Investment Grade Municipal Income Fund Inc. Reports Earnings
16 Febbraio 2010 - 11:06PM
Business Wire
Investment Grade Municipal Income Fund Inc. (the “Fund”) (NYSE:
PPM), a closed-end management investment company normally investing
substantially all of its assets in a diversified portfolio of
tax-exempt municipal obligations, with common and preferred shares
outstanding, today announced its performance for the fiscal first
quarter ended December 31, 2009. Under normal circumstances, the
Fund invests at least 80% of its net assets in investment grade
municipal obligations, the income from which is exempt from regular
federal income tax.
For the first quarter ended December 31, 2009, the Fund's
earnings from net investment income were $2,479,693, equal to $0.24
per common share. After dividends paid to preferred shareholders,
the Fund’s earnings from net investment income available to common
shareholders were $2,393,008, equal to $0.23 per common share.
Total net realized and unrealized losses from investment activities
were ($5,857,108), equal to ($0.57) per common share, for the same
period. This compares to earnings from net investment income of
$2,506,358, equal to $0.24 per common share before dividends paid
to preferred shareholders; $1,787,197, equal to $0.17 per common
share after dividends paid to preferred shareholders; and total net
realized and unrealized losses from investment activities of
($8,428,473), equal to ($0.81) per common share, for the first
quarter ended December 31, 2008.
On December 31, 2009, net assets of the Fund applicable to
common and preferred shareholders were $230,213,703. Net assets
applicable to common shareholders were $150,213,703. The net asset
value per common share was $14.50, based on 10,356,667 common
shares outstanding, which represents an increase of 21.75% from the
net asset value per common share of $11.91, ($123,377,372
applicable to 10,356,667 common shares outstanding) on December 31,
2008.
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