-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OzEPhC5tp+w8JwCtE/RGkWZ0SpFk0ztcUUnlFuvkVdLbsKqMXAEiB9wk8amRMSnd fp+gXYj5zsMp74YAV6o6Ng== 0000928816-05-000329.txt : 20050228 0000928816-05-000329.hdr.sgml : 20050228 20050228165034 ACCESSION NUMBER: 0000928816-05-000329 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050228 DATE AS OF CHANGE: 20050228 EFFECTIVENESS DATE: 20050228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000205802 IRS NUMBER: 046396109 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02675 FILM NUMBER: 05646293 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 N-Q 1 ptei1.txt PUTNAM TAX EXEMPT INCOME FUND Item 1. Schedule of Investments: - -------------------------------- Putnam Tax Exempt Income Fund QUARTERLY PORTFOLIO HOLDINGS 12-31-04
Putnam Tax Exempt Income Fund - ----------------------------------------------------------------------------------------------------------- The fund's portfolio December 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 XLCA -- XL Capital Assurance Municipal bonds and notes (97.4%) (a) - ----------------------------------------------------------------------------------------------------------- Principal amount Rating (RAT) Value Alabama (0.4%) - ----------------------------------------------------------------------------------------------------------- $5,500,000 Fairfield, Indl. Dev. Auth. Rev. Bonds (USX Corp.), Ser. A, 6.7s, 12/1/24 Baa1 $5,655,320 500,000 U. of AL Rev. Bonds (Hosp. Birmingham), Ser. A, AMBAC, 5s, 9/1/14 Aaa 547,625 ------------- 6,202,945 Alaska (0.3%) - ----------------------------------------------------------------------------------------------------------- 4,090,000 AK State Hsg. Fin. Corp. Rev. Bonds, Ser. A, 4.4s, 12/1/31 Aaa 4,200,594 Arizona (1.7%) - ----------------------------------------------------------------------------------------------------------- 3,250,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29 B-/P 3,453,223 6,110,000 Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21 BB+/P 6,317,251 10,000,000 Mesa, Util. Syst. Rev. Bonds, FGIC, 7 1/4s, 7/1/12 Aaa 12,594,400 1,500,000 Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds (Scottsdale Hlth. Care), 5.8s, 12/1/31 A3 1,580,490 ------------- 23,945,364 Arkansas (0.7%) - ----------------------------------------------------------------------------------------------------------- 3,900,000 AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington Regl. Med. Ctr.), 7 3/8s, 2/1/29 Baa3 4,323,150 5,000,000 Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27 BB/P 5,764,950 ------------- 10,088,100 California (11.3%) - ----------------------------------------------------------------------------------------------------------- CA State G.O. Bonds 225,000 MBIA, 5 3/4s, 12/1/11 Aaa 258,910 1,125,000 MBIA, 5 1/4s, 10/1/13 Aaa 1,274,783 3,000,000 5 1/8s, 4/1/23 A 3,170,460 3,000,000 5.1s, 2/1/34 A 3,048,330 CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A 14,500,000 6s, 5/1/15 A2 16,701,825 20,000,000 AMBAC, 5 1/2s, 5/1/16 Aaa 22,442,400 33,000,000 AMBAC, 5 1/2s, 5/1/15 Aaa 37,256,670 31,500,000 AMBAC, 5 1/2s, 5/1/13 Aaa 35,835,660 500,000 5 1/2s, 5/1/11 A2 562,280 CA State Econ. Recvy. G.O. Bonds 15,055,000 Ser. B, 5s, 7/1/23 Aa3 15,976,366 6,000,000 Ser. A, 5s, 7/1/16 Aa3 6,414,180 150,000 CA Statewide Cmnty. Dev. Auth. Multi-Fam. Rev. Bonds (Hsg. Equity Res.), Ser. B, 5.2s, 12/1/29 Baa1 158,322 500,000 Golden State Tobacco Securitization Corp. Rev. Bonds (Tobacco Settlement), Ser. B, AMBAC, 5s, 6/1/38 Aaa 508,210 1,200,000 Rancho Mirage, JT Powers Fin. Auth. Rev. Bonds (Eisenhower Med. Ctr.), 5 7/8s, 7/1/26 A3 1,269,264 5,005,000 San Bernardino, City U. School Dist. G.O. Bonds, Ser. A, FSA, 5s, 8/1/28 Aaa 5,192,187 6,065,000 San Jose, Redev. Agcy. Tax Alloc. (Unrefunded Balance- Merged Area), MBIA, 5s, 8/1/20 Aaa 6,175,808 ------------- 156,245,655 Colorado (0.3%) - ----------------------------------------------------------------------------------------------------------- CO Springs, Hosp. Rev. Bonds 1,860,000 6 3/8s, 12/15/30 (Prerefunded) A3 2,217,250 1,890,000 6 3/8s, 12/15/30 A3 2,083,328 ------------- 4,300,578 Connecticut (2.3%) - ----------------------------------------------------------------------------------------------------------- 