a_invgrademuni.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number: (811- 05901 )

Exact name of registrant as specified in charter: Putnam Investment Grade Municipal Trust

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  One International Place 
  Boston, Massachusetts 02110 

Registrant’s telephone number, including area code: (617) 292-1000

Date of fiscal year end: November 30, 2007

Date of reporting period: February 28, 2007

Item 1. Schedule of Investments:


Putnam Investment Grade Municipal Trust       

 
The fund's portfolio       
2/28/07 (Unaudited)       
 
 
Key to abbreviations       
AMBAC -- AMBAC Indemnity Corporation       
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       
PSFG -- Permanent School Fund Guaranteed       
Radian Insd. -- Radian Group Insured       
U.S. Govt. Coll. -- U.S. Government Collateralized       
VRDN -- Variable Rate Demand Notes       
XLCA -- XL Capital Assurance       
 
MUNICIPAL BONDS AND NOTES (160.7%)(a)       
    Principal   
  Rating(RAT)  amount    Value 

Alabama (0.2%)       
Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley       
Med. Ctr.), Ser. A, 6s, 8/1/25  B/P  $400,000  $420,708 

 
Arizona (2.9%)       
AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C.       
Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)  BBB  500,000  572,325 
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande       
Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29  B+/P  1,175,000  1,307,434 
Marana, Impt. Dist. Special Assmt. Bonds (Tangerine       
Farms Road), 4.6s, 1/1/26  Baa1  780,000  784,072 
Phoenix, Indl. Dev. Auth. VRDN (Valley of the Sun       
YMCA), 3.64s, 1/1/31  A-1+  1,871,000  1,871,000 
Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon       
Cmnty. Learning Ctr.), 5.05s, 6/1/25  BBB-  525,000  521,252 
Queen Creek, Special Assmt. Bonds (Impt. Dist. No.       
001), 5s, 1/1/18  Baa2  400,000  414,056 
Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds       
(Scottsdale Hlth. Care), 5.8s, 12/1/31 (Prerefunded)  A3  1,000,000  1,101,150 
      6,571,289 

 
Arkansas (2.4%)       
AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington       
Regl. Med. Ctr.), 7 3/8s, 2/1/29 (Prerefunded)  Baa2  3,000,000  3,301,800 
Independence Cnty., Poll. Control Rev. Bonds (Entergy       
AR, Inc.), 5s, 1/1/21  A-  500,000  513,035 
Jefferson Cnty., Poll. Control Rev. Bonds (Entergy AR,       
Inc.), 4.6s, 10/1/17  A-  355,000  360,201 
Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19  Aaa  760,000  751,792 
Springdale, Sales & Use Tax Rev. Bonds, FSA, 4.05s,       
7/1/26  AAA  500,000  496,670 
      5,423,498 

 
California (22.9%)       
ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC,       
zero %, 8/1/20  Aaa  1,500,000  864,870 
Anaheim, City School Dist. G.O. Bonds (Election       
of 2002), MBIA, zero %, 8/1/26  AAA  2,250,000  983,565 
Anaheim, Pub. Fin. Auth. Tax Alloc. Rev. Bonds, MBIA,       
6.45s, 12/28/18  Aaa  4,000,000  4,170,720 
Azusa, Cmnty. Fac. Dist. Special Tax Bonds (No. 05-1),       
Ser. 05-1, Class 1, 5s, 9/1/27  BB-/P  455,000  463,181 
CA Edl. Fac. Auth. Rev. Bonds (U. of the Pacific), 5s,       
11/1/21  A2  525,000  557,928 
CA Hlth. Fac. Auth. Rev. Bonds (Sutter Hlth.), Ser. A,       
MBIA, 5 3/8s, 8/15/30  Aaa  2,500,000  2,578,450 
CA State G.O. Bonds       
5 1/8s, 4/1/23  A+  500,000  535,290 
5.1s, 2/1/34  A+  750,000  767,175 
CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A       
6s, 5/1/15 (Prerefunded)  Aaa  1,500,000  1,684,935 
AMBAC, 5 1/2s, 5/1/13 (SEG)  Aaa  13,000,000  14,260,350 
5 1/2s, 5/1/11  A1  1,500,000  1,603,635 
CA State Econ. Recvy. G.O. Bonds, Ser. A, 5s, 7/1/16  AA+  1,000,000  1,054,710 
CA Statewide Cmntys., Dev. Auth. COP (The Internext       
Group), 5 3/8s, 4/1/30  BBB  1,750,000  1,785,070 
Cathedral City, Impt. Board Act of 1915 Special Assmt.       
Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35  BB+/P  270,000  273,721 
Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),       
Ser. B, 5s, 12/1/27  A1  640,000  679,296 
Garvey, School Dist. G.O. Bonds (Election of 2004),       
FSA, zero %, 8/1/22  Aaa  1,265,000  660,798 
Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25  B-/P  576,000  528,146 


