Item 1. Schedule of Investments:
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Putnam Investment Grade Municipal Trust
QUARTERLY PORTFOLIO HOLDINGS
2-28-05
Putnam Investment Grade Municipal Trust
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The fund's portfolio
February 28, 2005 (Unaudited)
KEY TO ABBREVIATIONS
AMBAC -- AMBAC Indemnity Corporation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FNMA Coll. -- Federal National Mortgage Association Collateralized
FSA -- Financial Security Assurance
GNMA Coll. -- Government National Mortgage Association Collateralized
G.O. Bonds -- General Obligation Bonds
IFB -- Inverse Floating Rate Bonds
MBIA -- MBIA Insurance Company
PSFG -- Permanent School Fund Guaranteed
U.S. Govt. Coll. -- U.S. Government Collateralized
VRDN -- Variable Rate Demand Notes
XLCA -- XL Capital Assurance
Municipal bonds and notes (156.7%) (a)
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Principal amount Rating (RAT) Value
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Arizona (1.2%)
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$500,000 AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network),
6 3/8s, 12/1/37 BBB $543,370
1,175,000 Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.),
Ser. A, 7 5/8s, 12/1/29 B-/P 1,250,999
1,000,000 Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds (Scottsdale Hlth. Care), 5.8s,
12/1/31 A3 1,073,780
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2,868,149
Arkansas (3.2%)
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2,530,000 AR Dev. Fin. Auth. Rev. Bonds, Ser. D, GNMA/FNMA Coll., 3s, 1/1/24 AAA 2,564,762
3,000,000 AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington Regl. Med. Ctr.),
7 3/8s, 2/1/29 Baa3 3,356,490
1,000,000 Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19 Aaa 1,024,510
510,000 Northwest Regl. Arpt. Auth. Rev. Bonds, 7s, 2/1/10 BB/P 530,247
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7,476,009
California (17.8%)
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4,000,000 Anaheim, Pub. Fin. Auth. Tax Alloc. Rev. Bonds, MBIA, 4.733s, 12/28/18 Aaa 4,438,000
2,500,000 CA Hlth. Fac. Auth. Rev. Bonds (Sutter Hlth.), Ser. A, MBIA, 5 3/8s, 8/15/30 Aaa 2,624,075
CA State G.O. Bonds
500,000 5 1/8s, 4/1/23 A 530,715
750,000 5.1s, 2/1/34 A 766,485
CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A
1,500,000 6s, 5/1/15 A2 1,728,795
13,000,000 AMBAC, 5 1/2s, 5/1/13 (SEG) Aaa 14,699,745
1,500,000 5 1/2s, 5/1/11 A2 1,671,930
1,000,000 CA State Econ. Recvy. G.O. Bonds, Ser. A, 5s, 7/1/16 Aa3 1,060,530
2,000,000 CA State Econ. Recvy. VRDN, Ser. C-10, 1.86s, 7/1/23 VMIG1 2,000,000
1,750,000 CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB- 1,757,560
1,475,000 Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25 D/P 1,055,481
Golden State Tobacco Securitization Corp. Rev. Bonds
1,000,000 Ser. 03 A-1, 6 1/4s, 6/1/33 BBB 1,022,480
1,500,000 Ser. B, 5 5/8s, 6/1/38 A- 1,623,645
450,000 Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (No. 02-1 Ladera
Ranch), Ser. A, 5.55s, 8/15/33 BBB/P 460,449
4,700,000 Riverside Cnty., Redev. Agcy. Tax Alloc., Ser. A, XLCA, 5s, 10/1/29 Aaa 4,848,943
1,400,000 Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26 BBB-/P 1,468,054
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41,756,887
Colorado (3.8%)
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2,500,000 CO Hlth. Fac. Auth. Rev. Bonds (Hlth. Fac.-Evangelical Lutheran), 3.35s,
10/1/06 A3 2,507,975
CO Springs, Hosp. Rev. Bonds
1,515,000 6 3/8s, 12/15/30 A3 1,674,711
1,485,000 6 3/8s, 12/15/30 (Prerefunded) A3 1,744,400
CO State Hsg. Fin. Auth. Rev. Bonds (Single Fam.)
