Item 1. Schedule of Investments:
--------------------------------
Putnam Municipal Opportunities Trust
QUARTERLY PORTFOLIO HOLDINGS
1-31-05
Putnam Municipal Opportunities Trust
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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
IF COP -- Inverse Floating Rate Certificate of Participation
MBIA -- MBIA Insurance Company
PSFG -- Permanent School Fund Guaranteed
U.S. Govt. Coll. -- U.S. Government Collateralized
VRDN -- Variable Rate Demand Notes
Municipal bonds and notes (99.5%) (a)
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Principal amount Rating (RAT) Value
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Alabama (2.3%)
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$7,000,000 Jefferson Cnty., Swr. Rev. Bonds, Ser.
D, FGIC, 5 3/4s, 2/1/27 Aaa $7,527,870
Arizona (1.1%)
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750,000 AZ Hlth. Fac. Auth. Hosp. Syst. Rev.
Bonds (John C. Lincoln Hlth. Network), 6
3/8s, 12/1/37 BBB 820,140
950,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds
(Casa Grande Regl. Med. Ctr.), Ser. A, 7
5/8s, 12/1/29 B-/P 1,016,101
475,000 Cochise Cnty., Indl. Dev. Auth. Rev.
Bonds (Sierra Vista Cmnty. Hosp.), Ser.
A, 6 3/4s, 12/1/26 BB+/P 488,471
1,300,000 Scottsdale, Indl. Dev. Auth. Rev. Bonds
(Westminster Village), 7 7/8s, 6/1/09 AAA/P 1,350,453
-------------
3,675,165
Arkansas (1.1%)
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2,310,000 AR Dev. Fin. Auth. Rev. Bonds, Ser. D,
GNMA/FNMA Coll., 3s, 1/1/24 AAA 2,356,085
1,000,000 Northwest Regl. Arpt. Auth. Rev. Bonds,
7 5/8s, 2/1/27 BB/P 1,150,740
-------------
3,506,825
California (11.7%)
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CA State G.O. Bonds
500,000 5 1/8s, 4/1/23 A 534,060
750,000 5.1s, 2/1/34 A 767,108
CA State Dept. of Wtr. Resources Rev.
Bonds, Ser. A
2,000,000 6s, 5/1/15 A2 2,317,620
2,000,000 AMBAC, 5 1/2s, 5/1/16 Aaa 2,258,480
1,000,000 CA State Econ. Recvy. G.O. Bonds, Ser.
A, 5s, 7/1/16 Aa3 1,074,740
1,750,000 CA Statewide Cmnty. Dev. Auth. COP (The
Internext Group), 5 3/8s, 4/1/30 BBB- 1,765,838
4,000,000 Chula Vista COP, MBIA, 5s, 8/1/32 Aaa 4,180,680
1,475,000 Gilroy, Rev. Bonds (Bonfante Gardens
Park), 8s, 11/1/25 D/P 1,062,015
3,000,000 Metropolitan Wtr. Dist. IFB (Southern CA
Waterworks), 9.644s, 8/10/18 Aa2 4,156,860
2,000,000 Sacramento, City Unified School Dist.
G.O. Bonds (Election 1999), Ser. D, FSA,
5s, 7/1/28 Aaa 2,110,860
5,000,000 San Bernardino Cnty., COP (Med. Ctr.
