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Investment Grade Municipal Income Fund Inc."Dividend Declaration and Updated Price & Yield Information

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^{Published in Business and Finance on Monday, February 9th 2009 at 13:57 GMT, Last Modified on 2009-02-09 13:58:26 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 $0.0650 per share of common stock. The dividend is payable on February 27, 2009 to common shareholders of record as of February 19, 2009. The ex-dividend date is February 17, 2009. The amount of this dividend more closely reflects the current earnings of the Fund. In January, the Fund paid a monthly dividend of $0.0600 per share of common stock. 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.

* 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.