Insured Municipal Income Fund Inc.: Dividend Declaration and Portfolio Statistics.Business Editors NEW YORK--(BUSINESS WIRE)--June 7, 2004 Insured Municipal Income Fund Inc. (NYSE NYSE See: New York Stock Exchange :PIF (Program Information File) A data file in Windows 3.x and NT that stores window settings for DOS applications. It allows screen size, fonts and other options to be selected in order to customize the way the DOS app appears under Windows. ), a closed-end closed-end adj. Issuing a fixed number of shares that can be traded publicly but are not redeemable by the issuer: a closed-end investment company. management investment company normally investing substantially all of its assets in a diversified diversified (di·verˑ·s portfolio of tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. municipal obligations, with common and preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. outstanding, today announced that the Fund's Board of Directors has declared a dividend from net investment income of $0.065 per share of common stock. The dividend is payable on June 30, 2004, to common shareholders of record as of June 17, 2004. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is June 15, 2004. Under normal circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , the Fund invests at least 80% of its net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. in insured municipal obligations, the income from which is exempt from regular federal income tax.
Portfolio Statistics (% of total portfolio assets) as of May 31, 2004:
Top Ten States Top Five Sectors
----------------------- -------------------------------------------
California 18.9% Power 24.8%
New York 13.1 Water & Sewer 14.7
Texas 11.6 Escrowed to Maturity 11.8
Washington 9.0 Prerefunded 7.8
Illinois 7.1 Hospital 5.6
New Mexico 4.7 -------------------------------------------
North Carolina 4.1 Total 64.7%
Rhode Island 3.7 Characteristics
Massachusetts 2.5 -------------------------------------------
Nevada 2.4 Net Asset Value $14.72
----------------------- Market Price $12.92
Total 77.1% IPO Price (1993) $15.00
June 2004 Dividend
(per common share) $0.065
Leverage** 39.37%
Credit Quality
----------------------- Weighted Average Maturity 10.24 yrs.
AAA/Aaa 87.9% Weighted Average Duration 4.61 yrs.
A1/P1 12.1 Weighted Average Coupon 4.70%
----------------------- -------------------------------------------
Total 100.0%
Price to Date Maturity/Call Distribution
-------------------------------------------
Yields * 2004 11.9%
----------------------- 2005 2.1
NAV Yield 5.30% 2006-2015 41.0
Market Yield 6.04% 2016-2031 45.0
IPO Yield 5.20% -------------------------------------------
Total 100.0%
* 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. IPO yield is
calculated by multiplying the current month's dividend by 12 and
dividing by the initial public offering price. Prices and yields
will vary. The Fund is actively managed and its portfolio
composition will vary over time.
** As a percentage of total assets. Leverage may vary.
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