8,000,000 CT State Dev. Auth. Poll. Control Rev. Bonds (Western MA), Ser. A, 5.85s, 9/1/28 A3 8,623,440 850,000 CT State Hlth. & Edl. Fac. Auth. VRDN, Ser. U, 2s, 7/1/33 VMIG1 850,000 6,200,000 CT. State Special Tax Oblig. VRDN (Trans. Infrastructure), Ser. 1, 2s, 9/1/20 VMIG1 6,200,000 Mashantucket, Western Pequot Tribe 144A Rev. Bonds, Ser. A 7,435,000 6.4s, 9/1/11 (Prerefunded) Aaa 8,250,545 7,565,000 6.4s, 9/1/11 Baa2 8,005,586 ------------- 31,929,571 District of Columbia (7.1%) - ----------------------------------------------------------------------------------------------------------- DC G.O. Bonds, Ser. A 39,250,000 6 3/8s, 6/1/26 AAA 42,329,163 38,175,000 6s, 6/1/26 A2 42,231,476 5,005,000 FSA, 5s, 6/1/26 Aaa 5,194,039 510,000 5s, 6/1/15 AAA 538,035 7,500,000 DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/2s, 5/15/33 BBB 7,236,225 1,000,000 DC Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s, 10/1/33 Aaa 1,020,510 ------------- 98,549,448 Florida (5.0%) - ----------------------------------------------------------------------------------------------------------- 10,000,000 Coral Gables, Hlth. Fac. Auth. Hosp. Rev. Bonds (Baptist Hlth.), FSA, 5s, 8/15/34 Aaa 10,849,200 5,530,000 Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 7 1/4s, 10/1/29 BBB 6,015,479 18,500,000 Hernando Cnty., Rev. Bonds (Criminal Justice Complex Fin.), FGIC, 7.65s, 7/1/16 Aaa 25,205,325 5,000,000 Highlands Cnty., Hlth. Fac. Auth. Rev. Bonds (Adventist Hlth. Sunbelt Hosp.), 3.35s, 11/15/32 A 5,034,850 2,650,000 Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (Shell Point Village), Ser. A, 5 1/2s, 11/15/29 BBB- 2,617,962 3,700,000 Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A, 6.7s, 11/15/19 BB 3,938,687 Oakstead Cmnty. Dev. Dist. Cap. Impt. Rev. Bonds 1,170,000 Ser. A, 7.2s, 5/1/32 BB/P 1,257,586 60,000 Ser. B, 6 1/2s, 5/1/07 BB/P 61,076 9,500,000 Polk Cnty., Trans. Impt. Rev. Bonds, FSA, 5s, 12/1/25 Aaa 10,418,650 2,500,000 Tampa, Util. Tax & Special Rev. Bonds, AMBAC, 6s, 10/1/07 Aaa 2,742,675 500,000 UCF Assn., Inc. COP, Ser. A, FGIC, 5 1/4s, 10/1/34 Aaa 529,270 ------------- 68,670,760 Georgia (3.4%) - ----------------------------------------------------------------------------------------------------------- 1,000,000 Atlanta, Arpt. Rev. Bonds, Ser. A, FGIC, 5.6s, 1/1/30 Aaa 1,139,230 5,000,000 Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.), 4.45s, 12/1/08 A2 5,284,100 GA Muni. Elec. Pwr. Auth. Rev. Bonds 10,000,000 Ser. B, FGIC, 8 1/4s, 1/1/11 Aaa 12,713,600 20,500,000 Ser. Y, AMBAC, 6.4s, 1/1/13 Aaa 24,109,025 1,200,000 Ser. Y, AMBAC, 6.4s, 1/1/13 (Prerefunded) Aaa 1,432,716 1,950,000 Richmond Cnty., Dev. Auth. Rev. Bonds (Amt.-Intl. Paper Co.), Ser. A, 6 1/4s, 2/1/25 Baa2 2,054,033 ------------- 46,732,704 Illinois (1.5%) - ----------------------------------------------------------------------------------------------------------- 1,250,000 Cook Cnty., G.O. Bonds, Ser. B, MBIA, 5s, 11/15/29 Aaa 1,289,213 13,000,000 IL Dev. Fin. Auth. Rev. Bonds, 5.85s, 2/1/07 BBB 13,671,710 2,250,000 IL Edl. Fac. Auth. Rev. Bonds (Northwestern U.), 5s, 12/1/33 Aa1 2,296,913 1,500,000 IL Fin. Auth. VRDN (Northwestern U.), Ser. A, 1.95s, 12/1/34 VMIG1 1,500,000 1,650,000 IL State G.O. Bonds, FSA, 5 3/8s, 10/1/12 Aaa 1,866,414 ------------- 20,624,250 Indiana (1.0%) - ----------------------------------------------------------------------------------------------------------- 4,150,000 IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32 Baa1 4,262,382 700,000 IN U. Rev. Bonds (IN U. Fac.), AMBAC, 5 1/4s, 11/15/23 Aaa 764,127 5,000,000 Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17 Baa2 5,304,900 3,750,000 Rockport, Poll. Control Mandatory Put Bonds (Indiana Michigan Pwr. Co.), Ser. C, 2 5/8s, 10/1/06 Baa2 3,739,500 ------------- 14,070,909 Iowa (1.1%) - ----------------------------------------------------------------------------------------------------------- 6,280,000 Hills, Hlth. Care VRDN (Mercy Hosp.), 1.7s, 8/1/32 VMIG1 6,280,000 IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives) 7,665,000 9 1/4s, 7/1/25 BBB-/P 9,331,754 80,000 9.15s, 7/1/09 BBB-/P 93,622 ------------- 15,705,376 Kentucky (0.4%) - ----------------------------------------------------------------------------------------------------------- 5,000,000 KY Asset/Liability Comm. Gen. Fund Rev. Bonds, Ser. A, AMBAC, 5s, 7/15/06 AAA 5,199,950 Louisiana (1.4%) - ----------------------------------------------------------------------------------------------------------- Ernest N. Morial-New Orleans, Exhibit Hall Auth. Special Tax, Ser. A, AMBAC 500,000 5 1/4s, 7/15/21 Aaa 544,780 2,000,000 5 1/4s, 7/15/20 Aaa 2,188,180 250,000 LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds (Cypress Apts.), Class A, GNMA Coll., 5 1/2s, 4/20/38 Aaa 265,718 4,800,000 LA Pub. Fac. Auth. Hosp. Rev. Bonds (Lake Charles Memorial Hosp.), 8 5/8s, 12/1/30 CCC/P 4,617,408 2,500,000 Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B, 5 1/2s, 5/15/30 BBB 2,344,150 8,565,000 W. Feliciana Parish, Poll. Control Rev. Bonds (Gulf States Util. Co.), Ser. III, 7.7s, 12/1/14 Ba1 8,741,782 ------------- 18,702,018 Maryland (0.8%) - ----------------------------------------------------------------------------------------------------------- 5,000,000 Howard Cnty., Rev. Bonds, Ser. A, U.S. Govt. Coll., 8s, 5/15/29 AAA 6,322,750 MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Medstar Hlth.) 1,500,000 5 3/4s, 8/15/16 Baa2 1,643,685 1,500,000 5 3/4s, 8/15/14 Baa2 1,656,000 1,500,000 MD State Trans. Auth. VRDN (Baltimore/Washington Arpt.), Ser. A, 1.93s, 7/1/13 VMIG1 1,500,000 ------------- 11,122,435 Massachusetts (2.8%) - ----------------------------------------------------------------------------------------------------------- 1,500,000 MA Dev. Fin. Agcy. Rev. Bonds, Ser. A, MBIA, 5 1/2s, 1/1/11 Aaa 1,675,410 MA State Hlth. & Edl. Fac. Auth. Rev. Bonds 2,200,000 (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 BBB- 2,321,396 4,500,000 (UMass Memorial), Ser. C, 6 5/8s, 7/1/32 Baa2 4,864,725 6,400,000 (Med. Ctr. of Central MA), AMBAC, 6.55s, 6/23/22 Aaa 7,115,136 1,645,000 (Caritas Christian Oblig. Group), Ser. A, 5 5/8s, 7/1/20 BBB 1,677,176 100,000 (Milton Hosp.), Ser. C, 5 1/2s, 7/1/16 BBB 101,634 1,000,000 (New England Med. Ctr. Hosp.), Ser. H, FGIC, 5s, 5/15/11 Aaa 1,101,000 5,700,000 MA State Port Auth. Rev. Bonds, 13s, 7/1/13 AAA/P 8,325,819 10,000,000 MA State Special Oblig. Dedicated Tax Rev. Bonds, FGIC, 5 1/4s, 1/1/24 Aaa 10,763,800 900,000 MA State Wtr. Resource Auth. VRDN (Multi-Modal), Ser. C, 1.65s, 8/1/20 VMIG1 900,000 ------------- 38,846,096 Michigan (1.1%) - ----------------------------------------------------------------------------------------------------------- 500,000 Detroit, G.O. Bonds, Ser. A-1, AMBAC, 5 1/4s, 4/1/24 Aaa 541,820 1,700,000 Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20 Baa3 1,729,359 3,000,000 MI State Hosp. Fin. Auth. Rev. Bonds (Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32 A2 3,133,680 1,005,000 MI State Hsg. Dev. Auth. Ltd. Oblig. Rev. Bonds (Parkway Meadows), FSA, 4s, 10/15/10 Aaa 1,054,647 5,000,000 MI State Strategic Fund Solid Waste Disp. Rev. Bonds (SD Warren Co.), Ser. C, 7 3/8s, 1/15/22 BB/P 5,188,600 1,230,000 MI State Strategic Fund, Ltd. Rev. Bonds (Detroit Edison Poll. Control), 5.65s, 9/1/29 A3 1,276,113 2,745,000 Pontiac, Hosp. Fin. Auth. Rev. Bonds, 6s, 8/1/13 Ba2 2,605,636 ------------- 15,529,855 Minnesota (0.6%) - ----------------------------------------------------------------------------------------------------------- 4,010,000 Martin Cnty., Hosp. Rev. Bonds (Fairmont Cmnty. Hosp. Assn.), 6 5/8s, 9/1/22 BBB-/P 4,132,145 4,075,000 MN State Higher Ed. Fac. Auth. VRDN (St. Olaf College), Ser. M2, 1.7s, 10/1/20 VMIG1 4,075,000 ------------- 8,207,145 Mississippi (0.7%) - ----------------------------------------------------------------------------------------------------------- 9,200,000 Jackson Cnty., Poll. Control VRDN (Chevron USA, Inc.), 1.75s, 6/1/23 A-1+ 9,200,000 Missouri (1.9%) - ----------------------------------------------------------------------------------------------------------- 3,250,000 Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/27 A 3,357,998 MO State Hlth. & Edl. Fac. Auth. Rev. Bonds 9,500,000 (Washington U.), Ser. A, 5s, 2/15/33 Aa1 9,747,950 4,050,000 (BJC Hlth. Syst.), 5 1/4s, 5/15/32 Aa2 4,182,516 MO State Hlth. & Edl. Fac. Auth. VRDN 1,430,000 (St. Francis Med. Ctr.), Ser. A, 