Item 1. Schedule of Investments:
--------------------------------
Putnam Managed Municipal Income Trust
QUARTERLY PORTFOLIO HOLDINGS
1-31-05
Putnam Managed Municipal Income Trust
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The fund's portfolio
January 31, 2005
(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
Q-SBLF -- Qualified School Board Loan Fund
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 (0.2%)
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$950,000 Butler, Indl. Dev. Board Solid Waste
Disp. Rev. Bonds (GA. Pacific Corp.), 5
3/4s, 9/1/28 BB+ $963,357
Arizona (2.0%)
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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 1,000,050
1,000,000 AZ Hlth. Fac. Auth. Hosp. Syst. Rev.
Bonds (John C. Lincoln Hlth. Network), 6
3/8s, 12/1/37 BBB 1,093,520
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 1,925,244
500,000 Cochise Cnty., Indl. Dev. Auth. Rev.
Bonds (Sierra Vista Regl. Hlth. Ctr.),
Ser. A, 6.2s, 12/1/21 BB+/P 529,195
3,000,000 Coconino Cnty., Poll. Control Rev. Bonds
(Tuscon/Navajo Elec. Pwr.), Ser. A, 7
1/8s, 10/1/32 Ba3 3,150,210
2,000,000 Glendale, Wtr. & Swr. Rev. Bonds, AMBAC,
5s, 7/1/28 Aaa 2,105,080
560,000 Scottsdale, Indl. Dev. Auth. Rev. Bonds
(Westminster Village), 7 7/8s, 6/1/09 AAA/P 581,734
1,000,000 Scottsdale, Indl. Dev. Auth. Hosp. Rev.
Bonds (Scottsdale Hlth. Care), 5.8s,
12/1/31 A3 1,081,780
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11,466,813
Arkansas (1.7%)
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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 5,133,232
1,000,000 Little Rock G.O. Bonds (Cap. Impt.),
FSA, 3.95s, 4/1/19 Aaa 1,032,520
2,750,000 Northwest Regl. Arpt. Auth. Rev. Bonds,
7 5/8s, 2/1/27 BB/P 3,164,535
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9,330,287
California (11.3%)
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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 262,343
1,700,000 CA Hlth. Fac. Auth. IFB (Catholic Hlth.
Care West), AMBAC, 8.656s, 7/1/17 Aaa 1,772,675
CA State Dept. of Wtr. Resources Rev.
Bonds, Ser. A
1,000,000 6s, 5/1/15 A2 1,158,810
20,000,000 AMBAC, 5 1/2s, 5/1/13 Aaa 22,929,600
3,000,000 5 1/2s, 5/1/11 A2 3,380,340
3,000,000 CA State Econ. Recvy. VRDN, Ser. C-10,
1.83s, 7/1/23 VMIG1 3,000,000
2,250,000 CA Statewide Cmnty. Dev. Auth. Apt. Dev.
Rev. Bonds (Irvine Apt. Cmntys.), Ser.
A-3, 5.1s, 5/15/25 Baa2 2,368,688
3,000,000 CA Statewide Cmnty. Dev. Auth. COP (The
Internext Group), 5 3/8s, 4/1/30 BBB- 3,027,150
1,000,000 Capistrano, Unified School Dist. Cmnty.
Fac. Special Tax (No 98-2 Ladera), 5.7s,
9/1/20 BBB/P 1,050,780
Chula Vista, Cmnty. Fac. Dist. Special
Tax Rev. Bonds
1,250,000 (No. 08-1 Otay Ranch Village Six), 6s,
9/1/33 BB-/P 1,264,125
300,000 (No 07-I-Otay Ranch Village Eleven), 5
7/8s, 9/1/34 BB-/P 309,402
300,000 (No. 07-I Otay Ranch Village Eleven),
5.8s, 9/1/28 BB-/P 308,640
10,775,000 Corona, COP (Vista Hosp. Syst.), zero %,
7/1/29 (In default) (NON)(F) D/P 30,170
750,000 Folsom, Special Tax Rev. Bonds (Cmnty.
Facs. Dist. No. 10), 5 7/8s, 9/1/28 BB 764,438
1,970,000 Gilroy, Rev. Bonds (Bonfante Gardens
Park), 8s, 11/1/25 D/P 1,418,420
2,500,000 Golden State Tobacco Securitization
Corp. Rev. Bonds, Ser. B, 5 5/8s, 6/1/38 A- 2,695,175
1,100,000 Murrieta, Cmnty. Fac. Dist. Special Tax
(No. 2 The Oaks Impt. Area A), 6s,
9/1/34 BB- 1,133,044
650,000 Orange Cnty., Cmnty. Fac. Dist. Special
Tax Rev. Bonds (No. 02-1 Ladera Ranch),
Ser. A, 5.55s, 8/15/33 BBB 666,868
1,250,000 Sacramento, Special Tax (North Natomas
Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33 BB+/P 1,297,588
7,000,000 San Bernardino Cnty., COP (Med. Ctr.
Fin.), Ser. A, MBIA, 6 1/2s, 8/1/28 Aaa 7,296,380
2,520,000 Santaluz Cmnty., Facs. Dist. No. 2
Special Tax Rev. Bonds (Impt. Area No.
