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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> INVESTMENT GRADE MUNICIPAL INCOME FUND INC.
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<PERIOD-END> SEP-30-1999
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</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Trustees
of
Investment Grade Municipal Income Fund,
Inc.
In planning and performing our audit of
the financial statements of Investment
Grade
Municipal Income Fund, Inc. (the "Fund")
for the year ended September 30, 1999, we
considered its internal control, including
control activities for safeguarding
securities, in order
to determine our auditing procedures for
the purpose of expressing our opinion on
the financial
statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on
internal control.
The management of the Fund is responsible
for establishing and maintaining internal
control.
In fulfilling this responsibility,
estimates and judgments by management are
required to assess
the expected benefits and related costs of
controls. Generally, controls that are
relevant to an
audit pertain to the entity's objective of
preparing financial statements for
external purposes
that are fairly presented in conformity
with generally accepted accounting
principles. Those
controls include the safeguarding of
assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in
internal control, errors or fraud may
occur and not be
detected. Also, projection of any
evaluation of internal control to future
periods is subject to
the risk that it may become inadequate
because of changes in conditions or that
the
effectiveness of the design and operation
may deteriorate.
Our consideration of internal control
would not necessarily disclose all matters
in internal
control that might be material weaknesses
under standards established by the
American
Institute of Certified Public Accountants.
A material weakness is a condition in
which the
design or operation of one or more of the
internal control components does not
reduce to a
relatively low level the risk that
misstatements caused by error or fraud in
amounts that would
be material in relation to the financial
statements being audited may occur and not
be detected
within a timely period by employees in the
normal course of performing their assigned
functions. However, we noted no matters
involving internal control and its
operation,
including controls for safeguarding
securities, that we consider to be
material weaknesses as
defined above as of September 30, 1999.
This report is intended solely for the
information and use of management, the
Board of
Trustees of the Fund and the Securities
and Exchange Commission and is not
intended to be
and should not be used by anyone other
than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
November 9, 1999
To the Shareholders and Board of Trustees
of
Investment Grade Municipal Income Fund,
Inc.
(2)
