N-Q 1 pie1.txt PUTNAM INTERNATIONAL EQUITY FUND Item 1. Schedule of Investments: -------------------------------- Putnam International Equity Fund QUARTERLY PORTFOLIO HOLDINGS 9-30-04
Putnam International Equity Fund The fund's portfolio September 30, 2004 (Unaudited) Common stocks (99.4%) (a) ----------------------------------------------------------------------------------------------------------- Number of shares Value ----------------------------------------------------------------------------------------------------------- Australia (1.2%) ----------------------------------------------------------------------------------------------------------- 5,713,076 Amcor, Ltd. $29,702,499 229,925 Australia & New Zealand Banking Group, Ltd. 3,166,615 56,507 Macquarie Bank, Ltd. 1,486,095 191,207 News Corp., Ltd. (The) 1,579,749 354,443 News Corp., Ltd. (The) ADR (S) 11,650,541 51,938 Publishing & Broadcasting, Ltd. 515,233 210,564 QBE Insurance Group, Ltd. 1,997,349 12,064 Rinker Group, Ltd. 76,055 22,534 Rio Tinto, Ltd. 627,651 192,546 Virgin Blue Holdings, Ltd. (NON) 246,778 127,722 Westpac Banking Corp. 1,639,732 2,785,372 Woolworths, Ltd. 27,470,013 ------------- 80,158,310 Austria (--%) ----------------------------------------------------------------------------------------------------------- 34,816 Telekom Austria AG 487,685 Belgium (0.6%) ----------------------------------------------------------------------------------------------------------- 460 Groupe Bruxelles Lambert SA 32,074 1,126,108 Interbrew SA 37,533,081 1,919 KBC Bancassurance Holdings 124,870 308 Umicore 22,470 ------------- 37,712,495 Bermuda (1.1%) ----------------------------------------------------------------------------------------------------------- 481,700 ACE, Ltd. 19,296,902 709,336 XL Capital, Ltd. Class A 52,483,771 ------------- 71,780,673 Brazil (0.9%) ----------------------------------------------------------------------------------------------------------- 309,629 Banco Itau SA ADR 17,184,410 10,800 Companhia Vale do Rio Doce (CVRD) ADR (NON) 245,592 1,188,200 Petroleo Brasileiro SA ADR 41,884,050 20,200 Tele Norte Leste Participacoes SA ADR 273,306 8,500 Unibanco-Uniao de Bancos Brasileiros SA GDR 219,300 ------------- 59,806,658 Canada (1.4%) ----------------------------------------------------------------------------------------------------------- 5,906 ATI Technologies, Inc. (NON) 90,459 4,908 Bank of Montreal 217,874 7,419 Canadian Imperial Bank of Commerce 396,778 1,125,699 Canadian National Railway Co. 54,999,377 225,848 Canadian Natural Resources, Ltd. 9,013,929 7,231 Celestica, Inc. (NON) 95,267 2,476 CI Fund Management, Inc. 31,188 3,678 Dofasco, Inc. 123,912 3,500 Four Seasons Hotels, Inc. 224,350 295,912 Imperial Oil, Ltd. 15,313,616 1,219 Magna International, Inc. Class A 90,493 7,011 Manulife Financial Corp. 309,840 1,773 National Bank of Canada 62,192 2,718 PetroKazakhstan Inc. Class A 96,719 4,605 Placer Dome, Inc. 91,965 2,613 Power Financial Corp. 61,169 1,047 Precision Drilling Corp. (NON) 60,269 1,109 Shell Canada, Ltd. 60,991 6,736 Shoppers Drug Mart Corp. (NON) 182,751 6,155 Sun Life Financial Services of Canada, Inc. 187,358 1,377 Teck Corp. 30,072 444,639 Telus Corp. 8,609,544 23,721 Western Oil Sands, Inc. (NON) 707,524 ------------- 91,057,637 Cayman Islands (0.3%) ----------------------------------------------------------------------------------------------------------- 453,300 Noble Corp. (NON) 20,375,835 China (0.6%) ----------------------------------------------------------------------------------------------------------- 116,094,000 China Telecom Corp., Ltd. 37,593,282 Denmark (0.9%) ----------------------------------------------------------------------------------------------------------- 2,086,731 Danske Bank A/S 54,866,304 Finland (0.1%) ----------------------------------------------------------------------------------------------------------- 242,494 Nokia OYJ 3,336,510 France (11.8%) ----------------------------------------------------------------------------------------------------------- 915,092 Accor SA 35,659,016 16,198 Air Liquide 2,540,484 519 Autoroutes du Sud de la France (ASF) 23,717 1,200,077 BNP Paribas SA 77,493,292 41,868 Carrefour Supermarche SA 1,968,925 2,464 Christian Dior SA 146,717 1,364,484 Credit Agricole SA 37,209,380 1,320,485 France Telecom 144A 32,893,952 900,847 France Telecom SA 22,440,556 22,418 Groupe Danone 1,762,188 24,704 Lagardere SCA 1,532,031 375,624 LVMH Moet Hennessy Louis Vuitton SA 25,071,681 9,104 Pernod-Ricard SA 1,208,542 329,003 Peugeot SA 20,264,374 274,764 Pinault-Printemps-Redoute SA 25,231,883 729,711 Renault SA 59,670,315 10,176 Sanofi-Synthelabo SA 737,975 23,264 Schneider Electric SA 1,503,685 1,316,832 Societe Television Francaise I 37,348,927 9,650 Thales SA 321,154 1,397,183 Total SA 284,543,583 1,715,778 Veolia Environnement 49,367,233 10,322 Vinci SA 1,187,575 1,631,193 Vivendi Universal SA (NON) 41,788,447 ------------- 761,915,632 Germany (4.6%) ----------------------------------------------------------------------------------------------------------- 6,238 Adidas-Salomon AG 869,140 402,300 Allianz AG 40,415,710 1,418,941 BASF AG 83,344,536 5,800 Bayerische Motoren Werke (BMW) AG 238,761 62,400 Commerzbank AG (NON) 1,154,576 30,950 Deutsche Lufthansa AG (NON) 362,046 162,358 Deutsche Telekom AG (NON) 3,004,081 40,098 E.On AG 2,950,277 123,900 Infineon Technologies AG (NON) 1,264,721 612,200 Linde AG 35,244,261 28,734 Metro AG 1,277,411 31,833 Porsche AG (Preferred) 20,607,103 5,600 SAP AG 872,737 1,387,136 Siemens AG 101,630,184 24,700 ThyssenKrupp AG 479,104 ------------- 293,714,648 Greece (0.1%) ----------------------------------------------------------------------------------------------------------- 89,526 EFG Eurobank Ergasias SA 2,101,177 13,400 Hellenic Telecommunication Organization SA 180,046 40,838 Titan Cement Co. SA 1,059,894 ------------- 3,341,117 Hong Kong (0.1%) ----------------------------------------------------------------------------------------------------------- 231,000 CNOOC, Ltd. 123,126 49,600 Dah Sing Financial Group 354,622 18,000 Esprit Holdings, Ltd. 93,437 176,000 Hong Kong Electric Holdings, Ltd. 780,958 110,000 Orient Overseas International, Ltd. 440,135 239,000 Swire Pacific, Ltd. 1,662,787 119,500 Wing Hang Bank, Ltd. 785,039 ------------- 4,240,104 Hungary (--%) ----------------------------------------------------------------------------------------------------------- 4,212 MOL Magyar Olaj- es Gazipari Rt 204,857 61,956 OTP Bank Rt. 1,387,119 ------------- 1,591,976 India (1.3%) ----------------------------------------------------------------------------------------------------------- 2,316,287 Housing Development Finance Corp., Ltd. 30,739,321 38,104 Infosys Technologies, Ltd. 1,405,743 6,434 Ranbaxy Laboratories, Ltd. 154,232 4,372,573 Reliance Industries, Ltd. 49,311,585 8,325 Satyam Computer Services., Ltd. 68,376 ------------- 81,679,257 Ireland (1.9%) ----------------------------------------------------------------------------------------------------------- 1,706,769 Allied Irish Banks PLC 28,612,788 2,612,423 Bank of Ireland 35,198,560 2,567,701 CRH PLC 61,379,994 1,680 Depfa Bank PLC 22,844 ------------- 125,214,186 Israel (--%) ----------------------------------------------------------------------------------------------------------- 19,462 Teva Pharmaceutical Industries, Ltd. 504,925 5,500 Teva Pharmaceutical Industries, Ltd. ADR 142,725 ------------- 647,650 Italy (3.2%) ----------------------------------------------------------------------------------------------------------- 3,184,723 ENI SpA 71,344,394 6,379 IntesaBCI SpA 24,240 5,680,294 Mediaset SpA 64,471,632 261,513 Sanpaolo IMI SpA 2,951,949 11,274,736 Telecom Italia SpA 34,792,403 7,026,522 UniCredito Italiano SpA 35,425,672 ------------- 209,010,290 Japan (20.1%) ----------------------------------------------------------------------------------------------------------- 782,570 Acom Co., Ltd. 48,431,283 1,425,600 Aeon Co., Ltd. 22,949,314 118,400 Aeon Co., Ltd. 144A 1,906,004 44,000 Asahi Glass Co., Ltd. 400,472 9,000 Brother Industries, Ltd. 75,820 2,948,200 Canon, Inc. 138,581,452 1,100 Citizen Electronics Co., Ltd. 57,641 1,394,100 Credit Saison Co., Ltd. 42,885,653 2,284,000 Dai Nippon Printing Co., Ltd. 30,550,054 13,200 Daito Trust Construction Co., Ltd. 534,229 12,000 Dowa Mining Co., Ltd. 80,472 11,238 East Japan Railway Co. 58,127,586 118,200 Electric Power Developement Co., Ltd. 144A 2,896,007 5,000 Fuji Photo Film Cos., Ltd. 163,314 6,000 FUNAI Electric Co., Ltd. 809,074 319,000 Hitachi, Ltd. 1,927,895 1,789,300 Honda Motor Co., Ltd. 86,704,737 8,600 Hoya Corp. 901,361 5,982 Japan Tobacco, Inc. 50,049,038 82,000 JGC Corp. 834,138 37,300 Kansai Electric Power, Inc. 657,658 1,223,200 KAO Corp. 27,028,058 53,500 Keyence Corp. 11,253,448 1,600 Kose Corp. 61,270 258,000 Kubota Corp. 1,217,423 922,300 Lawson, Inc. 31,970,835 101,000 Matsushita Electric Industrial Co. 1,348,194 77 Millea Holdings, Inc. 992,196 103,000 Mitsubishi Corp. 1,113,185 8,300 Mitsubishi Tokyo Finance Group, Inc. 69,216,878 2,662,000 Mitsui & Co., Ltd. 22,296,062 3,579 Mizuho Financial Group, Inc. 13,445,608 12,800 Nidec Corp. 1,293,938 42,000 Nippon Express Co., Ltd. 203,521 320 Nippon Telegraph & Telephone Corp. 1,274,773 182,000 Nissan Motor Co., Ltd. 1,981,851 6,383,000 Nomura Securities Co., Ltd. 81,959,574 42,098 NTT DoCoMo, Inc. 71,436,715 74,900 Omron Corp. 1,655,005 95,000 Onward Kashiyama Co., Ltd. 1,318,966 228,700 Orix Corp. 23,451,089 1,013,000 Ricoh Co., Ltd. 19,074,183 150,900 Rohm Co., Ltd. 15,172,160 54,200 Sankyo Co., Ltd. 1,145,971 9,000 SECOM Co., Ltd. 312,795 69,000 Sekisui House, Ltd. 658,693 544,700 Shin-Etsu Chemical Co. 19,573,612 195,585 SMC Corp. 18,724,335 65,900 Sony Corp. 2,248,494 54,200 Takeda Chemical Industries, Ltd. 2,459,165 316,860 Takefuji Corp. 20,270,989 61,600 Tokyo Electric Power Co. 1,324,791 14,687,000 Tokyo Gas Co., Ltd. 52,110,862 260,000 TonenGeneral Sekiyu KK 2,243,739 5,000 Toyo Suisan Kaisha, Ltd. 65,100 5,203,500 Toyota Motor Corp. 199,262,886 402,900 Uni-Charm Corp. 19,962,196 48,000 Victor Co. of Japan, Ltd. 421,198 2,101,900 Yamanouchi Pharmaceutical Co., Ltd. 67,901,670 ------------- 1,296,974,630 Luxembourg (--%) ----------------------------------------------------------------------------------------------------------- 26,936 Arcelor 497,723 13,735 Oriflame Cosmetics SA SDR (NON) 310,452 ------------- 808,175 Malaysia (--%) ----------------------------------------------------------------------------------------------------------- 59,000 Telekom Malaysia Berhad 175,962 Mexico (0.6%) ----------------------------------------------------------------------------------------------------------- 4,900 America Movil SA de CV ADR Ser. L 196,000 3,300 Grupo Televisa SA de CV ADR 176,583 1,098,664 Telefonos de Mexico SA de CV (Telmex) ADR Class L 35,453,887 42,900 Wal-Mart de