Golden State Tobacco Securitization Corp. Rev. Bonds       
Ser. 03 A-1, 6 1/4s, 6/1/33  Aaa  1,100,000  1,236,477 
Ser. B, FHLMC Coll., 5 5/8s, 6/1/38 (Prerefunded)  AAA  1,500,000  1,662,105 
Ser. 03 A-1, 5s, 6/1/21  Aaa  410,000  413,186 
Modesto, High School Dist. Stanislaus Cnty., G.O.       
Bonds, Ser. A, FGIC, zero %, 8/1/24  Aaa  1,800,000  864,234 
Newark, Unified School Dist. G.O. Bonds (Election       
of 1997), Ser. D, FSA, zero %, 8/1/21  Aaa  2,360,000  1,291,321 
Orange Cnty., Cmnty. Fac. Dist. Special Tax Bonds (No.       
02-1 Ladera Ranch), Ser. A, 5.55s, 8/15/33  BBB/P  450,000  463,383 
Riverside Cnty., Redev. Agcy. Tax Alloc., Ser. A,       
XLCA, 5s, 10/1/29  Aaa  4,700,000  4,975,984 
Roseville, Special Tax Bonds       
(Cmnty. Fac. Dist. No. 1-Westpark), 5 1/4s, 9/1/19  BB/P  875,000  903,079 
(Cmnty. Fac. Dist. No. 1-Fiddyment Ranch Cmnty. Fac),       
Ser. 1, 5s, 9/1/20  BB/P  255,000  258,654 
Sacramento, Special Tax Bonds (North Natomas Cmnty.       
Fac.), 5s, 9/1/18  BB/P  1,035,000  1,070,242 
Santa Clara Cnty., Fin. Auth. Lease Rev. Bonds       
(Multiple Fac.), Ser. I, AMBAC, 5s, 5/15/20  Aaa  3,000,000  3,262,440 
Silicon Valley, Tobacco Securitization Auth. Rev.       
Bonds (Santa Clara), Ser. A, zero %, 6/1/36  BBB/F  750,000  149,685 
Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26  BBB-/P  1,400,000  1,438,738 
      51,441,368 

 
Colorado (2.5%)       
CO Hlth. Fac. Auth. Rev. Bonds       
(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26  BB-/P  100,000  105,877 
(Evangelical Lutheran), 5 1/4s, 6/1/21  A3  250,000  268,920 
(Evangelical Lutheran), 5 1/4s, 6/1/17  A3  160,000  173,510 
CO Springs, Hosp. Rev. Bonds       
6 3/8s, 12/15/30  A3  1,515,000  1,659,637 
6 3/8s, 12/15/30 (Prerefunded)  A3  1,485,000  1,637,227 
CO State Hsg. Fin. Auth. Rev. Bonds (Single Fam.)       
Ser. B-2 , 7s, 5/1/26  Aa2  65,000  65,306 
Ser. B-3, 6.8s, 11/1/28  Aa2  35,000  35,224 
U. of CO. Enterprise Syst. Rev. Bonds, FGIC, 5s, 6/1/26  Aaa  1,650,000  1,773,140 
      5,718,841 

 
Delaware (0.8%)       
GMAC Muni. Mtge. Trust 144A sub. notes       
Ser. A1-3, 5.3s, 10/31/39  A3  500,000  531,290 
Ser. A1-2, 4.9s, 10/31/39  A3  1,000,000  1,035,430 
New Castle Cnty., Rev. Bonds (Newark Charter School,       
Inc.), 5s, 9/1/30  BBB-  250,000  257,038 
      1,823,758 

 
District of Columbia (1.8%)       
DC G.O. Bonds, Ser. B, FSA, 5 1/4s, 6/1/26  Aaa  4,000,000  4,108,440 