Fin.), Ser. A, MBIA, 6 1/2s, 8/1/17 Aaa 6,128,150
San Diego Cnty., IF COP, AMBAC
3,000,000 9.47s, 9/1/12 Aaa 3,944,220
3,000,000 9.22s, 9/1/07 Aaa 3,484,020
2,500,000 San Jose, Redev. Agcy. Tax Alloc. Bonds
(Merged Area Redev. Project), MBIA, 5s,
8/1/32 Aaa 2,591,075
790,000 Sunnyvale, Cmnty. Fac. Dist. Special Tax
Rev. Bonds, 7.65s, 8/1/21 BB-/P 832,810
1,300,000 Vallejo, COP (Marine World Foundation),
7.2s, 2/1/26 BBB-/P 1,366,833
-------------
38,575,369
Colorado (3.2%)
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10,000,000 Denver, City & Cnty. Arpt. Rev. Bonds,
Ser. A, MBIA, 5.7s, 11/15/25 Aaa 10,451,300
Connecticut (1.4%)
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4,500,000 CT State Hlth. & Edl. Fac. Auth. VRDN
(Yale U.), Ser. V-2, 1.97s, 7/1/36 VMIG1 4,500,000
District of Columbia (5.9%)
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12,450,000 DC G.O. Bonds, Ser. A, 6s, 6/1/26 A 13,708,820
5,550,000 DC Wtr. & Swr. Auth. Pub. Util. Rev.
Bonds, FGIC, 5s, 10/1/28 Aaa 5,779,215
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19,488,035
Florida (1.3%)
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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
600,000 Miami Beach, Hlth. Fac. Auth. Hosp. Rev.
Bonds (Mount Sinai Med. Ctr.), Ser. A,
6.8s, 11/15/31 BB 640,590
2,700,000 Palm Coast, Util. Syst. Rev. Bonds,
MBIA, 5s, 10/1/33 Aaa 2,821,392
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4,464,132
Georgia (4.9%)
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3,000,000 Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC,
5 5/8s, 1/1/30 Aaa 3,175,290
3,000,000 Atlanta, Waste Wtr. VRDN, Ser. C, FSA,
1.90s, 11/1/41 VMIG1 3,000,000
4,000,000 Atlanta, Wtr. & Waste Wtr. Rev. Bonds,
FSA, 5s, 11/1/24 Aaa 4,299,880
1,500,000 Burke Cnty., Poll. Control Dev. Auth.
Mandatory Put Bonds (GA Power Co.),
4.45s, 12/1/08 A2 1,575,825
1,400,000 Effingham Cnty., Indl. Dev. Auth. Rev.
Bonds (Pacific Corp.), 6 1/2s, 6/1/31 Ba3 1,473,024
1,180,000 Rockdale Cnty., Dev. Auth. Solid Waste
Disp. Rev. Bonds (Visay Paper, Inc.),
7.4s, 1/1/16 B+ 1,210,043
1,500,000 Savannah, Econ. Dev. Auth. Poll. Control
Rev. Bonds (Intl. Paper Co.), Ser. A,
5.1s, 8/1/14 Baa2 1,602,390
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16,336,452
Hawaii (0.3%)
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900,000 HI State Hsg. Fin. & Dev. Corp. Rev.
Bonds, Ser. A, FNMA Coll., 5 3/4s,
7/1/30 Aaa 914,157
Illinois (3.0%)
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2,000,000 Chicago, G.O. Bonds, Ser. A, FSA, 5s,
1/1/25 Aaa 2,120,900
5,790,000 IL Hsg. Dev. Auth. Multi-Fam. Hsg. Rev.
Bonds, Ser. 91-A, 8 1/4s, 7/1/16 A1 5,834,757
1,770,000 Metropolitan Pier & Exposition Auth.
Rev. Bonds (McCormack Place Expansion
Project), MBIA, 5s, 12/15/28 Aaa 1,843,579
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9,799,236
Indiana (4.1%)
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2,000,000 Carmel Clay, Indl. Parks Bldg. Corp.
Rev. Bonds, MBIA, 5s, 1/15/26 AAA 2,120,640
3,000,000 Fairfield, School Bldg. Corp. Ind. Rev.
Bonds, FGIC, 5s, 7/15/24 AAA 3,175,140
1,000,000 GCS School Bldg. Corp. Rev. Bonds (First
Mtg.), FSA, 5s, 7/15/26 AAA 1,045,440
3,000,000 IN State Dev. Fin. Auth. Env. Impt. Rev.
