-----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, FIVbXHBjXQdFoHYHz6ie5HYd3xxUZVkmzwL03cI6KksMEZ436tA//fE6q8bKGnn/ Og/l7t7c85MwTeH8mF76XA== 0000928816-05-000586.txt : 20050427 0000928816-05-000586.hdr.sgml : 20050427 20050427160651 ACCESSION NUMBER: 0000928816-05-000586 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050228 FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 EFFECTIVENESS DATE: 20050427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM ARIZONA TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000869392 IRS NUMBER: 046665534 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06258 FILM NUMBER: 05776535 BUSINESS ADDRESS: STREET 1: PUTNAM INVESTMENTS INC STREET 2: ONE POST OFFICE SQUARE MAIL STOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251585 MAIL ADDRESS: STREET 1: 2 LIBERTY SQUARE STREET 2: MAIL STOP L6 CITY: BOSTON STATE: MA ZIP: 02109 N-Q 1 pate1.txt PUTNAM ARIZONA TAX EXEMPT INCOME FUND Item 1. Schedule of Investments: - -------------------------------- Putnam Arizona Tax Exempt Income Fund QUARTERLY PORTFOLIO HOLDINGS 2-28-05
Putnam Arizona Tax Exempt Income Fund - -------------------------------------------------------------------------------------------------------------------------------- The fund's portfolio February 28, 2005 (Unaudited) KEY TO ABBREVIATIONS AMBAC -- AMBAC Indemnity Corporation CLI Insd. -- Connie Lee Insurance Insured COP -- Certificate of Participation FGIC -- Financial Guaranty Insurance Company FHA Insd. -- Federal Housing Administration Insured FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized FNMA Coll. -- Federal National Mortgage Association Collateralized FSA -- Financial Security Assurance GNMA Coll. -- Government National Mortgage Association Collateralized G.O. Bonds -- General Obligation Bonds MBIA -- MBIA Insurance Company U.S. Govt. Coll. -- U.S. Government Collateralized VRDN -- Variable Rate Demand Notes Municipal bonds and notes (95.6%) (a) - -------------------------------------------------------------------------------------------------------------------------------- Principal amount Rating (RAT) Value - -------------------------------------------------------------------------------------------------------------------------------- Arizona (91.1%) - -------------------------------------------------------------------------------------------------------------------------------- $750,000 Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 5.85s, 3/1/28 Ba3 $751,223 1,500,000 AZ Agricultural Impt. & Pwr. Dist. Elec. Syst. Rev. Bonds (Salt River), Ser. B, 5s, 1/1/22 Aa2 1,595,730 400,000 AZ Hlth. Fac. Auth. Rev. Bonds (Bethesda Foundation), Ser. A, 6.4s, 8/15/27 BB-/P 399,980 1,000,000 AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network), 7s, 12/1/25 BBB 1,115,880 AZ School Fac. Board Rev. Bonds (State School Impt.) 1,000,000 5 1/4s, 7/1/20 Aaa 1,099,990 1,050,000 5 1/4s, 7/1/14 Aaa 1,167,096 AZ State U. COP 1,000,000 (AZ State U. Project-2002), MBIA, 5.1s, 7/1/25 Aaa 1,055,560 1,000,000 (Research Infrastructure), AMBAC, 5s, 9/1/30 Aaa 1,041,420 AZ State U. Rev. Bonds 500,000 FGIC, 5 7/8s, 7/1/25 Aaa 556,270 1,260,000 FSA, 5 1/4s, 7/1/09 AAA 1,375,277 AZ Tourism & Sports Auth. Tax Rev. Bonds (Multi-Purpose Stadium Fac.), Ser. A, MBIA 1,000,000 5 3/8s, 7/1/19 Aaa 1,109,220 825,000 5s, 7/1/25 Aaa 867,380 1,750,000 AZ Wtr. Infrastructure