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Proc-Type: 2001,MIC-CLEAR
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Item 1. Security and Issuer.
Common Stock
Karpus Management, Inc. By: /s/ Name: Sharon L. Thornton Title: Senior Director of Investments Date: July 14, 2008
July 11, 2008 Mark F. Kemper, Vice President and Secretary Investment Grade Municipal Income Fund UBS Global Asset Management (Americas) Inc. 51 West 52nd Street New York, New York 10019-6114 Re: Investment Grade Municipal Income Fund Mr. Kemper:Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus") represents beneficial ownership of 1,063,685 shares or 10.27% of the outstanding common shares of Investment Grade Municipal Income Fund ("PPM" or the "Fund"). Karpus intends to present the following proposal at the 2009 annual meeting, anticipated to be held in January 2009 (the "Meeting"):
Sincerely, Sharon L. Thornton Senior Director of Investments-----END PRIVACY-ENHANCED MESSAGE-----