- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
26 Février 2010 - 5:21PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file
number: 811-07096
______________________________________________
Investment Grade Municipal Income Fund Inc.
______________________________________________________________________________
(Exact name of registrant as specified in charter)
1285 Avenue of the Americas, New York, New York 10019-6028
______________________________________________________________________________
(Address of principal executive offices) (Zip code)
Mark F. Kemper, Esq.
|
UBS Global Asset Management
|
1285 Avenue of the Americas
|
New York, NY 10019-6028
|
(Name and address of agent for service)
|
|
Copy to:
|
Jack W. Murphy, Esq.
|
Dechert LLP
|
1775 I Street, N.W.
|
Washington, DC 20006-2401
|
Registrants telephone number, including area code: 212-713 3000
Date of fiscal year end: September 30
Date of reporting period: December 31, 2009
Item 1. Schedule of Investments
Investment Grade Municipal Income Fund Inc.
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Schedule of investments December 31, 2009 (unaudited)
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Moodys
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S&P
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Face
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Security
description
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rating
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rating
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amount ($)
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Value ($)
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Long-term
municipal bonds160.88%
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Alabama 3.51%
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Alabama Public
School & College Authority Capital Improvement
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5.000%, due 12/01/24
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Aa2
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AA
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5,000,000
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5,271,000
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Alaska 2.01%
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Alaska International
Airports Revenue Refunding-Series
A (NATL-RE Insured)
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5.000%,
due 10/01/19
1
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Aa3
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A
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1,000,000
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1,010,770
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5.000%,
due 10/01/20
1
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Aa3
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A
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1,000,000
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1,008,930
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5.000%,
due 10/01/21
1
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Aa3
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A
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1,000,000
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1,002,480
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3,022,180
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Arizona 1.72%
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Arizona State
Transportation Board Highway Revenue-Series B
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5.250%,
due 07/01/18
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Aa1
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AAA
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2,380,000
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2,581,062
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California 18.99%
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California
Educational Facilities Authority Revenue Refunding-Pepperdine
University-Series A (NATL-RE-FGIC
Insured)
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5.000%,
due 09/01/33
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Aa3
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A
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3,350,000
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3,345,142
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California
Health Facilities Financing Authority Revenue-Kaiser
Permanente-Series A
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5.250%,
due 04/01/39
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NR
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A+
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5,000,000
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4,694,550
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Los Angeles
Water & Power Revenue Power System-Series A, Subseries A-2
(NATL-RE Insured)
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5.000%,
due 07/01/27
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Aa3
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AA-
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5,000,000
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5,159,450
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Sacramento
County Sanitation District Financing Authority
Revenue Refunding
(AMBAC Insured)
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5.000%,
due 12/01/27
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Aa3
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AA
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8,000,000
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8,123,040
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San Francisco
City & County Public Utilities Commission
Water Revenue-Series A
(NATL-RE Insured)
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5.000%,
due 11/01/25
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A1
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AA-
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2,000,000
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2,045,960