Fin. Auth. Rev. Bonds (Wtr. Quality), Ser. A, 5s, 10/1/22 Aaa 1,882,283 150,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 1/4s, 12/1/19 B-/P 158,289 1,450,000 Chandler, G.O. Bonds, FGIC, 8s, 7/1/10 Aaa 1,781,166 1,100,000 Chandler, St. & Hwy. User Rev. Bonds, MBIA, 8s, 7/1/11 Aaa 1,381,545 2,150,000 Chandler, Wtr. & Swr. Rev. Bonds, FGIC, 8s, 7/1/14 Aaa 2,827,659 Cochise Cnty., Indl. Dev. Auth. Rev. Bonds 2,015,000 (Sierra Vista Cmnty. Hosp.), Ser. C, 8 1/4s, 12/1/14 AAA 2,085,747 490,000 (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21 BB+/P 514,877 1,000,000 Glendale, Dev. Auth. Edl. Fac. Rev. Bonds (American Graduate School Intl.), CLI Insd., U.S. Govt. Coll., 7 1/8s, 7/1/20 AAA 1,026,440 1,500,000 Glendale, Indl. Dev. Auth. Hosp. Rev. Bonds (Midwestern U.), Ser. A, 5 7/8s, 5/15/31 A- 1,609,995 1,600,000 Glendale, Wtr. & Swr. Rev. Bonds, AMBAC, 5s, 7/1/28 Aaa 1,671,904 500,000 Maricopa Cnty., Hosp. Rev. Bonds (Sun Hlth. Corp.), 6 1/8s, 4/1/18 Baa1 522,700 3,500,000 Maricopa Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Samaritan Hlth. Svcs.), Ser. A, MBIA, U.S. Govt. Coll., 7s, 12/1/16 Aaa 4,357,883 1,000,000 Maricopa Cnty., Indl. Dev. Auth. Multi-Fam. Hsg. Rev. Bonds (Villas at Augusta), GNMA Coll., 5.95s, 10/20/40 Aaa 1,058,910 1,000,000 Maricopa Cnty., Poll. Control Rev. Bonds (Public Service Co. NM), Ser. A, 6.3s, 12/1/26 Baa2 1,064,860 1,000,000 Maricopa Cnty., Pub. Fin. Corp. Rev. Bonds, AMBAC, 5 1/2s, 7/1/14 Aaa 1,104,230 Maricopa Cnty., School Dist. G.O. Bonds 2,000,000 (No. 69 Paradise Valley-Project of 1994), Ser. B, MBIA, 7s, 7/1/12 Aaa 2,454,680 1,500,000 (No. 69 Paradise Valley-Project of 1994), Ser. C, FSA, 6 1/4s, 7/1/14 Aaa 1,808,535 305,000 (No. 41 Gilbert), FSA, 5.8s, 7/1/14 Aaa 356,957 1,000,000 (No. 89 Dysart Unified School Impt. 2002), Ser. B, FSA, 5s, 7/1/23 AAA 1,109,210 320,000 (No. 006 WA Elementary 2004 School Impt.), Ser. A, FSA, 5s, 7/1/17 Aaa 342,864 175,000 (No. 006 WA Elementary 2004 School Impt.), Ser. A, FSA, 5s, 7/1/17 (Prerefunded) Aaa 193,258 665,000 (No. 11 Peoria Unified 2003 School Impt.), FGIC, 5s, 7/1/09 Aaa 719,138 20,000 (No. 11 Peoria Unified 2003 School Impt.), FGIC, 5s, 7/1/09 (Prerefunded) Aaa 21,662 1,500,000 Mesa, Indl. Dev. Auth. Rev. Bonds (Discovery Hlth. Syst.), Ser. A, MBIA, 5 3/4s, 1/1/25 Aaa 1,644,510 1,000,000 Mesa, Util. Syst. Rev. Bonds, FGIC, 7 1/4s, 7/1/12 Aaa 1,243,400 2,000,000 Mohave Cnty., COP (Mohave Administration Bldg.), AMBAC, 5 1/4s, 7/1/19 Aaa 2,212,620 1,380,000 Mohave Cnty., Indl. Dev. Auth. Multi-Fam. Mtge. Rev. Bonds (Copper Ridge Apts.), FHA Insd., 7 3/8s, 4/1/32 AAA 1,393,800 Northern AZ U. Rev. Bonds, FGIC 1,725,000 6 1/2s, 6/1/09 Aaa 1,965,310 1,000,000 5s, 6/1/34 Aaa 1,030,550 1,195,000 Oro Valley, Muni. Property Corp. Rev. Bonds (Sr. Lien Wtr.), MBIA, 5s, 7/1/23 Aaa 1,263,246 Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds 1,000,000 (Sr. Lien), Ser. B, FGIC, 5 3/4s, 7/1/19 Aaa 1,107,460 1,970,000 Ser. A, FSA, 5 1/4s, 7/1/14 Aaa 2,110,284 1,620,000 Ser. A, FSA, 5 1/4s, 7/1/13 Aaa 1,738,017 2,010,000 Ser. A, FSA, 5 1/4s, 7/1/11 Aaa 2,161,715 1,000,000 Phoenix, Civic Impt. Corp. Excise Tax Rev. Bonds (Muni. Courthouse), Ser. A, 5 1/4s, 7/1/24 AAA 1,067,460 Phoenix, G.O. Bonds 1,000,000 6s, 7/1/10 Aa1 1,032,560 1,000,000 5 3/8s, 7/1/25 Aa1 1,078,260 1,000,000 5 1/4s, 7/1/22 Aa1 1,074,780 1,500,000 Ser. B, 5s, 7/1/27 Aa1 1,562,445 1,600,000 