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.
51 West 52nd Street, New York, New York 10019-6114
Mark F. Kemper, Esq.
UBS Global Asset Management
51 West 52nd Street
New York, NY 10019-6114
(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: 212-882 5000
Date of fiscal year end: September 30
Date of reporting period: December 31, 2008
Item 1. Schedule of Investments |
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
Moodys | S&P | Face | ||||||
Security description | rating | rating | amount ($) | Value ($) | ||||
Long-term municipal bonds175.10% | ||||||||
Alaska 2.06% | ||||||||
Alaska International Airports Revenue Refunding-Series A (MBIA, Inc. Insured) | ||||||||
5.000%, due 10/01/19(1) |
Aa3 | AA | 1,000,000 | 869,020 | ||||
5.000%, due 10/01/20(1) |
Aa3 | AA | 1,000,000 | 845,180 | ||||
5.000%, due 10/01/21(1) |
Aa3 | AA | 1,000,000 | 833,020 | ||||
2,547,220 | ||||||||
Arizona 2.03% | ||||||||
Arizona State Transportation Board Highway Revenue-Series B | ||||||||
5.250%, due 07/01/18 |
Aa1 | AAA | 2,380,000 | 2,506,140 | ||||
Arkansas 0.95% | ||||||||
Little Rock Capital Improvement Revenue Parks & Recreation Projects-Series A | ||||||||
5.700%, due 01/01/18 |
NR | NR | 1,335,000 | 1,168,646 | ||||
California 23.85% | ||||||||
California Educational Facilities Authority Revenue Refunding-Pepperdine University-Series A (FGIC Insured) |
||||||||
5.000%, due 09/01/33 |
Aa3 | AA | 5,000,000 | 4,252,050 | ||||
California Health Facilities Financing Authority Revenue-Kaiser Permanente-Series A | ||||||||
5.250%, due 04/01/39 |
NR | A+ | 5,000,000 | 3,665,750 | ||||
Los Angeles Water & Power Revenue Power System-Series A, Subseries A-2 (MBIA, Inc. Insured) | ||||||||
5.000%, due 07/01/27 |
Aa3 | AA | 5,000,000 | 4,723,150 | ||||
Sacramento County Sanitation District Financing Authority Revenue Refunding (AMBAC Insured) | ||||||||
5.000%, due 12/01/27 |
Aa3 | AA | 8,000,000 | 7,550,880 | ||||
San Diego County Regional Airport Authority Airport Revenue Refunding (AMBAC Insured) | ||||||||
5.250%, due 07/01/16(1) |
A1 | A+ | 2,600,000 | 2,520,154 | ||||
San Francisco City & County Public Utilities Commission Water Revenue-Series A (MBIA, Inc. Insured) | ||||||||
5.000%, due 11/01/25 |
A1 | AA | 2,000,000 | 1,884,680 | ||||
University of California Revenue-Series A (AMBAC Insured) | ||||||||
5.000%, due 05/15/28(2) |
Aa1 | AA | 5,000,000 | 4,825,250 | ||||
29,421,914 | ||||||||
Colorado 5.45% | ||||||||
Colorado Health Facilities Authority Revenue-Adventist Health-Series E (Pre-refunded with US Government Obligations to 11/15/16 @ 100) |
||||||||
5.125%, due 11/15/18 |
A1 | A+ | 160,000 | 187,717 | ||||
5.125%, due 11/15/19 |
A1 | A+ | 160,000 | 187,717 | ||||
Colorado Health Facilities Authority Revenue-Unrefunded Balance-Adventist-Series E | ||||||||
5.125%, due 11/15/18 |
A1 | A+ | 2,840,000 | 2,687,037 | ||||
5.125%, due 11/15/19 |
A1 | A+ | 2,840,000 | 2,636,997 |
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
Moodys | S&P | Face | ||||||
Security description | rating | rating | amount ($) | Value ($) | ||||
Long-term municipal bonds(continued) | ||||||||
Colorado(concluded) | ||||||||
