New York, Nov. 07, 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 November 30, 2005 to common shareholders of record as of November 17, 2005. 
The ex-dividend date is November 15, 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.

Characteristics as of October 31, 2005:* ---------------------------------------------------------------------- Net Asset Value $15.46 Market Price $13.10 ------- NAV Yield 4.27% Market Yield 5.04% ---------------------------------------------------------------------- * 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.

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