190,000 Ser. B-2, 7s, 5/1/26 Aa2 195,299
100,000 Ser. B-3, 6.8s, 11/1/28 Aa2 100,520
2,500,000 Denver, City & Cnty. Arpt. Rev. Bonds, MBIA, 5 1/2s, 11/15/25 Aaa 2,638,475
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8,861,380
Connecticut (3.4%)
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8,000,000 CT State Hlth. & Edl. Fac. Auth. VRDN, Ser. U, 1.74s, 7/1/33 VMIG1 8,000,000
Delaware (0.6%)
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GMAC Muni. Mtge. Trust 144A sub. notes
500,000 Ser. A1-3, 5.3s, 10/31/39 A3 495,940
1,000,000 Ser. A1-2, 4.9s, 10/31/39 A3 989,330
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1,485,270
District of Columbia (1.8%)
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4,000,000 DC G.O. Bonds, Ser. B, FSA, 5 1/4s, 6/1/26 Aaa 4,249,480
Florida (3.1%)
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1,500,000 Cap. Trust Agcy. Rev. Bonds (Seminole Tribe Convention), Ser. A, 10s, 10/1/33 B/P 1,710,225
2,395,000 Escambia Cnty., Hlth. Fac. Auth. Rev. Bonds (Baptist Hosp. & Baptist Manor),
5 1/8s, 10/1/19 A3 2,424,411
1,000,000 Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance Cmnty.), Ser. C, 5 1/2s,
11/15/29 BBB- 998,570
2,000,000 Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.),
5 3/8s, 11/15/28 BB 1,849,920
375,000 Okeechobee Cnty., Solid Waste Mandatory Put Bonds (Waste
Management/Landfill), Ser. A, 4.2s, 7/1/09 BBB 379,721
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7,362,847
Georgia (8.9%)
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1,500,000 Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC, 5 5/8s, 1/1/30 Aaa 1,582,485
1,045,000 Atlanta, Waste Wtr. Rev. Bonds, Ser. A, FGIC, 5s, 11/1/38 Aaa 1,140,962
7,000,000 Atlanta, Waste Wtr. VRDN, Ser. C, FSA, 1.8s, 11/1/41 VMIG1 7,000,000
2,300,000 Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.),
4.45s, 12/1/08 A2 2,395,634
5,215,000 Cobb Cnty., Dev. Auth. U. Fac. Rev. Bonds (Kennesaw State U. Hsg.), Ser. A,
MBIA, 5s, 7/15/29 Aaa 5,460,992
300,000 GA Med. Ctr. Hosp. Auth. IFB, MBIA, 10.574s, 8/1/10 Aaa 301,740
1,500,000 Muni. Elec. Auth. Rev. Bonds, AMBAC, 5s, 1/1/26 Aaa 1,593,705
1,280,000 Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev. Bonds (Visay Paper, Inc.),
7.4s, 1/1/16 B+/P 1,308,518
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20,784,036
Illinois (8.8%)
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4,270,000 Chicago, G.O. Bonds, Ser. A, FSA, 5s, 1/1/27 Aaa 4,455,489
2,500,000 Chicago, Board of Ed. G.O. Bonds (School Reform), Ser. A, AMBAC, 5 1/4s,
12/1/27 Aaa 2,647,350
1,580,000 Cook Cnty., Cmnty. G.O. Bonds (Cons. School Dist. No. 64 Pk. Ridge), FSA,
5 1/2s, 12/1/16 Aaa 1,817,885
1,600,000 IL Dev. Fin. Auth. Rev. Bonds (Midwestern U.), Ser. B, 6s, 5/15/26 A- 1,746,960
2,500,000 IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth. Syst./Sunbelt
Obligation), 5.65s, 11/15/24 A 2,622,250
1,945,000 IL U. Rev. Bonds (Auxiliary Fac. Syst.), Ser. A, AMBAC, 5 1/4s, 4/1/19 Aaa 2,197,986
5,000,000 Schaumburg, G.O. Bonds, Ser. B, FGIC, 5s, 12/1/27 Aaa 5,235,350
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20,723,270
Indiana (1.9%)
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800,000 IN Ed. Fac. Fin. Auth. VRDN, 1.8s, 7/1/32 VMIG1 800,000
2,600,000 IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32 Baa1 2,687,100