Mexico SA de CV Ser. V 146,009 ------------- 35,972,479 Netherlands (2.2%) ----------------------------------------------------------------------------------------------------------- 1,203,857 ASML Holding NV (NON) 15,487,678 30,060 European Aeronautic Defense and Space Co. 796,217 38,068 IHC Caland NV 1,970,332 185,399 ING Groep NV 4,678,243 123,855 Koninklijke (Royal) KPN NV 927,433 624,625 Koninklijke (Royal) Philips Electronics NV 14,303,158 157,813 Royal Dutch Petroleum Co. 8,126,966 31,656 Royal Numico NV (NON) 1,007,919 2,380,779 TPG NV 58,153,398 1,336,088 VNU NV 34,344,489 ------------- 139,795,833 New Zealand (--%) ----------------------------------------------------------------------------------------------------------- 303,674 Telecom Corp. of New Zealand, Ltd. 1,208,405 Norway (--%) ----------------------------------------------------------------------------------------------------------- 25,002 Norsk Hydro ASA 1,820,678 Portugal (--%) ----------------------------------------------------------------------------------------------------------- 459,453 Electricidade de Portugal SA 1,340,790 40,833 Portugal Telecom SGPS SA 449,766 ------------- 1,790,556 Russia (--%) ----------------------------------------------------------------------------------------------------------- 5,700 Lukoil 179,835 1,900 Mobile Telesystems ADR 281,542 533 Sberbank RF 225,992 4,928 Unified Energy Systems ADR 144,883 8,300 Wimm-Bill-Dann Foods ADR (NON) 126,741 ------------- 958,993 Singapore (2.6%) ----------------------------------------------------------------------------------------------------------- 6,633,648 DBS Group Holdings, Ltd. 63,053,744 5,063,000 Overseas-Chinese Banking Corp. 42,108,953 157,000 SembCorp Industries, Ltd. 137,106 6,371,000 Singapore Airlines, Ltd. 41,254,619 7,458,500 Singapore Press Holdings, Ltd. 21,002,370 ------------- 167,556,792 South Africa (--%) ----------------------------------------------------------------------------------------------------------- 73,700 African Bank Investments, Ltd. 147,953 14,931 Sappi, Ltd. 217,312 28,576 Standard Bank Investment Corp., Ltd. 225,053 ------------- 590,318 South Korea (4.7%) ----------------------------------------------------------------------------------------------------------- 13,990 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 144A 209,834 11,520 Hyundai Motor Co., Ltd. 531,461 1,652,557 Hyundai Motor, Co. GDR 144A 37,876,606 674,117 Kookmin Bank 21,348,014 825,370 Korea Electric Power Corp. 15,596,696 7,920 Korea Tobacco & Ginseng Corp. 210,817 23,960 LG Electronics, Inc. 1,378,064 1,000 Pohang Iron & Steel Co., Ltd. 153,535 121,085 POSCO ADR 4,583,067 453,076 Samsung Electronics Co., Ltd. 180,285,672 2,138 Samsung Electronics Co., Ltd. GDR 423,324 2,110 Samsung Fire & Marine Insurance 125,707 1,904,031 SK Telecom Co., Ltd. ADR (S) 37,033,403 ------------- 299,756,200 Spain (2.2%) ----------------------------------------------------------------------------------------------------------- 1,718,533 Altadis SA 58,473,635 210,856 Banco Bilbao Vizcaya Argentaria SA 2,901,198 32,056 Gas Natural SDG SA 792,162 42,969 Gestevision Telecinco SA (NON) 776,906 1,140 Gestevision Telecinco SA 144A (NON) 20,612 3,606,432 Iberdrola SA 74,790,403 1,046 Indra Sistemas SA Class A 13,924 231,442 Telefonica SA 3,463,226 ------------- 141,232,066 Sweden (3.4%) ----------------------------------------------------------------------------------------------------------- 1,769,152 Hennes & Mauritz AB Class B 48,739,314 256,459 Nordea AB 2,096,693 21,495 Sandvik AB 742,806 2,926,544 Securitas AB Class B 39,005,574 1,627,293 SKF AB Class B 61,824,523 