Item 1. Schedule of Investments:
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Putnam Municipal Opportunities Trust
QUARTERLY PORTFOLIO HOLDINGS
7-31-04
[LOGO OMITTED: scales]
Putnam Municipal Opportunities Trust
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The fund's portfolio (unaudited)
July 31, 2004
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 (100.0%) (a)
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Principal amount Rating (RAT) Value
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Alabama (2.9%)
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Jefferson Cnty., Swr. Rev. Bonds
$7,000,000 Ser. D, FGIC, 5 3/4s, 2/1/27 Aaa $7,665,000
325,000 Ser. A, FGIC, 5s, 2/1/41 Aaa 358,719
1,175,000 Ser. A, FGIC, U.S. Govt. Coll., 5s,
2/1/41 Aaa 1,286,625
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9,310,344
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 766,875
950,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds
(Casa Grande Regl. Med. Ctr.), Ser. A, 7
5/8s, 12/1/29 B-/P 984,438
485,000 Cochise Cnty., Indl. Dev. Auth. Rev.
Bonds (Sierra Vista Cmnty. Hosp.), Ser.
A, 6 3/4s, 12/1/26 BB+/P 488,031
1,300,000 Scottsdale, Indl. Dev. Auth. Rev. Bonds
(Westminster Village), 7 7/8s, 6/1/09 AAA/P 1,393,106
-------------
3,632,450
Arkansas (1.2%)
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2,815,000 AR Dev. Fin. Auth. Rev. Bonds, Ser. D,
GNMA/FNMA Coll., 3s, 1/1/24 AAA 2,839,631
1,000,000 Northwest Regl. Arpt. Auth. Rev. Bonds,
7 5/8s, 2/1/27 BB/P 1,077,500
-------------
3,917,131
California (12.1%)
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CA State G.O. Bonds
500,000 5 1/8s, 4/1/23 A3 510,625
750,000 5.1s, 2/1/34 A3 739,688
CA State Dept. of Wtr. Resources Rev.
Bonds, Ser. A
2,000,000 6s, 5/1/15 A2 2,247,500
2,000,000 AMBAC, 5 1/2s, 5/1/16 Aaa 2,207,500
CA State Econ. Recvy. G.O. Bonds, Ser. A
500,000 FGIC, 5 1/4s, 7/1/14 Aaa 555,625
1,000,000 5s, 7/1/16 Aa3 1,046,250
1,750,000 CA Statewide Cmnty. Dev. Auth. COP (The
Internext Group), 5 3/8s, 4/1/30 BBB- 1,634,063
4,000,000 Chula Vista COP, MBIA, 5s, 8/1/32 Aaa 3,990,000
1,475,000 Gilroy, Rev. Bonds (Bonfante Gardens
Park), 8s, 11/1/25 D/P 1,041,719
3,000,000 Metropolitan Wtr. Dist. IFB (Southern CA
Waterworks), 10.171s, 8/10/18 Aa2 3,982,500
2,000,000 Sacramento, City Unified School Dist.
G.O. Bonds (Election 1999), Ser. D, FSA,
5s, 7/1/28 Aaa 2,000,000
5,000,000 San Bernardino Cnty., COP (Med. Ctr.
Fin.), Ser. A, MBIA, 6 1/2s, 8/1/17 Aaa 6,156,250
San Diego Cnty., IF COP, AMBAC
3,000,000 9.87s, 9/1/12 Aaa 3,798,750
3,000,000 9.62s, 9/1/07 Aaa 3,592,500
2,500,000 San Jose, Redev. Agcy. Tax Alloc. Bonds
(Merged Area Redev. Project), MBIA, 5s,
8/1/32 Aaa 2,493,750
3,000,000 Santa Rosa, Waste Wtr. Rev. Bonds, Ser.
B, AMBAC, zero %, 9/1/23 AAA 1,091,250
790,000 Sunnyvale, Cmnty. Fac. Dist. Special Tax
Rev. Bonds, 7.65s, 8/1/21 BB-/P 793,950
1,300,000 Vallejo, COP (Marine World Foundation),
7.2s, 2/1/26 BBB-/P 1,303,250
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39,185,170
Colorado (3.7%)
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7,700,000 CO Pub. Hwy. Auth. Rev. Bonds, MBIA,
zero %, 9/1/33 Aaa 1,501,500
10,000,000 Denver, City & Cnty. Arpt. Rev. Bonds,
Ser. A, MBIA, 5.7s, 11/15/25 Aaa 10,650,000
-------------
12,151,500
Connecticut (1.5%)
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5,000,000 CT State Hlth. & Edl. Fac. Auth. VRDN
(Yale U.), Ser. U2, 0.96s, 7/1/33 VMIG1 5,000,000
District of Columbia (6.0%)
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12,450,000 DC G.O. Bonds, Ser. A, 6s, 6/1/26 A2 13,975,125
5,550,000 DC Wtr. & Swr. Auth. Pub. Util. Rev.