 
Florida (4.6%)       
Connerton West, Cmnty. Dev. Dist. Rev. Bonds, Ser. B,       
5 1/8s, 5/1/16  BB-/P  210,000  212,512 
Escambia Cnty., Hlth. Fac. Auth. Rev. Bonds (Baptist       
Hosp. & Baptist Manor), 5 1/8s, 10/1/19  Baa1  1,895,000  1,934,738 
Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 1/4s,       
6/1/19  BBB+  2,200,000  2,340,558 
Highlands Cnty., Hlth. Fac. Auth. Rev. Bonds       
(Adventist Hlth.), Ser. A, 5s, 11/15/23  A+  300,000  317,088 
Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance       
Cmnty.), Ser. C, 5 1/2s, 11/15/29  BBB-  1,000,000  1,028,520 
Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount       
Sinai Med. Ctr.), 5 3/8s, 11/15/28  BB+  2,000,000  2,041,400 
Okeechobee Cnty., Solid Waste Mandatory Put Bonds       
(Waste Mgt./Landfill), Ser. A, 4.2s, 7/1/09  BBB  375,000  375,146 
Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,       
6 1/4s, 5/1/36  BB-/P  850,000  899,921 
Tern Bay, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser.       
B, 5s, 5/1/15  BB-/P  450,000  451,166 
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,       
5.4s, 5/1/37  BB-/P  175,000  178,337 
Wentworth Estates, Cmnty. Dev. Dist. Special Assmt.       
Bonds, Ser. B, 5 1/8s, 11/1/12  BB-/P  465,000  466,665 
      10,246,051 

 
Georgia (4.4%)       
Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC, 5 5/8s, 1/1/30  Aaa  1,500,000  1,576,125 
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, FGIC,       
5s, 11/1/38 (Prerefunded)  Aaa  1,045,000  1,076,569 
Cobb Cnty., Dev. Auth. U. Fac. Rev. Bonds (Kennesaw       
State U. Hsg.), Ser. A, MBIA, 5s, 7/15/29  Aaa  5,215,000  5,561,589 
GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA, 6.367s,       
8/1/10  Aaa  600,000  601,386 
Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev.       
Bonds (Visay Paper, Inc.), 7.4s, 1/1/16  B+/P  1,110,000  1,114,118 
      9,929,787 

 
Idaho (0.2%)       
ID Hsg. & Fin. Assn. Rev. Bonds (Single Fam. Mtge.),       


Ser. C-2, FHA Insd., 5.15s, 7/1/29  Aaa  375,000  378,338 

 
Illinois (12.4%)       
Chicago, G.O. Bonds, Ser. A, FSA, 5s, 1/1/27  Aaa  4,270,000  4,517,276 
Chicago, Board of Ed. G.O. Bonds (School Reform), Ser.       
A       
AMBAC, 5 1/4s, 12/1/27  Aaa  2,500,000  2,572,975 
FGIC, zero %, 12/1/18  Aaa  5,440,000  3,386,019 
Cook Cnty., Cmnty. G.O. Bonds (Cons. School Dist. No.       
64 Pk. Ridge), FSA, 5 1/2s, 12/1/16  Aaa  1,580,000  1,798,214 
IL Dev. Fin. Auth. Rev. Bonds (Midwestern U.), Ser. B,       
6s, 5/15/26  A-  1,600,000  1,744,304 
IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth.       
Syst./Sunbelt Obligation), 5.65s, 11/15/24       
(Prerefunded)  A2  2,500,000  2,648,400 
IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-1, FSA,       
5s, 1/1/23  Aaa  2,250,000  2,434,455 
IL U. Rev. Bonds (Auxiliary Fac. Syst.), Ser. A,       
AMBAC, 5 1/4s, 4/1/19  Aaa  1,945,000  2,213,955 
Lake Cnty., Cmnty. School Dist. G.O. Bonds (No. 073       
Hawthorn), Ser. 02, FGIC, zero %, 12/1/21  Aaa  950,000  508,925 
Montgomery, Special Assmt. Bonds (Lakewood Creek),       
Radian Insd., 4.7s, 3/1/30  AA  700,000  706,132 
Schaumburg, G.O. Bonds, Ser. B, FGIC, 5s, 12/1/27  Aaa  5,000,000  5,322,800 
      27,853,455 