Bonds (USX Corp.), 5.6s, 12/1/32 Baa1 3,106,020
2,500,000 Indianapolis, Arpt. Auth. Rev. Bonds
(Federal Express Corp.), 5.1s, 1/15/17 Baa2 2,685,300
1,300,000 Rockport, Poll. Control Mandatory Put
Bonds (Indiana Michigan Pwr. Co.), Ser.
C, 2 5/8s, 10/1/06 BBB 1,294,007
-------------
13,426,547
Iowa (0.4%)
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985,000 IA Fin. Auth. Hlth. Care Fac. Rev. Bonds
(Care Initiatives), 9 1/4s, 7/1/25 BBB-/P 1,204,478
Louisiana (1.1%)
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1,600,000 LA Local Govt. Env. Fac. Cmnty. Dev.
Auth. Rev. Bonds (Hlth. Care - St. James
Place), Ser. A, 7s, 11/1/20 B-/P 1,572,848
2,000,000 Port of New Orleans, Indl. Dev. Rev.
Bonds (Continental Grain Co.), 7 1/2s,
7/1/13 BB- 2,029,180
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3,602,028
Maine (0.2%)
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600,000 Rumford, Solid Waste Disp. Rev. Bonds
(Boise Cascade Corp.), 6 7/8s, 10/1/26 Ba1 640,968
Massachusetts (3.0%)
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MA State Hlth. & Edl. Fac. Auth. Rev.
Bonds
1,875,000 (UMass Memorial), Ser. C, 6 1/2s, 7/1/21 Baa2 2,063,119
1,300,000 (Berkshire Hlth. Syst.), Ser. E, 6 1/4s,
10/1/31 BBB+ 1,392,729
1,800,000 (Hlth. Care Syst. Covenant Hlth.), Ser.
E, 6s, 7/1/31 A- 1,910,304
3,400,000 MA State Hsg. Fin. Agcy. Rev. Bonds,
Ser. 53, MBIA, 6.15s, 12/1/29 Aaa 3,516,790
1,000,000 MA State Indl. Fin. Agcy. Rev. Bonds
(1st Mtge. Brookhaven), Ser. A, 7s,
1/1/15 BBB/P 1,028,620
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9,911,562
Michigan (2.8%)
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4,500,000 Detroit, G.O. Bonds, Ser. A, FGIC, 5s,
7/1/30 Aaa 4,649,220
500,000 MI Higher Ed. Fac. Auth. Rev. Bonds
(Kalamazoo College), 5 1/2s, 12/1/18 A1 550,305
1,000,000 MI State Hosp. Fin. Auth. Rev. Bonds
(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32 A2 1,057,230
1,650,000 MI State Strategic Fund, Ltd. Rev. Bonds
(Worthington Armstrong Venture), U.S.
Govt. Coll., 5 3/4s, 10/1/22 AAA/P 1,921,425
1,000,000 Midland Cnty., Econ. Dev. Corp. Rev.
Bonds, 6 3/4s, 7/23/09 Ba3 1,041,270
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9,219,450
Minnesota (0.8%)
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2,500,000 Cohasset, Poll. Control Rev. Bonds
(Allete, Inc.), 4.95s, 7/1/22 A 2,562,300
Mississippi (0.8%)
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1,000,000 Mississippi Bus. Fin. Corp. Poll.
Control Rev. Bonds (Syst. Energy
Resources, Inc.), 5.9s, 5/1/22 BBB- 1,011,720
1,580,000 MS Bus. Fin. Corp. Poll. Control Rev.
Bonds (Syst. Energy Resources, Inc.), 5
7/8s, 4/1/22 BBB- 1,589,670
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2,601,390
Missouri (2.0%)
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1,750,000 Cape Girardeau Cnty., Indl. Dev. Auth.
Hlth. Care Fac. Rev. Bonds (St. Francis
Med. Ctr.), Ser. A, 5 1/2s, 6/1/16 A 1,891,768
2,500,000 MO State Hlth. & Edl. Fac. Auth. Rev.