1.7s, 6/1/26 A-1+ 1,430,000 8,000,000 (Cox Hlth. Syst.), 1.7s, 6/1/22 VMIG1 8,000,000 ------------- 26,718,464 Montana (1.0%) - ----------------------------------------------------------------------------------------------------------- 5,550,000 Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 12/30/08 Aaa 5,931,785 7,525,000 Forsyth, Poll. Control VRDN (Pacific Corp.), 1.7s, 1/1/18 A-1+ 7,525,000 ------------- 13,456,785 Nevada (0.3%) - ----------------------------------------------------------------------------------------------------------- 1,750,000 Clark Cnty., Local Impt. Dist. Special Assmt. Bonds (No. 142), 6.1s, 8/1/18 BB- 1,795,203 1,590,000 Clark Cnty., Passenger Fac. Rev. Bonds (Las Vegas-McCarran Intl. Arpt.), Ser. A, AMBAC, 6.15s, 7/1/07 Aaa 1,730,397 500,000 Washoe Cnty., Arpt. Auth. Rev. Bonds, FSA, 5s, 7/1/11 Aaa 546,840 ------------- 4,072,440 New Hampshire (1.7%) - ----------------------------------------------------------------------------------------------------------- NH Higher Ed. & Hlth. Fac. Auth. Rev. Bonds (Lakes Region Hosp. Assn.) 2,600,000 6 1/4s, 1/1/18 BB-/P 2,620,982 1,125,000 5 3/4s, 1/1/08 BB-/P 1,132,650 4,000,000 NH Hlth. & Ed. Fac. Auth. Rev. Bonds (Hlth. Care Syst.-Covenant Hlth.), 6 1/8s, 7/1/31 A- 4,227,960 2,500,000 NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27 Baa2 2,515,075 10,500,000 NH State Tpk. Syst. IFB, FGIC, 11.553s, 11/1/17 Aaa 12,447,330 ------------- 22,943,997 New Jersey (3.3%) - ----------------------------------------------------------------------------------------------------------- 3,500,000 Middlesex Cnty., Impt. Auth. Lease Rev. Bonds (Perth Amboy Muni. Complex), FGIC, 5s, 3/15/31 Aaa 3,611,335 NJ Econ. Dev. Auth. Rev. Bonds 2,150,000 (Cedar Crest Vlg., Inc.), Ser. A, 7 1/4s, 11/15/31 BB-/P 2,274,872 7,300,000 (Cigarette Tax), 5 1/2s, 6/15/24 Baa2 7,483,303 8,000,000 (Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27 Aaa 8,312,400 NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds 1,400,000 (Trinitas Hosp. Oblig. Group), 7 1/2s, 7/1/30 Baa3 1,580,460 5,000,000 (South Jersey Hosp.), 6s, 7/1/12 Baa1 5,631,300 500,000 (Atlantic City Med. Ctr.), 5 3/4s, 7/1/25 A2 527,975 NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.) 6,250,000 Ser. B, MBIA, 6 1/2s, 6/15/10 Aaa 7,344,563 3,000,000 Ser. A, 5 5/8s, 6/15/14 A1 3,451,560 Tobacco Settlement Fin. Corp. Rev. Bonds 2,000,000 6 3/4s, 6/1/39 BBB 2,002,360 1,775,000 6 3/8s, 6/1/32 BBB 1,718,023 1,500,000 (Asset Backed Bonds), 6 1/8s, 6/1/42 BBB 1,385,925 290,000 (Asset Backed Bonds), 5 3/4s, 6/1/32 BBB 277,661 ------------- 45,601,737 New Mexico (0.1%) - ----------------------------------------------------------------------------------------------------------- 1,500,000 Farmington, Poll. Control VRDN (AZ Pub. Service Co.), Ser. B, 1.75s, 9/1/24 A-1+ 1,500,000 New York (13.5%) - ----------------------------------------------------------------------------------------------------------- 500,000 Long Island, Pwr. Auth. Rev. Bonds, Ser. B, 5 1/4s, 6/1/14 A- 552,700 13,000,000 Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24 Baa1 14,239,680 500,000 Metro. Trans. Auth. Rev. Bonds, Ser. B, MBIA, 5s, 11/15/28 Aaa 517,705 Nassau Cnty., Hlth. Care Syst. Rev. Bonds, FSA 5,000,000 6s, 8/1/15 Aaa 5,821,850 4,410,000 6s, 8/1/14 Aaa 5,134,872 NY City, G.O. Bonds, Ser. B 13,235,000 MBIA, 6 1/2s, 8/15/10 Aaa 15,491,038 6,475,000 5 1/2s, 12/1/12 A2 7,229,402 4,250,000 NY City, Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Polytechnic U.), 6s, 11/1/20 Ba1 4,114,765 NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds 11,500,000 (Airis JFK I LLC), Ser. A, 6s, 7/1/27 Baa3 11,612,240 2,000,000 (Airis JFK I LLC), Ser. A, 5 1/2s, 7/1/28 Baa3 2,006,800 1,900,000 NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways), 5 1/4s, 12/1/32 BB+ 1,503,014 7,000,000 NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. B, AMBAC, 5s, 6/15/28 Aaa 7,272,230 2,800,000 NY City, State Dorm. Auth. Lease Rev. Bonds (Court Fac.), 6s, 5/15/39 A 3,042,256 NY State Dorm. Auth. Rev. Bonds 10,900,000 (Construction City U. Syst.), Ser. A, 6s, 7/1/20 AA- 13,145,291 7,500,000 (State U. Edl. Facs.), MBIA, 6s, 5/15/16 Aaa 8,605,950 7,000,000 (State U. Edl. Facs.), MBIA, 6s, 5/15/15 Aaa 