Bonds, 5s, 10/1/28 Aaa 5,501,438
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19,476,563
Florida (1.9%)
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1,750,000 Escambia Cnty., Poll. Control Rev. Bonds
(Champion Intl. Corp.), 6.9s, 8/1/22 Baa2 1,793,750
1,000,000 Lee Cnty., Indl. Dev. Auth. Rev. Bonds
(Alliance Cmnty. Project), Ser. C, 5
1/2s, 11/15/29 BBB- 937,500
600,000 Miami Beach, Hlth. Fac. Auth. Hosp. Rev.
Bonds (Mount Sinai Med. Ctr.), Ser. A,
6.8s, 11/15/31 BB 613,500
2,700,000 Palm Coast, Util. Syst. Rev. Bonds,
MBIA, 5s, 10/1/33 Aaa 2,696,625
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6,041,375
Georgia (2.7%)
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3,000,000 Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC,
5 5/8s, 1/1/30 Aaa 3,097,500
1,500,000 Burke Cnty., Poll. Control Dev. Auth.
Mandatory Put Bonds (GA Power Co.),
4.45s, 12/1/08 A2 1,563,750
1,400,000 Effingham Cnty., Indl. Dev. Auth. Rev.
Bonds (Pacific Corp.), 6 1/2s, 6/1/31 Ba3 1,422,750
1,215,000 Rockdale Cnty., Dev. Auth. Solid Waste
Disp. Rev. Bonds (Visay Paper, Inc.),
7.4s, 1/1/16 BB+/P 1,254,901
1,500,000 Savannah, Econ. Dev. Auth. Poll. Control
Rev. Bonds (Intl. Paper Co.), Ser. A,
5.1s, 8/1/14 Baa2 1,546,875
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8,885,776
Hawaii (0.4%)
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1,225,000 HI State Hsg. Fin. & Dev. Corp. Rev.
Bonds, Ser. A, FNMA Coll., 5 3/4s,
7/1/30 Aaa 1,251,031
Illinois (3.9%)
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6,520,000 IL Hsg. Dev. Auth. Multi-Fam. Hsg. Rev.
Bonds, Ser. 91-A, 8 1/4s, 7/1/16 A1 6,646,358
1,950,000 IL State G.O. Bonds, MBIA, 5 1/2s,
8/1/17 AAA 2,198,625
3,000,000 Metropolitan Pier & Exposition Auth.
Rev. Bonds (McCormick Place Convention),
7s, 7/1/26 Aaa 3,840,000
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12,684,983
Indiana (3.0%)
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3,000,000 Fairfield, School Bldg. Corp. Ind. Rev.
Bonds, FGIC, 5s, 7/15/24 AAA 3,041,250
3,000,000 IN State Dev. Fin. Auth. Env. Impt. Rev.
Bonds (USX Corp.), 5.6s, 12/1/32 Baa1 3,000,000
2,500,000 Indianapolis, Arpt. Auth. Rev. Bonds
(Federal Express Corp.), 5.1s, 1/15/17 Baa2 2,531,250
1,300,000 Rockport, Poll. Control Mandatory Put
Bonds (Indiana Michigan Pwr. Co.), Ser.
C, 2 5/8s, 10/1/06 Baa2 1,288,625
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9,861,125
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 1,154,913
Louisiana (1.0%)
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2,000,000 LA Local Govt. Env. Fac. Cmnty. Dev.
Auth. Rev. Bonds (St. James Place), Ser.
A, 8s, 11/1/19 B-/P 1,305,000
2,000,000 Port of New Orleans, Indl. Dev. Rev.
Bonds (Continental Grain Co.), 7 1/2s,
7/1/13 BB- 2,044,680
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3,349,680
Maine (0.2%)
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600,000 Rumford, Solid Waste Disp. Rev. Bonds
(Boise Cascade Corp.), 6 7/8s, 10/1/26 Ba2 612,750
Massachusetts (4.6%)
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MA State Hlth. & Edl. Fac. Auth. Rev.