1,000,000 Rockport, Poll. Control Rev. Bonds (Indiana-Michigan Pwr.), Ser. A, 4.9s,
6/1/25 Baa2 1,029,700
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4,516,800
Iowa (0.9%)
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1,715,000 IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), 9 1/4s, 7/1/25 BBB-/P 2,087,224
Louisiana (1.1%)
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1,500,000 Ernest N. Morial-New Orleans, Exhibit Hall Auth. Special Tax, Ser. A, AMBAC,
5 1/4s, 7/15/21 Aaa 1,627,695
740,000 LA Pub. Fac. Auth. Hosp. Rev. Bonds (Lake Charles Memorial Hosp.), 8 5/8s,
12/1/30 CCC/P 712,687
300,000 Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North Oaks Med. Ctr.), Ser. A, 5s,
2/1/25 A 303,732
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2,644,114
Maine (0.6%)
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1,415,000 ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s, 11/15/27 Aa1 1,474,628
Massachusetts (12.3%)
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10,330,000 MA State G.O. Bonds, Ser. A, MBIA, 5 3/8s, 8/1/08 AAA 11,178,816
2,785,000 MA State Dev. Fin. Agcy. Rev. Bonds (MA Biomedical Research), Ser. C, 6 3/8s,
8/1/17 A1 3,111,931
8,400,000 MA State Hlth. & Edl. Fac. Auth. IFB (Med. Ctr. of Central MA), Ser. B,
AMBAC, 11.37s, 6/23/22 Aaa 10,117,716
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
1,000,000 (Civic Investments), Ser. A, 9s, 12/15/15 BBB-/P 1,148,880
750,000 (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 BBB- 793,418
2,500,000 MA State Hsg. Fin. Agcy. Rev. Bonds (Rental Mtge.), Ser. C, AMBAC, 5 5/8s,
7/1/40 Aaa 2,568,775
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28,919,536
Michigan (4.9%)
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4,300,000 Detroit, Swr. Disp. VRDN, Ser. B, FSA, 1.8s, 7/1/33 VMIG1 4,300,000
1,400,000 Dickinson Cnty., Econ. Dev. Corp. Poll. Control Rev. Bonds (Intl. Paper Co.),
Ser. A, 4.8s, 11/1/18 Baa2 1,418,284
300,000 Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20 Baa3 308,475
MI State Hosp. Fin. Auth. Rev. Bonds
1,000,000 (Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32 A2 1,050,650
1,250,000 (Holland Cmnty. Hosp.), Ser. A, FGIC, 5 3/4s, 1/1/21 A2 1,355,125
1,650,000 MI State Strategic Fund, Ltd. Rev. Bonds (Detroit Edison Poll. Control),
5.65s, 9/1/29 A3 1,726,527
1,210,000 Saginaw Cnty., G.O. Bonds (Healthsource Saginaw, Inc.), MBIA, 5s, 5/1/26 Aaa 1,282,128
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11,441,189
Minnesota (1.9%)
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2,500,000 Cohasset, Poll. Control Rev. Bonds (Allete, Inc.), 4.95s, 7/1/22 A 2,575,175
1,705,000 Minneapolis, Cmnty. Dev. Agcy. Supported Dev. Rev. Bonds, Ser. G-3, 5.45s,
12/1/31 A- 1,794,154
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4,369,329
Mississippi (2.1%)
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525,000 Lowndes Cnty., Solid Waste Disp. & Poll. Control Rev. Bonds (Weyerhaeuser
Co.), Ser. B, 6.7s, 4/1/22 Baa2 626,672
2,750,000 MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.),
5 7/8s, 4/1/22 BBB- 2,763,558
1,385,000 MS Dev. Bk. Special Obligation Rev. Bonds (Jackson, MS), FSA, 5 1/4s, 3/1/21 Aaa 1,575,742
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4,965,972
Missouri (1.7%)
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1,250,000 Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St.
Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/16 A 1,341,450
1,405,000 MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership), GNMA/FNMA Coll., 5.55s,
9/1/34 AAA 1,534,667
1,000,000 MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (BJC Hlth. Syst.), 5 1/4s,
5/15/32 Aa2 1,039,070
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3,915,187
Montana (0.5%)
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1,175,000 Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s,
12/30/08 Aaa 1,240,976
Nevada (2.8%)
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5,105,000 Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s, 7/1/26 Aaa 5,389,349
1,195,000 Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-14), 4 3/4s, 3/1/10 BB-/P 1,211,479
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6,600,828
New Hampshire (0.4%)
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950,000 NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27 Baa2 946,200
New Jersey (6.3%)
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NJ Econ. Dev. Auth. Rev. Bonds
650,000 (Cedar Crest Vlg., Inc.), Ser. A, 7 1/4s, 11/15/31 BB-/P 690,385
1,750,000 (Cigarette Tax), 5 3/4s, 6/15/29 Baa2 1,839,740
5,000,000 (Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27 Aaa 5,242,800
3,100,000 NJ State G.O. Bonds, Ser. F, MBIA, 5 1/2s, 8/1/11 AAA 3,481,579
NJ State Edl. Fac. Auth. Rev. Bonds
750,000 (Fairleigh Dickinson), Ser. C, 6s, 7/1/20 BBB-/F 814,628
1,000,000 (Drew U.), Ser. C, FGIC, 5 1/4s, 7/1/18 Aaa 1,138,110
Tobacco Settlement Fin. Corp. Rev. Bonds
500,000 6 3/4s, 6/1/39 BBB 524,050
1,000,000 (Asset Backed Bonds), 6s, 6/1/37 BBB 991,430
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14,722,722
New Mexico (0.4%)
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1,000,000 Farmington, Poll. Control VRDN (AZ Pub. Service Co.), Ser. B, 1.8s, 9/1/24 VMIG1 1,000,000
New York (14.4%)
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7,780,000 NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09 A2 8,437,254
2,000,000 NY City, Indl. Dev. Agcy. Rev. Bonds (Brooklyn Navy Yard Cogen. Partners),
Ser. G, 5 3/4s, 10/1/36 BBB- 1,948,780
750,000 NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways), 5 1/4s,
12/1/32 BB+ 625,133
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds
2,810,000 Ser. B, 5 3/4s, 6/15/26 AA+ 3,018,362
1,290,000 Ser. B, 5 3/4s, 6/15/26 (Prerefunded) AA+ 1,395,522
2,000,000 NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union
Gas), 6.952s, 7/1/26 A+ 2,142,580
4,000,000 NY State Env. Fac. Corp. Rev. Bonds, 5s, 6/15/32 Aaa 4,170,480
10,500,000 Port. Auth. NY & NJ Special Obligation Rev. Bonds (JFK Intl. Air Term. - 6),
MBIA, 5.9s, 12/1/17 Aaa 11,410,770
650,000 Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic Landing), Ser. A, 8s,
10/1/30 B+/P 697,424
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33,846,305
North Carolina (3.1%)
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NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds
1,000,000 Ser. D, 6 3/4s, 1/1/26 Baa2 1,117,560
2,000,000 Ser. A, 5 3/4s, 1/1/26 Baa2 2,119,140
3,500,000 NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. B, 6 1/2s,
1/1/20 A3 3,953,775
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7,190,475
Ohio (2.5%)
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1,000,000 Brookville, Local School Dist. G.O. Bonds, FSA, 5s, 12/1/31 Aaa 1,040,150
2,000,000 OH State Air Quality Dev. Auth. Rev. Bonds (Toledo Poll. Control), Ser. A,
6.1s, 8/1/27 Baa2 2,088,560
2,500,000 Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded Asset Pooled), Ser. A,
5 3/8s, 1/1/32 A2 2,683,850
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5,812,560
Oklahoma (0.5%)
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1,050,000 OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care Syst.), Ser. A, U.S.
Govt. Coll., 5 5/8s, 8/15/29 AAA 1,166,697
Oregon (0.5%)
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1,000,000 OR State Hsg. & Cmnty. Svcs. Dept. Rev. Bonds (Single Family Mtg.), Ser. K,
5 5/8s, 7/1/29 Aa2 1,062,930
Pennsylvania (5.4%)
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1,110,000 Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s,
5/1/10 BBB- 1,192,873
1,500,000 Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.), 5 1/2s, 3/15/26 A 1,573,860
1,000,000 Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth.