 
Indiana (1.7%)       
Anderson, Econ. Dev. Rev. Bonds (Anderson U.), 5s,       
10/1/24  BBB-/F  135,000  138,652 
IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX       
Corp.), 5.6s, 12/1/32  Baa1  2,600,000  2,705,794 
Rockport, Poll. Control Rev. Bonds (Indiana-Michigan       
Pwr.), Ser. A, 4.9s, 6/1/25  Baa2  1,000,000  1,001,860 
      3,846,306 

 
Iowa (2.8%)       
IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care       
Initiatives), 9 1/4s, 7/1/25 (Prerefunded)  AAA  1,500,000  1,840,560 
IA State Rev. Bonds (Honey Creek Premier Destination       
Pk.), FSA       
5s, 6/1/27  AAA  1,470,000  1,577,825 
5s, 6/1/26  AAA  1,400,000  1,506,050 
5s, 6/1/25  AAA  1,335,000  1,443,616 
      6,368,051 

 
Kansas (0.1%)       
Lawrence, Hosp. Rev. Bonds (Lawrence Memorial Hosp.),       
5 1/4s, 7/1/21  A3  250,000  270,463 

 
Louisiana (0.9%)       
Ernest N. Morial-New Orleans, Exhibit Hall Auth.       
Special Tax Bonds, Ser. A, AMBAC, 5 1/4s, 7/15/21  Aaa  1,500,000  1,613,040 
LA Pub. Fac. Auth. Rev. Bonds (Pennington Med.       
Foundation), 5s, 7/1/16  A3  400,000  423,340 
      2,036,380 

 
Maine (0.5%)       
ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,       
11/15/27  Aa1  1,085,000  1,099,192 

 
Massachusetts (11.2%)       
MA State Dev. Fin. Agcy. Rev. Bonds (MA Biomedical       
Research), Ser. C, 6 3/8s, 8/1/17  Aa3  2,785,000  3,023,424 
MA State Dev. Fin. Agcy. Higher Ed. Rev. Bonds       
(Emerson College), Ser. A, 5s, 1/1/19  A-  310,000  335,222 
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds       
(Civic Investments/HPHC), Ser. A, 9s, 12/15/15  Ba1  970,000  1,198,076 
(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33  BBB-  750,000  828,413 
(Med. Ctr. of Central MA), AMBAC, 6.55s, 6/23/22  Aaa  16,150,000  16,636,259 
(UMass Memorial), Ser. D, 5s, 7/1/33  Baa2  500,000  512,625 
MA State Hsg. Fin. Agcy. Rev. Bonds (Rental Mtge.),       
Ser. C, AMBAC, 5 5/8s, 7/1/40  Aaa  2,500,000  2,539,725 
      25,073,744 

 
Michigan (3.4%)       
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.       
Ctr.), 6s, 7/1/20  Ba1  75,000  79,433 
MI State Hosp. Fin. Auth. Rev. Bonds       
(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32  A2  1,000,000  1,071,220 
(Holland Cmnty. Hosp.), Ser. A, FGIC, 5 3/4s, 1/1/21  A2  1,250,000  1,362,263 
Ser. A, 5s, 4/15/26  A1  1,775,000  1,867,762 
MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,       
6/1/30  AA+  1,200,000  1,197,576 
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy       
Memorial Hosp. Corp.), 5 3/8s, 6/1/26  Baa3  750,000  792,713 
Saginaw Cnty., G.O. Bonds (Healthsource Saginaw,       
Inc.), MBIA, 5s, 5/1/26  Aaa  1,210,000  1,289,098 
      7,660,065 


Minnesota (2.9%)       
Cohasset, Poll. Control Rev. Bonds (Allete, Inc.),       
4.95s, 7/1/22  A  2,500,000  2,581,975 
Minneapolis, Cmnty. Dev. Agcy. Supported Dev. Rev.       
Bonds, Ser. G-3, U.S. Govt. Coll., 5.45s, 12/1/31       
(Prerefunded)  A+  1,705,000  1,837,342 
MN State Hsg. Fin. Agcy. Rev. Bonds (Res. Hsg.), Ser.       
M, 5 3/4s, 1/1/37  Aa1  500,000  537,925 
Spring Lake Pk., G.O. Bonds (Indpt. School Dist. No.       
016 School Bldg.), Ser. C, FSA, 5s, 2/1/24  Aaa  1,000,000  1,082,600 
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds       
(Healtheast), 6s, 11/15/25  Baa3  350,000  391,682 
      6,431,524 