Phoenix, Hsg. Mtge. Fin. Corp. Mtge. Rev. Bonds (Section 8 Assistance), Ser. A, MBIA, FHA Insd., 6.9s, 1/1/23 Aaa 1,626,784 1,000,000 Phoenix, Indl. Dev. Auth. Govt. Office Lease Rev. Bonds (Capitol Mall, LLC II), AMBAC, 5s, 9/15/28 Aaa 1,035,940 4,400,000 Phoenix, Indl. Dev. Auth. VRDN (Valley of the Sun YMCA), 1.8s, 1/1/31 A-1+ 4,400,000 405,000 Pima Cnty., Indl Dev. Auth. Single Fam. Mtge. Rev. Bonds, Ser. B, FHLMC Coll., FNMA Coll., GNMA Coll., 6.95s, 11/1/23 AAA 407,450 1,000,000 Pima Cnty., Unified School Dist. G.O. Bonds (No. 1 Tucson), FGIC, 7 1/2s, 7/1/08 Aaa 1,145,890 1,775,000 Prescott, Muni. Property Corp. Rev. Bonds, Ser. 2004, MBIA, 5s, 7/1/29 Aaa 1,851,520 1,500,000 Scottsdale, G.O. Bonds (Projects 1999 & 2000), 5s, 7/1/24 Aaa 1,571,085 700,000 Scottsdale, Indl. Dev. Auth. Rev. Bonds (Westminster Village 1st. Mtg.), Ser. A, U.S. Govt. Coll., 8 1/4s, 6/1/15 AAA/P 724,451 Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds 1,000,000 (Scottsdale Memorial Hosp.), Ser. A, AMBAC, 6 1/8s, 9/1/17 Aaa 1,091,100 500,000 (Scottsdale Hlth. Care), 5.8s, 12/1/31 A3 536,890 1,000,000 (Scottsdale Hlth. Care), 5.7s, 12/1/21 A3 1,080,710 960,000 Snowflake, Excise Tax Rev. Bonds, 5s, 7/1/18 BBB+ 982,253 South Campus Group, LLC Student Hsg. Rev. Bonds (Arizona State U. South Campus), MBIA 1,250,000 5 5/8s, 9/1/28 Aaa 1,390,575 640,000 5 5/8s, 9/1/23 Aaa 719,667 2,200,000 Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28 Aaa 2,291,080 200,000 Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds (Friendship Village), Ser. A, 5 3/8s, 12/1/13 BB- 205,102 1,000,000 Tucson, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds (Christian Care), Ser. A, 6s, 7/1/30 AA 1,098,100 2,000,000 U. of AZ, COP (U. of AZ Parking & Student Hsg.), AMBAC, 5 3/4s, 6/1/24 Aaa 2,181,720 1,500,000 U. of AZ, Rev. Bonds, FSA, 5 1/4s, 6/1/08 Aaa 1,614,600 1,000,000 Yavapai Cnty., Indl. Dev. Auth. Rev. Bonds (Yavapai Regl. Med. Ctr.), Ser. A, 6s, 8/1/33 Baa2 1,058,080 1,000,000 Yavapai Cnty., Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), 4 5/8s, 6/1/27 BBB 1,002,870 - -------------------------------------------------------------------------------------------------------------------------------- 93,892,102 Puerto Rico (3.8%) - -------------------------------------------------------------------------------------------------------------------------------- 500,000 Cmnwlth. of PR, G.O. Bonds, Ser. A, MBIA, 5 1/2s, 7/1/29 AAA 593,315 2,000,000 Cmnwlth. of PR, Muni. Fin. Agcy. G.O. Bonds, Ser. A, FSA, 5 1/2s, 8/1/23 Aaa 2,187,000 1,000,000 PR Indl. Tourist Edl. Med. & Env. Control Fac. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26 Baa3 1,089,490 - -------------------------------------------------------------------------------------------------------------------------------- 3,869,805 Virgin Islands (0.7%) - -------------------------------------------------------------------------------------------------------------------------------- 845,000 VI Tobacco Settlement Fin. Corp. Rev. Bonds, 5s, 5/15/31 Baa3 758,616 - -------------------------------------------------------------------------------------------------------------------------------- Total Investments (cost $92,610,407) (b) $98,520,523 ================================================================================================================================