Bonds
2,515,000 (Rehab. Hosp. Cape & Islands), Ser. A,
U.S. Govt. Coll., 7 7/8s, 8/15/24 AAA/P 2,570,305
1,875,000 (UMass Memorial), Ser. C, 6 1/2s, 7/1/21 Baa2 1,938,281
1,300,000 (Berkshire Hlth. Syst.), Ser. E, 6 1/4s,
10/1/31 BBB+ 1,322,750
1,800,000 (Hlth. Care Syst. Covenant Hlth.), Ser.
E, 6s, 7/1/31 A- 1,845,000
3,685,000 MA State Hsg. Fin. Agcy. Rev. Bonds,
Ser. 53, MBIA, 6.15s, 12/1/29 Aaa 3,777,125
1,000,000 MA State Indl. Fin. Agcy. Rev. Bonds
(1st Mtge. Brookhaven), Ser. A, 7s,
1/1/15 BBB/P 1,023,750
1,000,000 MA State Wtr. Resource Auth. Rev. Bonds,
Ser. J, FSA, 5 1/2s, 8/1/20 Aaa 1,128,750
1,200,000 MA State Wtr. Resource Auth. VRDN
(Multi-Modal), Ser. C, 1.12s, 8/1/20 VMIG1 1,200,000
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14,805,961
Michigan (2.7%)
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4,500,000 Detroit, G.O. Bonds, Ser. A, FGIC, 5s,
7/1/30 Aaa 4,466,250
500,000 MI Higher Ed. Fac. Auth. Rev. Bonds
(Kalamazoo College), 5 1/2s, 12/1/18 A1 530,625
1,000,000 MI State Hosp. Fin. Auth. Rev. Bonds
(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32 A2 1,013,750
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 1,808,813
1,000,000 Midland Cnty., Econ. Dev. Corp. Rev.
Bonds, 6 3/4s, 7/23/09 Ba3 1,037,500
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8,856,938
Mississippi (1.2%)
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1,350,000 Clairborne Cnty., Poll. Control Rev.
Bonds (Syst. Energy Resources, Inc.),
7.3s, 5/1/25 BBB 1,357,628
Mississippi Bus. Fin. Corp. Poll.
Control Rev. Bonds (Syst. Energy
Resources, Inc.)
1,000,000 5.9s, 5/1/22 BBB 1,007,500
1,580,000 5 7/8s, 4/1/22 BBB 1,587,900
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3,953,028
Missouri (1.9%)
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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 1,824,375
2,500,000 MO State Hlth. & Edl. Fac. Auth. Rev.
Bonds (Washington U.), Ser. A, 5s,
2/15/33 Aa1 2,503,125
2,000,000 MO State Hlth. & Edl. Fac. Auth. VRDN
(Christian Brothers), Ser. A, 1.15s,
10/1/32 A-1+ 2,000,000
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6,327,500
Montana (0.4%)
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1,075,000 Forsyth, Poll. Control Mandatory Put
Bonds (Avista Corp.), AMBAC, 5s,
12/30/08 Aaa 1,143,531
Nevada (3.7%)
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3,505,000 Clark Cnty., G.O. Bonds (Pk. & Regl.
Justice Ctr.), FGIC, 5 5/8s, 11/1/19 Aaa 3,829,213
5,000,000 Clark Cnty., Arpt. Rev. Bonds, Ser. A-2,
FGIC, 5 1/8s, 7/1/26 Aaa 5,043,750
3,000,000 Clark Cnty., Indl. Dev. Rev. Bonds
(Southwest Gas Corp.), Ser. A, 6 1/2s,
12/1/33 Baa2 3,022,500
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11,895,463
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 1,442,750
1,250,000 (NH College), 6 3/8s, 1/1/27 BBB- 1,285,938
950,000 NH State Bus. Fin. Auth. Poll. Control
Rev. Bonds, 3 1/2s, 7/1/27 Baa1 941,688
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3,670,376
New Jersey (5.4%)
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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 1,061,250
1,000,000 NJ Econ. Dev. Auth. Special Fac. Rev.
Bonds (Continental Airlines, Inc.), 6
1/4s, 9/15/29 B 731,250
500,000 NJ State Ed. Fac. Auth. Rev. Bonds
(Stevens Inst. of Tech.), Ser. C, 5
1/8s, 7/1/22 BBB+ 505,000
1,840,000 NJ State Edl. Fac. Auth. Rev. Bonds
(Rowan U.), Ser. C, MBIA, 5s, 7/1/23 Aaa 1,888,300
1,400,000 NJ State Edl. Fac. Auth. VRDN (Princeton
U.), Ser. B, MBIA, 1.1s, 7/1/21 VMIG1 1,400,000
10,000,000 Salem Cnty., Indl. Poll Ctrl. Fin. Auth.