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University
of California Revenue-Series A (AMBAC
Insured)
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5.000%,
due 05/15/28
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Aa1
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AA
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5,000,000
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5,159,250
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28,527,392
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Colorado 4.79%
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Colorado Health
Facilities Authority Revenue-Adventist
Health-Series E
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(Pre-refunded with US Government
Obligations to 11/15/16 @ 100)
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5.125%,
due 11/15/18
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A1
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A+
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160,000
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188,298
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5.125%,
due 11/15/19
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A1
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A+
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160,000
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188,298
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Colorado Health
Facilities Authority Revenue-Unrefunded
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Balance-Adventist-Series E
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5.125%,
due 11/15/18
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A1
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A+
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2,840,000
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2,979,699
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5.125%,
due 11/15/19
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A1
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A+
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2,840,000
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2,955,702
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University
of Colorado Participation Interests
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6.000%,
due 12/01/13
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NR
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A+
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853,141
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884,502
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7,196,499
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Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
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Moodys
|
|
|
|
S&P
|
|
|
|
Face
|
|
|
|
|
Security
description
|
|
|
rating
|
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|
rating
|
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|
amount ($)
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Value ($)
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Long-term
municipal bonds(continued)
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Florida 4.60%
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Florida State
Board of Education Lottery Revenue-Series
B
(BHAC-CR, NATL-RE Insured)
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5.000%, due 07/01/26
2,3
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Aa1
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AAA
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3,905,000
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4,167,640
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Miami-Dade
County Aviation Revenue Refunding-Miami
International Airport-Series B
(XLCA Insured)
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5.000%,
due 10/01/18
1
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A2
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A-
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2,700,000
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2,745,387
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6,913,027
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Illinois 13.27%
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Chicago OHare International Airport Revenue-General-Third
Lien-Series D
(NATL-RE Insured)
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5.000%,
due 01/01/26
1
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A1
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A
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8,000,000
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7,668,320
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Chicago Transit
Authority Capital Grant Receipts Revenue
Federal Transit Administration
Section 5309
(Assured Guaranty Insured)
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5.250%,
due 06/01/24
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Aa3
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AAA
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1,500,000
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1,592,280
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Illinois Educational
Facilities Authority Revenue Refunding-Augustana
College-Series A
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5.625%,
due 10/01/22
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Baa1
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NR
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1,200,000
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1,218,024
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Illinois Finance
Authority Revenue-University of Chicago-Series A
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5.000%,
due 07/01/34
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Aa1
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AA
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6,000,000
|
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6,103,860
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Illinois Municipal
Electric Agency Power Supply-Series
