Investment Grade Municipal Income Fund Inc.—Dividend declaration and updated price & yield information
15 Marzo 2010 - 10:05PM
Business Wire
Investment Grade Municipal Income Fund Inc. (the “Fund”) (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
$0.0725 per share of common stock. The dividend is payable on March
31, 2010 to common shareholders of record as of March 25, 2010. The
ex-dividend date is March 23, 2010.
As previously announced, on February 23, 2010, the holders of
the Fund’s common stock and auction preferred stock approved the
proposal to liquidate and dissolve the Fund pursuant to a Plan of
Liquidation. The Fund is in the process of converting all portfolio
securities of the Fund to cash or cash equivalents. As a result, a
monthly “Fund Commentary” and municipal market update is not being
provided in this dividend release.
Characteristics as of February 28, 2010*
Net asset value per common share $14.74 Market price per
common share $14.48 NAV yield 5.90% Market yield 6.01%
* Net asset value (NAV), market price and yields will fluctuate.
NAV yield is calculated by multiplying the current month’s dividend
by 12 and dividing by the month-end net asset value. Market yield
is calculated by multiplying the current month’s dividend by 12 and
dividing by the month-end market price.
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