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Insured Municipal Income Fund Inc. "Dividend Declaration and Updated Asset, Price & Yield Information

^{Published on 2008-12-15 15:57:23 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Insured Municipal Income Fund Inc. (the "Fund") (NYSE: PIF), 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 that the Fund's Board of Directors has declared a dividend from net investment income of $0.0500 per share of common stock. The dividend is payable on December 31, 2008 to common shareholders of record as of December 26, 2008. The ex-dividend date is December 23, 2008. Under normal circumstances, the Fund invests at least 80% of its net assets in insured municipal obligations, the income from which is exempt from regular federal income tax.

On December 12, 2008, the Fund announced the December redemption of $15 million (300 shares) of auction preferred shares. After giving effect to such action, as of December 12, 2008, the Fund had $155 million in outstanding assets attributable to auction preferred shareholders and $223.2 million in assets attributable to common shareholders.

* 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.