A (NATL-RE-FGIC Insured)
|
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5.250%,
due 02/01/17
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A1
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A+
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3,000,000
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3,355,080
|
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19,937,564
|
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Indiana 5.29%
|
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Indiana Health & Educational
Facilities Financing Authority
Hospital Revenue Refunding-Clarian Health
Obligation Group-Series B
|
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5.000%,
due 02/15/21
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A2
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A+
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4,000,000
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3,976,200
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Indianapolis
Airport Authority Revenue Refunding-Special
Facilities-FedEx Corp. Project
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5.100%,
due 01/15/17
1
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Baa2
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BBB
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|
4,000,000
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3,974,240
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7,950,440
|
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Kentucky 1.41%
|
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Kenton County
Airport Board Airport Revenue-Cincinnati/Northern
Kentucky-Series B
(NATL-RE
Insured)
|
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5.500%,
due 03/01/18
1
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A3
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|
A
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|
2,080,000
|
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|
2,119,645
|
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Massachusetts 3.95%
|
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Massachusetts
Health & Educational Facilities Authority
Revenue-Harvard University-Series DD
|
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5.000%,
due 07/15/35
|
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Aaa
|
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|
AAA
|
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|
5,000,000
|
|
|
|
5,070,100
|
|
Massachusetts
Port Authority Revenue-US Airways Project
(NATL-RE Insured)
|
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|
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|
6.000%,
due 09/01/21
1
|
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|
Baa1
|
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|
|
A
|
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|
1,000,000
|
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|
|
860,180
|
|
|
|
|
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|
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|
|
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|
5,930,280
|
|
|
|
|
Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
|
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|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
Moodys
|
|
|
|
S&P
|
|
|
|
Face
|
|
|
|
|
Security
description
|
|
|
rating
|
|
|
|
rating
|
|
|
|
amount ($)
|
|
|
|
Value ($)
|
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|
|
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|
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|
|
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|
Long-term
municipal bonds(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan 7.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit Sewer
Disposal Revenue Refunding-Senior Lien-Series C (AGM Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.000%,
due 07/01/27
|
|
|
Aa3e
|
|
|
|
AAAe
|
|
|
|
3,000,000
|
|
|
|
3,448,140
|
|
Michigan State
Hospital Finance Authority Revenue Refunding-Trinity
Health Credit Group-Series D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 08/15/25
|
|
|
Aa2
|
|
|
|
AA
|
|
|
|
5,000,000
|
|
|
|
5,004,550
|
|
Michigan State
Hospital Finance Authority Revenue-Trinity
Health Credit Group-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 12/01/26
|
|
|
Aa2
|
|
|
|
AA
|
|
|
|
2,930,000
|
|
|
|
2,923,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,375,951
|
|
|
|
|
Minnesota 1.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shakopee Health
Care Facilities Revenue-Saint Francis
Regional Medical Center
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 09/01/17
|
|
|
NR
|
|
|
|
BBB
|
|
|
|
1,500,000
|
|
|
|
1,513,560
|
|
|
|
|
New Jersey 7.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
Transportation Trust Fund Authority Transportation
System-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.250%,
due 12/15/20
|
|
|
A1
|
|
|
|
AA-
|
|
|
|
5,000,000
|
|
|
|
5,570,150
|
|
Newark Housing
Authority Housing Revenue-South Ward
Police Facility
(Assured Guaranty Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.750%,
due 12/01/38
|
|
|
Aa3
|
|
|
|
NR
|
|
|
|
1,850,000
|
|
|
|
2,083,636
|
|
Tobacco Settlement
Financing Corp.-Series 1-A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.500%,
due 06/01/23
|
|
|
Baa3
|
|
|
|
BBB
|
|
|
|
3,365,000
|
|
|
|
3,127,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,780,847
|
|
|
|
|
New York 12.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York City
Industrial Development Agency Special
Facilities Revenue-Terminal One Group Association
Project
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.500%,
due 01/01/15
1
|
|
|
A3
|
|
|
|
BBB+
|
|
|
|
2,000,000
|
|
|
|
2,111,560
|
|
New York City
Industrial Development Agency Special
Facilities Revenue-Terminal One Group Association
Project (Mandatory Put 01/01/16 @ 100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.500%,
due 01/01/17
1,4
|
|
|
A3
|
|
|
|
BBB+
|
|
|
|
2,750,000
|
|
|
|
2,844,985
|
|
5.500%,
due 01/01/18
1,4
|
|
|
A3
|
|
|
|
BBB+
|
|
|
|
3,250,000
|
|
|
|
3,329,950
|
|
Triborough
