PPM Investment Grade Municipal Income Fund

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 $0.0725 per share of common stock. The dividend is payable on December 31, 2009 to common shareholders of record as of December 24, 2009. The ex-dividend date is December 22, 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.

Fund Commentary for the month of November 2009 from UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the Fund’s investment advisor:

The Barclays Capital Municipal Bond Index generated a 0.83% return in November, outperforming US Treasuries during the month. During this time, AAA and AA rated securities outperformed their A and BBB rated counterparts, as higher-quality bonds performed relatively better overall during the month. At the same time, intermediate maturities outperformed shorter- and longer-term maturity municipals.

On a net asset value return basis, the Fund underperformed its benchmark in November, due to an overweight to longer-term securities (20+ years). Conversely, our underweight to shorter-term maturities benefited Fund performance. From a credit quality perspective, the Fund's overweight to AA rated securities benefited performance, but a significant underweight to AAA rated securities hurt performance during the month.

A slight relative underweight to both the IDR/PCR (industrial development revenue bonds and pollution control revenue bonds) sector and the tobacco sector continued to benefit relative performance. In addition, an overweight to hospitals hurt relative performance. The Fund’s use of leverage benefited results in November.

Disclaimers Regarding Fund Commentary - The Fund Commentary is intended to assist shareholders in understanding how the Fund performed during the month noted. Views and opinions were current as of the date of this press release. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the Fund and UBS Global AM reserve the right to change views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent.

Characteristics as of November 30, 2009:*

Net asset value per common share   $14.39 Market price per common share   $13.80 NAV yield 6.05% Market yield   6.30%

* 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.