University of Colorado Participation Interests | ||||||||
6.000%, due 12/01/13 |
NR | A+ | 1,037,351 | 1,027,009 | ||||
6,726,477 | ||||||||
Florida 7.82% | ||||||||
Florida State Board of Education Capital Outlay-Series E (FGIC Insured) | ||||||||
5.000%, due 06/01/24 |
Aa1 | AAA | 3,350,000 | 3,366,549 | ||||
Florida State Board of Education Lottery Revenue-Series B (BHAC-CR MBIA, Inc. Insured) | ||||||||
5.000%, due 07/01/26(3),(4) |
Aaa | AAA | 3,905,000 | 3,877,913 | ||||
Miami-Dade County Aviation Revenue Refunding-Miami International Airport-Series B (XLCA Insured) | ||||||||
5.000%, due 10/01/18(1) |
A2 | A- | 2,700,000 | 2,399,301 | ||||
9,643,763 | ||||||||
Illinois 16.44% | ||||||||
Chicago OHare International Airport Revenue-General-Third Lien-Series D (MBIA, Inc. Insured) | ||||||||
5.000%, due 01/01/26(1) |
A1 | AA | 11,270,000 | 8,695,707 | ||||
Chicago Transit Authority Capital Grant Receipts Revenue Federal Transit Administration Section 5309 (Assured Guaranty Insured) |
||||||||
5.250%, due 06/01/24 |
Aa2 | AAA | 1,500,000 | 1,519,050 | ||||
Illinois Educational Facilities Authority Revenue Refunding-Augustana College-Series A | ||||||||
5.625%, due 10/01/22 |
Baa1 | NR | 1,200,000 | 961,320 | ||||
Illinois Finance Authority Revenue-University of Chicago-Series A | ||||||||
5.000%, due 07/01/34 |
Aa1 | AA | 6,000,000 | 5,630,340 | ||||
Illinois Municipal Electric Agency Power Supply-Series A (FGIC Insured) | ||||||||
5.250%, due 02/01/17 |
A1 | AA | 3,000,000 | 3,230,100 | ||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue | ||||||||
6.500%, due 06/15/27 |
A1 | AAA | 250,000 | 250,150 | ||||
20,286,667 | ||||||||
Indiana 5.10% | ||||||||
Indiana Health & Educational Facilities Financing Authority Hospital Revenue Refunding-Clarian Health Obligation Group-Series B |
||||||||
5.000%, due 02/15/21 |
A2 | A+ | 4,000,000 | 3,217,960 | ||||
Indianapolis Airport Authority Revenue Refunding-Special Facilities-FedEx Corp. Project | ||||||||
5.100%, due 01/15/17(1) |
Baa2 | BBB | 4,000,000 | 3,071,600 | ||||
6,289,560 | ||||||||
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
Moodys | S&P | Face | ||||||
Security description | rating | rating | amount ($) | Value ($) | ||||
Long-term municipal bonds(continued) | ||||||||
Kentucky 1.62% | ||||||||
Kenton County Airport Board Airport Revenue-Cincinnati/Northern Kentucky-Series B (MBIA, Inc. Insured) |
||||||||
5.500%, due 03/01/18(1) |
A3 | AA | 2,080,000 | 1,999,088 | ||||
Massachusetts 4.66% | ||||||||
Massachusetts Health & Educational Facilities Authority Revenue-Harvard University-Series DD | ||||||||
5.000%, due 07/15/35 |
Aaa | AAA | 5,000,000 | 4,978,050 | ||||
Massachusetts Port Authority Revenue-US Airways Project (MBIA, Inc. Insured) | ||||||||
6.000%, due 09/01/21(1) |
Baa1 | AA | 1,000,000 | 769,420 | ||||
5,747,470 | ||||||||
Michigan 5.83% | ||||||||
Michigan State Hospital Finance Authority Revenue Refunding-Trinity Health Credit Group-Series D | ||||||||
5.000%, due 08/15/25 |
Aa2 | AA | 5,000,000 | 4,522,150 | ||||
Michigan State Hospital Finance Authority Revenue-Trinity Health Credit Group-Series A | ||||||||
5.000%, due 12/01/26 |
Aa2 | AA | 3,000,000 | 2,664,150 | ||||
