Aaa 6,768,125
1,750,000 Rockport, Poll. Control Mandatory Put
Bonds (Indiana Michigan Pwr. Co.), Ser.
C, 2 5/8s, 10/1/06 Baa2 1,734,688
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11,002,813
Iowa (0.9%)
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IA Fin. Auth. Hlth. Care Fac. Rev. Bonds
(Care Initiatives)
2,940,000 9 1/4s, 7/1/25 BBB-/P 3,447,150
1,350,000 9.15s, 7/1/09 BBB-/P 1,540,688
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4,987,838
Kentucky (0.6%)
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1,000,000 Boone Cnty., Poll. Control Rev. Bonds
(Dayton Pwr. & Lt. Co.), Ser. A, 6 1/2s,
11/15/22 Baa3 1,015,850
1,700,000 KY Econ. Dev. Fin. Auth. Rev. Bonds
(Norton Hlth. Care, Inc.), Ser. A, 6
1/2s, 10/1/20 BBB+/P 1,780,750
460,000 Scott Cnty., Indl. Dev. Rev. Bonds
(Hoover Group, Inc.), 8 1/2s, 11/1/14 Ba3 253,000
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3,049,600
Louisiana (0.8%)
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1,140,000 LA Pub. Fac. Auth. Hosp. Rev. Bonds
(Lake Charles Memorial Hosp.), 8 5/8s,
12/1/30 CCC/P 855,000
500,000 Tangipahoa Parish Hosp. Svcs. Rev. Bonds
(North Oaks Med. Ctr. Project), Ser. A,
5s, 2/1/25 A 479,375
2,750,000 W. Feliciana Parish, Poll. Control Rev.
Bonds (Gulf States Util. Co.), Ser. C,
7s, 11/1/15 Ba1 2,805,605
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4,139,980
Maine (0.7%)
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1,965,000 ME State Hsg. Auth. Rev. Bonds, Ser.
D-2-AMT, 5s, 11/15/27 Aa1 2,065,706
2,000,000 Rumford, Solid Waste Disp. Rev. Bonds
(Boise Cascade Corp.), 6 7/8s, 10/1/26 Ba2 2,042,500
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4,108,206
Maryland (0.5%)
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1,000,000 MD State Hlth. & Higher Edl. Fac. Auth.
Rev. Bonds (Medstar Hlth.), 5 3/4s,
8/15/15 Baa2 1,053,750
1,850,000 Westminster, Econ. Dev. Rev. Bonds
(Carroll Lutheran Village), Ser. A, 5
7/8s, 5/1/21 BB/P 1,847,688
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2,901,438
Massachusetts (5.5%)
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600,000 Boston, Indl. Dev. Fin. Auth. Rev. Bonds
(Springhouse, Inc.), 6s, 7/1/28 BB-/P 546,000
MA State Hlth. & Edl. Fac. Auth. Rev.
Bonds
2,000,000 (Civic Investments), Ser. A, 9s,
12/15/15 BB/P 2,272,500
3,170,000 (Rehab. Hosp. Cape & Islands), Ser. A,
U.S. Govt. Coll., 7 7/8s, 8/15/24 AAA/P 3,239,708
1,185,000 (Norwood Hosp.), Ser. C, 7s, 7/1/14 Ba2 1,460,513
1,200,000 (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 BBB- 1,204,500
2,225,000 (UMass Memorial), Ser. C, 6 5/8s, 7/1/32 Baa2 2,297,313
1,875,000 (UMass Memorial), Ser. C, 6 1/2s, 7/1/21 Baa2 1,938,281
1,500,000 (Caritas Christi Oblig. Group), Ser. A,
5 1/4s, 7/1/08 BBB 1,580,625
7,645,000 MA State Hsg. Fin. Agcy. IFB, AMBAC,
9.451s, 7/1/40 (acquired 6/3/98, cost
$7,739,951) (RES) AAA/P 7,950,800
2,000,000 MA State Hsg. Fin. Agcy. Rev. Bonds
(Rental Mtge.), Ser. C, AMBAC, 5 5/8s,
7/1/40 Aaa 2,057,500
MA State Indl. Fin. Agcy. Rev. Bonds
500,000 (1st Mtge. Stone Institution & Newton),
7.9s, 1/1/24 BB-/P 511,880
1,000,000 (1st Mtge. Brookhaven), Ser. A, 7s,
1/1/15 BBB/P 1,023,750
1,000,000 (1st Mtge. Brookhaven), Ser. A, 7s,
1/1/09 BBB/P 1,031,250
1,550,000 (1st Mtge. Berkshire Retirement), Ser.
