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

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.

Portfolio statistics as of December 31 , 20081
Top ten states/commonwealths Percentage of total investments
California 15.0%
Illinois 10.3
New York 9.4
Texas 8.1
Washington 6.8
Puerto Rico 5.8
South Carolina 5.5
Ohio 5.0
North Carolina 4.0
New Jersey 4.0
Total 73.9%

Portfolio statistics as of December 31, 2008, continued1
Yields2
NAV yield 6.05%
Market yield 7.22%
Top five sectors Percentage of total investments
Hospital 13.0%
University 12.9
Airport 12.8
Power 11.1
Lease 8.0
Total 57.8%
Credit quality3
AAA 12.1%
AA 45.6
A 17.2
BBB 15.5
A-1+ 0.0
Nonrated 9.6
Total 100.0%
Characteristics
Net asset value per share2 $11.91
Market price per share2 $9.97
Weighted average maturity 12.78 years
Weighted average modified duration 7.11 years
Weighted average coupon4 5.24%
Subject to Alternative Minimum Tax (AMT) 17.21%
Leverage5 44.7%
Stated maturity schedule Percentage of total investments
2009 0.0%
2010 0.0
2011 0.0
2012 1.1
2013 0.9
2014-2024 61.6
2025-2045 36.4
Total 100.0%

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.

UBS Global Asset Management
Closed-End Funds Desk, 888-793 8637

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