Bonds (Washington U.), Ser. A, 5s,
2/15/33 Aa1 2,607,425
2,000,000 MO State Hlth. & Edl. Fac. Auth. VRDN
(Christian Brothers), Ser. A, 1.95s,
10/1/32 A-1+ 2,000,000
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6,499,193
Montana (0.3%)
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1,075,000 Forsyth, Poll. Control Mandatory Put
Bonds (Avista Corp.), AMBAC, 5s,
12/30/08 Aaa 1,143,499
Nevada (2.8%)
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3,505,000 Clark Cnty., G.O. Bonds (Pk. & Regl.
Justice Ctr.), FGIC, 5 5/8s, 11/1/19 Aaa 3,894,125
5,000,000 Clark Cnty., Arpt. Rev. Bonds, Ser. A-2,
FGIC, 5 1/8s, 7/1/26 Aaa 5,308,350
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9,202,475
New Hampshire (1.1%)
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NH Higher Ed. & Hlth. Fac. Auth. Rev.
Bonds
1,450,000 (Riverwoods at Exeter), Ser. A, 6 1/2s,
3/1/23 BB/P 1,487,889
1,250,000 (NH College), 6 3/8s, 1/1/27 BBB- 1,299,450
950,000 NH State Bus. Fin. Auth. Poll. Control
Rev. Bonds, 3 1/2s, 7/1/27 Baa2 951,758
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3,739,097
New Jersey (2.8%)
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1,000,000 Newark, Hsg. Auth. Rev. Bonds (Port
Auth. Newark Marine Terminal), MBIA, 5
1/4s, 1/1/20 AAA 1,102,350
NJ Econ. Dev. Auth. Rev. Bonds
1,500,000 (Cigarette Tax), 5 3/4s, 6/15/29 Baa2 1,592,445
2,000,000 (Motor Vehicle), Ser. A, MBIA, 5s,
7/1/27 Aaa 2,113,700
1,000,000 NJ Econ. Dev. Auth. Special Fac. Rev.
Bonds (Continental Airlines, Inc.), 6
1/4s, 9/15/29 B 793,220
500,000 NJ State Ed. Fac. Auth. Rev. Bonds
(Stevens Inst. of Tech.), Ser. C, 5
1/8s, 7/1/22 Baa1 526,315
1,840,000 NJ State Edl. Fac. Auth. Rev. Bonds
(Rowan U.), Ser. C, MBIA, 5s, 7/1/23 Aaa 1,987,550
1,150,000 Tobacco Settlement Fin. Corp. Rev.
Bonds, 6 3/4s, 6/1/39 BBB 1,170,344
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9,285,924
New Mexico (0.2%)
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820,000 Farmington, Poll. Control Mandatory Put
Bonds (Pub. Svc. San Juan), Class B,
2.1s, 4/1/06 Baa2 811,538
New York (6.2%)
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1,000,000 Buffalo, G.O. Bonds, Ser. D, FGIC, 5
1/2s, 12/15/13 Aaa 1,136,120
2,000,000 Long Island, Pwr. Auth. NY Elec. Syst.
Rev. Bonds, Ser. A, 5 3/4s, 12/1/24 A3 2,200,340
3,000,000 NY City, G.O. Bonds, Ser. C, 5 1/4s,
8/1/11 A2 3,315,450
1,000,000 NY City, City Transitional Fin. Auth.
Rev. Bonds, AMBAC, 5 1/4s, 8/1/15 Aaa 1,114,490
750,000 NY City, Indl. Dev. Agcy. Rev. Bonds
(Brooklyn Navy Yard Cogen. Partners),
6.2s, 10/1/22 BBB- 783,652
2,100,000 NY City, Indl. Dev. Agcy. Special Arpt.
Fac. Rev. Bonds (Airis JFK I LLC), Ser.
