<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JULIAN F.SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
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<CIK> 0000890516
<NAME> PW INVESTMENT GRADE MUNICIPAL INCOME FUND INC.
<MULTIPLIER> 1000
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<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 229605
<INVESTMENTS-AT-VALUE> 240649
<RECEIVABLES> 4372
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<SHARES-COMMON-PRIOR> 10357
<ACCUMULATED-NII-CURRENT> 432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (450)
<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
If filing more than one
Page 32, "X" box: |_|
For period ending March 31, 1996
File number 811-7096
77. A. Is the Registrant filing any of the following attachments with the
current filing of Form N-SAR? (ANSWER FOR ALL SERIES AS A
GROUP)_____________________________ Y
Y/N
NOTE: If answer is "Y" (Yes), mark those items below being filed as an
attachment to this form or incorporated by reference.
______
Y/N
B. Accountant's report on internal control ______
-----------------------
C. Matters submitted to a vote of security holders Y
---------------
D. Policies with respect to security investments N
-----------------
E. Legal proceedings N
---------------------------------------------
F. Changes in security for debt N
----------------------------------
G. Defaults and arrears on senior securities N
---------------------
H. Changes in control of Registrant N
------------------------------
I. Terms of new or amended securities N
----------------------------
J. Revaluation of assets or restatement of capital share
account N
-
K. Changes in Registrant's certifying accountant N
-----------------
L. Changes in accounting principles and practices ______
----------------
M. Mergers N
-------------------------------------------------------
N. Actions required to be reported pursuant to Rule 2a-7 N
---------
O. Transactions effected pursuant to Rule 10f-3 N
------------------
P. Information required to be filed pursuant to existing exemptive
orders N
Attachment Information (Cont. On Screen 39)
<PAGE>
If filing more than one
Page 32, "X" box: |_|
For period ending March 31, 1996
File number 811-7096
Attachment Information (Cont. from Screen 38)
77. Q. 1. Exhibits Y
Y/N
2. Any information called for by instructions to
sub-item 77Q2 N
Y/N
3. Any information called for by instructions to
sub-item 77Q3 N
Y/N
SCREEN NUMBER: 39
- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
79. |_| List the "811" numbers and names of Registrant's wholly-owned
investment company subsidiaries consolidated in this report.
811 Number Subsidiary Name
- ---------- -------------------------------------------------------------
<PAGE>
For period ending March 31, 1996 Attachment 77C
--------------
File Number 811-7096
Investment Grade Municipal Income Fund Inc.
An annual meeting of shareholders was held on January 18, 1996, at which the
following proposals were approved for the Fund:
PROPOSAL 1
- ----------
ALL SHARES VOTING TOGETHER
Shares Voted Shares Voted
For Against
--- -------
To vote for or against an amendment to the Fund's 9,850,448.32 383,286.455
Articles of Incorporation to change the name of
the Fund from "PaineWebber Premier Tax-Free Income
Fund Inc." to "Investment Grade Municipal Income
Fund Inc."
PROPOSAL 2
- ----------
ALL SHARES VOTING TOGETHER
Shares Voted Shares Withhold
To vote for or against the election of Directors For Authority
--- ---------
Richard Q. Armstrong 9,860,275.133 158,916.646
E. Garrett Bewkes, Jr. 9,871,507.075 147,684.704
Richard R. Burt 9,863,918.584 155,273.195
John R. Torell III 9,863,515.800 155,675.979
William D. White 9,857,760.251 161,431.528
AUCTION PREFERRED SHARES
Shares Voted Shares Withhold
To vote for or against the election of Directors For Authority
--- ---------
Margo N. Alexander 834.000 0.000
Meyer Feldberg 834.000 0.000
Effective April 11, 1996, Mr. White resigned as a Director of the Fund. At a
special shareholder meeting held on April 11, 1996, Mary C. Farrell, George W.
Gowen, Frederic V. Malek and Carl W. Schafer were elected to serve along with
Richard Q. Armstrong, E. Garrett Bewkes, Jr., Richard R. Burt, John R. Torell
III, Margo N. Alexander and Meyer Feldberg; constituting all of the directors
currently in office.
<PAGE>
PROPOSAL 3
- ----------
ALL SHARES VOTING TOGETHER
Shares Voted Shares Voted
For Against
--- -------
To vote for or against the ratification of 9,904,147.89 239,724.000
Price Waterhouse LLP as the Fund's independent
accountants for the fiscal year ending
September 30, 1996.