A, 6 5/8s, 7/1/16 BBB- 1,567,438
1,500,000 (1st Mtge. Brookhaven), Ser. B, 5 1/4s,
1/1/17 BBB/P 1,475,625
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30,157,683
Michigan (4.0%)
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4,500,000 Detroit, Swr. Disp. VRDN, Ser. B, FSA,
1.10s, 7/1/33 VMIG1 4,500,000
500,000 Flint, Hosp. Bldg. Auth. Rev. Bonds
(Hurley Med. Ctr.), 6s, 7/1/20 Baa3 492,500
350,000 Garden City, Hosp. Fin. Auth. Rev. Bonds
(Garden City Hosp. OB Group), Ser. A, 5
3/4s, 9/1/17 Ba2 326,375
2,200,000 Macomb Cnty., Hosp. Fin. Auth. Rev.
Bonds (Mt. Clemens Gen. Hosp.), Ser. B,
5 7/8s, 11/15/34 BBB- 2,013,000
1,500,000 MI State Hosp. Fin. Auth. Rev. Bonds
(Oakwood Hosp.), Ser. A, 6s, 4/1/22 A2 1,591,875
2,000,000 Midland Cnty., Econ. Dev. Corp. Rev.
Bonds, 6 3/4s, 7/23/09 Ba3 2,075,000
1,700,000 Pontiac, Hosp. Fin. Auth. Rev. Bonds
(NOMC Obligation Group), Ser. B, 6s,
8/1/18 Ba1 1,472,625
2,975,000 Warren Cons. School Dist. G.O. Bonds,
FSA, 5 3/8s, 5/1/18 Aaa 3,209,281
6,670,000 Waterford, Econ. Dev. Corp. Rev. Bonds
(Canterbury Hlth.), 6s, 1/1/39 B-/P 4,885,775
2,000,000 Wayne Charter Cnty., Special Arpt. Fac.
Rev. Bonds (Northwest Airlines, Inc.),
6s, 12/1/29 B+/P 1,435,000
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22,001,431
Minnesota (1.2%)
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2,525,000 Chaska, Indl. Dev. Rev. Bonds (Lifecore
Biomedical, Inc. Project), 10 1/4s,
9/1/20 BB/P 2,585,146
500,000 Minneapolis, Rev. Bonds (Walker
Methodist Sr. Svcs.), Ser. C, 6s,
11/15/28 B+/P 380,625
400,000 Sauk Rapids Hlth. Care & Hsg. Fac. Rev.
Bonds (Good Shepherd Lutheran Home), 6s,
1/1/34 B/P 395,000
3,200,000 St. Paul, Hsg. & Hosp. Redev. Auth. Rev.
Bonds (Healtheast), Ser. B, 6 5/8s,
11/1/17 Ba2 3,220,000
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6,580,771
Mississippi (0.4%)
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2,250,000 Mississippi Bus. Fin. Corp. Poll.
Control Rev. Bonds (Syst. Energy
Resources, Inc.), 5.9s, 5/1/22 BBB 2,266,875
Missouri (1.2%)
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1,500,000 Cape Girardeau Cnty., Indl. Dev. Auth.
Hlth. Care Fac. Rev. Bonds (St. Francis
Med. Ctr.), Ser. A, 5 1/2s, 6/1/32 A 1,505,625
1,500,000 Kansas City, Indl. Dev. Auth. Hlth. Fac.
Rev. Bonds (First Mtg. Bishop Spencer),
Ser. A, 6 1/2s, 1/1/35 BB- 1,475,625
2,000,000 MO Hsg. Dev. Comm. Rev. Bonds (Home
Ownership), GNMA/FNMA Coll., 5.55s,
9/1/34 AAA 2,180,000
1,450,000 MO State Hlth. & Edl. Fac. Auth. Rev.
Bonds (BJC Hlth. Syst.), 5 1/4s, 5/15/32 Aa2 1,457,250
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6,618,500
Montana (0.3%)
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1,775,000 Forsyth, Poll. Control Mandatory Put
Bonds (Avista Corp.), AMBAC, 5s, 10/1/32 Aaa 1,888,156
Nebraska (0.1%)
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920,000 Gage Cnty., Indl. Dev. Rev. Bonds
(Hoover Group, Inc.), 8 1/2s, 12/1/07 Ba3 506,000
Kearney, Indl. Dev. Rev. Bonds
71,021 (Great Platte River), 8s, 9/1/12 D/P 60,545
791,466 (Brookhaven), zero %, 9/1/12 D/P 3,957
-------------
570,502
Nevada (2.1%)
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1,000,000 Clark Cnty., Impt. Dist. Special Assmt.