Bridge & Tunnel Authority Revenue Refunding-Series B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.250%,
due 11/15/19
|
|
|
Aa2
|
|
|
|
AA-
|
|
|
|
3,140,000
|
|
|
|
3,432,428
|
|
Triborough
Bridge & Tunnel Authority Revenue-Subordinate
Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.250%,
due 11/15/30
|
|
|
Aa3
|
|
|
|
A+
|
|
|
|
6,400,000
|
|
|
|
6,679,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,398,283
|
|
|
|
|
North Carolina 8.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina
Capital Facilities Finance Agency Revenue-Duke
University Project-Series B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 10/01/38
|
|
|
Aa1
|
|
|
|
AA+
|
|
|
|
4,100,000
|
|
|
|
4,345,795
|
|
North Carolina
Eastern Municipal Power Agency Power
System Revenue-Series A
(Escrowed to Maturity)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.400%,
due 01/01/21
|
|
|
Baa1
|
|
|
|
AAA
|
|
|
|
3,065,000
|
|
|
|
3,805,198
|
|
Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moodys
|
|
|
|
S&P
|
|
|
|
Face
|
|
|
|
|
Security
description
|
|
|
rating
|
|
|
|
rating
|
|
|
|
amount ($)
|
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
municipal bonds(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina
Medical Care Commission Health Care
Facilities Revenue-Novant Health Obligation Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 11/01/34
|
|
|
A1
|
|
|
|
A+
|
|
|
|
5,000,000
|
|
|
|
5,011,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,162,143
|
|
|
|
|
Ohio 10.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco
Settlement Financing Authority Asset-Backed
Senior Turbo-Series A-2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.125%,
due 06/01/24
|
|
|
Baa3
|
|
|
|
BBB
|
|
|
|
8,955,000
|
|
|
|
8,045,709
|
|
Ohio State
Water Development Authority Water Pollution
Control Revenue-Water Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 06/01/24
2,3
|
|
|
Aaa
|
|
|
|
AAA
|
|
|
|
8,000,000
|
|
|
|
8,460,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,506,429
|
|
|
|
|
Pennsylvania 1.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Susquehanna
Area Regional Airport Authority Airport
System Revenue-Subseries D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.375%,
due 01/01/18
|
|
|
Ba1
|
|
|
|
NR
|
|
|
|
3,000,000
|
|
|
|
2,671,230
|
|
|
|
|
Puerto
Rico 4.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway & Transportation
Authority Revenue Refunding-Series
N
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.500%,
due 07/01/22
|
|
|
Baa3
|
|
|
|
BBB
|
|
|
|
3,000,000
|
|
|
|
3,010,770
|
|
Puerto Rico
Housing Finance Authority Capital Fund Program-Unrefunded
Balance
(HUD Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 12/01/18
|
|
|
Aa3
|
|
|
|
AA+
|
|
|
|
1,030,000
|
|
|
|
1,057,038
|
|
Puerto Rico
Sales Tax Financing Corp. Sales Tax Revenue-Subseries A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.000%,
due 08/01/42
|
|
|
A2
|
|
|
|
A+
|
|
|
|
2,500,000
|
|
|
|
2,590,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,657,933
|
|
|
|
|
South Carolina 7.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charleston
Educational Excellence Financing Corp. Revenue-Charleston
County
School District Project
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 12/01/24
|
|
|
A1
|
|
|
|
AA-
|
|
|
|
5,000,000
|
|
|
|
5,207,900
|
|
Greenville
County School District Installment Purchase
Refunding-Building
Equity Sooner-Series
AGC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 12/01/24
|
|
|
Aa3
|
|
|
|
AA
|
|
|
|
5,000,000
|
|
|
|
5,189,150
|
|
Greenville
Waterworks Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.250%,
due 02/01/20
|
|
|
Aa1
|
|
|
|
AAA
|
|
|
|
1,000,000
|
|
|
|
1,100,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,497,240
|
|
|
|
|
South Daktota 0.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standing Rock
New Public Housing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.000%,
due 08/07/13
5
|
|
|
NR
|
|
|
|
NR
|
|
|
|
570,741
|
|
|
|
520,362
|
|
|
|
|
Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moodys
|
|
|
|
S&P
|
|
|
|
Face
|
|
|
|
|
Security
description
|
|
|
rating
|
|
|
|
rating
|
|
|
|
amount ($)
|
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
municipal bonds(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee 0.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memphis-Shelby
County Airport Authority Airport Revenue-Series D (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.000%,
due 03/01/24
1
|
|
|
A2
|
|
|
|
A-
|
|
|
|
1,000,000
|
|
|
|
1,011,750
|
|
|
|
|
Texas 21.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coastal Bend
Health Facilities Development Corp.-Incarnate
Word Health System-Series A (Escrowed
to Maturity) (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.300%,
due 01/01/17
|
|
|
NR
|
|
|
|
NR
|
|
|
|
3,065,000
|
|
|
|
3,541,393
|
|
Harris County
Texas Lease
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.750%,
due 05/01/20
6
|
|
|
NR
|
|
|
|
NR
|
|
|
|
5,439,564
|
|
|
|
5,175,202
|
|
Houston Community
College System Participation Interests
(Pre-refunded with cash to 07/01/12 @ 100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.875%,
due 06/15/25
6
|
|
|
NR
|
|
|
|
NR
|
|
|
|
3,007,095
|
|
|
|
3,499,206
|
|
Irving Certificates
of Obligation-Hotel Occupancy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 08/15/39
|
|
|
Aaa
|
|
|
|
AAA
|
|
|
|
3,935,000
|
|
|
|
4,143,870
|
|
Lower Colorado
River Authority Transmission Contract
Revenue-LCRA
Transmission Services Corp.
Project B (AGM Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.250%,
due 05/15/20
|
|
|
Aa3
|
|
|
|
AAA
|
|
|
|
1,485,000
|
|
|
|
1,587,866
|
|
San Antonio
Electric & Gas Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 02/01/24
2,3
|
|
|
Aa1
|
|
|
|
AA
|
|
|
|
4,590,000
|
|
|
|
4,970,282
|
|
San Antonio
Electric & Gas Systems-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 02/01/25
|
|
|
Aa1
|
|
|
|
AA
|
|
|
|
1,810,000
|
|
|
|
1,917,749
|
|
San Leanna
Educational Facilities Corp. Higher Educational
Revenue Refunding-Saint
Edwards University
Project
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 06/01/18
|
|
|
Baa2
|
|
|
|
BBB+
|
|
|
|
2,000,000
|
|
|
|
2,058,700
|
|
Tarrant County
Cultural Education Facilities Finance Corp.