1), Ser. B, 6 3/8s, 9/1/30 BB+/P 2,582,521
4,000,000 Thousand Oaks, Cmnty. Fac. Dist. Special
Tax Rev. Bonds (Marketplace 94-1), zero %,
9/1/14 B/P 2,010,480
2,500,000 Vallejo, COP (Marine World Foundation),
7.2s, 2/1/26 BBB-/P 2,628,525
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63,356,162
Colorado (2.0%)
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3,015,000 CO Hlth. Fac. Auth. Rev. Bonds
(Evangelical Lutheran), 3.05s, 10/1/05 A3 3,027,904
CO Hwy. Auth. Rev. Bonds (E-470 Pub.
Hwy.), Ser. B
15,500,000 zero %, 9/1/35 Baa3 1,953,155
16,500,000 zero %, 9/1/34 Baa3 2,243,505
Denver, City & Cnty. Arpt. Rev. Bonds
1,050,000 Ser. D, AMBAC, 7 3/4s, 11/15/13 AAA 1,287,857
2,500,000 MBIA, 5 1/2s, 11/15/25 Aaa 2,636,250
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11,148,671
Connecticut (2.1%)
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8,100,000 CT State Hlth. & Edl. Fac. Auth. VRDN,
Ser. U, 1.7s, 7/1/33 VMIG1 8,100,000
3,800,000 CT. State Special Tax Oblig. VRDN
(Trans. Infrastructure), Ser. 1, 1.85s,
9/1/20 VMIG1 3,800,000
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11,900,000
Delaware (0.4%)
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2,500,000 GMAC Muni. Mtge. Trust 144A sub. notes,
Ser. A1-3, 5.3s, 10/31/39 A3 2,517,625
District of Columbia (1.3%)
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3,000,000 DC G.O. Bonds, Ser. A, 5s, 6/1/27 Aaa 3,150,480
4,000,000 DC Tobacco Settlement Fin. Corp. Rev.
Bonds, 6 1/2s, 5/15/33 BBB 3,948,520
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7,099,000
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 2,289,880
1,500,000 CFM Cmnty. Dev. Dist. Rev. Bonds, Ser.
A, 6 1/4s, 5/1/35 BB-/P 1,576,260
Fishhawk, Cmnty. Dev. Dist. II Rev.
Bonds
500,000 Ser. A, 6 1/8s, 5/1/34 BB- 517,595
915,000 Ser. B, 5s, 11/1/07 BB-/P 927,188
770,000 FL State Mid-Bay Bridge Auth. Rev.
Bonds, Ser. A, 6.05s, 10/1/22 BBB/P 804,057
500,000 Fleming Island, Plantation Cmnty. Dev.
Dist. Special Assmt. Rev. Bonds, Ser. B,
7 3/8s, 5/1/31 BB/P 544,485
450,000 Gateway Svcs. Cmnty., Dev. Dist. Special
Assmt. Bonds (Stoneybrook), 5 1/2s,
7/1/08 BB-/P 460,818
500,000 Heritage Harbor, South Cmnty. Dev.
Distr. Rev. Bonds, Ser. A, 6 1/2s,
5/1/34 BB 533,560
575,000 Heritage Isle at Viera, Cmnty. Dev.
Dist. Special Assmt., Ser. B, 5s,
11/1/09 BB/P 579,784
1,250,000 Islands at Doral III, Cmnty. Dev. Dist.
Special Assmt. Rev. Bonds, Ser. 04-A,
5.9s, 5/1/35 BB 1,281,000
1,000,000 Lee Cnty., Indl. Dev. Auth. Rev. Bonds
(Alliance Cmnty. Project), Ser. C, 5
1/2s, 11/15/29 BBB- 1,002,150
1,335,000 Miami Beach, Hlth. Fac. Auth. Hosp. Rev.
Bonds (Mount Sinai Med. Ctr.), Ser. A,
6.7s, 11/15/19 BB 1,429,865
40,000 Oakstead Cmnty. Dev. Dist. Cap. Impt.
Rev. Bonds, Ser. B, 6 1/2s, 5/1/07 BB/P 40,644
1,000,000 Old Palm, Cmnty. Dev. Dist. Special
Assmt. (Palm Beach Gardens), Ser. A,
5.9s, 5/1/35 AAA 1,022,170
1,500,000 Reunion West, Cmnty. Dev. Dist. Special
Assmt., 6 1/4s, 5/1/36 BB-/P 1,565,535
1,500,000 South Miami, Hlth. Fac. Auth. Rev. Bonds
(Baptist Hlth.), 5 1/4s, 11/15/33 Aa3 1,555,455
500,000 South Village Cmnty. Dev. Dist. Rev.
Bonds, Ser. A, 5.7s, 5/1/35 BB-/P 504,465
1,300,000 St. Johns Cnty., Hlth. Care Indl. Dev.
Auth. Rev. Bonds (Glenmoor St. Johns
Project), Ser. A, 8s, 1/1/30 B-/P 1,380,574
1,000,000 Sterling Hill, Cmnty. Dev. Dist. Rev.
Bonds, Ser. B, 5 1/2s, 11/1/10 BB- 1,019,120
1,250,000 Westchester Cmnty. Dev. Dist. No. 1
Special Assmt. (Cmnty. Infrastructure),
6 1/8s, 5/1/35 BB- 1,302,213
1,250,000 World Commerce Cmnty. Dev. Dist. Special
Assmt., Ser. A-1, 6 1/2s, 5/1/36 BB-/P 1,296,013
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21,632,831
Georgia (2.7%)
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5,000,000 Atlanta Arpt. Passenger Fac. Rev. Bonds
(Sub. Lien), Ser. J, 5s, 1/1/27 Aaa 5,251,000
4,000,000 Burke Cnty., Poll. Control Dev. Auth.