(Dist. No. 142), 6 3/8s, 8/1/23 BB- 997,500
5,000,000 Clark Cnty., Indl. Dev. Rev. Bonds
(Southwest Gas Corp.), Ser. C, AMBAC,
5.95s, 12/1/38 Aaa 5,337,500
1,595,000 Henderson, Local Impt. Dist. Special
Assmt. (No. T-14), 3.2s, 3/1/06 BB-/P 1,593,006
500,000 Henderson, Local Impt. Dist. Special
Assmt. Bonds (No. T-14), 5.8s, 3/1/23 BB-/P 505,625
875,000 Las Vegas, Local Impt. Board Special
Assmt. (Dist. No. 607), 5.9s, 6/1/18 BB-/P 884,844
2,000,000 Washoe Cnty., Wtr. Fac. Mandatory Put
Bonds (Sierra Pacific Pwr. Co.), 5s,
3/1/36 Ba2 1,995,000
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11,313,475
New Hampshire (1.4%)
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NH Muni. Bond Bank Rev. Bonds
1,000,000 Ser. A, 5s, 2/15/11 Aa2 1,092,500
1,600,000 Ser. B, 5s, 2/15/08 Aa2 1,724,000
625,000 Ser. B, 5s, 8/15/07 Aa2 671,094
2,565,000 NH State Bus. Fin. Auth. Rev. Bonds
(Alice Peck Day Hlth. Syst.), Ser. A,
7s, 10/1/29 BBB-/P 2,542,556
1,750,000 NH State Bus. Fin. Auth. Poll. Control
Rev. Bonds, 3 1/2s, 7/1/27 Baa1 1,734,688
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7,764,838
New Jersey (2.2%)
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NJ Econ. Dev. Auth. Rev. Bonds
1,300,000 (Cranes Mill), Ser. A, 7 1/2s, 2/1/27 BB-/P 1,355,250
1,250,000 (Cedar Crest Village, Inc.), Ser. A, 7
1/4s, 11/15/31 BB-/P 1,279,688
1,500,000 (Newark Arpt. Marriot Hotel), 7s,
10/1/14 Ba3 1,537,500
500,000 (First Mtge. Presbyterian), Ser. A, 6
3/8s, 11/1/31 BB/P 503,125
1,750,000 NJ Econ. Dev. Auth. Solid Waste Rev.
Bonds (Disp. Waste Management), 5.3s,
6/1/15 BBB 1,778,438
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
1,300,000 (Trinitas Hosp. Oblig. Group), 7 1/2s,
7/1/30 Baa3 1,451,125
2,000,000 (United Methodist Homes), Ser. A, 5
3/4s, 7/1/29 BB+ 1,882,500
1,250,000 (Atlantic City Med. Ctr.), 5 3/4s,
7/1/25 A 1,290,625
1,000,000 (Somerset Med. Ctr.), 5 1/2s, 7/1/33 Baa2 968,750
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12,047,001
New Mexico (0.3%)
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1,740,000 Farmington, Poll. Control Mandatory Put
Bonds (Pub. Svc. San Juan), Class B,
2.1s, 4/1/33 Baa2 1,716,075
New York (12.5%)
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500,000 Huntington, Hsg. Auth. Rev. Bonds
(Gurwin Jewish Sr. Residence), Ser. A,
6s, 5/1/39 B+/P 451,875
1,800,000 Long Island, Pwr. Auth. NY Elec. Syst.
IFB, 9.258s, 12/1/24 (acquired 10/20/03,
cost $1,981,188) (RES) BBB+/P 1,973,250
2,000,000 Metro. Trans. Auth. Rev. Bonds, Ser. F,
MBIA, 5s, 11/15/10 Aaa 2,190,000
2,000,000 Nassau Cnty., Indl. Dev. Agcy. Rev.
Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27 A 1,987,500
13,000,000 Nassau Cnty., Interim Fin. Auth. Rev.