7,186,300 | ||||||||
Minnesota 1.06% | ||||||||
Shakopee Health Care Facilities Revenue-Saint Francis Regional Medical Center | ||||||||
5.000%, due 09/01/17 |
NR | BBB | 1,500,000 | 1,309,140 | ||||
New Jersey 6.34% | ||||||||
New Jersey Transportation Trust Fund Authority Transportation System-Series A | ||||||||
5.250%, due 12/15/20 |
A1 | AA- | 5,000,000 | 5,155,450 | ||||
Tobacco Settlement Financing Corp.-Series 1-A | ||||||||
4.500%, due 06/01/23 |
Baa3 | BBB | 3,760,000 | 2,670,352 | ||||
7,825,802 | ||||||||
New York 14.99% | ||||||||
Metropolitan Transportation Authority New York Dedicated Tax Fund-Series A (FSA Insured) |
||||||||
5.250%, due 11/15/24 |
Aa3 | AAA | 1,765,000 | 1,759,246 | ||||
New York City
Industrial Development Agency Special Facilities Revenue-Terminal |
||||||||
5.500%, due 01/01/15(1) |
A3 | BBB+ | 2,000,000 | 1,866,180 | ||||
New York City
Industrial Development Agency Special Facilities Revenue-Terminal |
||||||||
5.500%, due 01/01/17(1),(5) |
A3 | BBB+ | 3,250,000 | 2,879,890 | ||||
5.500%, due 01/01/18(1),(5) |
A3 | BBB+ | 2,750,000 | 2,436,830 | ||||
Triborough Bridge & Tunnel Authority Revenue Refunding-Series B | ||||||||
5.250%, due 11/15/19 |
Aa2 | AA- | 3,140,000 | 3,282,807 |
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
Moodys | S&P | Face | ||||||
Security description | rating | rating | amount ($) | Value ($) | ||||
Long-term municipal bonds(continued) | ||||||||
New York(concluded) | ||||||||
Triborough Bridge & Tunnel Authority Revenue-Subordinate Bonds | ||||||||
5.250%, due 11/15/30 |
Aa3 | A+ | 6,400,000 | 6,269,184 | ||||
18,494,137 | ||||||||
North Carolina 6.36% | ||||||||
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 | 3,721,921 | ||||
North Carolina
Medical Care Commission Health Care Facilities Revenue-Novant Health |
||||||||
5.000%, due 11/01/34 |
Aa3 | A+ | 5,000,000 | 4,126,100 | ||||
7,848,021 | ||||||||
Ohio 12.83% | ||||||||
Buckeye Tobacco Settlement Financing Authority Asset-Backed Senior Turbo-Series A-2 | ||||||||
5.125%, due 06/01/24 |
Baa3 | BBB | 9,615,000 | 6,390,129 | ||||
Ohio State Higher Education-Series B | ||||||||
5.250%, due 11/01/17 |
Aa1 | AA+ | 1,185,000 | 1,273,839 | ||||
Ohio State Water Development Authority Water Pollution Control Revenue-Water Quality | ||||||||
5.000%, due 06/01/24(3),(4) |
Aaa | AAA | 8,000,000 | 8,167,760 | ||||
15,831,728 | ||||||||
Pennsylvania 1.90% | ||||||||
Susquehanna Area Regional Airport Authority Airport System Revenue-Subseries D | ||||||||
5.375%, due 01/01/18 |
Ba1 | NR | 3,000,000 | 2,348,040 | ||||
Puerto Rico 9.23% | ||||||||
Puerto Rico Commonwealth Highway & Transportation Authority Revenue Refunding-Series N |
||||||||
5.500%, due 07/01/22 |
Baa3 | BBB+ | 3,000,000 | 2,498,310 | ||||
Puerto Rico Housing Finance Authority Capital Fund Program-Unrefunded Balance (HUD Insured) | ||||||||
5.000%, due 12/01/18 |
Aa3 | AA+ | 1,030,000 | 1,058,665 | ||||
Puerto Rico
Housing Finance Authority Capital Guaranteed Program-Pre-refunded with FNMA |
||||||||
5.000%, due 12/01/18 |
Aaa | AAA | 1,970,000 | 2,189,734 | ||||
University of Puerto Rico-Revenue System-Series Q | ||||||||
