Investment Grade Municipal Income Fund Inc. Announces Final Results of Special Meeting of Stockholders & Further Information ...

Investment Grade Municipal Income Fund Inc. (the "Fund") (NYSE: PPM) today announced the final results of its special meeting of stockholders (“Special Meeting”). The results reflect the final tabulation of the votes by IVS Associates, Inc., which served 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 Liquidation Proposal received greater than the required vote of a majority of the votes entitled to be cast at the Special Meeting. 55.35% of the holders of stock present in person or by proxy voted “FOR” the Liquidation Proposal, 3.85% voted “AGAINST” and 1.27% abstained.

As a result of the approval of the Liquidation Proposal by stockholders, the Plan of Liquidation became effective as of February 23, 2010. The Fund is in the process of converting all portfolio securities of the Fund to cash or cash equivalents, and determining and paying (or setting aside) the amount of all known or reasonably ascertainable claims and obligations of the Fund.

As soon as reasonably practicable and believed consistent with the orderly liquidation of the Fund’s portfolio, the Fund will (1) redeem in full its outstanding auction preferred stock (“APS”) and pay APS holders their liquidation preference of $50,000 per share (plus accumulated but unpaid dividends up to and including the date of redemption); and (2) pay a final liquidating distribution to common stockholders consisting of a pro rata portion of the remaining assets of the Fund (plus accumulated but unpaid dividends up to and including the record date for the distribution). The timing of the redemption of APS and the final liquidating distribution to common stockholders will be announced in a future press release, but is likely going to be by no later than May 10, 2010.

Pursuant to the Plan of Liquidation, the Board of Directors of the Fund has established a “Cessation Date” of May 5, 2010, on which the books of the Fund will be closed with respect to common stockholders. Effective the business day following the Cessation Date, the Fund’s common shares will not be transferable, and it is anticipated that trading in Fund shares on the New York Stock Exchange will cease. The Cessation Date may be extended if necessary or appropriate in connection with the orderly liquidation of the Fund or to protect the interests of Fund stockholders. All common stockholders as of the close of business on the Cessation Date are entitled to receive a liquidating distribution. Additional details regarding the liquidation will be provided by mail to all Fund stockholders.

Investment Grade Municipal Income Fund (NYSE:PPM)
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