Investment Grade Municipal, Insured Municipal income funds to partially redeem auction preferred shares

By Cristal Cody

Springdale, Ark., July 23 - The Investment Grade Municipal Income Fund Inc. and Insured Municipal Income Fund Inc. closed-end management investment companies received board approval to use a tender option bond program to partially restructure the funds' leverage, according to a statement released Wednesday.

Each fund will be allowed to invest up to 15% of its total assets into the tender option bond program.

Proceeds from the program will be used to finance a partial redemption of each fund's auction preferred shares. A redemption date has not been determined.

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