5.000%, due 06/01/17 |
Baa2 | BBB- | 6,465,000 | 5,641,423 | ||||
11,388,132 | ||||||||
South Carolina 8.78% | ||||||||
Charleston Educational Excellence Financing Corp. Revenue-Charleston County School District Project | ||||||||
5.000%, due 12/01/24 |
A1 | AA- | 5,000,000 | 4,752,650 |
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
Moodys | S&P | Face | ||||||
Security description | rating | rating | amount ($) | Value ($) | ||||
Long-term municipal bonds(continued) | ||||||||
South Carolina(concluded) | ||||||||
Greenville County School District Installment Purchase Refunding-Building Equity Sooner-Series AGC | ||||||||
5.000%, due 12/01/24 |
Aa3 | AA | 5,000,000 | 5,013,400 | ||||
Greenville Waterworks Revenue | ||||||||
5.250%, due 02/01/20 |
Aa1 | AAA | 1,000,000 | 1,063,050 | ||||
10,829,100 | ||||||||
South Daktota 0.52% | ||||||||
Standing Rock New Public Housing | ||||||||
6.000%, due 08/07/13(6) |
NR | NR | 739,581 | 641,417 | ||||
Tennessee 0.73% | ||||||||
Memphis-Shelby County Airport Authority Airport Revenue-Series D (AMBAC Insured) | ||||||||
6.000%, due 03/01/24(1) |
A2 | A | 1,000,000 | 894,460 | ||||
Texas 19.68% | ||||||||
Coastal Bend Health Facilities Development Corp.-Incarnate Word Health System-Series A (Escrowed to Maturity) (AMBAC Insured) |
||||||||
6.300%, due 01/01/17 |
Baa1 | A | 3,390,000 | 3,861,108 | ||||
Harris County Texas Lease | ||||||||
6.750%, due 05/01/20(7) |
NR | NR | 5,791,963 | 4,873,589 | ||||
Houston Community College System Participation Interests | ||||||||
7.875%, due 06/15/25(7) |
NR | NR | 3,007,095 | 2,856,981 | ||||
Lower Colorado River Authority Transmission Contract Revenue-LCRA Transmission Services Corp. Project B (FSA Insured) |
||||||||
5.250%, due 05/15/20 |
Aa3 | AAA | 1,485,000 | 1,532,431 | ||||
San Antonio Electric & Gas Systems | ||||||||
5.000%, due 02/01/24(3),(4) |
Aa1 | AA | 4,590,000 | 4,619,164 | ||||
San Leanna Educational Facilities Corp. Higher Educational Revenue Refunding-Saint Edwards University Project |
||||||||
5.000%, due 06/01/18 |
Baa2 | BBB+ | 2,000,000 | 1,641,680 | ||||
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 | 4,900,200 | ||||
24,285,153 | ||||||||
Washington 16.87% | ||||||||
Chelan County Public Utility District No. 001 Consolidated Revenue Refunding-Chelan Hydropower-Series A (MBIA, Inc. Insured) |
||||||||
6.050%, due 07/01/32(1) |
Aa2 | AA | 4,225,000 | 3,682,468 | ||||
Energy Northwest Electric Revenue Refunding-Columbia Station-Series A |
||||||||
5.000%, due 07/01/23 |
Aaa | AA- | 7,000,000 | 7,058,800 |
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
Moodys | S&P | Face | ||||||
Security description | rating | rating | amount ($) | Value ($) | ||||
Long-term municipal bonds(concluded) | ||||||||
Washington(concluded) | ||||||||
Washington State Motor Vehicle Fuel Tax-Series B | ||||||||
5.000%, due 07/01/26(3),(4) |
Aa1 | AA+ | 10,000,000 | 10,075,800 | ||||
20,817,068 | ||||||||
Total long-term municipal bonds (cost $242,870,856) | 216,035,443 | |||||||
Total investments (cost $242,870,856)(8),(9) 175.10% | 216,035,443 | |||||||
Liabilities in excess of other assets (10.26)% | (12,658,071) | |||||||