Network), Ser. A, 5 1/4s, 7/1/32 A2 1,024,770
1,000,000 PA Econ. Dev. Fin. Auth. Rev. Bonds (Amtrak), Ser. A, 6 3/8s, 11/1/41 A3 1,039,140
PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds
750,000 (Colver), Ser. E, 8.05s, 12/1/15 BBB-/P 770,235
750,000 (Northampton Generating), Ser. A, 6.6s, 1/1/19 BBB- 757,493
1,045,000 PA State Higher Edl. Fac. Auth. Rev. Bonds (Philadelphia College of
Osteopathic Med.), 5s, 12/1/08 A 1,104,022
5,000,000 Philadelphia, School Dist. G.O. Bonds, Ser. D, FGIC, 5s, 6/1/27 Aaa 5,256,550
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12,718,943
Puerto Rico (2.5%)
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5,000,000 Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. B, 6s, 7/1/39 A 5,757,250
South Carolina (2.8%)
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2,515,000 Florence Cnty., Hosp. Rev. Bonds (McLeod Regl. Med. Ctr.), Ser. A, FSA,
5 1/4s, 11/1/23 Aaa 2,754,177
1,000,000 SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32 Aaa 1,196,670
600,000 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth. Alliance),
Ser. A, 7 3/8s, 12/15/21 Baa2 728,784
1,750,000 SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/28 BBB 1,787,713
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6,467,344
South Dakota (0.9%)
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2,000,000 SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32 BBB 2,051,000
Tennessee (4.9%)
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Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States
Hlth.)
3,000,000 Ser. A, 7 1/2s, 7/1/25 BBB+ 3,550,500
7,000,000 Ser. A, MBIA, 6s, 7/1/21 Aaa 7,822,010
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11,372,510
Texas (9.2%)
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2,500,000 Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 6 3/8s, 4/1/21 Baa2 2,637,175
4,525,000 Columbus, Indpt. School Dist. G.O. Bonds, PSFG, 5 1/8s, 8/15/29 Aaa 4,765,594
500,000 Comal Cnty., Hlth. Fac. Dev. Corp. Rev. Bonds (Hlth. Care Syst. - McKenna
Memorial), Ser. A, 6 1/4s, 2/1/32 Baa2 517,285
2,905,000 Conroe, Indpt. School Dist. G.O. Bonds (School House), PSFG, 5s, 2/15/26 Aaa 3,039,298
1,135,000 Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds (American
Airlines, Inc.), 6 3/8s, 5/1/35 Caa2 712,973
750,000 Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas Apt.), FNMA Coll.,
4.55s, 7/1/34 Aaa 774,143
1,250,000 Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24 Baa2 1,326,275
1,500,000 Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann Hlth. Care), Ser. A,
6 3/8s, 6/1/29 A2 1,660,275
1,335,000 Montgomery Cnty., G.O. Bonds (Library), Ser. B, AMBAC, 5s, 3/1/26 Aaa 1,391,230
1,500,000 Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21 Baa2 1,616,115
1,360,000 Socorro, Indpt. School Dist. G.O. Bonds, PSFG, 5s, 8/15/29 Aaa 1,413,965
1,700,000 Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.), 6s, 7/1/19 Baa3 1,736,567
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21,590,895
Utah (7.0%)
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1,000,000 Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw Env.), Ser. A, 7.45s,
7/1/17 BB-/P 1,035,360
500,000 Tooele Cnty., Harbor & Term. Dist. Port Fac. Rev. Bonds (Union Pacific),
Ser. A, 5.7s, 11/1/26 Baa2 519,655
675,000 UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s, 11/1/17 Baa1 729,601
UT State Pwr. Supply Rev. Bonds (Intermountain Pwr. Agcy.), Ser. A, MBIA
4,720,000 6.15s, 7/1/14 Aaa 5,028,310
8,280,000 6.15s, 7/1/14 (Prerefunded) Aaa 8,965,832
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16,278,758
Vermont (0.4%)
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1,000,000 VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s, 5/1/29 Aaa 1,015,350
Virginia (0.9%)
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2,000,000 Prince William Cnty., Indl. Dev. Auth. Hosp. Rev. Bonds (Potomac Hosp.