Mandatory Put Bonds (GA Power Co.),
4.45s, 12/1/08 A2 4,202,200
425,000 Fulton Cnty., Res. Care Fac. Rev. Bonds
(Canterbury Court), Class A, 6 1/8s,
2/15/34 B+/P 436,360
700,000 GA Med. Ctr. Hosp. Auth. IFB, MBIA,
10.675s, 8/1/10 Aaa 704,606
2,500,000 Muni. Elec. Auth. Rev. Bonds, AMBAC, 5s,
1/1/26 AAA 2,685,075
2,085,000 Rockdale Cnty., Dev. Auth. Solid Waste
Disp. Rev. Bonds (Visay Paper, Inc.),
7.4s, 1/1/16 B+ 2,138,084
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15,417,325
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 1,531,763
Illinois (1.4%)
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3,500,000 Chicago, G.O. Bonds, Ser. A, AMBAC, 5
5/8s, 1/1/39 Aaa 3,899,525
3,250,000 IL Dev. Fin. Auth. Hosp. Rev. Bonds
(Adventist Hlth. Syst./Sunbelt
Obligation), 5.65s, 11/15/24 A 3,423,777
500,000 IL Hlth. Fac. Auth. Rev. Bonds (St.
Benedict), Ser. 03A-1, 6.9s, 11/15/33 B+ 518,275
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7,841,577
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 2,588,350
6,500,000 IN Trans. Fin. Auth. Arpt. Facs. Lease
Rev. Bonds, Ser. A, AMBAC, 5s, 11/1/16 Aaa 6,923,085
1,750,000 Rockport, Poll. Control Mandatory Put
Bonds (Indiana Michigan Pwr. Co.), Ser.
C, 2 5/8s, 10/1/06 Baa2 1,741,933
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11,253,368
Iowa (1.0%)
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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 3,595,091
1,350,000 9.15s, 7/1/09 BBB-/P 1,573,871
IA Fin. Auth. Retirement Cmnty. Rev.
Bonds (Friendship Haven), Ser. A
200,000 6 1/8s, 11/15/32 BB/P 200,472
200,000 6s, 11/15/24 BB/P 201,298
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5,570,732
Kentucky (0.3%)
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1,700,000 KY Econ. Dev. Fin. Auth. Rev. Bonds
(Norton Hlth. Care, Inc.), Ser. A, 6
1/2s, 10/1/20 BBB+/P 1,862,605
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 1,111,614
500,000 Tangipahoa Parish Hosp. Svcs. Rev. Bonds
(North Oaks Med. Ctr.), Ser. A, 5s,
2/1/25 A 509,855
2,750,000 W. Feliciana Parish, Poll. Control Rev.
Bonds (Gulf States Util. Co.), Ser. C,
7s, 11/1/15 Ba1 2,802,250
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4,423,719
Maine (0.7%)
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1,875,000 ME State Hsg. Auth. Rev. Bonds, Ser.
D-2-AMT, 5s, 11/15/27 Aa1 1,962,225
2,000,000 Rumford, Solid Waste Disp. Rev. Bonds
(Boise Cascade Corp.), 6 7/8s, 10/1/26 Ba1 2,136,560
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4,098,785
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 1,120,720
1,850,000 Westminster, Econ. Dev. Rev. Bonds
(Carroll Lutheran Village), Ser. A, 5
7/8s, 5/1/21 BB/P 1,917,192
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3,037,912
Massachusetts (6.4%)
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600,000 Boston, Indl. Dev. Fin. Auth. Rev. Bonds
(Springhouse, Inc.), 6s, 7/1/28 BB-/P 599,214
600,000 MA State Dev. Fin. Agcy. Rev. Bonds
(Lasell Village), Ser. A, 6 3/8s,
12/1/25 BB- 607,368
MA State Hlth. & Edl. Fac. Auth. Rev.
Bonds
2,000,000 (Civic Investments), Ser. A, 9s,
12/15/15 BBB- 2,310,600
1,185,000 (Norwood Hosp.), Ser. C, 7s, 7/1/14 Ba2 1,489,142
1,200,000 (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 BBB- 1,276,632
2,225,000 (UMass Memorial), Ser. C, 6 5/8s, 7/1/32 Baa2 2,427,475
1,875,000 (UMass Memorial), Ser. C, 6 1/2s, 7/1/21 Baa2 2,063,119
1,500,000 (Caritas Christi Oblig. Group), Ser. A,
5 1/4s, 7/1/08 BBB 1,577,745
MA State Hsg. Fin. Agcy. Rev. Bonds
(Rental Mtge.)
2,000,000 Ser. C, AMBAC, 5 5/8s, 7/1/40 Aaa 2,062,260
15,290,000 Ser. A, AMBAC, 5 1/2s, 7/1/40 Aaa 15,752,370
MA State Indl. Fin. Agcy. Rev. Bonds
500,000 (1st Mtge. Stone Institution & Newton),
7.9s, 1/1/24 BB-/P 512,885
1,000,000 (1st Mtge. Brookhaven), Ser. A, 7s,
1/1/15 BBB/P 1,028,620
830,000 (1st Mtge. Brookhaven), Ser. A, 7s,
1/1/09 BBB/P 856,494
1,550,000 (1st Mtge. Berkshire Retirement), Ser.