Rev. Bonds, 11.858s, 10/1/29 (acquired
10/28/94, cost $9,750,000) (RES) Aaa 10,928,800
1,150,000 Tobacco Settlement Fin. Corp. Rev.
Bonds, 6 3/4s, 6/1/39 BBB 1,033,563
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17,548,163
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 808,725
New York (4.6%)
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1,000,000 Buffalo, G.O. Bonds, Ser. D, FGIC, 5
1/2s, 12/15/13 Aaa 1,117,500
3,000,000 NY City, G.O. Bonds, Ser. C, 5 1/4s,
8/1/11 A2 3,258,750
1,000,000 NY City, City Transitional Fin. Auth.
Rev. Bonds, AMBAC, 5 1/4s, 8/1/15 Aaa 1,085,000
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 2,023,875
700,000 NY City, Indl. Dev. Agcy. Special Fac.
Rev. Bonds (British Airways), 5 1/4s,
12/1/32 BB+ 495,250
1,500,000 NY Cntys., Tobacco Trust III Rev. Bonds,
6s, 6/1/43 BBB 1,331,250
2,000,000 NY State Dorm. Auth. Rev. Bonds, Ser. A,
5 1/2s, 3/15/13 AA 2,230,000
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 835,000
2,500,000 Triborough Bridge & Tunnel Auth. Rev.
Bonds, Ser. A, 5s, 1/1/32 Aa3 2,475,000
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14,851,625
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 2,357,500
2,000,000 AMBAC, 6s, 1/1/18 Aaa 2,360,000
1,500,000 NC State Muni. Pwr. Agcy. Rev. Bonds
(No. 1, Catawba Elec.), Ser. B, 6 1/2s,
1/1/20 Baa1 1,657,500
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6,375,000
Ohio (2.9%)
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5,700,000 Cleveland, Muni. School Dist. G.O.
Bonds, FSA, 5s, 12/1/27 Aaa 5,714,250
1,000,000 Montgomery Cnty., Hosp. Rev. Bonds
(Kettering Med. Ctr.), 6 3/4s, 4/1/22 A3 1,071,250
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 497,805
2,165,000 Rickenbacker, Port Auth. Rev. Bonds
(OASBO Expanded Asset Pooled), Ser. A, 5
3/8s, 1/1/32 A2 2,159,588
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9,442,893
Oklahoma (0.3%)
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950,000 OK Dev. Fin. Auth. Rev. Bonds (Hillcrest
Hlth. Care), Ser. A, 5 5/8s, 8/15/29 B1 961,875
Pennsylvania (7.6%)
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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 5,268,750
1,350,000 Beaver Cnty., Indl. Dev. Auth. Poll.
Control Mandatory Put Bonds (Cleveland
Elec.), 1.08s, 10/1/08 Baa2 1,334,812
890,000 Carbon Cnty., Indl. Dev. Auth. Rev.
Bonds (Panther Creek Partners), 6.65s,
5/1/10 BBB- 960,086
750,000 Delaware Cnty., Indl. Dev. Auth.
Resource Recvy. Rev. Bonds, Ser. A,
6.1s, 7/1/13 BBB 790,312
4,000,000 Hempfield, Area School Dist. G.O. Bonds
(Westmoreland Cnty.), Ser. A, FGIC, 5
1/4s, 3/15/21 AAA 4,265,000
1,500,000 Lancaster Cnty., Hosp. Auth. Rev. Bonds
(Gen. Hosp.), 5 1/2s, 3/15/26 A- 1,498,125
1,000,000 Lehigh Cnty., Gen. Purpose Auth. Rev.
Bonds (Lehigh Valley Hosp. Hlth.
Network), Ser. A, 5 1/4s, 7/1/32 A2 966,250
100,000 PA Econ. Dev. Fin. Auth. Resource Recvy.
Rev. Bonds (Colver), Ser. D, 7.15s,
12/1/18 BBB- 103,485
3,000,000 PA Econ. Dev. Fin. Auth. Wastewtr.
Treatment Rev. Bonds (Sun Co., Inc.),
Ser. A, 7.6s, 12/1/24 Baa2 3,108,000
3,000,000 PA State Econ. Dev. Fin. Auth. Resource
Recvy. Rev. Bonds (Colver Proj.), Ser.