A, 5 1/2s, 7/1/28 Baa3 2,119,402
700,000 NY City, Indl. Dev. Agcy. Special Fac.
Rev. Bonds (British Airways), 5 1/4s,
12/1/32 BB+ 565,185
1,500,000 NY Cntys., Tobacco Trust III Rev. Bonds,
6s, 6/1/43 Baa2 1,475,535
2,000,000 NY State Dorm. Auth. Rev. Bonds, Ser. A,
5 1/2s, 3/15/13 AA 2,277,400
2,000,000 NY State Energy Research & Dev. Auth.
Gas Fac. Rev. Bonds (Brooklyn Union
Gas), 6.952s, 7/1/26 A+ 2,151,220
800,000 Onondaga Cnty., Indl. Dev. Agcy. Rev.
Bonds (Solvay Paperboard, LLC), 7s,
11/1/30 (acquired 6/30/04, cost
$830,184) (RES) BB-/P 850,280
2,500,000 Triborough Bridge & Tunnel Auth. Rev.
Bonds, Ser. A, 5s, 1/1/32 Aa3 2,583,950
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20,573,024
North Carolina (2.0%)
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NC Eastern Muni. Pwr. Agcy. Syst. Rev.
Bonds
2,000,000 Ser. B, MBIA, 6s, 1/1/22 Aaa 2,496,540
2,000,000 AMBAC, 6s, 1/1/18 Aaa 2,447,920
1,500,000 NC State Muni. Pwr. Agcy. Rev. Bonds
(No. 1, Catawba Elec.), Ser. B, 6 1/2s,
1/1/20 A3 1,700,955
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6,645,415
Ohio (3.0%)
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5,700,000 Cleveland, Muni. School Dist. G.O.
Bonds, FSA, 5s, 12/1/27 Aaa 6,030,542
1,000,000 Montgomery Cnty., Hosp. Rev. Bonds
(Kettering Med. Ctr.), 6 3/4s, 4/1/22 A3 1,094,520
500,000 OH State Wtr. Dev. Auth. Poll. Control
Fac. Mandatory Put Bonds (OH Edison
Co.), Ser. A, 2 1/4s, 6/1/05 Baa1 499,610
2,165,000 Rickenbacker, Port Auth. Rev. Bonds
(OASBO Expanded Asset Pooled), Ser. A, 5
3/8s, 1/1/32 A2 2,362,275
-------------
9,986,947
Oklahoma (0.3%)
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950,000 OK Dev. Fin. Auth. Rev. Bonds (Hillcrest
Hlth. Care Syst.), Ser. A, U.S. Govt.
Coll., 5 5/8s, 8/15/29 AAA 1,065,834
Pennsylvania (6.1%)
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5,000,000 Allegheny Cnty., Hosp. Dev. Auth. Rev.
Bonds (Pittsburgh Mercy Hlth. Syst. ),
AMBAC, 5 5/8s, 8/15/26 Aaa 5,212,950
1,350,000 Beaver Cnty., Indl. Dev. Auth. Poll.
Control Mandatory Put Bonds (Cleveland
Elec.), 1.65s, 10/1/08 Baa2 1,352,713
890,000 Carbon Cnty., Indl. Dev. Auth. Rev.
Bonds (Panther Creek Partners), 6.65s,
5/1/10 BBB- 960,630
750,000 Delaware Cnty., Indl. Dev. Auth.
Resource Recvy. Rev. Bonds, Ser. A,
6.1s, 7/1/13 BBB 808,583
4,000,000 Hempfield, Area School Dist. G.O. Bonds
(Westmoreland Cnty.), Ser. A, FGIC, 5
1/4s, 3/15/21 AAA 4,470,240
1,500,000 Lancaster Cnty., Hosp. Auth. Rev. Bonds
(Gen. Hosp.), 5 1/2s, 3/15/26 A 1,577,625
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
PA State Econ. Dev. Fin. Auth. Resource
Recvy. Rev. Bonds (Colver)
3,000,000 Ser. E, 8.05s, 12/1/15 BBB-/P 3,088,980
100,000 Ser. D, 7.15s, 12/1/18 BBB- 102,627
1,450,000 Sayre, Hlth. Care Fac. Auth. Rev. Bonds
(Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31 A- 1,540,886
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20,147,584
Rhode Island (0.1%)
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200,000 Tobacco Settlement Fin. Corp. Rev.