A, 6 5/8s, 7/1/16 BBB- 1,573,901
1,500,000 (1st Mtge. Brookhaven), Ser. B, 5 1/4s,
1/1/17 BBB/P 1,540,290
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35,678,115
Michigan (4.8%)
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500,000 Flint, Hosp. Bldg. Auth. Rev. Bonds
(Hurley Med. Ctr.), 6s, 7/1/20 Baa3 517,305
350,000 Garden City, Hosp. Fin. Auth. Rev. Bonds
(Garden City Hosp. OB Group), Ser. A, 5
3/4s, 9/1/17 Ba2 334,597
1,425,000 Harper Woods School Dist. G.O. Bonds
(School Bldg. & Site), 5s, 5/1/28 Aaa 1,500,340
1,500,000 MI State Hosp. Fin. Auth. Rev. Bonds
(Oakwood Hosp.), Ser. A, 6s, 4/1/22 A2 1,647,855
2,000,000 Midland Cnty., Econ. Dev. Corp. Rev.
Bonds, 6 3/4s, 7/23/09 Ba3 2,082,540
4,750,000 Plymouth-Canton Cmnty., School Dist.
G.O. Bonds, FGIC, Q-SBLF, 5s, 5/1/26 Aaa 5,042,078
1,700,000 Pontiac, Hosp. Fin. Auth. Rev. Bonds
(NOMC Obligation Group), Ser. B, 6s,
8/1/18 Ba2 1,531,156
4,750,000 Saginaw Cnty., G.O. Bonds, MBIA, 5s,
5/1/29 Aaa 5,010,775
2,975,000 Warren Cons. School Dist. G.O. Bonds,
FSA, 5 3/8s, 5/1/18 Aaa 3,279,194
6,630,000 Waterford, Econ. Dev. Corp. Rev. Bonds
(Canterbury Hlth.), 6s, 1/1/39 B-/P 4,979,064
1,000,000 Wayne Charter Cnty., Special Arpt. Fac.
Rev. Bonds (Northwest Airlines, Inc.),
6s, 12/1/29 B+/P 796,850
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26,721,754
Minnesota (0.8%)
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500,000 Minneapolis, Rev. Bonds (Walker
Methodist Sr. Svcs.), Ser. C, 6s,
11/15/28 B+/P 407,380
500,000 Northfield, Hlth. Care Fac. Rev. Bonds
(Retirement Ctr.), Ser. A , 5 3/4s,
5/1/16 B/P 499,090
400,000 Sauk Rapids Hlth. Care & Hsg. Fac. Rev.
Bonds (Good Shepherd Lutheran Home), 6s,
1/1/34 B/P 411,080
3,055,000 St. Paul, Hsg. & Hosp. Redev. Auth. Rev.
Bonds (Healtheast), Ser. B, 6 5/8s,
11/1/17 Ba1 3,082,953
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4,400,503
Mississippi (0.7%)
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1,500,000 Lowndes Cnty., Solid Waste Disp. & Poll.
Control Rev. Bonds (Weyerhaeuser Co.),
Ser. B, 6.7s, 4/1/22 Baa2 1,818,660
2,250,000 Mississippi Bus. Fin. Corp. Poll.
Control Rev. Bonds (Syst. Energy
Resources, Inc.), 5.9s, 5/1/22 BBB- 2,276,370
-------------
4,095,030
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 1,566,045
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-/P 1,559,865
1,915,000 MO Hsg. Dev. Comm. Rev. Bonds (Home
Ownership), GNMA/FNMA Coll., 5.55s,
9/1/34 AAA 2,100,104
1,450,000 MO State Hlth. & Edl. Fac. Auth. Rev.
Bonds (BJC Hlth. Syst.), 5 1/4s, 5/15/32 Aa2 1,516,236
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6,742,250
Montana (0.3%)
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1,775,000 Forsyth, Poll. Control Mandatory Put
Bonds (Avista Corp.), AMBAC, 5s,
12/30/08 Aaa 1,888,103
Nebraska (-%)
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Kearney, Indl. Dev. Rev. Bonds
68,154 (Great Platte River), 8s, 9/1/12 CCC/P 53,291
791,466 (Brookhaven), zero %, 9/1/12 CCC/P 15,829
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69,120
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- 1,031,100
5,000,000 Clark Cnty., Indl. Dev. Rev. Bonds
(Southwest Gas Corp.), Ser. C, AMBAC,
5.95s, 12/1/38 Aaa 5,538,900
1,595,000 Henderson, Local Impt. Dist. Special
Assmt. (No. T-14), 3.2s, 3/1/06 BB-/P 1,597,664
500,000 Henderson, Local Impt. Dist. Special
Assmt. Bonds (No. T-14), 5.8s, 3/1/23 BB-/P 515,100
875,000 Las Vegas, Local Impt. Board Special
Assmt. (Dist. No. 607), 5.9s, 6/1/18 BB-/P 902,195
2,000,000 Washoe Cnty., Wtr. Fac. Mandatory Put
Bonds (Sierra Pacific Pwr. Co.), 5s,
7/1/09 Ba2 2,017,740
-------------
11,602,699
New Hampshire (1.2%)
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750,000 NH Higher Ed. & Hlth. Fac. Auth. Rev.