Bonds, Ser. B, MBIA, 5s, 11/15/10 Aaa 14,235,000
10,000,000 NY City, G.O. Bonds, Ser. B, 5 1/4s,
12/1/09 A2 10,850,000
1,500,000 NY City, Indl. Dev. Agcy. Rev. Bonds
(Visy Paper, Inc.), 7.95s, 1/1/28 B+/P 1,567,500
3,025,000 NY City, Indl. Dev. Agcy. Special Fac.
Rev. Bonds (British Airways), 5 1/4s,
12/1/32 BB+ 2,140,188
1,490,000 NY City, Indl. Dev. Agency Rev. Bonds
(Staten Island U. Hosp. Project), 6.45s,
7/1/32 Ba3 1,393,150
10,000,000 NY City, Muni. Wtr. Fin. Auth. Rev.
Bonds, Ser. C, MBIA, 5 1/2s, 6/15/17 Aaa 10,662,500
900,000 NY State Dorm. Auth. Rev. Bonds
(Winthrop-U. Hosp. Assn.), Ser. A, 5
1/2s, 7/1/32 Baa1 906,750
2,000,000 Onondaga Cnty., Indl. Dev. Agcy. Rev.
Bonds (Solvay Paperboard, LLC), 7s,
11/1/30 (acquired 12/9/98, cost
$2,000,000) (RES) BB-/P 2,087,500
5,000,000 Port Auth. NY & NJ Rev. Bonds, Ser. 96,
FGIC, 6.6s, 10/1/23 Aaa 5,087,900
2,500,000 Port Auth. NY & NJ Special Obligation
IFB, Ser. N18, MBIA, 14.88s, 12/1/17
(acquired 7/19/00, cost $2,617,225)
(RES) Aaa 3,103,125
7,500,000 Port. Auth. NY & NJ Special Obligation
Rev. Bonds (JFK Intl. Air Term. - 6),
MBIA, 5.9s, 12/1/17 Aaa 8,100,000
1,700,000 Suffolk Cnty., Indl. Dev. Agcy. Rev.
Bonds (Peconic Landing), Ser. A, 8s,
10/1/30 B+/P 1,727,625
-------------
68,463,863
North Carolina (1.4%)
-----------------------------------------------------------------------------------------------------------
NC Eastern Muni. Pwr. Agcy. Syst. Rev.
Bonds
1,500,000 Ser. D, 6 3/4s, 1/1/26 BBB 1,633,125
3,000,000 Ser. A, 5 3/4s, 1/1/26 BBB 3,056,250
750,000 NC Med. Care Cmnty. Healthcare Fac. Rev.
Bonds (Deerfield), Ser. A, 5s, 11/1/23 A-/P 727,500
NC State Muni. Pwr. Agcy. Rev. Bonds
(No. 1, Catawba Elec.)
1,000,000 Ser. B, 6 1/2s, 1/1/20 Baa1 1,105,000
1,300,000 Ser. A, 5 1/2s, 1/1/13 Baa1 1,405,625
-------------
7,927,500
Ohio (1.6%)
-----------------------------------------------------------------------------------------------------------
Cuyahoga Cnty., Rev. Bonds, Ser. A
1,280,000 6s, 1/1/16 A1 1,416,000
2,000,000 6s, 1/1/15 A1 2,225,000
3,000,000 OH State Air Quality Dev. Auth. Rev.
Bonds (Toledo Poll. Control), Ser. A,
6.1s, 8/1/27 Baa2 3,071,250
2,100,000 OH State Solid Waste Rev. Bonds (General
Motors Corp.), 6.3s, 12/1/32 Baa1 2,173,500
-------------
8,885,750
Oklahoma (2.2%)
-----------------------------------------------------------------------------------------------------------
3,150,000 OK City Arpt. Trust Rev. Bonds Jr. Lien
27th Ser., Ser. A, FSA, 5s, 7/1/18 Aaa 3,224,813
1,575,000 OK Dev. Fin. Auth. Rev. Bonds (Hillcrest
Hlth. Care), Ser. A, 5 5/8s, 8/15/29 B1 1,594,688
7,000,000 OK State Indl. Dev. Auth. Rev. Bonds
(Hlth. Syst.-Oblig. Group), Ser. A,
MBIA, 5 3/4s, 8/15/29 Aaa 7,402,500
-------------
12,222,001
Oregon (0.6%)
-----------------------------------------------------------------------------------------------------------
2,000,000 Multnomah Cnty., Hosp. Fac. Auth. Rev.
