Investment Grade Municipal Income Fund Inc. Reports Earnings

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 its performance for the fiscal first quarter ended December 31, 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.

For the first quarter ended December 31, 2009, the Fund's earnings from net investment income were $2,479,693, equal to $0.24 per common share. After dividends paid to preferred shareholders, the Fund’s earnings from net investment income available to common shareholders were $2,393,008, equal to $0.23 per common share. Total net realized and unrealized losses from investment activities were ($5,857,108), equal to ($0.57) per common share, for the same period. This compares to earnings from net investment income of $2,506,358, equal to $0.24 per common share before dividends paid to preferred shareholders; $1,787,197, equal to $0.17 per common share after dividends paid to preferred shareholders; and total net realized and unrealized losses from investment activities of ($8,428,473), equal to ($0.81) per common share, for the first quarter ended December 31, 2008.

On December 31, 2009, net assets of the Fund applicable to common and preferred shareholders were $230,213,703. Net assets applicable to common shareholders were $150,213,703. The net asset value per common share was $14.50, based on 10,356,667 common shares outstanding, which represents an increase of 21.75% from the net asset value per common share of $11.91, ($123,377,372 applicable to 10,356,667 common shares outstanding) on December 31, 2008.