8,039,640 12,485,000 (U. Syst. Construction), Ser. A, 5 3/4s, 7/1/18 AA- 14,532,540 23,100,000 (State U. Edl. Fac.), Ser. A, 5 1/2s, 5/15/19 AA- 26,393,367 1,400,000 (North Shore Long Island Jewish Group), 5 3/8s, 5/1/23 A3 1,470,280 1,000,000 (Brooklyn Law School), Ser. B, XLCA, 5 3/8s, 7/1/22 Aaa 1,104,200 23,000,000 NY State Dorm. Auth. Cap. Appn. Rev. Bonds (State U.), Ser. B, MBIA, zero %, 5/15/09 Aaa 20,233,790 1,500,000 NY State Hwy. & Bridge Auth. Rev. Bonds, Ser. B, FGIC, 5 1/2s, 4/1/10 Aaa 1,687,440 2,000,000 NY State Pwr. Auth. Rev. Bonds, 5s, 11/15/06 Aa2 2,101,900 Port Auth. NY & NJ Rev. Bonds 6,000,000 (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19 BB+/P 6,259,800 75,000 (Kennedy Intl. Arpt. - 4th Installment), 6 3/4s, 10/1/11 BB+/P 78,799 Syracuse, G.O. Bonds (Pub. Impt.), Ser. A, FSA 1,200,000 6s, 4/15/13 Aaa 1,333,956 1,150,000 6s, 4/15/12 Aaa 1,278,375 1,075,000 6s, 4/15/11 Aaa 1,195,002 1,025,000 6s, 4/15/10 Aaa 1,140,446 ------------- 187,139,328 North Carolina (7.5%) - ----------------------------------------------------------------------------------------------------------- NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds 11,680,000 Ser. C, MBIA, 7s, 1/1/13 Aaa 14,489,157 5,000,000 Ser. D, 6 3/4s, 1/1/26 Baa2 5,575,650 14,100,000 Ser. B, FGIC, 6.42s, 1/1/25 Aaa 17,206,794 25,300,000 Ser. B, FGIC, 6s, 1/1/22 Aaa 31,000,343 10,000,000 AMBAC, 6s, 1/1/18 Aaa 12,090,000 5,000,000 Ser. A, 5 3/4s, 1/1/26 Baa2 5,273,850 NC Med. Care Comm. Retirement Fac. Rev. Bonds 3,000,000 (United Methodist Home), 7 1/8s, 10/1/23 BB+/P 3,178,770 3,000,000 (First Mtge.-Forest at Duke), 6 3/8s, 9/1/32 BB+/P 3,146,670 NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.) 10,000,000 Ser. B, 6 1/2s, 1/1/20 Baa1 11,284,800 200,000 Ser. A, 5 1/2s, 1/1/13 Baa1 220,342 ------------- 103,466,376 Ohio (1.6%) - ----------------------------------------------------------------------------------------------------------- 3,000,000 Cuyahoga Cnty., Rev. Bonds, Ser. A, 6s, 1/1/32 A1 3,270,390 500,000 Franklin Cnty., Rev. Bonds (Online Computer Library Ctr.), 5s, 4/15/11 A 535,510 1,226,591 Lake Cnty., Indl. Dev. Rev. Bonds (Madison Inn Hlth. Ctr.), 12s, 5/1/14 A-/P 1,235,484 2,430,000 Middletown, City School Dist. G.O. Bonds (School Impt.), FGIC, 5s, 12/1/24 Aaa 2,554,659 3,500,000 Midview, Local School Dist. COP (Elementary School Bldg. Fac.), 5 1/4s, 11/1/30 A 3,643,710 750,000 OH State Air Quality Dev. Auth. Rev. Bonds (Poll. Control), Ser. A, 5.95s, 5/15/29 Baa1 752,805 500,000 OH State Bldg. Auth. Rev. Bonds (Administration Bldg.), Ser. A, 5s, 10/1/18 AAA 554,510 5,000,000 OH State Higher Edl. Fac. Mandatory Put Bonds (Kenyon College Project), 4.95s, 7/1/15 A2 5,259,100 1,000,000 OH State Higher Edl. Fac. Rev. Bonds (Case Western Reserve U.), 5 1/2s, 10/1/22 AA- 1,105,930 3,250,000 OH State Wtr. Dev. Auth. Poll. Control Fac. Rev. Bonds, 6.1s, 8/1/20 Baa2 3,336,970 500,000 U. of Cincinnati Rev. Bonds, Ser. D, AMBAC, 5s, 6/1/23 Aaa 530,000 ------------- 22,779,068 Oklahoma (0.5%) - ----------------------------------------------------------------------------------------------------------- 6,000,000 OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.-Oblig. Group), Ser. A, MBIA, 5 3/4s, 8/15/29 Aaa 6,556,740 Oregon (0.3%) - ----------------------------------------------------------------------------------------------------------- 3,995,000 OR State Hsg. & Cmnty. Services Dept. Rev. Bonds (Single Family Mtge.), Ser. J, 4.7s, 7/1/30 Aa2 4,117,367 Pennsylvania (4.6%) - ----------------------------------------------------------------------------------------------------------- 1,300,000 Allegheny Cnty., Hosp. Dev. Auth. VRDN (Hlth. Ctr. Presbyterian), Ser. D, 2s, 3/1/20 VMIG1 1,300,000 Allegheny Cnty., Sanitation Auth. Rev. Bonds, MBIA 1,000,000 5 1/2s, 12/1/30 Aaa 1,084,980 2,775,000 5s, 6/1/06 Aaa 2,878,369 3,200,000 Beaver Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (Cleveland Elec.), 3 3/4s, 10/1/08 Baa2 3,213,216 7,150,000 Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s, 5/1/10 BBB- 7,733,512 2,000,000 Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.), 5 1/2s, 3/15/26 A- 2,071,080 2,000,000 Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32 A2 2,033,880 2,125,000 Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med. Ctr.), 6s, 1/1/43 BBB+ 2,213,294 1,000,000 PA Econ. Dev. Fin. Auth. Rev. Bonds (Amtrak), Ser. A , 6 1/4s, 11/1/31 A3 1,042,170 12,700,000 PA Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds, Ser. A, 6.4s, 1/1/09 BBB- 12,883,515 PA Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. D 3,800,000 7.15s, 12/1/18 BBB- 3,903,968 10,000,000 7 1/8s, 12/1/15 BBB- 10,280,000 9,280,000 PA State Pub. School Bldg. Auth. Rev. Bonds (Philadelphia School Dist.), FSA, 5 1/4s, 6/1/25 Aaa 9,997,808 1,485,000 Philadelphia Auth. for Indl. Dev. Rev. Bonds, Ser. B, FSA, 5 1/4s, 10/1/10 Aaa 1,656,562 5,459,248 Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default) (NON) D/P 6,824 700,000 Philadelphia, Indl. Dev. Auth. VRDN (Fox Chase Cancer Ctr.), 1.72s, 7/1/10 A-1+ 700,000 500,000 Philadelphia, Wtr. & Waste Wtr. Rev. Bonds, Ser. B, 5 1/4s, 11/1/14 AAA 559,035 485,000 York Cnty., G.O. Bonds, AMBAC, 5s, 6/1/21 Aaa 515,046 ------------- 64,073,259 Puerto Rico (0.3%) - ----------------------------------------------------------------------------------------------------------- 3,240,000 Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. B, MBIA, 5 7/8s, 7/1/35 Aaa 3,684,528 250,000 PR Indl. Tourist Edl. Med. & Env. Control Fac. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26 Baa3 271,800 ------------- 3,956,328 South Carolina (0.7%) - ----------------------------------------------------------------------------------------------------------- 500,000 Florence Cnty., Hosp. Rev. Bonds (McLeod Regl. Med. Ctr.), Ser. A, FSA, 5 1/4s, 11/1/23 Aaa 545,230 1,345,000 Florence Cnty., Indl. Dev. Auth. Rev. Bonds (Stone Container Corp.), 7 3/8s, 2/1/07 B/P 1,354,684 1,000,000 Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37 A2 1,048,980 7,000,000 SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/30 BBB 6,740,020 ------------- 9,688,914 South Dakota (0.1%) - ----------------------------------------------------------------------------------------------------------- 1,500,000 SD State Hlth & Edl. Fac. Auth. Rev. Bonds (Sioux Valley Hosp. & Hlth. Syst.), Ser. A, 5 1/2s, 11/1/31 A1 1,564,635 Tennessee (1.5%) - ----------------------------------------------------------------------------------------------------------- 3,000,000 Elizabethton, Hlth. & Edl. Fac. Board Rev. Bonds (Hosp. Ref. & Impt.), Ser. B, 8s, 7/1/33 Baa2 3,591,390 5,000,000 Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth.), Ser. A, 7 1/2s, 7/1/25 BBB+ 5,914,600 2,000,000 Memphis-Shelby Cnty., Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.05s, 9/1/12 Baa2 2,156,360 Shelby Cnty., Hlth. Edl. & Hsg. Fac. Hosp. Board Rev. Bonds (Methodist Hlth. Care) 310,000 6 1/2s, 9/1/26 A3 375,677 190,000 6 1/2s, 9/1/26 A3 226,011 7,550,000 Tennergy Corp. Gas Rev. Bonds, MBIA, 5s, 6/1/06 Aaa 7,829,124 ------------- 20,093,162 Texas (6.0%) - ----------------------------------------------------------------------------------------------------------- 4,250,000 Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement), Ser. A, 5 7/8s, 11/15/18 BB/P 4,273,673 3,000,000 Bexar Cnty., Hsg. Fin. Auth. Corp. Rev. Bonds (American Opty-Waterford), Ser. A1, 7s, 12/1/36 A3 3,035,340 1,035,000 Edgewood, Indpt. School Dist. Bexar Cnty. G.O. Bonds, Ser. A, PSFG, 5s, 2/15/29 Aaa 1,057,749 1,500,000 Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas Apt.), FNMA Coll., 4.55s, 7/1/34 Aaa 1,553,805 5,000,000 Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24 Baa2 5,281,700 3,750,000 Harris Cnty., Mandatory Put Bonds (Toll Road), FGIC, 5s, 8/15/09 Aaa 4,068,938 950,000 Harris Cnty., Hlth. Fac. Dev. Corp. Hosp. Rev. Bonds (Memorial Hermann Hlth. Care Syst.), Class A, 5 1/4s, 12/1/18 A2 1,015,807 Houston, Arpt. Syst. Rev. Bonds 1,000,000 (Continental Airlines, Inc.), Ser. B, 5.7s, 7/15/29 B- 742,570 1,000,000 Ser. B, FSA, 5 1/2s, 7/1/30 Aaa 1,067,680 1,000,000 Houston, Wtr. & Swr. Rev. Bonds (Jr. Lien), FSA, 5s, 12/1/30 Aaa 1,118,150 10,185,000 Lufkin, Hlth. Fac. Dev. Corp. Rev. Bonds (Memorial Hlth. Syst. of East TX), 6 7/8s, 2/15/26 BBB 10,669,399 940,000 North Central TX Hlth. Fac. Dev. Corp. VRDN (Hosp. Presbyterian Med. Ctr.), MBIA, Ser. D, 1.6s, 12/1/15 VMIG1 940,000 1,705,000 