Bonds (Riverwoods at Exeter), Ser. A, 6
3/8s, 3/1/13 BB/P 771,165
1,275,000 NH Hlth. & Ed. Fac. Auth. Rev. Bonds
(Kendal at Hanover), Ser. A, 5s, 10/1/18 BBB 1,302,362
2,565,000 NH State Bus. Fin. Auth. Rev. Bonds
(Alice Peck Day Hlth. Syst.), Ser. A,
7s, 10/1/29 BBB-/P 2,623,431
1,750,000 NH State Bus. Fin. Auth. Poll. Control
Rev. Bonds, 3 1/2s, 7/1/27 Baa2 1,753,237
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6,450,195
New Jersey (2.6%)
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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 1,379,573
1,250,000 (Cedar Crest Vlg., Inc.), Ser. A, 7
1/4s, 11/15/31 BB-/P 1,332,025
1,900,000 (Newark Arpt. Marriot Hotel), 7s,
10/1/14 Ba3 1,998,116
500,000 (First Mtge. Presbyterian Home), Ser. A,
6 3/8s, 11/1/31 BB/P 519,255
2,500,000 (Cigarette Tax), 5 1/2s, 6/15/24 Baa2 2,618,425
1,750,000 NJ Econ. Dev. Auth. Solid Waste Rev.
Bonds (Disp. Waste Mgt.), 5.3s, 6/1/15 BBB 1,850,118
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
1,300,000 (Trinitas Hosp. Oblig. Group), 7 1/2s,
7/1/30 Baa3 1,474,174
2,250,000 (United Methodist Homes), Ser. A, 5
3/4s, 7/1/29 BB+ 2,235,263
1,250,000 (Atlantic City Med. Ctr.), 5 3/4s,
7/1/25 A2 1,333,700
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14,740,649
New Mexico (0.7%)
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1,740,000 Farmington, Poll. Control Mandatory Put
Bonds (Pub. Svc. San Juan), Class B,
2.1s, 4/1/06 Baa2 1,722,043
2,000,000 Farmington, Poll. Control VRDN (AZ Pub.
Service Co.), Ser. B, 1.9s, 9/1/24 VMIG1 2,000,000
-------------
3,722,043
New York (10.1%)
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500,000 Huntington, Hsg. Auth. Rev. Bonds
(Gurwin Jewish Sr. Residence), Ser. A,
6s, 5/1/39 B+/P 484,430
3,000,000 Long Island, Pwr. Auth. NY Elec. Syst.
Rev. Bonds, Ser. A, 5 3/4s, 12/1/24 A3 3,300,510
2,000,000 Nassau Cnty., Indl. Dev. Agcy. Rev.
Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27 A 2,072,160
10,000,000 NY City, G.O. Bonds, Ser. B, 5 1/4s,
12/1/09 A2 10,905,200
1,500,000 NY City, Indl. Dev. Agcy. Rev. Bonds
(Visy Paper, Inc.), 7.95s, 1/1/28 B- 1,574,205
3,025,000 NY City, Indl. Dev. Agcy. Special Fac.
Rev. Bonds (British Airways), 5 1/4s,
12/1/32 BB+ 2,442,415
1,490,000 NY City, Indl. Dev. Agency Rev. Bonds
(Staten Island U. Hosp. Project), 6.45s,
7/1/32 Ba3 1,484,189
10,000,000 NY City, Muni. Wtr. Fin. Auth. Rev.
Bonds, Ser. C, MBIA, 5 1/2s, 6/15/17 Aaa 10,498,300
900,000 NY State Dorm. Auth. Rev. Bonds
(Winthrop-U. Hosp. Assn.), Ser. A, 5
1/2s, 7/1/32 Baa1 942,498
2,400,000 NY State Energy Research & Dev. Auth.
Gas Fac. Rev. Bonds (Brooklyn Union
Gas), 6.952s, 7/1/26 A+ 2,581,464
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 2,125,700
200,000 Port Auth. NY & NJ Rev. Bonds (Kennedy
Intl. Arpt. - 5th Installment), 6 3/4s,
10/1/19 BB+/P 212,186
15,000,000 Port. Auth. NY & NJ Special Obligation
Rev. Bonds (JFK Intl. Air Term. - 6),
MBIA, 5.9s, 12/1/17 Aaa 16,347,300
1,700,000 Suffolk Cnty., Indl. Dev. Agcy. Rev.
Bonds (Peconic Landing), Ser. A, 8s,
10/1/30 B+/P 1,829,217
-------------
56,799,774
North Carolina (1.7%)
-----------------------------------------------------------------------------------------------------------
NC Eastern Muni. Pwr. Agcy. Syst. Rev.
Bonds
1,500,000 Ser. D, 6 3/4s, 1/1/26 Baa2 1,684,575
3,000,000 Ser. A, 5 3/4s, 1/1/26 Baa2 3,190,080
750,000 NC Med. Care Cmnty. Healthcare Fac. Rev.
Bonds (Deerfield), Ser. A, 5s, 11/1/23 A-/P 775,680
NC Med. Care Comm. Retirement Fac. Rev.
Bonds (First Mtg.), Ser. A-05
790,000 5 1/2s, 10/1/35 BB+ 788,775
600,000 5 1/4s, 10/1/25 BB+ 600,858
NC State Muni. Pwr. Agcy. Rev. Bonds
(No. 1, Catawba Elec.)