Putnam Arizona Tax Exempt Income Fund - Fund 855 - -------------------------------------------------------------------------------------------------------------------------------- Interest rate swap contracts outstanding at February 28, 2005 (Unaudited) Unrealized Notional Termination appreciation/ amount date (depreciation) - -------------------------------------------------------------------------------------------------------------------------------- Agreement with Citigroup Financial Products, Inc. dated February 7, 2005 to receive quarterly the notional amount multiplied by 3.935% and pay quarterly the notional amount multiplied by the USD-Muni-BMA-Rate. $3,000,000 08/10/2030 $(114,589) Agreement with Merrill Lynch International & Co. C.V. dated February 7, 2005 to pay quarterly the notional amount multiplied by 3.125% and receive quarterly the notional amount multiplied by the USD-Muni-BMA-Rate. 10,000,000 08/10/2009 68,739 - -------------------------------------------------------------------------------------------------------------------------------- $(45,850) ================================================================================================================================
NOTES (a) Percentages indicated are based on net assets of $103,015,938. (RAT) The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at February 28, 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 February 28, 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 $92,610,408, resulting in gross unrealized appreciation and depreciation of $6,162,042 and $251,927, respectively, or net unrealized appreciation of $5,910,115. The rates shown on VRDN are the current interest rates at February 28, 2005. The fund had the following industry group concentrations greater than 10% at February 28, 2005 (as a percentage of net assets): Healthcare 15.0% Education 13.0 The fund had the following insurance concentrations greater than 10% at February 28, 2005 (as a percentage of net assets): MBIA 19.7% FSA 14.6 AMBAC 12.3 FGIC 12.0 Security valuation Tax-exempt bonds and notes are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Other investments are valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. Interest rate swap contracts The fund may enter into interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the fund's exposure to interest rates. Interest rate swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or loss. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after the fund's portfolio. For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com Item 2. Controls and Procedures: - -------------------------------- (a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. (b) Changes in internal control over financial reporting: Not applicable Item 3. Exhibits: - ------------------ A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NAME OF REGISTRANT By (Signature and Title): /s/ Michael T. Healy -------------------------- Michael T. Healy Principal Accounting Officer Date: April 27, 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: April 27, 2005 By (Signature and Title): /s/ Steven D. Krichmar --------------------------- Steven D. Krichmar Principal Financial Officer Date: April 27, 2005 Item 1. Schedule of Investments: - -------------------------------- Putnam Arizona Tax Exempt Income Fund QUARTERLY PORTFOLIO HOLDINGS 2-28-05