Northside Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/24 Aaa 1,784,947 5,000,000 Pflugerville, Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/29 Aaa 5,128,550 1,705,000 Plano, Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/29 Aaa 1,748,836 2,500,000 Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21 Baa2 2,693,475 500,000 Spring, Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/24 Aaa 523,445 6,500,000 Texas State Indl. Dev. Corp. Rev. Bonds (Arco Pipelines Co.), 7 3/8s, 10/1/20 Aa1 8,669,960 1,000,000 Texas State Tpk. Auth. Rev. Bonds (Central Texas Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39 Aaa 1,079,160 20,800,000 TX State Rev. Bonds, 6.2s, 9/30/11 Aa2 24,243,232 TX Technical University Revenues Rev. Bonds (Fin. Syst.), Ser. 7th, MBIA 1,000,000 5s, 8/15/08 Aaa 1,082,190 1,000,000 5s, 8/15/07 Aaa 1,064,090 ------------- 82,842,696 Utah (2.1%) - ----------------------------------------------------------------------------------------------------------- 19,065,000 Intermountain Power Agency Rev. Bonds (UT State Pwr. Supply), Ser. B, MBIA, 6 1/2s, 7/1/09 Aaa 21,968,981 5,000,000 Salt Lake City, Hosp. Rev. Bonds (IHC Hosps. Inc.), Ser. A, 8 1/8s, 5/15/15 AAA 6,399,300 ------------- 28,368,281 Virginia (3.8%) - ----------------------------------------------------------------------------------------------------------- 4,000,000 Henrico Cnty. Econ. Dev. Auth. Rev. Bonds (United Methodist), Ser. A, 6 1/2s, 6/1/22 BB+/P 4,250,360 21,000,000 Henrico Cnty., Indl. Dev. Auth. Rev. Bonds, FSA, 5.929s, 8/23/27 Aaa 24,793,860 22,200,000 Winchester, Indl. Dev. Auth. IFB (Winchester Med. Ctr.), AMBAC, 10.969s, 1/21/14 Aaa 24,070,794 ------------- 53,115,014 Washington (1.3%) - ----------------------------------------------------------------------------------------------------------- Cowlitz Cnty., Pub. Util. Rev. Bonds (Dist. No. 1 Production Syst.), FGIC 695,000 5s, 9/1/25 Aaa 723,036 615,000 5s, 9/1/24 Aaa 641,771 265,000 Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s, 6/1/26 BBB 266,169 WA State G.O. Bonds 5,270,000 (Motor Vehicle Fuel), Ser. B, MBIA, 5s, 7/1/24 Aaa 5,538,138 10,035,000 FSA, Ser. A, 5s, 7/1/23 Aaa 10,577,592 ------------- 17,746,706 West Virginia (0.5%) - ----------------------------------------------------------------------------------------------------------- 6,200,000 Econ. Dev. Auth. Lease Rev. Bonds (Correctional Juvenile Safety), Ser. A, MBIA, 5s, 6/1/29 Aaa 6,406,522 Wisconsin (0.9%) - ----------------------------------------------------------------------------------------------------------- 10,500,000 Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds, 6 3/8s, 6/1/32 BBB 10,098,900 2,000,000 Wilmot, Unified High School Dist. G.O. Bonds, Ser. B, FSA, 5s, 3/1/24 Aaa 2,121,620 ------------- 12,220,520 ------------- Total Municipal bonds and notes (cost $1,250,028,395) $1,346,502,092 Preferred stocks (1.0%) (a) - ----------------------------------------------------------------------------------------------------------- Number of shares Value - ----------------------------------------------------------------------------------------------------------- 4,000,000 Charter Mac. Equity Trust 144A Ser. A, 6.625% cum. pfd. Aaa $4,379,160 6,000,000 MuniMae Tax Exempt Bond Subsidiary, LLC 144A 6.875% cum. pfd. A3 6,629,400 2,000,000 MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. B, 7 3/4s cum. pfd. Baa1 2,346,160 ------------- Total Preferred stocks (cost $12,000,000) $13,354,720 Corporate bonds and notes (0.3%) (a) - ----------------------------------------------------------------------------------------------------------- Principal amount Value - ----------------------------------------------------------------------------------------------------------- $500,000 GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-2, 4.9s, 10/31/39 A3 $499,195 3,500,000 GMAC Muni. Mtge. Trust 144A sub. notes Ser. A1-1, 4.15s, 2039 A3 3,496,800 ------------- Total Corporate bonds and notes (cost $4,000,000) $3,995,995 - ----------------------------------------------------------------------------------------------------------- Total Investments (cost $1,266,028,395) (b) $1,363,852,807 - -----------------------------------------------------------------------------------------------------------
