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

Business Wire,  July 14, 2008  

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NEW YORK -- 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 $0.0575 per share of common stock. The dividend is payable on July 31, 2008 to common shareholders of record as of July 24, 2008. The ex-dividend date is July 22, 2008. 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 June 30 , 20081



Top ten states/commonwealths                Percentage of total investments

California                                                            16.5%

Texas                                                                  11.7

Illinois                                                                9.8

New York                                                                7.9

Ohio                                                                    7.2

Washington                                                              5.9

South Carolina                                                          5.4

Puerto Rico                                                             4.9

Florida                                                                 4.0

Indiana                                                                 3.8

Total                                                                 77.1%
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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 As a percentage of total assets. Leverage may vary.

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