18,900 Svenska Cellulosa AB (SCA) Class B 734,934 21,222,911 Telefonaktiebolaget LM Ericsson AB Class B (NON) 65,904,228 11,000 Vostok Nafta Investment, Ltd. (NON) 195,054 ------------- 219,243,126 Switzerland (14.5%) ----------------------------------------------------------------------------------------------------------- 35,348 ABB, Ltd. (NON) 215,775 21,394 Adecco SA 1,062,588 701,146 Ciba Specialty Chemicals AG 43,642,589 2,793,820 Credit Suisse Group 89,188,278 647,850 Nestle SA 148,429,945 2,996,641 Novartis AG 139,713,615 1,336,422 Roche Holding AG 138,106,575 784,759 Swatch Group AG (The) 21,594,546 399,887 Swatch Group AG (The) Class B 53,978,178 1,206,952 Swiss Re 69,470,080 220,385 Synthes-Stratec, Inc. (NON) 24,010,542 2,466,088 UBS AG 173,651,474 193,676 Zurich Financial Services AG 27,617,022 ------------- 930,681,207 Taiwan (0.7%) ----------------------------------------------------------------------------------------------------------- 13,683,082 Acer, Inc. 18,534,209 280,000 Cathay Financial Holding Co., Ltd. 551,194 133,332 Compal Electronics, Inc. 132,311 91,000 Hon Hai Precision Industry Co., Ltd. 322,985 105,000 Nan Ya Plastic Corp. 157,521 226,000 Novatek Microelectronics Corp., Ltd. 598,940 148,000 Taishin Financial Holdings Co., Ltd. 119,411 19,648,940 Taiwan Semiconductor Manufacturing Co., Ltd. 25,052,977 ------------- 45,469,548 Thailand (--%) ----------------------------------------------------------------------------------------------------------- 66,200 Bangkok Bank Public Co., Ltd. (NON) 156,427 64,900 Thai Airways International 76,422 ------------- 232,849 Turkey (--%) ----------------------------------------------------------------------------------------------------------- 38,122,241 Akbank TAS 168,335 55,788,339 Dogan Yayin Holding (NON) 185,220 ------------- 353,555 United Kingdom (18.3%) ----------------------------------------------------------------------------------------------------------- 98,516 3i Group PLC 990,151 14,171,745 Aggregate Industries PLC 24,487,096 3,051,268 AstraZeneca PLC 125,042,931 166,011 BAE Systems PLC 675,067 9,593,505 Barclays PLC 91,994,902 6,259,426 BHP Billiton PLC 65,855,919 1,581,680 BP PLC 15,095,645 150,228 Brambles Industries PLC 697,866 100,532 British Airways PLC (NON) 377,427 141,381 Burberry Group PLC 952,857 413,269 Carnival PLC 20,315,759 129,750 Compass Group PLC 517,638 8,867,089 Diageo PLC 110,698,246 2,208,328 GlaxoSmithKline PLC 47,586,737 119,172 GUS PLC 1,940,561 352,220 Hilton Group PLC 1,763,649 638,475 HSBC Holdings PLC 10,131,041 464,662 International Power PLC (NON) 1,216,932 15,291,740 ITV PLC 29,811,564 634,332 John Wood Group PLC 1,586,691 825 Man Group PLC 17,748 142,987 Peninsular and Oriental Steam Navigation Co. 680,398 1,352,120 Reckitt Benckiser PLC 33,124,130 1,832,351 Rio Tinto PLC 49,264,952 3,871,419 Royal Bank of Scotland Group PLC 111,792,752 1,588,436 Royal Bank of Scotland Group PLC 144A 45,868,358 409,954 Sage Group (The) PLC 1,203,457 137,442 Scottish and Southern Energy PLC 1,937,169 184,277 Scottish Power PLC 1,408,667 38,908 Severn Trent PLC 618,079 517,951 Shell Transport & Trading Co. PLC 3,800,057 5,464,633 Tesco PLC 28,203,125 116,031,317 Vodafone Group PLC 277,640,099 7,282,657 WPP Group PLC 67,793,151 ------------- 1,175,090,821 ------------- Total Common stocks (cost $5,974,665,548) $6,398,242,442 Warrants (0.1%) (a) (NON) ----------------------------------------------------------------------------------------------------------- Number of warrants Expiration date Value ----------------------------------------------------------------------------------------------------------- 