Interest rate swap contracts outstanding at December 31, 2004 (unaudited) Unrealized Notional Termination appreciation/ amount date (depreciation) - ---------------------------------------------------------------------------- Agreement with Citibank, N.A. dated December 14, 2004 to receive quarterly the notional amount multiplied by 3.13% and pay quarterly the notional amount multiplied by the Bond Market Association Municipal Swap Index. $50,000,000 3/17/10 ($29,735) Agreement with Citibank, N.A. dated December 14, 2004 to receive quarterly the notional amount multiplied by 4.106% and pay quarterly the notional amount multiplied by the Bond Market Association Municipal Swap Index. 24,000,000 3/17/25 35,198 Agreement with JP Morgan Chase Bank dated November 4, 2004 to receive quarterly the notional amount multiplied by 2.946% and pay quarterly the notional amount multiplied by the Bond Market Association Municipal Swap Index. 30,000,000 2/8/14 197,286 - ----------------------------------------------------------------------------- $202,749 - ----------------------------------------------------------------------------- NOTES (a) Percentages indicated are based on net assets of $1,382,502,536. (RAT) The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at December 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 December 31, 2004. 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 $1,265,416,486, resulting in gross unrealized appreciation and depreciation of $105,437,833 and $7,001,512, respectively, or net unrealized appreciation of $98,436,321. (NON) Non-income-producing security. 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 December 31, 2004. 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 December 31, 2004. The fund had the following industry group concentrations greater than 10% at December 31, 2004 (as a percentage of net assets): Utilities 28.7% Health care 18.0 The fund had the following insurance concentrations greater than 10% at December 31, 2004 (as a percentage of net assets): AMBAC 14.1% MBIA 11.0 FGIC 10.1 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. Interest rate swap contracts The fund may enter into interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the fund's exposure to interest rates. Interest rate swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or loss. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. Interest rate swap 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: February 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: February 28, 2005 By (Signature and Title): /s/ Steven D. Krichmar --------------------------- Steven D. Krichmar Principal Financial Officer Date: February 28, 2005 EX-99.CERT 2 nq_exnn2.txt EX-99.CERT Certifications - -------------- I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that: 1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: 2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; 3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. /s/ Charles E. Porter Date: February 28, 2005 - ---------------------- ----------------------- Charles E. Porter, Principal Executive Officer Certifications - -------------- I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: 1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: 2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; 3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. /s/ Steven D. Krichmar Date: February 28, 2005 - ---------------------- ----------------------- Steven D. Krichmar, Principal Financial Officer Attachment A - -------------- Period(s) ended December 31, 2004 Quarterly Portfolios 010 Putnam Money Market Fund 011 Putnam Tax Exempt Income Fund 027 Putnam California Tax Exempt Income Fund 032 Putnam U.S. Government Income Trust 033 Putnam American Government Income Fund 051 Putnam Municipal Income Fund 054 Putnam High Yield Municipal Trust 062 Putnam Tax Exempt Money Market Fund 074 Putnam Master Intermediate Income Trust 075 Putnam Diversified Income Trust 23T Putnam Prime Money Market Fund 539 Putnam International New Opportunities Fund Putnam Asset Allocation Funds 250 Growth Portfolio 259 Balanced Portfolio 264 Conservative Portfolio -----END PRIVACY-ENHANCED MESSAGE-----