 
Mississippi (2.4%)       
Lowndes Cnty., Solid Waste Disp. & Poll. Control Rev.       
Bonds (Weyerhaeuser Co.)       
Ser. A, 6.8s, 4/1/22  Baa2  500,000  617,380 
Ser. B, 6.7s, 4/1/22  Baa2  525,000  642,595 
MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.       
Energy Resources, Inc.), 5 7/8s, 4/1/22  BBB-  1,750,000  1,756,160 
MS Dev. Bk. Special Obligation Rev. Bonds (Jackson,       
MS), FSA, 5 1/4s, 3/1/21  Aaa  1,385,000  1,583,512 
MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.       
B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33  Aaa  600,000  620,220 
MS Hosp. Equip. & Fac. Auth. Rev. Bonds (Hosp. South       
Central), 5 1/4s, 12/1/21  BBB+  250,000  267,690 
      5,487,557 

 
Missouri (3.1%)       
Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.       
Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,       
6/1/16  A+  1,250,000  1,349,675 
Jackson Cnty., Special Oblig. Rev. Bonds (Harry S.       
Truman Sports Complex), AMBAC, 5s, 12/1/22  Aaa  2,000,000  2,178,420 
MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (BJC Hlth.       
Syst.), 5 1/4s, 5/15/32  Aa2  1,000,000  1,056,130 
MO State Hsg. Dev. Comm. Mtge. Rev. Bonds       
(Single Fam. Homeowner Loan), Ser. A-2, GNMA Coll.,       
6.3s, 3/1/30  AAA  695,000  712,514 
(Single Fam. Homeowner Loan), Ser. C, GNMA Coll., FNMA       
Coll., 5.6s, 9/1/35  AAA  635,000  671,633 
(Single Fam. Home Ownership Loan), Ser. D, GNMA Coll.,       
FNMA Coll., 5.55s, 9/1/34  Aaa  980,000  1,001,629 
      6,970,001 

 
Nevada (3.8%)       
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s,       
7/1/26  Aaa  5,105,000  5,469,497 
Clark Cnty., Impt. Dist. Special Assmt. Bonds       
(Summerlin No. 151), 5s, 8/1/25  BB/P  700,000  714,910 
Henderson, Local Impt. Dist. Special Assmt. Bonds       
(No. T-16), 5.1s, 3/1/21  BB-/P  1,000,000  1,019,530 
(No. T-17), 5s, 9/1/25  BB/P  225,000  230,508 
(No. T-14), 4 3/4s, 3/1/10  BB/P  1,030,000  1,042,288 
      8,476,733 

 
New Hampshire (0.4%)       
NH State Bus. Fin. Auth. Poll. Control Rev. Bonds,       
3 1/2s, 7/1/27  Baa2  950,000  940,301 

 
New Jersey (6.8%)       
NJ Econ. Dev. Auth. Rev. Bonds       
(Cedar Crest Village, Inc.), Ser. A, 7 1/4s, 11/15/31       
(Prerefunded)  AAA/P  650,000  750,984 
(Cigarette Tax), 5 3/4s, 6/15/29  Baa2  1,750,000  1,910,423 
(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27  Aaa  5,000,000  5,337,300 
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds (Hunterdon       
Med. Ctr.), Ser. B, 5s, 7/1/26  A-  1,000,000  1,057,960 
NJ State Rev. Bonds (Trans. Syst.), Ser. C, AMBAC,       
zero %, 12/15/24  Aaa  4,800,000  2,312,640 
NJ State Edl. Fac. Auth. Rev. Bonds (Fairleigh       
Dickinson), Ser. C, 6s, 7/1/20  BBB-/F  750,000  833,790 
Tobacco Settlement Fin. Corp. Rev. Bonds       
6 3/4s, 6/1/39 (Prerefunded)  AAA  500,000  585,140 
6s, 6/1/37 (Prerefunded)  AAA  1,000,000  1,110,570 
Ser. 1A, 4 1/2s, 6/1/23  BBB  1,500,000  1,477,650 
      15,376,457 

