SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Putnam Investment Grade Municipal Trust.
(PGM)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
746805100
(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive Notices
and Communications)
January 9, 2006
(Date of Event which requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is subject of this Schedule 13D, and if filing
this schedule because of Rule 13d-1(b) (3) or (4), check the following box. [ ]
(Page 1 of 5 pages)
ITEM 1 Security and Issuer
Common Stock
Putnam Investment Grade Municipal Trust
Putnam Investment Management
One Post Office Square
Boston, MA 02109
ITEM 2 Identity and Background
a) Karpus Management, Inc., d/b/a Karpus Investment Management
(?KIM?)
George W. Karpus, President, Director, and controlling stockholder
JoAnn Van Degriff, Vice President and Director
Sophie Karpus, Director
b) 183 Sullys Trail
Pittsford, New York 14534
c) Principal business and occupation - Investment Management for
individuals, pension, and profit sharing plans, corporations,
endowments, trust, and others, specializing in conservative asset
management (i.e. fixed income investments).
d) None of George W. Karpus, Jo Ann Van Degriff or Sophie Karpus
(?the Principals?) or KIM has been convicted in the past 5 years
of any criminal proceeding (excluding traffic violations).
e) During the last 5 years none of the Principals or KIM has been a
party to a civil proceeding as a result of which any of them is subject
to a judgment, decree, or final order enjoining future violations of or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
f) Each of the Principals is a United States citizen.
KIM is a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated 1,642,490
shares of PGM on behalf of accounts that are managed by KIM (?the
Accounts?) under limited powers of attorney, which represents 7.66%
of the outstanding shares. All funds that have been utilized in making
such purchases are from such Accounts.
ITEM 4 Purpose of Transaction
KIM has purchased Shares for investment purposes. Being primarily a
conservative, fixed income manager, with a specialty focus in the
closed end fund sector, the profile of PGM fit the investment guidelines
for various Accounts. Shares have been acquired since April 20, 2005.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 1,642,490 shares, which
represent 7.66% of the outstanding shares. George W. Karpus presently
owns 44,600 shares purchased on July 6, 2005 at $9.64 (13,450 shares),
July 7 at $9.67 (2500 shares), July 8 and 13 at $9.65 (2250 shares), July 18
at $9.66 (800 shares), December 5 and 8 at $9.35 (23,000) and December
7 at $9.32 (2600 shares). Jo Ann Van Degriff presently owns 6375
purchased on June 20, 2005 at $9.70 (540 shares), June 21 at $9.68 (720
shares), June 23 at $9.66 (200 shares), June 28 at $9.62 (400 shares), June
29 at $9.61 (85 shares), August 12 at $9.58 (1000 shares), November 29 at
$9.30 (620 shares), November 30 at $9.32 (150 shares), December 2 and
19 at $9.33 (700 shares), December 5 at $9.35 (50 shares), December 6 at
$9.36 (50 shares), December 7 and 12 at $9.32 (750 shares), December 13
at $9.34 (150 shares), December 14 at $9.39 (140 shares), December 20 at
$9.23 (100 shares), December 21 at $9.24 (100 shares), December 22 at
$9.31 (100 shares), and December 28 and 29 at $9.37 (520 shares).
Karpus Management, Inc. presently owns 6780 shares purchased on July 5
and 8, 2005 at $9.65 (100 shares), July 6 at $9.64 (300 shares), July 7 at
$9.68 (50 shares), July 18 and 19 at $9.66 (250 shares), July 21 and 26 at $
9.62 (100 shares), August 11 at $9.60 (150 shares), August 16 and 26 at
$9.61 (200 shares), August 17, 25, and 29 at $9.62 (350 shares), August
18 and 30 at $9.63 (150 shares), August 31 at $9.66 (100 shares),
September 28 at $9.53 (50 shares), October 18, 20, and 21 at $9.31 (300
shares), October 19 at $9.35 (150 shares), November 10 at $9.24 (250
shares), November 11 at $9.20 (400 shares), November 14 at $9.14 (350
shares), November 16 at $9.17 (100 shares), November 17 at $9.18 (100
shares), November 21 at $9.21 (50 shares), November 25 at $9.29 (100
shares), November 28 at $9.30 (400 shares), December 6 and 27 at $9.36
(900 shares), December 7 at $9.32 (150 shares), December 15 at $9.40 (50
shares), December 16 at $9.41 (250 shares), December 19 at $9.33 (800
shares), December 20 at $9.23 (100 shares), December 23 at $9.30 (100
shares), December 28 at $9.39 (250 shares) and December 29 at $9.37
(180 shares). None of the other Principals of KIM currently owns shares
of PGM.
b) KIM has the sole power to dispose of and to vote all such Shares
under limited powers of attorney.
c) Below are the open market purchases in the last 60 days for the
Accounts. There have been no dispositions and no acquisition, other than
by such open market purchases, during such period.
The Accounts have the right to receive all dividends from, and any proceeds
from the sale of the Shares. None of the Accounts has an interest in Shares
constituting more than 5% of the Shares outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
Except as described above, there are no contracts, arrangement,
understandings or relationships of any kind among the Principals and KIM
and between any of them and any other person with respect to any of the
PGM securities.
ITEM 7 Materials to be Filed as Exhibits
Not applicable
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Karpus Management, Inc.
January 9 , 2006 By: _________________________
Date Signature
DANA R. CONSLER, SENIOR VICE PRESIDENT
Name /Title