Putnam Arizona Tax Exempt Income Fund - -------------------------------------------------------------------------------------------------------------------------------- The fund's portfolio February 28, 2005 (Unaudited) KEY TO ABBREVIATIONS AMBAC -- AMBAC Indemnity Corporation CLI Insd. -- Connie Lee Insurance Insured COP -- Certificate of Participation FGIC -- Financial Guaranty Insurance Company FHA Insd. -- Federal Housing Administration Insured FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized FNMA Coll. -- Federal National Mortgage Association Collateralized FSA -- Financial Security Assurance GNMA Coll. -- Government National Mortgage Association Collateralized G.O. Bonds -- General Obligation Bonds MBIA -- MBIA Insurance Company U.S. Govt. Coll. -- U.S. Government Collateralized VRDN -- Variable Rate Demand Notes Municipal bonds and notes (95.6%) (a) - -------------------------------------------------------------------------------------------------------------------------------- Principal amount Rating (RAT) Value - -------------------------------------------------------------------------------------------------------------------------------- Arizona (91.1%) - -------------------------------------------------------------------------------------------------------------------------------- $750,000 Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 5.85s, 3/1/28 Ba3 $751,223 1,500,000 AZ Agricultural Impt. & Pwr. Dist. Elec. Syst. Rev. Bonds (Salt River), Ser. B, 5s, 1/1/22 Aa2 1,595,730 400,000 AZ Hlth. Fac. Auth. Rev. Bonds (Bethesda Foundation), Ser. A, 6.4s, 8/15/27 BB-/P 399,980 1,000,000 AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network), 7s, 12/1/25 BBB 1,115,880 AZ School Fac. Board Rev. Bonds (State School Impt.) 1,000,000 5 1/4s, 7/1/20 Aaa 1,099,990 1,050,000 5 1/4s, 7/1/14 Aaa 1,167,096 AZ State U. COP 1,000,000 (AZ State U. Project-2002), MBIA, 5.1s, 7/1/25 Aaa 1,055,560 1,000,000 (Research Infrastructure), AMBAC, 5s, 9/1/30 Aaa 1,041,420 AZ State U. Rev. Bonds 500,000 FGIC, 5 7/8s, 7/1/25 Aaa 556,270 1,260,000 FSA, 5 1/4s, 7/1/09 AAA 1,375,277 AZ Tourism & Sports Auth. Tax Rev. Bonds (Multi-Purpose Stadium Fac.), Ser. A, MBIA 1,000,000 5 3/8s, 7/1/19 Aaa 1,109,220 825,000 5s, 7/1/25 Aaa 867,380 1,750,000 AZ Wtr. Infrastructure Fin. Auth. Rev. Bonds (Wtr. Quality), Ser. A, 5s, 10/1/22 Aaa 1,882,283 150,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 1/4s, 12/1/19 B-/P 158,289 1,450,000 Chandler, G.O. Bonds, FGIC, 8s, 7/1/10 Aaa 1,781,166 1,100,000 Chandler, St. & Hwy. User Rev. Bonds, MBIA, 8s, 7/1/11 Aaa 1,381,545 2,150,000 Chandler, Wtr. & Swr. Rev. Bonds, FGIC, 8s, 7/1/14 Aaa 2,827,659 Cochise Cnty., Indl. Dev. Auth. Rev. Bonds 2,015,000 (Sierra Vista Cmnty. Hosp.), Ser. C, 8 1/4s, 12/1/14 AAA 2,085,747 490,000 (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21 BB+/P 514,877 1,000,000 Glendale, Dev. Auth. Edl. Fac. Rev. Bonds (American Graduate School Intl.), CLI Insd., U.S. Govt. Coll., 7 1/8s, 7/1/20 AAA 1,026,440 1,500,000 Glendale, Indl. Dev. Auth. Hosp. Rev. Bonds (Midwestern U.), Ser. A, 5 7/8s, 5/15/31 A- 1,609,995 1,600,000 Glendale, Wtr. & Swr. Rev. Bonds, AMBAC, 5s, 7/1/28 Aaa 1,671,904 500,000 Maricopa Cnty., Hosp. Rev. Bonds (Sun Hlth. Corp.), 6 1/8s, 4/1/18 Baa1 522,700 3,500,000 Maricopa Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Samaritan Hlth. Svcs.), Ser. A, MBIA, U.S. Govt. Coll., 7s, 12/1/16 Aaa 4,357,883 1,000,000 