 
New Mexico (1.2%)       
Farmington, Poll. Control VRDN (AZ Pub. Svc. Co.),       
Ser. A, 3.64s, 5/1/24  P-1  1,000,000  1,000,000 
NM Fin. Auth. Rev. Bonds, Ser. A, MBIA, 5s, 6/15/22  Aaa  750,000  813,060 
NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.)       
Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.64s,       
9/1/33  AAA  320,000  329,078 
Ser. F2, Class I, GNMA Coll., FNMA Coll., FHLMC Coll.,       


5.6s, 7/1/38  AAA  500,000  538,230 
      2,680,368 

 
New York (15.3%)       
Metro. Trans. Auth. Dedicated Tax Rev. Bonds, Ser. B,       
MBIA, 5s, 11/15/25  AAA  1,200,000  1,302,612 
NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09  AA-  5,280,000  5,493,787 
NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s,       
7/1/25  Aaa  500,000  534,705 
NY City, Indl. Dev. Agcy. Rev. Bonds       
(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15  B-/P  500,000  532,475 
(Brooklyn Navy Yard Cogen. Partners), Ser. G, 5 3/4s,       
10/1/36  BBB-  2,000,000  2,051,720 
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds       
(British Airways PLC), 5 1/4s, 12/1/32  Ba2  250,000  250,148 
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser.       
D, 5s, 6/15/37  AA+  7,500,000  7,974,750 
NY State Dorm. Auth. Rev. Bonds (NY Methodist Hosp.),       
5 1/4s, 7/1/15  A3  500,000  539,305 
NY State Energy Research & Dev. Auth. Gas Fac. Rev.       
Bonds (Brooklyn Union Gas), 6.952s, 7/1/26  A+  2,000,000  2,038,940 
NY State Env. Fac. Corp. Rev. Bonds, 5s, 6/15/32  Aaa  4,000,000  4,242,680 
NY State Hwy. Auth. Rev. Bonds (Hwy. & Bridge Trust       
Fund), Ser. B, FGIC, 5s, 4/1/17  AAA  3,000,000  3,277,260 
Port. Auth. NY & NJ Special Oblig. Rev. Bonds (JFK       
Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17  Aaa  5,250,000  5,430,180 
Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic       
Landing), Ser. A, 8s, 10/1/30  B+/P  650,000  713,122 
      34,381,684 

 
North Carolina (3.3%)       
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds       
Ser. D, 6 3/4s, 1/1/26  Baa2  1,000,000  1,087,730 
Ser. A, 5 3/4s, 1/1/26  Baa2  2,000,000  2,098,740 
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds (First       
Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22  BB/P  500,000  523,010 
NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba       
Elec.), Ser. B, 6 1/2s, 1/1/20  A3  3,500,000  3,790,675 
      7,500,155 

 
North Dakota (0.4%)       
ND State Board of Higher Ed. Rev. Bonds (U. of ND Hsg.       
& Auxillary Fac.), FSA       
5s, 4/1/21  Aaa  400,000  431,436 
5s, 4/1/19  Aaa  500,000  540,880 
      972,316 

 
Ohio (2.5%)       
Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone       
Container Corp.) 144A, 5 1/8s, 8/1/13  CCC+  600,000  606,660 
OH State Air Quality Dev. Auth. Rev. Bonds (Toledo       
Poll. Control), Ser. A, 6.1s, 8/1/27  Baa2  2,000,000  2,057,920 
Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded       
Asset Pooled), Ser. A, 5 3/8s, 1/1/32  A2  2,500,000  2,849,300 
      5,513,880 

 
Oklahoma (0.5%)       
OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care       
Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29       
(Prerefunded)  Aaa  1,050,000  1,107,162 

 
Oregon (0.6%)       
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds       
(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26  BB-/P  520,000  538,242 
OR State Hsg. & Cmnty. Svcs. Dept. Rev. Bonds (Single       
Family Mtge.), Ser. K, 5 5/8s, 7/1/29  Aa2  765,000  783,169 
      1,321,411 