Bonds (Terwilliger Plaza Project), 6
1/2s, 12/1/29 BB-/P 1,995,000
1,000,000 OR State Hsg. & Cmnty. Svcs. Dept. Rev.
Bonds Single Family Mtg. (Single Family
Mtg.), Ser. K, 5 5/8s, 7/1/29 Aa2 1,075,000
-------------
3,070,000
Pennsylvania (8.7%)
-----------------------------------------------------------------------------------------------------------
750,000 Allentown, Hosp. Auth. Rev. Bonds
(Sacred Heart Hosp.), Ser. A, 6 3/4s,
11/15/14 Baa3 751,875
1,995,000 Carbon Cnty., Indl. Dev. Auth. Rev.
Bonds (Panther Creek Partners), 6.65s,
5/1/10 BBB- 2,152,106
1,750,000 Dauphin Cnty., Gen. Auth. Rev. Bonds
(Office & Pkg.), Ser. A, 6s, 1/15/25 D/P 813,750
350,000 Lebanon Cnty., Hlth. Fac. Auth. Rev.
Bonds (Good Samaritan Hosp.), 6s,
11/15/35 Baa1 350,875
1,000,000 Lehigh Cnty., Gen. Purpose Auth. Rev.
Bonds (Lehigh Valley Hosp. Hlth.
Network), Ser. A, 5 1/4s, 7/1/32 A2 966,250
500,000 Monroe Cnty., Hosp. Auth. Rev. Bonds
(Pocono Med. Ctr.), 6s, 1/1/43 BBB+ 503,750
PA Convention Ctr. Auth. Rev. Bonds
750,000 Ser. A, 6 3/4s, 9/1/19 Baa2 767,153
7,250,000 MBIA, 6.7s, 9/1/14 Aaa 7,424,073
PA Econ. Dev. Fin. Auth. Rev. Bonds
7,750,000 (MacMillan Ltd. Partnership), 7.6s,
12/1/20 Baa2 8,476,563
1,000,000 (Amtrak Project), Ser. A, 6 3/8s,
11/1/41 A3 1,025,000
PA State Econ. Dev. Fin. Auth. Resource
Recvy. Rev. Bonds
1,750,000 (Colver Proj.), Ser. E, 8.05s, 12/1/15 BBB-/P 1,805,615
1,000,000 (Colver), Ser. D, 7 1/8s, 12/1/15 BBB- 1,034,210
4,200,000 PA State Econ. Dev. Fin. Auth. Resource.
Recvy. Rev. Bonds (Northampton
Generating), Ser. A, 6.6s, 1/1/19 BBB- 4,247,250
PA State Higher Edl. Fac. Auth. Rev.
Bonds
1,000,000 (Widener U.), 5.4s, 7/15/36 BBB+ 997,500
995,000 (Philadelphia College of Osteopathic
Medicine), 5s, 12/1/07 A 1,055,944
5,715,000 Philadelphia, Gas Wks. Rev. Bonds (1975
Gen. Ordinance 17th), FSA, 5s, 7/1/07 Aaa 6,115,050
2,729,624 Philadelphia, Hosp. & Higher Ed. Fac.
Auth. Rev. Bonds (Graduate Hlth. Syst.),
7 1/4s, 7/1/10 (In default) (NON) D/P 3,412
6,000,000 Philadelphia, Indl. Dev. Auth. VRDN (Fox
Chase Cancer Ctr.), 1.10s, 7/1/25 A-1+ 6,000,000
2,000,000 Philadelphia, Indl. Dev. Auth. Arpt.
Rev. Bonds (Aero Philadelphia, LLC), 5
1/2s, 1/1/24 BB/P 1,585,000
1,800,000 Sayre, Hlth. Care Fac. Auth. Rev. Bonds
(Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31 A- 1,847,250
-------------
47,922,626
South Carolina (1.6%)
-----------------------------------------------------------------------------------------------------------
245,000 Connector 2000 Assn., Inc. SC Toll Road
Rev. Bonds (SR-Southern Connector), Ser.
A, 5 3/8s, 1/1/38 B- 159,556
775,000 Lexington Cnty. Rev. Bonds, 5 1/2s,
11/1/32 A2 779,844
1,000,000 Lexington Cnty. Hlth. Svcs. Dist. Inc.
Hosp. Rev. Bonds, 5 1/2s, 5/1/37 A2 992,500
3,000,000 Richland Cnty. Rev. Bonds (Intl. Paper
Co. Project), Ser. A, 4 1/4s, 10/1/07 Baa2 3,093,750
1,250,000 SC Hosp. Auth. Rev. Bonds (Med. U.),
Ser. A, 6 1/2s, 8/15/32 BBB+ 1,303,125
1,000,000 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev.