Maricopa Cnty., Indl. Dev. Auth. Multi-Fam. Hsg. Rev. Bonds (Villas at Augusta), GNMA Coll., 5.95s, 10/20/40 Aaa 1,058,910 1,000,000 Maricopa Cnty., Poll. Control Rev. Bonds (Public Service Co. NM), Ser. A, 6.3s, 12/1/26 Baa2 1,064,860 1,000,000 Maricopa Cnty., Pub. Fin. Corp. Rev. Bonds, AMBAC, 5 1/2s, 7/1/14 Aaa 1,104,230 Maricopa Cnty., School Dist. G.O. Bonds 2,000,000 (No. 69 Paradise Valley-Project of 1994), Ser. B, MBIA, 7s, 7/1/12 Aaa 2,454,680 1,500,000 (No. 69 Paradise Valley-Project of 1994), Ser. C, FSA, 6 1/4s, 7/1/14 Aaa 1,808,535 305,000 (No. 41 Gilbert), FSA, 5.8s, 7/1/14 Aaa 356,957 1,000,000 (No. 89 Dysart Unified School Impt. 2002), Ser. B, FSA, 5s, 7/1/23 AAA 1,109,210 320,000 (No. 006 WA Elementary 2004 School Impt.), Ser. A, FSA, 5s, 7/1/17 Aaa 342,864 175,000 (No. 006 WA Elementary 2004 School Impt.), Ser. A, FSA, 5s, 7/1/17 (Prerefunded) Aaa 193,258 665,000 (No. 11 Peoria Unified 2003 School Impt.), FGIC, 5s, 7/1/09 Aaa 719,138 20,000 (No. 11 Peoria Unified 2003 School Impt.), FGIC, 5s, 7/1/09 (Prerefunded) Aaa 21,662 1,500,000 Mesa, Indl. Dev. Auth. Rev. Bonds (Discovery Hlth. Syst.), Ser. A, MBIA, 5 3/4s, 1/1/25 Aaa 1,644,510 1,000,000 Mesa, Util. Syst. Rev. Bonds, FGIC, 7 1/4s, 7/1/12 Aaa 1,243,400 2,000,000 Mohave Cnty., COP (Mohave Administration Bldg.), AMBAC, 5 1/4s, 7/1/19 Aaa 2,212,620 1,380,000 Mohave Cnty., Indl. Dev. Auth. Multi-Fam. Mtge. Rev. Bonds (Copper Ridge Apts.), FHA Insd., 7 3/8s, 4/1/32 AAA 1,393,800 Northern AZ U. Rev. Bonds, FGIC 1,725,000 6 1/2s, 6/1/09 Aaa 1,965,310 1,000,000 5s, 6/1/34 Aaa 1,030,550 1,195,000 Oro Valley, Muni. Property Corp. Rev. Bonds (Sr. Lien Wtr.), MBIA, 5s, 7/1/23 Aaa 1,263,246 Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds 1,000,000 (Sr. Lien), Ser. B, FGIC, 5 3/4s, 7/1/19 Aaa 1,107,460 1,970,000 Ser. A, FSA, 5 1/4s, 7/1/14 Aaa 2,110,284 1,620,000 Ser. A, FSA, 5 1/4s, 7/1/13 Aaa 1,738,017 2,010,000 Ser. A, FSA, 5 1/4s, 7/1/11 Aaa 2,161,715 1,000,000 Phoenix, Civic Impt. Corp. Excise Tax Rev. Bonds (Muni. Courthouse), Ser. A, 5 1/4s, 7/1/24 AAA 1,067,460 Phoenix, G.O. Bonds 1,000,000 6s, 7/1/10 Aa1 1,032,560 1,000,000 5 3/8s, 7/1/25 Aa1 1,078,260 1,000,000 5 1/4s, 7/1/22 Aa1 1,074,780 1,500,000 Ser. B, 5s, 7/1/27 Aa1 1,562,445 1,600,000 Phoenix, Hsg. Mtge. Fin. Corp. Mtge. Rev. Bonds (Section 8 Assistance), Ser. A, MBIA, FHA Insd., 6.9s, 1/1/23 Aaa 1,626,784 1,000,000 Phoenix, Indl. Dev. Auth. Govt. Office Lease Rev. Bonds (Capitol Mall, LLC II), AMBAC, 5s, 9/15/28 Aaa 1,035,940 4,400,000 Phoenix, Indl. Dev. Auth. VRDN (Valley of the Sun YMCA), 1.8s, 1/1/31 A-1+ 4,400,000 405,000 Pima Cnty., Indl Dev. Auth. Single Fam. Mtge. Rev. Bonds, Ser. B, FHLMC Coll., FNMA Coll., GNMA Coll., 6.95s, 11/1/23 AAA 407,450 1,000,000 Pima Cnty., Unified School Dist. G.O. Bonds (No. 1 Tucson), FGIC, 7 1/2s, 7/1/08 Aaa 1,145,890 1,775,000 Prescott, Muni. Property Corp. Rev. Bonds, Ser. 2004, MBIA, 5s, 7/1/29 Aaa 1,851,520 1,500,000 Scottsdale, G.O. Bonds (Projects 1999 & 2000), 5s, 7/1/24 Aaa 1,571,085 700,000 Scottsdale, Indl. Dev. Auth. Rev. Bonds (Westminster Village 1st. Mtg.), Ser. A, U.S. Govt. Coll., 8 1/4s, 6/1/15 AAA/P 724,451 Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds 1,000,000 (Scottsdale Memorial Hosp.), Ser. A, AMBAC, 6 1/8s, 9/1/17 Aaa 1,091,100 500,000 (Scottsdale Hlth. Care), 5.8s, 12/1/31 A3 536,890 1,000,000 (Scottsdale Hlth. Care), 5.7s, 12/1/21 A3 