 
Pennsylvania (5.5%)       
Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.       
Bonds (Ann's Choice, Inc.), Ser. A, 5.4s, 1/1/15  BB/P  530,000  545,174 
Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther       
Creek Partners), 6.65s, 5/1/10  BBB-  870,000  901,207 
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.),       
5 1/2s, 3/15/26 (Prerefunded)  AA-  1,500,000  1,659,870 
Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh       
Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32  A1  1,000,000  1,056,270 
PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.       
Bonds (Northampton Generating), Ser. A, 6.6s, 1/1/19  B+  750,000  761,048 
Philadelphia, Indl. Dev. Auth. VRDN (Fox Chase Cancer       
Ctr.), 3.64s, 7/1/10  P-1  1,000,000  1,000,000 
Philadelphia, School Dist. G.O. Bonds, Ser. D, FGIC,       
5s, 6/1/27  Aaa  5,000,000  5,337,200 
Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie       
Hlth.), Ser. A, 5 7/8s, 12/1/31  A  1,010,000  1,099,769 
      12,360,538 

 
Puerto Rico (2.5%)       


Cmnwlth. of PR, Govt. Dev. Bank Rev. Bonds, Ser. AA,       
5s, 12/1/16  BBB  250,000  270,615 
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser.       
B, 6s, 7/1/39 (Prerefunded)  BBB+  5,000,000  5,421,600 
      5,692,215 

 
South Carolina (3.2%)       
Florence Cnty., Hosp. Rev. Bonds (McLeod Regl. Med.       
Ctr.), Ser. A, FSA, 5 1/4s, 11/1/23  Aaa  2,515,000  2,739,464 
Greenwood Cnty., Hosp. Rev. Bonds (Memorial Hosp.),       
5 1/2s, 10/1/26  A2  750,000  794,310 
SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,       
8/15/32 (Prerefunded)  AAA  1,000,000  1,139,020 
SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds       
(Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21       
(Prerefunded)  BBB+/F  600,000  686,556 
SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B,       
6 3/8s, 5/15/28  BBB  1,750,000  1,878,118 
      7,237,468 

 
South Dakota (1.0%)       
SD Edl. Enhancement Funding Corp. SD Tobacco Rev.       
Bonds, Ser. B, 6 1/2s, 6/1/32  BBB  2,000,000  2,188,760 

 
Tennessee (1.3%)       
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds       
(Mountain States Hlth.), Ser. A, 7 1/2s, 7/1/25  BBB+  2,000,000  2,332,820 
Sullivan Cnty., Hlth. Edl. & Hsg. Hosp. Fac. Board       
Rev. Bonds (Wellmont Hlth. Syst.), Ser. C, 5s, 9/1/22  BBB+  480,000  502,142 
      2,834,962 

 
Texas (9.9%)       
Alliance, Arpt. Auth. Rev. Bonds (Federal Express       
Corp.), 4.85s, 4/1/21  Baa2  1,750,000  1,799,088 
Columbus, Indpt. School Dist. G.O. Bonds, PSFG,       
5 1/8s, 8/15/29  Aaa  4,525,000  4,950,395 
Conroe, Indpt. School Dist. G.O. Bonds (School House),       
PSFG, 5s, 2/15/26  Aaa  2,905,000  3,068,726 
Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas       
Apt.), FNMA Coll., 4.55s, 7/1/34  Aaa  750,000  779,303 
Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann       
Hlth. Care), Ser. A, 6 3/8s, 6/1/29 (Prerefunded)  A+  1,500,000  1,671,945 
Montgomery Cnty., G.O. Bonds (Library), Ser. B, AMBAC,       
5s, 3/1/26  Aaa  1,335,000  1,401,123 
Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21  Baa2  1,500,000  1,600,620 
Snyder, Indpt. School Dist. G.O. Bonds (School Bldg.),       
AMBAC       
5 1/4s, 2/15/24  AAA  1,215,000  1,328,712 
5 1/4s, 2/15/23  AAA  1,150,000  1,259,273 
Socorro, Indpt. School Dist. G.O. Bonds, PSFG, 5s,       
8/15/29  AAA  1,360,000  1,437,819 
Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.),       
6s, 7/1/19  Baa3  1,700,000  1,777,350 
TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds       
(Single Fam.), Ser. F, FHA Insd., 5 3/4s, 3/1/37  AAA  1,000,000  1,071,640 
      22,145,994 

 
Utah (4.2%)       
Intermountain Pwr. Agcy. Rev. Bonds       
Ser. A, MBIA, 6.15s, 7/1/14  Aaa  70,000  71,241 
Ser. A, MBIA, U.S. Govt. Coll., 6.15s, 7/1/14       
(Prerefunded)  Aaa  8,280,000  8,577,418 
UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s,       
11/1/17  Baa1  675,000  713,516 
      9,362,175 