Bonds (Palmetto Hlth. Alliance), Ser. A,
7 3/8s, 12/15/21 Baa2 1,222,500
1,300,000 SC Tobacco Settlement Rev. Mgt. Rev.
Bonds, Ser. B, 6 3/8s, 5/15/30 BBB 1,109,875
-------------
8,661,150
South Dakota (0.3%)
-----------------------------------------------------------------------------------------------------------
2,000,000 SD Edl. Enhancement Funding Corp. Rev.
Bonds, Ser. B, 6 1/2s, 6/1/32 BBB 1,737,500
Tennessee (2.5%)
-----------------------------------------------------------------------------------------------------------
6,000,000 Johnson City, Hlth. & Edl. Fac. Board
Hosp. IFB, Ser. A2, MBIA, 10.555s,
7/1/21 (acquired 2/8/00, cost
$5,651,400) (RES) Aaa 7,312,500
3,700,000 Johnson City, Hlth. & Edl. Fac. Board
Hosp. Rev. Bonds (Mountain States
Hlth.), Ser. A, 7 1/2s, 7/1/33 BBB+ 4,287,375
2,000,000 Shelby Cnty. Hlth. Edl. & Hsg. Fac.
Board Rev. Bonds (Methodist Healthcare),
6 1/2s, 9/1/26 A- 2,170,000
-------------
13,769,875
Texas (7.9%)
-----------------------------------------------------------------------------------------------------------
5,500,000 Alliance, Arpt. Auth. Rev. Bonds
(Federal Express Corp.), 6 3/8s, 4/1/21
(SEG) Baa2 5,726,875
4,655,000 Carrollton, Farmers Branch Indpt. School
Dist. G.O. Bonds, PSFG, 5s, 2/15/17 Aaa 4,876,100
1,000,000 Comal Cnty. Hlth. Fac. Dev. Corp. Rev.
Bonds (Hlth. Care Syst. - McKenna
Memorial Project), Ser. A, 6 1/4s,
2/1/32 Baa2 1,003,750
2,360,000 Dallas-Fort Worth, Intl. Arpt. Fac.
Impt. Corp. Rev. Bonds (American
Airlines, Inc.), 6 3/8s, 5/1/35 Caa2 1,477,950
2,000,000 Gulf Coast, Waste Disp. Auth. Mandatory
Put Bonds (Amoco Oil), 2s, 10/1/17 Aa1 1,995,000
7,500,000 Harris Cnty., Rev. Bonds, Ser. B, 5s,
8/15/32 Aaa 8,175,000
3,000,000 Harris Cnty., Hlth. Fac. Rev. Bonds
(Memorial Hermann Hlth. Care), Ser. A, 6
3/8s, 6/1/29 A2 3,258,750
3,880,000 Houston, Arpt. Syst. Rev. Bonds
(Continental Airlines, Inc.), Ser. C,
5.7s, 7/15/29 B- 2,565,650
2,000,000 Lower Neches Valley Indl. Dev. Swr.
Auth. Rev. Bonds (Mobil Oil Refining
Corp.), 6.4s, 3/1/30 Aaa 2,059,660
1,400,000 Matagorda Cnty., Navigation Dist. TX
Poll. Control Mandatory Put Bonds
(American Electric Power), 2.15s, 5/1/30 Baa2 1,399,692
3,500,000 North Central TX Hlth. Fac. Dev. Corp.
VRDN (Dates Hosp. Prsbytrn Med. Ctr),
Ser. C, MBIA, 1.08s, 12/1/15 VMIG1 3,500,000
2,500,000 Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds,
6s, 10/1/21 Baa2 2,606,250
Tomball, Hosp. Auth. Rev. Bonds (Tomball
Regl. Hosp.)
2,000,000 6s, 7/1/29 Baa3 1,990,000
800,000 6s, 7/1/25 Baa3 801,000
800,000 6s, 7/1/19 Baa3 818,000
Tyler, Hlth. Fac. Dev. Corp. Rev. Bonds
(Mother Frances Hosp.)
745,000 5s, 7/1/08 Baa1 783,181
500,000 5s, 7/1/07 Baa1 523,125
-------------
43,559,983
Utah (2.5%)
-----------------------------------------------------------------------------------------------------------
Carbon Cnty., Solid Waste Disp. Rev.