1,080,710 960,000 Snowflake, Excise Tax Rev. Bonds, 5s, 7/1/18 BBB+ 982,253 South Campus Group, LLC Student Hsg. Rev. Bonds (Arizona State U. South Campus), MBIA 1,250,000 5 5/8s, 9/1/28 Aaa 1,390,575 640,000 5 5/8s, 9/1/23 Aaa 719,667 2,200,000 Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28 Aaa 2,291,080 200,000 Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds (Friendship Village), Ser. A, 5 3/8s, 12/1/13 BB- 205,102 1,000,000 Tucson, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds (Christian Care), Ser. A, 6s, 7/1/30 AA 1,098,100 2,000,000 U. of AZ, COP (U. of AZ Parking & Student Hsg.), AMBAC, 5 3/4s, 6/1/24 Aaa 2,181,720 1,500,000 U. of AZ, Rev. Bonds, FSA, 5 1/4s, 6/1/08 Aaa 1,614,600 1,000,000 Yavapai Cnty., Indl. Dev. Auth. Rev. Bonds (Yavapai Regl. Med. Ctr.), Ser. A, 6s, 8/1/33 Baa2 1,058,080 1,000,000 Yavapai Cnty., Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), 4 5/8s, 6/1/27 BBB 1,002,870 - -------------------------------------------------------------------------------------------------------------------------------- 93,892,102 Puerto Rico (3.8%) - -------------------------------------------------------------------------------------------------------------------------------- 500,000 Cmnwlth. of PR, G.O. Bonds, Ser. A, MBIA, 5 1/2s, 7/1/29 AAA 593,315 2,000,000 Cmnwlth. of PR, Muni. Fin. Agcy. G.O. Bonds, Ser. A, FSA, 5 1/2s, 8/1/23 Aaa 2,187,000 1,000,000 PR Indl. Tourist Edl. Med. & Env. Control Fac. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26 Baa3 1,089,490 - -------------------------------------------------------------------------------------------------------------------------------- 3,869,805 Virgin Islands (0.7%) - -------------------------------------------------------------------------------------------------------------------------------- 845,000 VI Tobacco Settlement Fin. Corp. Rev. Bonds, 5s, 5/15/31 Baa3 758,616 - -------------------------------------------------------------------------------------------------------------------------------- Total Investments (cost $92,610,407) (b) $98,520,523 ================================================================================================================================
Putnam Arizona Tax Exempt Income Fund - Fund 855 - -------------------------------------------------------------------------------------------------------------------------------- Interest rate swap contracts outstanding at February 28, 2005 (Unaudited) Unrealized Notional Termination appreciation/ amount date (depreciation) - -------------------------------------------------------------------------------------------------------------------------------- Agreement with Citigroup Financial Products, Inc. dated February 7, 2005 to receive quarterly the notional amount multiplied by 3.935% and pay quarterly the notional amount multiplied by the USD-Muni-BMA-Rate. $3,000,000 08/10/2030 $(114,589) Agreement with Merrill Lynch International & Co. C.V. dated February 7, 2005 to pay quarterly the notional amount multiplied by 3.125% and receive quarterly the notional amount multiplied by the USD-Muni-BMA-Rate. 10,000,000 08/10/2009 68,739 - -------------------------------------------------------------------------------------------------------------------------------- $(45,850) ================================================================================================================================
