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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.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 230,979
<INVESTMENTS-AT-VALUE> 250,787
<RECEIVABLES> 4,302
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Exhibit 77Q-1
AMENDMENT TO BY-LAWS
INVESTMENT GRADE MUNICIPAL INCOME FUND
INC.
CERTIFICATE OF VICE PRESIDENT AND
SECRETARY
I, Dianne E. O' Donnell, Vice
President and
Secretary of Investment Grade Municipal
Income Fund, Inc.
(the "Corporation"), hereby certify that,
at a duly convened
meeting of the Board of Directors of the
Corporation held on
November 12, 1998, the directors adopted
the following
resolution, to become effective as of
January 22, 1999:
RESOLVED: That the following Sections
be, and they
hereby are, amended by adding the
following Sections 9 and
10 to Article II:
Section 9. NOMINATION. Subject to the
rights of
holders of any class or series of stock
having a preference over
the Corporation's common stock as to
dividends or upon
liquidation, nominations for the election
of directors may be
made by the Board of Directors or a
committee appointed by
the Board of Directors or by any
stockholder who is entitled to
vote for the election of directors.
However, any such
stockholder may nominate a director only
by notice in writing
delivered or mailed by first class United
States mail, postage
prepaid, to the Secretary of the
Corporation, and received by
the Secretary not less than (i) with
respect to any nomination
to be introduced at an annual meeting of
stockholders, one
hundred and twenty days in advance of the
anniversary of the
date the Corporation's proxy statement was
first released to
stockholders in connection with the
previous year's annual
meeting, and (ii) with respect to any
nomination to be
introduced at a special meeting of
stockholders, the close of
business on the seventh day following the
date on which
notice of such meeting is first given to
stockholders. Each
such notice shall set forth: (a) the name
and address of the
stockholder who intends to make the
nomination and of the
person or persons to be nominated; (b) a
representation that
the stockholder is a holder of record or
beneficial owner of
stock of the Corporation entitled to vote
at such meeting
(together with such proof thereof as would
meet the
requirements for proposals that are to be
included in the
Corporation's proxy statements pursuant to
Rule 14a-8 under
the Securities Exchange Act of 1934, as
amended, or any
successor to such Rule) and intends to
appear in person or by
proxy at the meeting to nominate the
person or persons
specified in the notice; (c) the class and
number of shares of
stock held of record, owned beneficially
and represented by
proxy by such stockholder as of the record
date for the
meeting (if such date shall then have been
made publicly
available) and as of the date of such
notice. The chairperson of
the meeting may refuse to acknowledge a
nomination by any
stockholder that is not made in compliance
with the foregoing
procedure.
Section 10. STOCKHOLDER PROPOSAL. Any
stockholder who is entitled to vote in the
election of directors
may submit to the Board of Directors
proposals to be
considered for submission to the
stockholders of the
Corporation for their vote. The
introduction of any stockholder
proposal that the Board of Directors
decides should be voted
on by the stockholders of the Corporation,
shall be made by
notice in writing delivered or mailed by
first class United
States mail, postage prepaid, to the
Secretary of the
Corporation, and received by the Secretary
not less than (i)
with respect to any proposal to be
introduced at an annual
meeting of stockholders, one hundred and
twenty days in
advance of the anniversary of the date the
Corporation's proxy
statement was first released to
stockholders in connection with
the previous year's annual meeting, and
(ii) with respect to
any proposal to be introduced at a special
meeting of
stockholders, the close of business on the
seventh day
following the date on which notice of such
meeting is first
given to stockholders. Each such notice
shall set forth: (a) the
proposal to be introduced; (b) the name
and address of the
stockholder who intends to make the
proposal; (c) a
representation that the stockholder is a
holder of record or
beneficial owner of stock of the
Corporation entitled to vote at
such meeting (together with such proof
thereof as would meet
the requirements for proposals that are to
be included in the
Corporation's proxy statements pursuant to
Rule 14a-8 under
the Securities Exchange Act of 1934, as
amended, or any
successor to such Rule) and intends to
appear in person or by
proxy at the meeting to introduce the
proposal or proposals,
specified in the notice; and (d) the class
and number of shares
of stock held of record, owned
beneficially and represented by
proxy by such stockholder as of the record
date for the
meeting (if such date shall then have been
made publicly
available) and as of the date of such
notice. The chairperson of
the meeting may refuse to acknowledge the
introduction of
any stockholder proposal not made in
compliance with the
foregoing procedure.
By: /s/Dianne E. O'Donnell
------------------------------
Dianne E. O'Donnell
Vice President and Secretary
Investment Grade Municipal Income
Fund Inc.