Bonds (Laidlaw Env.), Ser. A
750,000 7 1/2s, 2/1/10 B3 768,683
600,000 7.45s, 7/1/17 BB-/P 621,000
5,000,000 Intermountain Power Agency Rev. Bonds,
Ser. A, FSA, 5s, 7/1/11 Aaa 5,468,750
6,000,000 Tooele Cnty., Harbor & Term. Dist. Port
Fac. Rev. Bonds (Union Pacific), Ser. A,
5.7s, 11/1/26 Baa2 5,962,500
1,000,000 UT Cnty., Env. Impt. Rev. Bonds
(Marathon Oil Project), 5.05s, 11/1/17 Baa1 1,073,750
-------------
13,894,683
Vermont (0.2%)
-----------------------------------------------------------------------------------------------------------
1,000,000 VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A,
FSA, 4.62s, 5/1/29 Aaa 1,043,750
Virginia (1.2%)
-----------------------------------------------------------------------------------------------------------
1,000,000 James Cnty., Indl. Dev. Auth. Rev. Bonds
(Williamsburg), Ser. A, 6 1/8s, 3/1/32 BB-/P 1,003,750
2,400,000 Pocahontas Parkway Assn. Toll Rd. Rev.
Bonds, Ser. A, 5 1/2s, 8/15/28 BB 2,040,000
Roanoke Cnty. Indl. Dev. Auth. Rev.
Bonds (Res. Care Fac.), Ser. A
1,000,000 6.3s, 7/1/35 B+/P 995,000
500,000 4.4s, 7/1/08 B+/P 496,875
2,000,000 Russell Cnty. Indl. Dev. Auth. Poll.
Control Rev. Bonds (Appalachian Pwr.
Co.), Ser. I, 2.7s, 11/1/07 Baa2 1,985,000
-------------
6,520,625
Washington (1.0%)
-----------------------------------------------------------------------------------------------------------
5,000,000 King Cnty., G.O. Bonds, Ser. C, 6 1/4s,
1/1/32 Aa1 5,500,000
West Virginia (0.3%)
-----------------------------------------------------------------------------------------------------------
2,250,000 Princeton, Hosp. Rev. Bonds (Cmnty.
Hosp. Assn., Inc.), 6.1s, 5/1/29 B2 1,628,438
Wisconsin (1.7%)
-----------------------------------------------------------------------------------------------------------
Badger Tobacco Settlement Asset
Securitization Corp. Rev. Bonds
3,000,000 7s, 6/1/28 BBB 2,857,500
3,000,000 6 3/8s, 6/1/32 BBB 2,550,000
3,900,000 WI State Hlth. & Edl. Fac. Auth. Rev.
Bonds (Wheaton Franciscan), 5 3/4s,
8/15/30 A2 4,012,125
-------------
9,419,625
-------------
Total Municipal bonds and notes (cost $538,587,987) $541,618,316
Preferred stocks (1.2%) (a)
-----------------------------------------------------------------------------------------------------------
Number of shares Value
-----------------------------------------------------------------------------------------------------------
2,000,000 Charter Mac. Equity Trust 144A Ser. A,
6.625% cum. pfd. BBB- $2,195,000
4,000,000 MuniMae Tax Exempt Bond Subsidiary, LLC
144A 6.875% cum. pfd. BBB- 4,385,000
-------------
Total Preferred stocks (cost $6,000,000) $6,580,000
Common stocks (--%) (a) (cost $--)
-----------------------------------------------------------------------------------------------------------
Number of shares Value
-----------------------------------------------------------------------------------------------------------
16,910 Hoover Group, Inc. (NON) $2
-----------------------------------------------------------------------------------------------------------
Total Investments (cost $544,587,987)(b) $548,198,316
-----------------------------------------------------------------------------------------------------------
Futures contracts outstanding at July 31, 2004 (Unaudited)
----------------------------------------------------------------------------------------------
Unrealized
Aggregate Expiration appreciation/
Value face value date (depreciation)
----------------------------------------------------------------------------------------------
U.S. Treasury
Note 10 yr (Short) $18,932,906 $18,459,515 Sep-04 $(473,391)
----------------------------------------------------------------------------------------------
NOTES
(a) Percentages indicated are based on portfolio market value of $548,198,316.