NOTES (a) Percentages indicated are based on net assets of $103,015,938. (RAT) The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at February 28, 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 February 28, 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 $92,610,408, resulting in gross unrealized appreciation and depreciation of $6,162,042 and $251,927, respectively, or net unrealized appreciation of $5,910,115. The rates shown on VRDN are the current interest rates at February 28, 2005. The fund had the following industry group concentrations greater than 10% at February 28, 2005 (as a percentage of net assets): Healthcare 15.0% Education 13.0 The fund had the following insurance concentrations greater than 10% at February 28, 2005 (as a percentage of net assets): MBIA 19.7% FSA 14.6 AMBAC 12.3 FGIC 12.0 Security valuation Tax-exempt bonds and notes are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Other investments are valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. Interest rate swap contracts The fund may enter into interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the fund's exposure to interest rates. Interest rate swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or loss. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after the fund's portfolio. For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com Item 2. Controls and Procedures: - -------------------------------- (a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. (b) Changes in internal control over financial reporting: Not applicable Item 3. Exhibits: - ------------------ A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NAME OF REGISTRANT By (Signature and Title): /s/ Michael T. Healy -------------------------- Michael T. Healy Principal Accounting Officer Date: April 27, 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: April 27, 2005 By (Signature and Title): /s/ Steven D. Krichmar --------------------------- Steven D. Krichmar Principal Financial Officer Date: April 27, 2005 EX-99.CERT 2 exnn2.txt EX-99.CERT Certifications - -------------- I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that: 1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: 2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; 3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. /s/ Charles E. Porter Date: April 26, 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: April 26, 2005 - ---------------------- ------------------------ Steven D. Krichmar, Principal Financial Officer Attachment A - -------------- Period(s) ended February 28, 2005 Quarterly Portfolios - -------------------- 012 Putnam Equity Income Fund 019 Putnam New Jersey Tax Exempt Income Fund 030 Putnam New York Tax Exempt Income Fund 037 Putnam Florida Tax Exempt Income Fund 047 Putnam Pennsylvania Tax Exempt Income Fund 058 Putnam Investment Grade Municipal Trust 060 Putnam High Yield Advantage Fund 168 Putnam Tax-Free Health Care Fund 398 Putnam Limited Duration Government Income Fund 433 Putnam Capital Appreciation Fund 590 Putnam Managed High Yield Trust 845 Putnam Massachusetts Tax Exempt Income Fund 846 Putnam Michigan Tax Exempt Income Fund 847 Putnam Minnesota Tax Exempt Income Fund 848 Putnam Ohio Tax Exempt Income Fund 855 Putnam Arizona Tax Exempt Income Fund 949 Putnam Classic Equity Fund -----END PRIVACY-ENHANCED MESSAGE-----