-----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, KCWFvMD4TU7DymWfFOjc1iOhvdjXE1yFsNXg9TxjZjRM19MqwgCD/xcafCmzuUme JoT6/Ttpry4haWFq4Y2KSA== 0000928816-05-000449.txt : 20050329 0000928816-05-000449.hdr.sgml : 20050329 20050328173407 ACCESSION NUMBER: 0000928816-05-000449 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050131 FILED AS OF DATE: 20050329 DATE AS OF CHANGE: 20050328 EFFECTIVENESS DATE: 20050329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MANAGED MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0000844790 IRS NUMBER: 046608976 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05740 FILM NUMBER: 05707482 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 N-Q 1 pmmit1.txt PUTNAM MANAGED MUNICIPAL INCOME TRUST Item 1. Schedule of Investments: - -------------------------------- Putnam Managed Municipal Income Trust QUARTERLY PORTFOLIO HOLDINGS 1-31-05
Putnam Managed Municipal Income Trust - ----------------------------------------------------------------------------------------------------------- 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) - ----------------------------------------------------------------------------------------------------------- Principal amount Rating (RAT) Value - ----------------------------------------------------------------------------------------------------------- Alabama (0.2%) - ----------------------------------------------------------------------------------------------------------- $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%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 11,466,813 Arkansas (1.7%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 9,330,287 California (11.3%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 63,356,162 Colorado (2.0%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 11,148,671 Connecticut (2.1%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 11,900,000 Delaware (0.4%) - ----------------------------------------------------------------------------------------------------------- 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%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 7,099,000 Florida (3.9%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 21,632,831 Georgia (2.7%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 15,417,325 Hawaii (0.3%) - ----------------------------------------------------------------------------------------------------------- 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%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 7,841,577 Indiana (2.0%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 11,253,368 Iowa (1.0%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 5,570,732 Kentucky (0.3%) - ----------------------------------------------------------------------------------------------------------- 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%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 4,423,719 Maine (0.7%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 4,098,785 Maryland (0.5%) - ----------------------------------------------------------------------------------------------------------- 1,000,000 MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Medstar Hlth.), 5 3/4s, 8/15/15 Baa2 1,120,720 1,850,000 Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A, 5 7/8s, 5/1/21 BB/P 1,917,192 ------------- 3,037,912 Massachusetts (6.4%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 35,678,115 Michigan (4.8%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 26,721,754 Minnesota (0.8%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 4,400,503 Mississippi (0.7%) - ----------------------------------------------------------------------------------------------------------- 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%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 6,742,250 Montana (0.3%) - ----------------------------------------------------------------------------------------------------------- 1,775,000 Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 12/30/08 Aaa 1,888,103 Nebraska (-%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 69,120 Nevada (2.1%) - ----------------------------------------------------------------------------------------------------------- 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%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 6,450,195 New Jersey (2.6%) - ----------------------------------------------------------------------------------------------------------- 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 ------------- 14,740,649 New Mexico (0.7%) - ----------------------------------------------------------------------------------------------------------- 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%) - ----------------------------------------------------------------------------------------------------------- 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 EX-99.CERT 2 exnn2nq.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: March 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: March 28, 2005 - ---------------------- ------------------------ Steven D. Krichmar, Principal Financial Officer Attachment A - -------------- Period(s) ended January 31, 2005 Quarterly Portfolios 2OV Putnam Mid-Cap Value Fund 002 Putnam Fund for Growth and Income 2II Putnam Capital Opportunities Fund 840 Putnam Utilities Growth and Income Fund 005 Putnam Global Equity Fund 008 Putnam Convertible Income-Growth Trust 052 Putnam Managed Municipal Income Trust 183 Putnam Municipal Bond Fund 582 Putnam Municipal Opportunities Trust 004 Putnam Income Fund 072 Putnam Master Income Trust 184 Putnam California Investment Grade Municipal Trust 185 Putnam New York Investment Grade Municipal Trust 2MI Putnam Tax Smart Equity Fund 041 Putnam Global Income Trust -----END PRIVACY-ENHANCED MESSAGE-----