|
Investment Grade Municipal Income Fund, Inc.
Ticker Symbol: PPM* CUSIP: 461368102 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/07/2010
FUND DESCRIPTION: Investment Grade Municipal Income Fund Inc. is a closed-end diversified management investment company. INVESTMENT OBJECTIVE: The Fund's investment objective is to achieve a high level of current income that is exempt from federal income tax, consistent with the preservation of capital. FUND STRATEGY: The Fund normally invests substantially all of its assets in a diversified portfolio of long-term Municipal Obligations, the income from which is exempt from regular federal income tax. Under normal circumstances, the Fund invests at least 80% of its net assets in investment grade municipal obligations. Municipal obligations rated investment grade are those that, at the time of investment, are rated within the four highest grades by Moody’s, S&P or have an equivalent rating from another nationally recognized statistical rating organization. The Fund may invest up to 20% of its net assets in municipal obligations that are Unrated but that, at the time of investment, have been determined by UBS Global Asset Management to be of comparable quality to those that are rated investment grade; and rated below investment grade or deemed by UBS Global Asset Management to be of comparable quality. FUND MANAGEMENT: The Fund’s investment advisor and administrator is UBS Global Asset Management (Americas) Inc., an indirect wholly owned asset management subsidiary of UBS AG (NYSE: UBS).
|
Notes: April 12, 2010—Investment Grade Municipal Income Fund Inc. (NYSE: PPM), a closed-end management investment company with common and preferred shares outstanding, today announced that the Fund’s Board of Directors has declared a dividend from net investment income of $0.0300 per share of common stock. From March 2009 through March 2010, the Fund had been paying monthly dividends of $0.0725 per share of common stock. The dividend rate has been reduced for this month as the Fund has been in the process of converting all portfolio securities to cash or cash equivalents pursuant to the shareholder approved Plan of Liquidation and is not generating the prior levels of income which supported the higher dividend rate. It should be noted that if the earnings for the remainder of April 2010 exceed the dividend being announced today, the excess would be paid to common shareholders as part of the liquidating distribution which is expected to occur next month in May. The dividend is payable on April 30, 2010 to common shareholders of record as of April 22, 2010. The ex-dividend date is April 20, 2010.
|
IPO - 10/29/1992 -
Small Cap Stock -
Market Value $135.0 Million
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Address and Phone Numbers |
| Address: One N. Wacker Drive, Chicago, IL 60606 |
| Main Phone Number |
312-525-5000 |
| Fax Number |
Not Available |
| Investor Contact
|
888-793-8637
|
| Toll Free Phone Number |
888-793-8637 |
| PRS - Kai R. Sotorp |
TRS - Thomas Disbrow |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