Revenue Refunding-Texas
Health Resources-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 02/15/19
|
|
|
Aa3
|
|
|
|
AA-
|
|
|
|
5,000,000
|
|
|
|
5,218,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,113,018
|
|
|
|
|
Washington 15.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chelan County
Public Utility District No. 001 Consolidated
Revenue Refunding-Chelan Hydropower-Series A (NATL-RE Insured)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.050%,
due 07/01/32
1
|
|
|
Aa2
|
|
|
|
AA
|
|
|
|
4,225,000
|
|
|
|
4,406,886
|
|
Energy Northwest
Electric Revenue Refunding-Columbia
Station-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 07/01/23
|
|
|
Aaa
|
|
|
|
AA
|
|
|
|
7,000,000
|
|
|
|
7,555,030
|
|
Washington
State Motor Vehicle Fuel Tax-Series B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000%,
due 07/01/26
2,3
|
|
|
Aa1
|
|
|
|
AA+
|
|
|
|
10,000,000
|
|
|
|
10,803,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,765,816
|
|
|
|
|
Wisconsin 2.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin
State General Revenue-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.750%,
due 05/01/33
|
|
|
A1
|
|
|
|
AA-
|
|
|
|
3,000,000
|
|
|
|
3,240,270
|
|
|
|
|
Total long-term
municipal bonds (cost $241,876,947)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
241,663,921
|
|
|
|
|
Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moodys
|
|
|
|
S&P
|
|
|
|
Face
|
|
|
|
|
Security
description
|
|
|
rating
|
|
|
|
rating
|
|
|
|
amount ($)
|
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
municipal notes3.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska 0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valdez Marine
Terminal Revenue Refunding (BP Pipelines,
Inc. Project)-Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.180%,
due 01/04/10
7
|
|
|
VMIG1
|
|
|
|
A-1+
|
|
|
|
700,000
|
|
|
|
700,000
|
|
|
|
|
Colorado 0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado
Educational & Cultural Facilities Authority Revenue (National Jewish Federation Board Program)-Series C-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.230%,
due 01/04/10
7
|
|
|
VMIG1
|
|
|
|
NR
|
|
|
|
700,000
|
|
|
|
700,000
|
|
|
|
|
Illinois 2.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Development
Finance Authority Revenue-Evanston
Northwestern-Series C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.180%,
due 01/04/10
7
|
|
|
VMIG1
|
|
|
|
A-1+e
|
|
|
|
3,100,000
|
|
|
|
3,100,000
|
|
|
|
|
Texas 0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harris County
Cultural Education Facilities Finance Corp.
Revenue (YMCA of Greater Houston)-Series
C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.230%,
due 01/04/10
7
|
|
|
VMIG1
|
|
|
|
NR
|
|
|
|
600,000
|
|
|
|
600,000
|
|
|
|
|
Total short-term
municipal notes (cost $5,100,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,100,000
|
|
|
|
|
Total investments
(cost $246,976,947)
8
164.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
246,763,921
|
|
|
|
|
Liabilities
in excess of other assets (11.02)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,550,218
|
)
|
|
|
|
Liquidation
value of auction preferred shares (53.26)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(80,000,000
|
)
|
|
|
|
Net assets
applicable to common shareholders 100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,213,703
|
|
|
|
|
Aggregate
cost for federal income tax purposes was $227,132,646; and net unrealized depreciation
consisted of:
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
4,877,243
|
|
Gross unrealized
depreciation
|
|
(5,110,968
|
)
|
|
|
|
Net unrealized
depreciation
|
|
(233,725
|
)
|
|
|
|
|
|
|
|
The difference
between book-basis and tax-basis unrealized appreciation/depreciation of investments
is attributable to the tax treatment of certain tender option bond transactions.
|
1
|
|
Security subject
to Alternative Minimum Tax.
