(Source: Business Wire)
Insured Municipal Income Fund Inc. (the "Fund") (NYSE: PIF), a
closed-end management investment company, today announced that the
Fund's Board of Directors ("Board") has declared a dividend from net
investment income of $0.0750 per share of common stock. The dividend is
payable on October 30, 2009 to common shareholders of record as of
October 22, 2009. The ex-dividend date is October 20, 2009.
The Fund's Board also announced that it does not intend to declare
further distributions to common stockholders until after the completion
of the previously announced tender offer, which is expected to commence
sometime later this year, unless a dividend/distribution is determined
by the Board to be necessary or appropriate to avoid possible adverse
tax consequences to the Fund or its shareholders. After the tender offer
is completed, the Board will determine and publicly announce the Fund's
future distribution policy.
Portfolio statistics as of September 30, 20091
Top ten states/commonwealths Percentage of totalinvestments
Illinois 14 .0%
New York 11 .2
California 11 .1
Texas 8 .2
Florida 7 .3
Connecticut 6 .4
Puerto Rico 4 .7
Alaska 4 .6
Louisiana 4 .0
Washington 3 .4
Total 74 .9%
Yields(2)
NAV yield 6 .08%
Market yield 6 .37%
Top five sectors Percentage of totalinvestments
General obligations 21 .6%
Water 9 .7
Power 9 .6
Tolls 7 .7
Hospital 6 .9
Total 55 .5%
Credit quality(3)
AAA 46 .5%
AA 11 .3
A 12 .3
A-1 26 .3
Nonrated 3 .6
Total 100 .0%
Characteristics
Net asset value per share(2) $14 .80
Market price per share(2) $14 .14
Weighted average maturity 10.48 years
Weighted average modified duration(4) 2.83 years
Weighted average coupon(5) 3 .2 %
Subject to Alternative Minimum Tax (AMT) 5 .5 %
Leverage(6) 29 .8 %
Stated maturity schedule Percentage of totalinvestments
2009 26 .3%
2010 0 .0
2011 0 .0
2012 0 .0
2013 0 .0
2014 -- 2024 26 .0
2025 -- 2048 47 .7
Total 100 .0%
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1 The Fund is actively managed and its portfolio composition
will vary over time.
2 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.
3 Credit quality ratings shown are based on those assigned by
Standard & Poor's ("S&P"), a division of The McGraw-Hill Companies, Inc.
S&P is an independent rating agency.
4 Modified duration is the change in the price of a security,
expressed in years, expected in response to each 1% change in the yield
to maturity of the portfolio's holdings.
5 Weighted by par.
6 Includes leverage attributable to the Fund's Auction
Preferred Shares ("APS") as a percentage of total assets. As previously
announced, all of the Fund's leverage, either via APS or its tender
option bond program, was terminated in October.
A service of YellowBrix, Inc.
