Business & Finance
Business and Finance
Business and Finance
Thu, February 26, 2009
Wed, February 25, 2009 Investment Grade Municipal Income Fund Inc. Receives 4-Star Overall Morningstar Rating"
NEW YORK--([ BUSINESS WIRE ])--Investment Grade Municipal Income Fund Inc. (the "Fund") (NYSE: PPM) is pleased to announce that it has received an Overall Morningstar Rating™ of Four Stars. Morningstar is a leading independent fund rating service. Morningstar rates funds on a scale that ranges from one star to five stars. The Fund is 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. 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.
Important information regarding Morningstar Ratings: For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Investment Grade Municipal Income Fund Inc. was rated against the following numbers of U.S.-domiciled Muni National Long Category funds over the following time periods: 72 funds in the last three years, 72 funds in the last five years, and 50 funds in the last ten years. With respect to these Muni National Long Category funds, Investment Grade Municipal Income Fund Inc. received a Morningstar Rating of 4-Stars, 4-Stars and 3-Stars for the three-, five- and ten-year periods, respectively. Morningstar Ratings information is as of the most recent month-end, January 31, 2009. Past performance is no guarantee of future results. The return and value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less then their original cost.
Please note that Morningstar Ratings focus on net asset value based performance (i.e., based on fluctuations in the value of the Fund's underlying investment portfolio), not market price performance (i.e., based on fluctuations in the price of the Fund's common stock). Net asset value based performance and market value based performance differ. Investors buy common shares at market price on the New York Stock Exchange. The Fund's most recent report to shareholders contains information regarding net asset value and market price based performance for the most recent annual period ended September 30, 2008. Shareholder reports are available on the SEC's Web site at [ http://www.sec.gov ]. More current comparative net asset value and market price information about the Fund also may be available weekly in various publications.
Morningstar Ratings Information: © 2009 Morningstar, Inc. All Rights Reserved. The information contained herein relating to the Morningstar Rating: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this ratings information.
FORWARD LOOKING STATEMENTS
Certain statements made above may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. Investment Grade Municipal Income Fund Inc. and its investment adviser, UBS Global Asset Management (Americas) Inc., and their affiliates, undertake no responsibility to update publicly or revise any forward-looking statements. The inclusion of any statement in this release does not constitute an admission that the events or circumstances described in such statement are material.