|
|
|
|
2
|
|
Security exempt
from registration pursuant to Rule 144A under the Securities Act of 1933. These securities,
which represent 18.91% of net assets applicable to common shareholders as of December
31, 2009, are considered liquid and may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
|
|
|
|
3
|
|
Security represents
underlying bond transferred to a special-purpose entity established in a tender
option bond transaction in which the Fund acquired the inverse floater. These securities
serve as collateral in a financing transaction. As of December 31, 2009, the aggregate
principal amount of the inverse floaters and the floating rate notes are $6,630,000
and $19,865,000, respectively.
|
|
|
|
4
|
|
Floating rate
security. The interest rate shown is the current rate as of December 31, 2009.
|
Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
|
5
|
|
Security exempt
from registration pursuant to Rule 144A under the Securities Act of 1933. This security,
which represents 0.35% of net assets applicable to common shareholders as of December
31, 2009, is considered illiquid and restricted (See table below for more information).
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost as a
|
|
|
|
|
Value as a
|
Illiquid and
|
|
Acquisition
|
|
Acquisition
|
|
percentage
of common
|
|
Value at
|
|
percentage
of common
|
restricted security
|
|
date
|
|
cost ($)
|
|
net assets (%)
|
|
12/31/2009 ($)
|
|
net assets (%)
|
|
|
|
|
|
|
|
|
|
|
|
Standing Rock New Public Housing
|
6.000%, due 08/07/13
|
|
08/08/02
|
|
|
570,741
|
|
|
0.38
|
|
|
520,362
|
|
|
0.35
|
|
6
|
|
The securities
detailed in the table below are considered illiquid and restricted and represent
5.78% of net assets applicable to common shareholders as of December 31, 2009.
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost as a
|
|
|
|
|
Value as a
|
Illiquid and
|
|
Acquisition
|
|
Acquisition
|
|
percentage
of common
|
|
Value at
|
|
percentage
of common
|
restricted securities
|
|
dates
|
|
cost ($)
|
|
net assets (%)
|
|
12/31/2009 ($)
|
|
net assets (%)
|
|
|
|
|
|
|
|
|
|
|
|
Harris County Texas Lease
|
6.750%, due 05/01/20
|
|
09/07/00
|
|
|
5,439,564
|
|
|
3.62
|
|
|
5,175,202
|
|
|
3.45
|
|
Houston Community College System Participation Interests
|
7.875%, due 06/15/25
|
|
04/22/02
|
|
|
3,007,095
|
|
|
2.00
|
|
|
3,499,206
|
|
|
2.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,446,659
|
|
|
5.62
|
|
|
8,674,408
|
|
|
5.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
Variable rate
demand notes are payable on demand. The maturity dates shown are the next interest
rate reset dates. The interest rates shown are the current rates as of December
31, 2009.
|
|
|
|
8
|
|
The Fund calculates
its net asset value based on the current market value, where available, for its
portfolio securities. The Fund normally obtains market values for its securities
from independent pricing sources and broker-dealers. Independent pricing sources
may use last reported sale prices, official market closing price, current market
quotations or valuations from computerized matrix systems that derive
values based on comparable securities. A matrix system incorporates parameters such
as security quality, maturity and coupon, and/or research and evaluations by its
staff, including review of broker-dealer market price quotations, if available,
in determining the valuation of the portfolio securities. If a market value is not
available from an independent pricing source for a particular security, that security
is valued at fair value as determined in good faith by or under the direction of
the Funds Board of Directors (the Board). Various factors may
be reviewed in order to make a good faith determination of a securitys fair
value. These factors may include, but are not limited to, the type and cost of the
security; contractual or legal restrictions on resale of the security; relevant
financial or business developments of the issuer; actively traded similar or related
securities; conversion or exchange rights on the security; related corporate actions; and
changes in overall market conditions. If events occur that materially affect
the value of securities between the close of trading in those securities and the
close of regular trading on the New York Stock Exchange, the securities are fair
valued. The amortized cost method of valuation, which approximates market value,
generally is used to value short-term debt instruments with sixty days or less remaining
to maturity. Securities traded in the over-the-counter market
are valued at the last bid price available on the valuation date prior to valuation.
|
|
|
|
In June 2009, the Financial Accounting Standards
Board (FASB) established the FASB Accounting Standards Codification
TM
(Codification) as the single source of authoritative accounting
principles recognized by the FASB in the preparation of financial statements in
conformity with US generally accepted accounting principles (GAAP).
