<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0000890516
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 INVESTMENT GRADE MUNICIPAL INCOME FUND INC.
001 B000000 811-7096
001 C000000 2127133041
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000001 A
008 C000001 801-13219
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 PAINEWEBBER INC.
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 PFPC INC.
012 B000001 85-0000000
012 C010001 WILMINGTON
<PAGE> PAGE 2
012 C020001 DE
012 C030001 19809
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 PAINEWEBBER INCORPORATED
014 B000001 8-16267
014 A000002 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
014 B000002 8-21901
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 68
019 C000000 PAINEWEBBE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SMITH BARNEY INC.
022 B000001 13-3371860
022 C000001 3800
022 D000001 3800
022 A000002 PRUDENTIAL SECURITIES INC.
022 B000002 22-2347336
022 C000002 2000
022 D000002 3500
022 A000003 MORGAN STANTLEY AND CO., INC.
022 B000003 13-2655998
022 C000003 3450
022 D000003 1300
022 A000004 CITICORP SECURITIES MARKETS INC.
022 B000004 13-2765182
022 C000004 1300
022 D000004 2800
022 A000005 WHEAT FIRST SECURITIES
022 C000005 2552
022 D000005 0
022 A000006 FIRST ALBANY CORP.
<PAGE> PAGE 3
022 C000006 0
022 D000006 1700
022 A000007 HOUGH, WILLIAM R. AND CO.
022 C000007 1064
022 D000007 0
022 A000008 MERRILL LYNCH PIERCE FENNER AND SMITH INC.
022 B000008 13-5674085
022 C000008 0
022 D000008 500
022 A000009 STATE STREET BANK AND TRUST CO.
022 B000009 04-1867445
022 C000009 0
022 D000009 200
022 A000010 GOLDMAN, SACHS & CO.
022 B000010 13-5108880
022 C000010 0
022 D000010 200
023 C000000 14167
023 D000000 14100
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
<PAGE> PAGE 4
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.900
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
<PAGE> PAGE 5
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 1.5
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
<PAGE> PAGE 6
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 97.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 15.6
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
<PAGE> PAGE 7
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 5967
071 B000000 0
071 C000000 243105
071 D000000 0
072 A000000 6
072 B000000 7376
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1144
072 G000000 0
072 H000000 0
072 I000000 15
072 J000000 78
072 K000000 8
072 L000000 17
072 M000000 5
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 21
072 S000000 5
072 T000000 0
072 U000000 4
072 V000000 0
072 W000000 106
072 X000000 1403
072 Y000000 159
072 Z000000 6132
072AA000000 0
072BB000000 0
072CC010000 1211
072CC020000 0
072DD010000 6057
072DD020000 0
072EE000000 0
073 A010000 0.5800
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 12
074 B000000 0
074 C000000 3900
074 D000000 247321
074 E000000 0
074 F000000 0
074 G000000 0
<PAGE> PAGE 8
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 4268
074 M000000 5
074 N000000 255506
074 O000000 0
074 P000000 168
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 286
074 S000000 80000
074 T000000 175052
074 U010000 10357
074 U020000 0
074 V010000 16.90
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 43935
075 A000000 0
075 B000000 175006
076 000000 15.06
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
<PAGE> PAGE 9
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 INVESTMENT GRADE MUNICIPAL INCOME FUND INC.
087 A020000 461368102
087 A030000 PPM
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE PAUL SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890516
<NAME>INVESTMENT GRADE MUNICIPAL INCOME FUND INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 230,393
<INVESTMENTS-AT-VALUE> 251,221
<RECEIVABLES> 4,268
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 12
<TOTAL-ASSETS> 255,506
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 454
<TOTAL-LIABILITIES> 454
<SENIOR-EQUITY> 80,000
<PAID-IN-CAPITAL-COMMON> 153,674
<SHARES-COMMON-STOCK> 10,357
<SHARES-COMMON-PRIOR> 10,357
<ACCUMULATED-NII-CURRENT> 895
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (344)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,827
<NET-ASSETS> 255,052
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,376
<OTHER-INCOME> 0
<EXPENSES-NET> (1,244)
<NET-INVESTMENT-INCOME> 6,132
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 1,211
<NET-CHANGE-FROM-OPS> 7,343
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,057)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 820
<ACCUMULATED-GAINS-PRIOR> (344)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,403
<AVERAGE-NET-ASSETS> 175,006
<PER-SHARE-NAV-BEGIN> 16.78
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.58)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.90
<EXPENSE-RATIO> 1.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