E, 8.05s, 12/1/15 BBB-/P 3,095,340
1,700,000 Philadelphia, Indl. Dev. Auth. VRDN (Fox
Chase Cancer Ctr.), 1.1s, 7/1/10 VMIG1 1,700,000
1,450,000 Sayre, Hlth. Care Fac. Auth. Rev. Bonds
(Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31 A- 1,488,062
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24,578,222
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 164,750
South Carolina (1.7%)
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750,000 Lexington Cnty. Hlth. Svcs. Dist. Inc.
Hosp. Rev. Bonds, 5 1/2s, 5/1/37 A2 744,375
1,250,000 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev.
Bonds (Palmetto Hlth. Alliance), Ser. C,
6s, 8/1/20 Baa2 1,281,250
3,000,000 SC Tobacco Settlement Rev. Mgt. Rev.
Bonds, Ser. B, 6 3/8s, 5/15/30 BBB 2,561,250
1,000,000 Spartanburg Cnty., Solid Waste Disp.
Rev. Bonds (BMW Project), 7.55s, 11/1/24 A1 1,035,370
-------------
5,622,245
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 390,938
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+ 3,186,562
Texas (8.9%)
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2,000,000 Alliance, Arpt. Auth. Rev. Bonds
(American Airlines, Inc.), 7 1/2s,
12/1/29 Caa2 1,400,000
12,000,000 Bexar Cnty., Hlth. Fac. Dev. Corp. Rev.
Bonds (St. Luke's Hlth. Syst.), FSA,
6.1s, 11/15/23 Aaa 12,750,000
1,000,000 Comal Cnty. Hlth. Fac. Dev. Corp. Rev.
Bonds (Hlth. Care Syst. - McKenna
Memorial Project), Ser. A, 6 1/4s,
2/1/32 Baa2 1,003,750
2,345,000 El Paso, Indpt. School Dist. G.O. Bonds,
Ser. A, PSFG, 5 1/4s, 8/15/21 AAA 2,488,630
750,000 Gateway, Pub. Fac. Corp. Rev. Bonds
(Stonegate Villas Apt.), FNMA Coll.,
4.55s, 7/1/34 Aaa 765,937
610,000 Harris Cnty., Hlth. Fac. Dev. Corp.
Hosp. Rev. Bonds (Memorial Hermann Hlth.
Care Syst.), Class A, 5 1/4s, 12/1/18 A2 629,825
2,000,000 Hays, Cons. Indpt. School Dist. G.O.
Bonds, PSFG, 5 1/2s, 8/15/10 Aaa 2,235,000
3,000,000 Lower Neches Valley Indl. Dev. Swr.
Auth. Rev. Bonds (Mobil Oil Refining
Corp.), 6.4s, 3/1/30 Aaa 3,089,490
600,000 North Central TX Hlth. Fac. Dev. Corp.
VRDN (Hosp. Presbyterian Med. Ctr.),
Ser. D, MBIA, 1.08s, 12/1/15 VMIG1 600,000
2,000,000 San Antonio Wtr. Rev. Bonds, Ser. A,
FSA, 5s, 5/15/32 Aaa 1,982,500
2,000,000 Tomball, Hosp. Auth. Rev. Bonds (Tomball
Regl. Hosp.), 6s, 7/1/29 Baa3 1,990,000
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28,935,132
Utah (0.3%)
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1,000,000 Salt Lake City, Hosp. IFB (IHC Hosp.
Inc.), AMBAC, 11.847s, 5/15/20 (acquired
6/06/97, cost $1,168,906) (RES) Aaa 1,006,250
Virginia (1.3%)
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500,000 Fredericksburg, Indl. Dev. Auth. Rev.
Bonds (Medicorp Hlth. Syst.), Ser. B, 5
1/8s, 6/15/33 A3 495,625
1,000,000 Henrico Cnty. Econ. Dev. Auth. Rev.
Bonds (United Methodist), Ser. A, 6.7s,
6/1/27 BB+/P 1,015,000
2,500,000 VA College Bldg. Auth. Rev. Bonds
(Washington and Lee U.), MBIA, 5 1/4s,
1/1/26 AAA 2,656,250
-------------
4,166,875
Washington (3.6%)
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4,000,000 Chelan Cnty. Dev. Corp. Rev. Bonds
(Alcoa), 5.85s, 12/1/31 A2 4,115,000
2,250,000 King Cnty., G.O. Bonds, Ser. C, 6 1/4s,
1/1/32 Aa1 2,475,000
1,265,000 Tobacco Settlement Auth. of WA Rev.
