N-Q 1 pmm1.txt PUTNAM MANAGED MUNICIPAL INCOME TRUST Item 1. Schedule of Investments: -------------------------------- Putnam Managed Municipal Income Trust QUARTERLY PORTFOLIO HOLDINGS 7-31-04 [LOGO OMITTED: scales]
Putnam Managed Municipal Income Trust ----------------------------------------------------------------------------------------------------------- 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) ----------------------------------------------------------------------------------------------------------- Principal amount Rating (RAT) Value ----------------------------------------------------------------------------------------------------------- Alabama (0.3%) ----------------------------------------------------------------------------------------------------------- $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%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 9,057,857 Arkansas (1.6%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 8,986,625 California (12.8%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 70,230,084 Colorado (1.9%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 10,274,376 Connecticut (1.6%) ----------------------------------------------------------------------------------------------------------- 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%) ----------------------------------------------------------------------------------------------------------- 4,000,000 DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/2s, 5/15/33 BBB 3,495,000 Florida (3.9%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 21,415,244 Georgia (1.9%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 10,192,216 Hawaii (0.3%) ----------------------------------------------------------------------------------------------------------- 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%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 8,605,213 Indiana (2.0%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 11,002,813 Iowa (0.9%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 4,987,838 Kentucky (0.6%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 3,049,600 Louisiana (0.8%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 4,139,980 Maine (0.7%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 4,108,206 Maryland (0.5%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 2,901,438 Massachusetts (5.5%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 30,157,683 Michigan (4.0%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 22,001,431 Minnesota (1.2%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 6,580,771 Mississippi (0.4%) ----------------------------------------------------------------------------------------------------------- 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%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 6,618,500 Montana (0.3%) ----------------------------------------------------------------------------------------------------------- 1,775,000 Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 10/1/32 Aaa 1,888,156 Nebraska (0.1%) ----------------------------------------------------------------------------------------------------------- 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%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 11,313,475 New Hampshire (1.4%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 7,764,838 New Jersey (2.2%) ----------------------------------------------------------------------------------------------------------- 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 ------------- 12,047,001 New Mexico (0.3%) ----------------------------------------------------------------------------------------------------------- 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%) ----------------------------------------------------------------------------------------------------------- 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