1,000,000 Ser. B, 6 1/2s, 1/1/20 A3 1,133,970
1,300,000 Ser. A, 5 1/2s, 1/1/13 A3 1,433,861
-------------
9,607,799
Ohio (2.3%)
-----------------------------------------------------------------------------------------------------------
Cuyahoga Cnty., Rev. Bonds, Ser. A
1,280,000 6s, 1/1/16 A1 1,478,080
2,000,000 6s, 1/1/15 A1 2,307,940
3,000,000 OH State Air Quality Dev. Auth. Rev.
Bonds (Toledo Poll. Control), Ser. A,
6.1s, 8/1/27 Baa2 3,141,150
6,100,000 OH State Air Quality Dev. Auth. VRDN
(Columbus Southern), Ser. C, 1.83s,
12/1/38 VMIG1 6,100,000
-------------
13,027,170
Oklahoma (2.3%)
-----------------------------------------------------------------------------------------------------------
3,150,000 OK City Arpt. Trust Rev. Bonds Jr. Lien
27th Ser., Ser. A, FSA, 5s, 7/1/18 Aaa 3,336,386
1,575,000 OK Dev. Fin. Auth. Rev. Bonds (Hillcrest
Hlth. Care Syst.), Ser. A, U.S. Govt.
Coll., 5 5/8s, 8/15/29 AAA 1,767,040
7,000,000 OK State Indl. Dev. Auth. Rev. Bonds
(Hlth. Syst.-Oblig. Group), Ser. A,
MBIA, 5 3/4s, 8/15/29 Aaa 7,723,940
-------------
12,827,366
Oregon (0.5%)
-----------------------------------------------------------------------------------------------------------
1,900,000 Multnomah Cnty., Hosp. Fac. Auth. Rev.
Bonds (Terwilliger Plaza), 6 1/2s,
12/1/29 BB-/P 1,949,172
1,000,000 OR State Hsg. & Cmnty. Svcs. Dept. Rev.
Bonds (Single Family Mtg.), Ser. K, 5
5/8s, 7/1/29 Aa2 1,067,940
-------------
3,017,112
Pennsylvania (8.4%)
-----------------------------------------------------------------------------------------------------------
1,995,000 Carbon Cnty., Indl. Dev. Auth. Rev.
Bonds (Panther Creek Partners), 6.65s,
5/1/10 BBB- 2,153,323
1,750,000 Dauphin Cnty., Gen. Auth. Rev. Bonds
(Office & Pkg.), Ser. A, 6s, 1/15/25 D/P 910,000
350,000 Lebanon Cnty., Hlth. Fac. Auth. Rev.
Bonds (Good Samaritan Hosp.), 6s,
11/15/35 Baa1 365,246
1,000,000 Lehigh Cnty., Gen. Purpose Auth. Rev.
Bonds (Lehigh Valley Hosp. Hlth.
Network), Ser. A, 5 1/4s, 7/1/32 A2 1,032,350
500,000 Monroe Cnty., Hosp. Auth. Rev. Bonds
(Pocono Med. Ctr.), 6s, 1/1/43 BBB+ 527,480
700,000 Montgomery Cnty., Indl. Auth. Resource
Recvy. Rev. Bonds (Whitemarsh Cont
Care), 6 1/4s, 2/1/35 B/P 708,288
PA Convention Ctr. Auth. Rev. Bonds
1,500,000 Ser. A, 6 3/4s, 9/1/19 Baa2 1,536,060
7,250,000 MBIA, 6.7s, 9/1/14 Aaa 7,424,000
PA Econ. Dev. Fin. Auth. Rev. Bonds
7,750,000 (MacMillan Ltd. Partnership), 7.6s,
12/1/20 Baa2 8,233,290
1,000,000 (Amtrak), Ser. A, 6 3/8s, 11/1/41 A3 1,056,490
PA State Econ. Dev. Fin. Auth. Resource
Recvy. Rev. Bonds
1,750,000 (Colver), Ser. E, 8.05s, 12/1/15 BBB-/P 1,801,905
1,000,000 (Colver), Ser. D, 7 1/8s, 12/1/15 BBB- 1,026,700
4,200,000 (Northampton Generating), Ser. A, 6.6s,
1/1/19 BBB- 4,248,888
PA State Higher Edl. Fac. Auth. Rev.
Bonds
1,000,000 (Widener U.), 5.4s, 7/15/36 BBB+ 1,048,330
995,000 (Philadelphia College of Osteopathic
Medicine), 5s, 12/1/07 A 1,048,531
5,715,000 Philadelphia, Gas Wks. Rev. Bonds (1975
Gen. Ordinance 17th), FSA, 5s, 7/1/07 Aaa 6,038,926
2,729,624 Philadelphia, Hosp. & Higher Ed. Fac.
Auth. Rev. Bonds (Graduate Hlth. Syst.),
7 1/4s, 7/1/10 (In default) (NON) Ca 3,412
Philadelphia, Indl. Dev. Auth. VRDN (Fox
Chase Cancer Ctr.)
2,000,000 1.9s, 7/1/10 VMIG1 2,000,000
2,000,000 1.89s, 7/1/25 A-1+ 2,000,000
2,000,000 Philadelphia, Indl. Dev. Auth. Arpt.