Bonds, Ser. A, 6 1/4s, 6/1/42 BBB 192,992
South Carolina (4.2%)
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750,000 Lexington Cnty. Hlth. Svcs. Dist. Inc.
Hosp. Rev. Bonds, 5 1/2s, 5/1/37 A2 797,400
1,250,000 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev.
Bonds (Palmetto Hlth. Alliance), Ser. C,
6s, 8/1/20 Baa2 1,363,650
5,000,000 SC State Pub. Svcs. Auth. Rev. Bonds,
Ser. A, AMBAC, 5s, 1/1/29 Aaa 5,252,850
3,000,000 SC Tobacco Settlement Rev. Mgt. Rev.
Bonds, Ser. B, 6 3/8s, 5/15/30 BBB 2,971,740
2,460,000 SC Trans. Infrastructure Bk. Rev. Bonds,
Ser. A, AMBAC, 5s, 10/1/27 Aaa 2,616,850
1,000,000 Spartanburg Cnty., Solid Waste Disp.
Rev. Bonds (BMW Project), 7.55s, 11/1/24 A1 1,034,050
-------------
14,036,540
South Dakota (0.1%)
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450,000 SD Edl. Enhancement Funding Corp. Rev.
Bonds, Ser. B, 6 1/2s, 6/1/32 BBB 451,436
Tennessee (1.0%)
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2,750,000 Johnson City, Hlth. & Edl. Fac. Board
Hosp. Rev. Bonds (Mountain States
Hlth.), Ser. A, 7 1/2s, 7/1/33 BBB+ 3,272,088
Texas (8.3%)
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1,000,000 Alliance, Arpt. Auth. Rev. Bonds
(American Airlines, Inc.), 7 1/2s,
12/1/29 Caa2 730,040
12,000,000 Bexar Cnty., Hlth. Fac. Dev. Corp. Rev.
Bonds (St. Luke's Hlth. Syst.), FSA,
6.1s, 11/15/23 Aaa 12,525,480
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
2,020,000 Edgewood, Indpt. School Dist. Bexar
Cnty. G.O. Bonds, Ser. A, PSFG, 5s,
2/15/26 Aaa 2,123,343
2,345,000 El Paso, Indpt. School Dist. G.O. Bonds,
Ser. A, PSFG, 5 1/4s, 8/15/21 AAA 2,600,910
750,000 Gateway, Pub. Fac. Corp. Rev. Bonds
(Stonegate Villas Apt.), FNMA Coll.,
4.55s, 7/1/34 Aaa 777,893
610,000 Harris Cnty., Hlth. Fac. Dev. Corp.
Hosp. Rev. Bonds (Memorial Hermann Hlth.
Care Syst.), Ser. A, 5 1/4s, 12/1/18 A2 659,062
3,000,000 Lower Neches Valley Indl. Dev. Swr.
Auth. Rev. Bonds (Mobil Oil Refining
Corp.), 6.4s, 3/1/30 Aaa 3,069,840
2,000,000 San Antonio Wtr. Rev. Bonds, Ser. A,
FSA, 5s, 5/15/32 Aaa 2,068,920
2,000,000 Tomball, Hosp. Auth. Rev. Bonds (Tomball
Regl. Hosp.), 6s, 7/1/29 Baa3 2,021,040
-------------
27,617,298
Utah (0.6%)
-----------------------------------------------------------------------------------------------------------
2,000,000 Salt Lake City, Hosp. Rev. Bonds, AMBAC,
6 3/4s, 5/15/20 AAA 2,011,700
Virginia (2.1%)
-----------------------------------------------------------------------------------------------------------
500,000 Fredericksburg, Indl. Dev. Auth. Rev.