The Codification supersedes existing and nongrandfathered, non-SEC accounting and
reporting standards. The Codification did not change GAAP but rather organized it into
a hierarchy where all guidance within the Codification carries an equal level of
authority. The Codification became effective on July 1, 2009.
|
Investment Grade Municipal Income Fund Inc.
|
Schedule of investments December 31, 2009 (unaudited)
|
GAAP requires disclosure
surrounding the various inputs that are used in determining the value of the Funds investments. These inputs are summarized into the three broad levels listed
below:
Level 1 Unadjusted quoted prices in active markets for identical investments.
Level 2 Other significant observable inputs, including but not limited to, quoted
prices for similar investments, interest rates, prepayment speeds and credit risks.
Level 3 Unobservable inputs inclusive of the Funds own assumptions in determining
the fair value of investments.
|
The following is a summary of the fair valuations
according to the inputs used as of December 31, 2009 in valuing the Funds
investments:
|
|
|
Unadjusted
|
|
|
|
|
|
|
|
|
|
|
|
quoted prices
|
|
|
|
|
|
|
|
|
|
|
|
in active
|
|
|
|
|
|
|
|
|
|
|
|
markets for
|
|
|
|
|
|
|
|
|
|
|
|
identical
|
|
Other significant
|
|
Unobservable
|
|
|
|
|
|
investments
|
|
observable inputs
|
|
inputs
|
|
|
|
|
|
(Level 1) ($)
|
|
(Level 2) ($)
|
|
(Level 3) ($)
|
|
Total ($)
|
|
Long-term
municipal bonds
|
|
|
|
|
241,663,921
|
|
|
|
|
|
241,663,921
|
|
|
Short-term municipal notes
|
|
|
|
|
5,100,000
|
|
|
|
|
|
5,100,000
|
|
|
Total
|
|
|
|
|
246,763,921
|
|
|
|
|
|
246,763,921
|
|
|
|
|
|
|
|
|
|
|
AGC
|
|
Associated
General Contractors
|
|
|
|
AGM
|
|
Assured Guaranty
Municipal Corporation
|
|
|
|
AMBAC
|
|
American Municipal
Bond Assurance Corporation
|
|
|
|
BHAC
|
|
Berkshire
Hathaway Assurance Corporation
|
|
|
|
CR
|
|
Custodial
Receipts
|
|
|
|
FGIC
|
|
Financial
Guaranty Insurance Company
|
|
|
|
HUD
|
|
Housing and
Urban Development
|
|
|
|
NATL-RE
|
|
National Reinsurance
|
|
|
|
NR
|
|
Not Rated
|
|
|
|
XLCA
|
|
XL Capital
Assurance
|
|
|
|
For more information regarding the Funds other significant accounting policies, please refer to the Funds annual report to
shareholders dated September 30, 2009.
Item 2. Controls and Procedures.
|
(a)
|
|
The registrants principal executive officer and principal financial officer have concluded that the
registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940, as amended (Investment Company Act)) are effective based on their
evaluation of these controls and procedures as of a date within 90 days of the filing date of this
document.
|
|
|
|
|
|
(b)
|
|
The registrants principal executive officer and principal financial officer are aware of no
changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act) that occurred during the registrants last fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrants internal
control over financial reporting.
|
Item 3. Exhibits.
|
(a)
|
|
Certifications of principal executive officer and principal financial officer of registrant pursuant
to Rule 30a-2(a) under the Investment Company Act are attached hereto as Exhibit EX-99.CERT.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Investment Grade Municipal Income Fund Inc.
By:
|
|
/s/ Kai R. Sotorp
|
|
|
Kai R. Sotorp
|
|
|
President
|
|
|
|
Date:
|
|
February 26, 2010
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By:
|
|
/s/ Kai R. Sotorp
|
|
|
Kai R. Sotorp
|
|
|
President
|
|
|
|
Date:
|
|
February 26, 2010
|
|
|
|
By:
|
|
/s/ Thomas Disbrow
|
|
|
Thomas Disbrow
|
|
|
Vice President and Treasurer
|
|
|
|
Date:
|
|
February 26, 2010
|
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