UBS Global Asset Management
New York, October 10, 2005 -- Investment Grade Municipal Income Fund Inc. (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 $0.055 per share of common stock. The distribution is payable on October 31, 2005 to common shareholders of record as of October 20, 2005. The ex-dividend date is October 18, 2005. 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.
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Portfolio Statistics (% of total portfolio assets) as of September 30, 2005:* Top Ten States Top Five Sectors
------------------------ ---------------------------------------
California 26.4% Power 22.5%
Texas 15.6 Water 21.3
North Carolina 9.7 University 7.3
New York 9.6 Hospital 6.1
Pennsylvania 5.9 Lease 5.5
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Ohio 4.0 Total 62.7%
New Jersey 3.9
Washington 3.3 Characteristics
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Michigan 3.0 Net Asset Value ** $15.66
Nevada 2.5 Market Price ** $13.44
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Total October 2005 dividend
83.9% (per common share) $0.055
Leverage*** 40.37%
Weighted Average Maturity 14.49 yrs.
Credit Quality Weighted Average Duration 4.10 yrs.
------------------------ Weighted Average Coupon 5.17%
AAA/Aaa 59.1%
AA/Aa 14.6 ---------------------------------------
A/A 8.0 Price to Date Maturity/Call Distribution
BBB/Baa 8.6 ----------------------------------------
2005 2.5%
SP1/MIG1 2.5 2006 0.7
Non-Rated 7.2
------------------------ 2007 0.0
Total 100.0% 2008 0.6
2009-2015 20.7
Yields**
------------------------ 2016-2034 75.5
NAV Yield 4.21% ----------------------------------------
Market Yield 4.91% Total 100.0%
* The Fund is actively managed and its portfolio composition will vary over time.
** 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.
*** As a percentage of total assets. Leverage may vary.
View more information on UBS Global Asset Management or other Closed-End Funds.
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