(b) The aggregate identified cost on a tax basis is $544,382,657
resulting in gross unrealized appreciation and depreciation of
$18,654,537 and $14,838,876, respectively, or net unrealized
appreciation of $3,815,661.
(RAT) The Moody's or Standard & Poor's ratings indicated are believed to
be the most recent ratings available at July 31, 2004 for the securities
listed. Ratings are generally ascribed to securities at the time of
issuance. While the agencies may from time to time revise such ratings,
they undertake no obligation to do so, and the ratings do not
necessarily represent what the agencies would ascribe to these
securities at July 31, 2004. Securities rated by Putnam are indicated by
"/P".
(NON) Non-income-producing security.
(RES) Restricted, excluding 144A securities, as to public resale. The
total market value of restricted securities held at July 31, 2004 was
$22,427,175 or 4.1% of portfolio market value.
(SEG) A portion of this security was pledged and segregated with the
custodian to cover margin requirements for futures contracts at July 31,
2004.
144A after the name of a security represents those exempt from
registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
The rates shown on IFB, which are securities paying interest rates that
vary inversely to changes in the market interest rates, VRDN and
mandatory put bonds are the current interest rates at July 31, 2004.
The fund had the following industry group concentrations greater than
10% at July 31, 2004 (as a percentage of portfolio market value):
Health care 27.0%
Utilities 19.7
Transportation 13.8
The fund had the following insurance concentrations greater than 10% at
July 31, 2004 (as a percentage of portfolio market value):
MBIA 13.6%
AMBAC 11.8
The dates shown on Mandatory Put Bonds are the next mandatory put dates.
Security valuation Tax-exempt bonds and notes are valued at fair value
on the basis of valuations provided by an independent pricing service,
approved by the Trustees. Such services use information with respect to
transactions in bonds, quotations from bond dealers, market transactions
in comparable securities and various relationships between securities in
determining value. Other investments including restricted securities
are valued at fair value following procedures approved by the Trustees.
Such valuations and procedures are reviewed periodically by the
Trustees.
Futures and options contracts The fund may use futures and options
contracts to hedge against changes in the values of securities the fund
owns or expects to purchase. The fund may also write options on
securities it owns or in which it may invest to increase its current
returns.
The potential risk to the fund is that the change in value of futures
and options contracts may not correspond to the change in value of the
hedged instruments. In addition, losses may arise from changes in the
value of the underlying instruments, if there is an illiquid secondary
market for the contracts, or if the counterparty to the contract is
unable to perform. Risks may exceed amounts recognized on the statement
of assets and liabilities. When the contract is closed, the fund records
a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was
closed. Realized gains and losses on purchased options are included in
realized gains and losses on investment securities.
Futures contracts are valued at the quoted daily settlement prices
established by the exchange on which they trade. The fund and the
broker agree to exchange an amount of cash equal to the daily
fluctuation in the value of the futures contract. Such receipts or
payments are known as "variation margin." Exchange traded options are
valued at the last sale price, or if no sales are reported, the last bid
price for purchased options and the last ask price for written options.
Options traded over-the-counter are valued using prices supplied by
dealers. Futures and written option contracts outstanding at period
end, if any, are listed after the fund's portfolio.
For additional information regarding the fund please see the
fund's most recent annual or semi-annual shareholder report filed
on the Securities and Exchange Commission's Web site,
www.sec.gov., or visit Putnam Individual Investor Website at
www.putnaminvestments.com.
Item 2. Controls and Procedures:
--------------------------------
(a) The registrant's principal executive officer and principal
financial officer have concluded, based on their evaluation of the
effectiveness of the design and operation of the registrant's
disclosure controls and procedures as of a date within 90 days of
the filing date of this report, that the design and operation of
such procedures are generally effective to provide reasonable
assurance that information required to be disclosed by the registrant
in this report is recorded, processed, summarized and reported within
the time periods specified in the Commission's rules and forms.
(b) Changes in internal control over financial reporting:
Not applicable
Item 3. Exhibits:
------------------
A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Investment Company Act of 1940, as amended, are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
NAME OF REGISTRANT
By (Signature and Title): /s/ Michael T. Healy
--------------------------
Michael T. Healy
Principal Accounting Officer
Date: September 28, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By (Signature and Title): /s/ Charles E. Porter
---------------------------
Charles E. Porter
Principal Executive Officer
Date: September 28, 2004
By (Signature and Title): /s/ Steven D. Krichmar
---------------------------
Steven D. Krichmar
Principal Financial Officer
Date: September 28, 2004