Rev. Bonds (Aero Philadelphia, LLC), 5
1/2s, 1/1/24 BB/P 1,894,200
1,800,000 Sayre, Hlth. Care Fac. Auth. Rev. Bonds
(Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31 A- 1,912,824
-------------
46,970,243
South Carolina (1.5%)
-----------------------------------------------------------------------------------------------------------
1,000,000 Lexington Cnty. Hlth. Svcs. Dist. Inc.
Hosp. Rev. Bonds, 5 1/2s, 5/1/37 A2 1,063,200
3,000,000 Richland Cnty., Rev. Bonds (Intl. Paper
Co.), Ser. A, 4 1/4s, 10/1/07 Baa2 3,086,580
1,250,000 SC Hosp. Auth. Rev. Bonds (Med. U.),
Ser. A, 6 1/2s, 8/15/32 AAA 1,511,150
1,000,000 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev.
Bonds (Palmetto Hlth. Alliance), Ser. A,
7 3/8s, 12/15/21 Baa2 1,226,160
1,300,000 SC Tobacco Settlement Rev. Mgt. Rev.
Bonds, Ser. B, 6 3/8s, 5/15/30 BBB 1,287,754
-------------
8,174,844
South Dakota (0.4%)
-----------------------------------------------------------------------------------------------------------
2,000,000 SD Edl. Enhancement Funding Corp. Rev.
Bonds, Ser. B, 6 1/2s, 6/1/32 BBB 2,006,380
Tennessee (3.7%)
-----------------------------------------------------------------------------------------------------------
12,000,000 Johnson City, Hlth. & Edl. Fac. Hosp.
Board Rev. Bonds (First Mtg.- Mountain
States Hlth.), Ser. A, MBIA, 6s, 7/1/21 Aaa 13,591,680
3,700,000 Johnson City, Hlth. & Edl. Fac. Board
Hosp. Rev. Bonds (Mountain States
Hlth.), Ser. A, 7 1/2s, 7/1/33 BBB+ 4,402,445
600,000 Johnson City, Hlth. & Edl. Facs. Board
Retirement Fac. Rev. Bonds (Appalachian
Christian Village), Ser. A, 6 1/4s,
2/15/32 BB-/P 608,784
Shelby Cnty., Hlth. Edl. & Hsg. Fac.
Hosp. Board Rev. Bonds (Methodist Hlth.
Care)
1,255,000 6 1/2s, 9/1/26 (Prerefunded) A3 1,523,219
745,000 6 1/2s, 9/1/26 A3 886,058
-------------
21,012,186
Texas (6.5%)
-----------------------------------------------------------------------------------------------------------
600,000 Abilene, Hlth. Fac. Dev. Corp. Rev.
Bonds (Sears Methodist Retirement), Ser.
A, 7s, 11/15/33 BB/P 635,190
5,500,000 Alliance, Arpt. Auth. Rev. Bonds
(Federal Express Corp.), 6 3/8s, 4/1/21
(SEG) Baa2 5,761,745
4,655,000 Carrollton, Farmers Branch Indpt. School
Dist. G.O. Bonds, PSFG, 5s, 2/15/17 Aaa 4,984,109
1,000,000 Comal Cnty., Hlth. Fac. Dev. Corp. Rev.
Bonds (Hlth. Care Syst. - McKenna
Memorial), Ser. A, 6 1/4s, 2/1/32 Baa2 1,040,770
2,360,000 Dallas-Fort Worth, Intl. Arpt. Fac.
Impt. Corp. Rev. Bonds (American
Airlines, Inc.), 6 3/8s, 5/1/35 Caa2 1,484,086
7,500,000 Harris Cnty., Rev. Bonds, Ser. B, FSA,
5s, 8/15/32 Aaa 8,307,300
3,000,000 Harris Cnty., Hlth. Fac. Rev. Bonds
(Memorial Hermann Hlth. Care), Ser. A, 6
3/8s, 6/1/29 A2 3,339,690
3,880,000 Houston, Arpt. Syst. Rev. Bonds
(Continental Airlines, Inc.), Ser. C,
5.7s, 7/15/29 B- 2,720,462
2,000,000 Lower Neches Valley Indl. Dev. Swr.
Auth. Rev. Bonds (Mobil Oil Refining
Corp.), 6.4s, 3/1/30 Aaa 2,046,560
2,500,000 Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds,
6s, 10/1/21 Baa2 2,718,625
Tomball, Hosp. Auth. Rev. Bonds (Tomball
Regl. Hosp.)
2,000,000 6s, 7/1/29 Baa3 2,021,040
800,000 6s, 7/1/25 Baa3 808,840
800,000 6s, 7/1/19 Baa3 820,888
-------------
36,689,305
Utah (0.8%)
-----------------------------------------------------------------------------------------------------------
Carbon Cnty., Solid Waste Disp. Rev.
Bonds (Laidlaw Env.), Ser. A
750,000 7 1/2s, 2/1/10 BB- 769,785
600,000 7.45s, 7/1/17 BB-/P 623,226
2,000,000 Tooele Cnty., Harbor & Term. Dist. Port
Fac. Rev. Bonds (Union Pacific), Ser. A,
5.7s, 11/1/26 Baa2 2,085,040
1,000,000 UT Cnty., Env. Impt. Rev. Bonds
(Marathon Oil), 5.05s, 11/1/17 Baa1 1,092,210
-------------
4,570,261
Vermont (0.2%)
-----------------------------------------------------------------------------------------------------------
1,000,000 VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A,
FSA, 4.62s, 5/1/29 Aaa 1,051,880
Virginia (0.8%)
-----------------------------------------------------------------------------------------------------------
1,000,000 James Cnty., Indl. Dev. Auth. Rev. Bonds
(Williamsburg), Ser. A, 6 1/8s, 3/1/32 BB-/P 1,052,250
Roanoke Cnty. Indl. Dev. Auth. Rev.