Bonds, 6 1/2s, 6/1/26 BBB 1,184,356
4,000,000 WA State G.O. Bonds (Motor Vehicle
Fuel), Ser. B, MBIA, 5s, 7/1/24 Aaa 4,055,000
-------------
11,829,356
West Virginia (0.3%)
-----------------------------------------------------------------------------------------------------------
1,300,000 Princeton, Hosp. Rev. Bonds (Cmnty.
Hosp. Assn., Inc.), 6.1s, 5/1/29 B2 940,875
Wisconsin (2.2%)
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Badger Tobacco Settlement Asset
Securitization Corp. Rev. Bonds
2,600,000 7s, 6/1/28 BBB 2,476,500
2,500,000 6 3/8s, 6/1/32 BBB 2,125,000
2,400,000 WI State Hlth. & Edl. Fac. Auth. Rev.
Bonds (Wheaton Franciscan), 5 3/4s,
8/15/30 A2 2,469,000
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7,070,500
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Total Municipal bonds and notes (cost $316,954,828) $325,047,574
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Total Investments (cost $316,954,828)(b) $325,047,574
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NOTES
(a) Percentages indicated are based on portfolio market value of $325,047,574.
(b) The aggregate identified cost on a tax basis is $317,011,494
resulting in gross unrealized appreciation and depreciation of
$12,989,842 and $4,953,762, respectively, or net unrealized appreciation
of $8,036,080.
(RAT) The Moody's or Standard & Poor's ratings indicated are believed to
be the most recent ratings available at July 31, 2004 for the securities
listed. Ratings are generally ascribed to securities at the time of
issuance. While the agencies may from time to time revise such ratings,
they undertake no obligation to do so, and the ratings do not necessarily
represent what the agencies would ascribe to these securities at July 31,
2004. Securities rated by Putnam are indicated by "/P".
(RES) Restricted, excluding 144A securities, as to public resale. The
total market value of restricted securities held at July 31, 2004 was
$12,770,050 or 3.9% of portfolio market value.
The rates shown on VRDN and mandatory put bonds are the current interest
rates at July 31, 2004.
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 July 31, 2004.
The fund had the following industry group concentrations greater than 10%
at July 31, 2004 (as a percentage of portfolio market value):
Healthcare 16.8%
Utilities 14.7
Education 10.6
The fund had the following insurance concentrations greater than 10% at
July 31, 2004 (as a percentage of portfolio market value):
MBIA 14.6%
FGIC 10.7
The dates shown on Mandatory Put Bonds are the next mandatory put dates.
Security valuation Tax-exempt bonds and notes are valued at fair value on
the basis of valuations provided by an independent pricing service,
approved by the Trustees. Such services use information with respect to
transactions in bonds, quotations from bond dealers, market transactions
in comparable securities and various relationships between securities in
determining value. Other investments including restricted securities are
valued at fair value following procedures approved by the Trustees. Such
valuations and procedures are reviewed periodically by the Trustees.
For additional information regarding the fund please see the
fund's most recent annual or semi-annual shareholder report filed
on the Securities and Exchange Commission's Web site,
www.sec.gov., or visit Putnam Individual Investor Website at
www.putnaminvestments.com.
Item 2. Controls and Procedures:
--------------------------------
(a) The registrant's principal executive officer and principal
financial officer have concluded, based on their evaluation of the
effectiveness of the design and operation of the registrant's
disclosure controls and procedures as of a date within 90 days of
the filing date of this report, that the design and operation of
such procedures are generally effective to provide reasonable
assurance that information required to be disclosed by the registrant
in this report is recorded, processed, summarized and reported within
the time periods specified in the Commission's rules and forms.
(b) Changes in internal control over financial reporting:
Not applicable
Item 3. Exhibits:
------------------
A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Investment Company Act of 1940, as amended, are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
NAME OF REGISTRANT
By (Signature and Title): /s/ Michael T. Healy
--------------------------
Michael T. Healy
Principal Accounting Officer
Date: September 28, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By (Signature and Title): /s/ Charles E. Porter
---------------------------
Charles E. Porter
Principal Executive Officer
Date: September 28, 2004
By (Signature and Title): /s/ Steven D. Krichmar
---------------------------
Steven D. Krichmar
Principal Financial Officer
Date: September 28, 2004