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Investment Grade Municipal Income Fund Inc."Dividend Declaration and Portfolio Statistics

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^{Published in Business and Finance on Monday, January 12th 2009 at 15:10 GMT, Last Modified on 2009-01-12 15:11:43 by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Investment Grade Municipal Income Fund Inc. (the "Fund") (NYSE: PPM), a closed-end management investment company normally investing substantially all of its assets in a diversified portfolio of tax-exempt municipal obligations, with common and preferred shares outstanding, today announced that the Fund's Board of Directors has declared a dividend from net investment income of $0.0600 per share of common stock. The dividend is payable on January 30, 2009 to common shareholders of record as of January 22, 2009. The ex-dividend date is January 20, 2009. Under normal circumstances, the Fund invests at least 80% of its net assets in investment grade municipal obligations, the income from which is exempt from regular federal income tax.

¹ The Fund is actively managed and its portfolio composition will vary over time.

² Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end market price.

³ Credit quality ratings shown are based on those assigned by Standard & Poor's ("S&P"), a division of The McGraw-Hill Companies, Inc. S&P is an independent rating agency.

⁴ Weighted by par.

⁵ Includes leverage attributable to both the Fund's Auction Preferred Shares and the Tender Option Bond Program as a percentage of total assets. Leverage may vary.