2,038,322 Singapore Press Holdings 144A (Singapore) 6/9/2005 $5,739,711 502 SK Telecom 144A (South Korea) 7/15/2005 76,543 ------------- Total Warrants (cost $5,287,278) $5,816,254 Short-term investments (1.3%) (a) ----------------------------------------------------------------------------------------------------------- Principal amount Value ----------------------------------------------------------------------------------------------------------- $22,938,085 Short-term investments held as collateral for loaned securities with yields ranging from 1.68% to 2.11% and due dates ranging from October 1, 2004 to November 16, 2004 (d) $22,917,520 58,508,653 Putnam Prime Money Market Fund (e) 58,508,651 ------------- Total Short-term investments (cost $81,426,171) $81,426,171 ----------------------------------------------------------------------------------------------------------- Total Investments (cost $6,061,378,997) (b) $6,485,484,867 -----------------------------------------------------------------------------------------------------------
NOTES (a) Percentages indicated are based on net assets of $6,439,969,177. (b) The aggregate identified cost on a tax basis is $6,121,210,399, resulting in gross unrealized appreciation and depreciation of $692,889,968 and $328,615,500, respectively, or net unrealized appreciation of $364,274,468. (NON) Non-income-producing security. (S) Securities on loan, in part or in entirety, at September 30, 2004. (d) The fund may lend securities, through its agents, to qualified borrowers in order to earn additional income. The loans are collateralized by cash and/or securities in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund's agents; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the statement of operations. At September 30, 2004, the value of securities loaned amounted to $22,304,356. The fund received cash collateral of $22,917,520 which is pooled with collateral of other Putnam funds into 29 issuers of high grade short-term investments. (e) The fund invests in the Putnam Prime Money Market Fund, an open-end management investment company managed by Putnam Investment Management, LLC ("Putnam Management"), the fund's manager, and indirect wholly-owned subsidiary of Putnam, LLC. Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Prime Money Market Fund with respect to assets invested by the fund in Putnam Prime Money Market Fund. Income distributions earned by the fund totaled $217,378 for the period ended September 30, 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. ADR, GDR or SDR after the name of a foreign holding stands for American Depositary Receipts, Global Depositary Receipts or Swedish Depository Receipts, respectively, representing ownership of foreign securities on deposit with a custodian bank. The fund had the following industry group concentration greater than 10% at September 30, 2004 (as a percentage of net assets): Banking 11.4% Security valuation Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets. If no sales are reported-- as in the case of some securities traded over-the-counter-- a security is valued at its last reported bid price. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign securities taking into account multiple factors, including movements in the U.S. securities markets. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. 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: November 29, 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: November 29, 2004 By (Signature and Title): /s/ Steven D. Krichmar --------------------------- Steven D. Krichmar Principal Financial Officer Date: November 29, 2004