Bonds (Res. Care Fac.), Ser. A
1,000,000 6.3s, 7/1/35 B+/P 1,004,860
500,000 4.4s, 7/1/08 B+/P 501,080
2,000,000 Russell Cnty. Indl. Dev. Auth. Poll.
Control Rev. Bonds (Appalachian Pwr.
Co.), Ser. I, 2.7s, 11/1/07 Baa2 1,996,900
-------------
4,555,090
Washington (1.0%)
-----------------------------------------------------------------------------------------------------------
5,000,000 King Cnty., G.O. Bonds, Ser. C, 6 1/4s,
1/1/32 Aa1 5,419,400
West Virginia (0.9%)
-----------------------------------------------------------------------------------------------------------
3,300,000 Marshall Cnty., Poll. Control VRDN (OH
Pwr. Co.), Ser. E, 1.95s, 6/1/22 VMIG1 3,300,000
2,250,000 Princeton, Hosp. Rev. Bonds (Cmnty.
Hosp. Assn., Inc.), 6.1s, 5/1/29 B2 1,736,303
-------------
5,036,303
Wisconsin (1.8%)
-----------------------------------------------------------------------------------------------------------
Badger Tobacco Settlement Asset
Securitization Corp. Rev. Bonds
3,000,000 7s, 6/1/28 BBB 3,094,770
3,000,000 6 3/8s, 6/1/32 BBB 2,970,930
3,900,000 WI State Hlth. & Edl. Fac. Auth. Rev.
Bonds (Wheaton Franciscan), 5 3/4s,
8/15/30 A2 4,160,550
-------------
10,226,250
Wyoming (0.5%)
-----------------------------------------------------------------------------------------------------------
3,025,000 Sweetwater Cnty., Poll. Control VRDN
(Pacificorp.), Ser. B, 1.97s, 1/1/14 VMIG1 3,025,000
-------------
Total Municipal bonds and notes (cost $538,688,384) $554,579,356
Preferred stocks (1.2%) (a)
-----------------------------------------------------------------------------------------------------------
Number of shares Value
-----------------------------------------------------------------------------------------------------------
2,000,000 Charter Mac. Equity Trust 144A Ser. A,
6.625% cum. pfd. $2,173,960
4,000,000 MuniMae Tax Exempt Bond Subsidiary, LLC
144A 6.875% cum. pfd. 4,387,560
-------------
Total Preferred stocks (cost $6,000,000) $6,561,520
-----------------------------------------------------------------------------------------------------------
Total Investments (cost $544,688,384)(b) $561,140,876
-----------------------------------------------------------------------------------------------------------
Futures contracts outstanding at January 31, 2005 (Unaudited)
Aggregate Expiration Unrealized
Value face value date depreciation
-----------------------------------------------------------------------------------------------------------
U.S. Treasury Note 10 yr (Short) $19,646,484 $19,514,710 Mar-05 $(131,774)
-----------------------------------------------------------------------------------------------------------
NOTES
(a) Percentages indicated are based on portfolio market value.
(RAT) The Moody's or Standard & Poor's ratings indicated are believed to be
the most recent ratings available at January 31, 2005 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 January 31, 2005. Securities rated
by Putnam are indicated by "/P". Security ratings are defined in
the Statement of Additional Information.
(b) The aggregate identified cost on a tax basis is $544,227,570, resulting
in gross unrealized appreciation and depreciation of $26,351,553
and $9,438,247, respectively, or net unrealized appreciation of
$16,913,306.
(NON) Non-income-producing security.
(RES) Restricted, excluding 144A securities, as to public resale. The total
market value of restricted securities held at January 31, 2005 was
$2,125,700 or 0.4% 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 January 31, 2005.
(F) Security is valued at fair value following procedures approved by the
Trustees.
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 VRDN and Mandatory Put Bonds are the current
interest rates at January 31, 2005.
The dates shown on Mandatory Put Bonds are the next mandatory put dates.
The rates shown on IFB, which are securities paying interest rates that
vary inversely to changes in the market interest rates, are the current
interest rates at January 31, 2005.
The fund had the following industry group concentrations greater than
10% at January 31, 2005 (as a percentage of portfolio market value):
Health care 29.5%
Utilities 18.7
Transportation 14.3
The fund had the following insurance concentrations greater than 10% at
January 31, 2005 (as a percentage of portfolio market value):
AMBAC 11.9%
MBIA 10.4
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 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.
If a written call option is exercised, the premium originally
received is recorded as an addition to sales proceeds. If a
written put option is exercised, the premium originally received
is recorded as an addition to cost of investments.
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 semiannual shareholder report filed
on the Securities and Exchange Commission's Web site, www.sec.gov,
or visit Putnam's Individual Investor Web site 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: March 28, 2005
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: March 28, 2005
By (Signature and Title): /s/ Steven D. Krichmar
---------------------------
Steven D. Krichmar
Principal Financial Officer
Date: March 28, 2005