Dividend Declaration and Portfolio Statistics
UBS Global Asset Management
New York, October 09, 2006 -- 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 $0.0525 per share of common stock. The dividend is payable on October 31, 2006 to common shareholders of record as of October 19, 2006. The ex-dividend date is October 17, 2006. The amount of this dividend more closely reflects the current earnings of the Fund. Previously, the Fund had been paying a monthly dividend of $0.063 per share of common stock consisting of current and accumulated earnings. 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.
Portfolio statistics as of September 30, 2006(1)
Percentage of total
Top ten states portfolio assets
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California 23.2%
New York 13.6
North Carolina 10.0
New Jersey 9.7
Pennsylvania 6.0
South Carolina 5.4
Indiana 4.5
Texas 4.5
Ohio 4.1
Florida 3.7
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Total 84.7%
Yields(2)
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NAV yield 4.09%
Market yield 4.52%
Top five sectors
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Water 14.7%
University 13.6
Hospital 11.9
Transportation 9.4
Lease 9.3
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Total 58.9%
Credit quality(3)
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AAA 42.1%
AA 26.9
A 15.0
BBB 8.1
BB 0.0
SP1 1.1
Nonrated 6.8
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Total 100.0%
Characteristics
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Net asset value(2) $15.39
Market price(2) $13.95
Weighted average maturity 16.42 years
Weighted average duration 5.08 years
Weighted average coupon 5.18%
Subject to Alternative Minimum Tax (AMT) 9.51%
Leverage(4) 40.78%
Price to date maturity/call distribution
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2006 1.1%
2007 0.0
2008 0.6
2009 1.0
2010 2.9
2011-2016 8.9
2017-2036 85.5
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Total 100.0%
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(1) The Fund is actively managed and its portfolio composition will vary over time.
(2) 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.
(3) Credit quality ratings shown are based on those assigned by Standard & Poor's ("S&P"), a division of The McGraw-Hill Companies, Inc. S&P is an independent rating agency.
(4) As a percentage of total assets. Leverage may vary.
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