Investment Grade Municipal Income Fund Inc. Announces Preliminary Results of Special Meeting of Stockholders

Investment Grade Municipal Income Fund Inc. (the "Fund") (NYSE: PPM) today announced the results of its special meeting of stockholders (“Special Meeting”), subject to a final tabulation and certification of the votes by IVS Associates, Inc., which is serving as the independent inspector of the election.

On February 23, 2010, the holders of the Fund’s common stock and auction preferred stock (“APS”) were asked to consider and vote together upon a proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the “Liquidation Proposal”). The preliminary results indicate that the Liquidation Proposal has received greater than the required vote of a majority of the votes entitled to be cast at the meeting. Approximately 55% of the Fund’s shares (common and preferred) voted “FOR” the Liquidation Proposal according to the preliminary vote tally.

As a result, the Fund will no longer seek to attain its investment objective, and will proceed to convert all portfolio securities of the Fund to cash or cash equivalents and to determine and pay (or set aside) the amount of all known or reasonably ascertainable claims and obligations of the Fund pursuant to (and in order to start implementing) the Plan of Liquidation. The Fund will announce final voting results of the Special Meeting by press release along with further information regarding the upcoming liquidation and dissolution of the Fund when this information is available, expected within a week or so.

Investment Grade Municipal Income Fund (NYSE:PPM)
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