Corp.), 5.35s, 10/1/36 A3 2,068,520
Washington (1.1%)
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2,420,000 Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s, 6/1/26 BBB 2,513,436
West Virginia (6.7%)
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7,500,000 Econ. Dev. Auth. Lease Rev. Bonds (Correctional Juvenile Safety), Ser. A,
MBIA, 5s, 6/1/29 Aaa 7,832,475
1,545,000 Marshall Cnty., Poll. Control VRDN (OH Pwr. Co.), Ser. E, 1.82s, 6/1/22 VMIG1 1,545,000
6,000,000 West Virginia U. Rev. Bonds (Impt. West VA. U.), Ser. C, FGIC, 5s, 10/1/26 Aaa 6,317,040
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15,694,515
Wisconsin (3.5%)
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Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds
1,800,000 7s, 6/1/28 BBB 1,909,692
3,500,000 6 3/8s, 6/1/32 BBB 3,561,425
2,500,000 WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s,
8/15/30 A2 2,650,275
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8,121,392
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Total Investments (cost $349,150,124) (b) $367,140,913
================================================================================================================================
Putnam Investment Grade Municipal Trust
Futures contracts outstanding at February 28, 2005 (Unaudited)
Unrealized
Aggregate Expiration appreciation/
Number of contracts Value face value date (depreciation)
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74 U.S. Treasury Bond (Long) $8,313,438 $8,373,675 Jun-05 $(60,237)
186 U.S. Treasury Note 5yr (Short) 20,009,531 20,134,786 Jun-05 125,255
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$65,018
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NOTES
(a) Percentages indicated are based on net assets of $234,279,885.
(RAT) The Moody's, Standard & Poor's or Fitch 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 $349,150,124,
resulting in gross unrealized appreciation and depreciation of $19,067,033
and $1,076,244, respectively, or net unrealized appreciation of
$17,990,789.
(SEG) A portion of this security was pledged and segregated with the
custodian to cover margin requirements for futures contracts at February
28, 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 rates shown on VRDN and Mandatory Put Bonds are the current interest
rates at February 28, 2005.
The dates shown on Mandatory Put Bonds are the next mandatory put dates.
The rates shown on IFB, which are securities paying interest rates that
vary inversely to changes in the market interest rates, are the current
interest rates at February 28, 2005.
The fund had the following industry group concentrations greater than 10%
at February 28, 2005 (as a percentage of market value):
Health care 20.7%
Utilities and power 17.1
The fund had the following insurance concentrations greater than 10% at
February 28, 2005 (as a percentage of market value):
MBIA 17.4%
AMBAC 10.4
Security valuation Tax-exempt bonds and notes are valued at fair value on
the basis of valuations provided by an independent pricing service,
approved by the Trustees. Such services use information with respect to
transactions in bonds, quotations from bond dealers, market transactions
in comparable securities and various relationships between securities in
determining value. Other investments are valued at fair value following
procedures approved by the Trustees. Such valuations and procedures are
reviewed periodically by the Trustees.
Futures and options contracts The fund may use futures and options
contracts to hedge against changes in the values of securities the fund
owns or expects to purchase. The fund may also write options on
securities it owns or in which it may invest to increase its current
returns.
The potential risk to the fund is that the change in value of futures and
options contracts may not correspond to the change in value of the hedged
instruments. In addition, losses may arise from changes in the value of
the underlying instruments, if there is an illiquid secondary market for
the contracts, or if the counterparty to the contract is unable to
perform. Risks may exceed amounts recognized on the statement of assets
and liabilities. When the contract is closed, the fund records a realized
gain or loss equal to the difference between the value of the contract at
the time it was opened and the value at the time it was closed. Realized
gains and losses on purchased options are included in realized gains and
losses on investment securities. If a written call option is exercised,
the premium originally received is recorded as an addition to sales
proceeds. If a written put option is exercised, the premium originally
received is recorded as a reduction to cost of investments.
Futures contracts are valued at the quoted daily settlement prices
established by the exchange on which they trade. The fund and the broker
agree to exchange an amount of cash equal to the daily fluctuation in the
value of the futures contract. Such receipts or payments are known as
"variation margin." Exchange-traded options are valued at the last sale
price, or if no sales are reported, the last bid price for purchased
options and the last ask price for written options. Options traded
over-the-counter are valued using prices supplied by dealers. Futures and
written option contracts outstanding at period end, if any, are listed
after the fund's portfolio.
For additional information regarding the fund please see the fund's most
recent annual or semiannual shareholder report filed on the Securities and
Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual
Investor Web site at www.putnaminvestments.com
Item 2. Controls and Procedures:
--------------------------------
(a) The registrant's principal executive officer and principal
financial officer have concluded, based on their evaluation of the
effectiveness of the design and operation of the registrant's
disclosure controls and procedures as of a date within 90 days of
the filing date of this report, that the design and operation of
such procedures are generally effective to provide reasonable
assurance that information required to be disclosed by the registrant
in this report is recorded, processed, summarized and reported within
the time periods specified in the Commission's rules and forms.
(b) Changes in internal control over financial reporting:
Not applicable
Item 3. Exhibits:
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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