Bonds (Medicorp Hlth. Syst.), Ser. B, 5
1/8s, 6/15/33 A3 510,265
2,500,000 Front Royal & Warren Cnty., Indl. Dev.
Auth. Lease Rev. Bonds (School Cap.
Impt.), Ser. B, FSA, 5s, 4/1/29 Aaa 2,625,425
1,000,000 Henrico Cnty. Econ. Dev. Auth. Rev.
Bonds (United Methodist), Ser. A, 6.7s,
6/1/27 BB+/P 1,060,840
2,500,000 VA College Bldg. Auth. Rev. Bonds
(Washington and Lee U.), MBIA, 5 1/4s,
1/1/26 AAA 2,881,850
-------------
7,078,380
Washington (3.7%)
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4,000,000 Chelan Cnty. Dev. Corp. Rev. Bonds
(Alcoa), 5.85s, 12/1/31 A2 4,132,160
2,250,000 King Cnty., G.O. Bonds, Ser. C, 6 1/4s,
1/1/32 Aa1 2,438,730
1,260,000 Tobacco Settlement Auth. of WA Rev.
Bonds, 6 1/2s, 6/1/26 BBB 1,284,494
4,000,000 WA State G.O. Bonds (Motor Vehicle
Fuel), Ser. B, MBIA, 5s, 7/1/24 Aaa 4,259,320
-------------
12,114,704
West Virginia (0.9%)
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2,000,000 Marshall Cnty., Poll. Control VRDN (OH
Pwr. Co.), Ser. E, 1.95s, 6/1/22 VMIG1 2,000,000
1,300,000 Princeton, Hosp. Rev. Bonds (Cmnty.
Hosp. Assn., Inc.), 6.1s, 5/1/29 B2 1,003,197
-------------
3,003,197
Wisconsin (2.3%)
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Badger Tobacco Settlement Asset
Securitization Corp. Rev. Bonds
2,600,000 7s, 6/1/28 BBB 2,682,134
2,500,000 6 3/8s, 6/1/32 BBB 2,475,775
2,400,000 WI State Hlth. & Edl. Fac. Auth. Rev.
Bonds (Wheaton Franciscan), 5 3/4s,
8/15/30 A2 2,560,343
-------------
7,718,252
-------------
Total Municipal bonds and notes (cost $312,939,704) $329,004,381
Corporate bonds and notes (0.5%) (a) (cost $1,500,000)
-----------------------------------------------------------------------------------------------------------
Principal amount Value
-----------------------------------------------------------------------------------------------------------
$1,500,000 GMAC Muni. Mtge. Trust 144A sub. notes
Ser. A1-2, 4.9s, 2039 $1,501,035
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Total Investments (cost $314,439,704)(b) $330,505,416
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NOTES
(a) Percentages indicated are based on portfolio market value.
(b) The aggregate identified cost on a tax basis is $314,496,370,
resulting in gross unrealized appreciation and depreciation of
$18,553,784 and $2,544,738, respectively, or net unrealized
appreciation of $16,009,046.
(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.
(RES) Restricted, excluding 144A securities, as to public resale. The
total market value of restricted securities held at January 31,
2005 was $850,280 or 0.3% of portfolio market value.
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 and IF COP, 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.
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 fund had the following industry group concentrations greater than
10% at January 31, 2005 (as a percentage of portfolio market value):
Health care 18.5%
Housing 13.7
Utilities 12.3
Water and sewer 11.0
Transportation 10.1
The fund had the following insurance concentrations greater than
10% at January 31, 2005 (as a percentage of portfolio market value):
MBIA 14.7%
FGIC 11.8
FSA 10.8
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.
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.putnamin
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