 
Vermont (0.4%)       
VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s,       
5/1/29  Aaa  820,000  826,339 

 
Virgin Islands (0.4%)       
VI Pub. Fin. Auth. Rev. Bonds, FGIC, 5s, 10/1/24  Aaa  750,000  818,490 

 
Virginia (1.6%)       
Prince William Cnty., Indl. Dev. Auth. Hosp. Rev.       
Bonds (Potomac Hosp. Corp.), 5.35s, 10/1/36  A3  2,000,000  2,152,880 
Stafford Cnty., Econ. Dev. Auth. Hosp. Fac. Rev. Bonds       
(Medicorp. Hlth. Syst.), 5 1/4s, 6/15/25  A3  1,250,000  1,340,963 
      3,493,843 

 
Washington (1.6%)       
Everett, Pub. Fac. Dist. Ltd. Sales Tax & Interlocal       
Rev. Bonds, Ser. A, 5s, 12/1/22  A  940,000  1,006,928 
Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s,       
6/1/26  BBB  2,305,000  2,530,821 
      3,537,749 

 
West Virginia (6.4%)       


Econ. Dev. Auth. Lease Rev. Bonds (Correctional       
Juvenile Safety), Ser. A, MBIA, 5s, 6/1/29  Aaa  7,500,000  7,981,425 
West Virginia U. Rev. Bonds (Impt. West VA. U.), Ser.       
C, FGIC, 5s, 10/1/26  Aaa  6,000,000  6,404,640 
      14,386,065 

 
Wisconsin (3.8%)       
Badger Tobacco Settlement Asset Securitization Corp.       
Rev. Bonds       
7s, 6/1/28  BBB  1,800,000  2,002,464 
6 3/8s, 6/1/32  BBB  3,500,000  3,813,180 
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Wheaton       
Franciscan), 5 3/4s, 8/15/30 (Prerefunded)  A3  2,500,000  2,755,200 
      8,570,844 
 
 
TOTAL INVESTMENTS       

Total investments (cost $341,938,318) (b)      $360,884,725 


FUTURES CONTRACTS OUTSTANDING at 2/28/07 (Unaudited)     
 
  Number of    Expiration  Unrealized 
  contracts  Value  date  appreciation 

U.S. Treasury Note 10 yr (Long)  14  $1,520,313  Jun-07  $12,357 


NOTES

(a) Percentages indicated are based on net assets of $224,520,332.

(RAT) The Moody's, Standard & Poor's or Fitch's ratings indicated are believed to be the most recent ratings available at February 28, 2007 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, 2007. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F."

(b) The aggregate identified cost on a tax basis is $341,938,318, resulting in gross unrealized appreciation and depreciation of $19,245,495 and $299,088, respectively, or net unrealized appreciation of $18,946,407.

(SEG) A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at February 28, 2007.

At February 28, 2007, liquid assets totaling $1,520,313 have been designated as collateral for open futures contracts.

144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. 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, 2007.

The dates shown on Mandatory Put Bonds are the next mandatory put dates.

The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.

The fund had the following sector concentrations greater than 10% at February 28, 2007 (as a percentage of net assets):   
 
Health care    37.2% 
Utilities and power    28.4 
Local government    26.2 
Land  10.2 
 
 
The fund had the following insurance concentrations greater than 10% at February 28, 2007 (as a percentage of net assets):   
 
 
AMBAC  23.0% 
FGIC  17.2 
MBIA  16.1 
FSA  12.0 

Security valuation Tax-exempt bonds and notes are generally valued 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. Certain investments are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount.

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, or for other investment purposes. The fund may also write options on swaps or 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 the 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: Effective January 1, 2007, the fund retained State Street Bank and Trust Company ("State Street") as its custodian. Putnam Fiduciary Trust Company, the fund's previous custodian, is managing the transfer of the fund's assets to State Street. This transfer is expected to be completed for all Putnam funds during the first half of 2007, with PFTC remaining as custodian with respect to fund assets until the assets are transferred. Also effective January 1, 2007, the fund's investment manager, Putnam Investment Management, LLC entered into a Master Sub-Accounting Services Agreement with State Street, under which the investment manager has delegated to State Street responsibility for providing certain administrative, pricing, and bookkeeping services for the fund.

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) 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.

Putnam Investment Grade Municipal Trust

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: April 27, 2007

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, 2007

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: April 27, 2007