Liquidation value of auction preferred shares (64.84)% | (80,000,000) | |||||||
Net assets applicable to common shareholders 100.00% | 123,377,372 | |||||||
(1) | Security subject to Alternative Minimum Tax. | |
(2) | Partial amount delivered to broker as collateral for futures transactions. | |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 21.67% of net assets applicable to common shareholders as of December 31, 2008, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
(4) | 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, 2008, the aggregate principal amount of the inverse floaters and the floating rate notes are $6,630,000 and $19,865,000, respectively. | |
(5) | Floating rate security. The interest rate shown is the current rate as of December 31, 2008. | |
(6) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 0.52% of net assets applicable to common shareholders as of December 31, 2008, is considered illiquid and restricted (See table below for more information). |
Acquisition | ||||||||||
cost as a | Value as a | |||||||||
percentage | percentage | |||||||||
Illiquid and | Acquisition | Acquisition | of common | Value at | of common | |||||
restricted security | date | cost ($) | net assets (%) | 12/31/08 ($) | net assets (%) | |||||
Standing Rock New Public Housing | ||||||||||
6.000%, due 08/07/13 |
08/08/02 | 739,581 | 0.60 | 641,417 | 0.52 |
(7) | The securities detailed in the table below are considered illiquid and restricted and represent 6.27% of net assets applicable to common shareholders as of December 31, 2008. |
Acquisition | ||||||||||
cost as a | Value as a | |||||||||
percentage | percentage | |||||||||
Illiquid and | Acquisition | Acquisition | of common | Value at | of common | |||||
restricted securities | dates | cost ($) | net assets (%) | 12/31/08 ($) | net assets (%) | |||||
Harris County Texas Lease | ||||||||||
6.750%, due 05/01/20 |
09/07/00 | 5,791,963 | 4.69 | 4,873,589 | 3.95 | |||||
Houston Community College System Participation Interests | ||||||||||
7.875%, due 06/15/25 |
04/22/02 | 3,007,095 | 2.44 | 2,856,981 | 2.32 | |||||
8,799,058 | 7.13 | 7,730,570 | 6.27 | |||||||
(8) | Cost of investments shown approximates cost for federal income tax purposes. Gross unrealized appreciation of investments and gross unrealized depreciation of investments at December 31, 2008 were $1,391,825 and $28,227,238, respectively, resulting in net unrealized depreciation of investments of $26,835,413. |
Investment Grade Municipal Income Fund Inc.
Schedule of investments December 31, 2008 (unaudited)
(9) | 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, 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, unless the Board or its delegate
determines that this does not represent fair value. Securities traded in the over-the-counter
market are valued at the last bid price available on the valuation date prior to
valuation. The Fund adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 157 Fair Value Measurements (FAS 157), effective October 1, 2008. FAS 157 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 1Quoted prices in active markets for identical securities. Level 2Other significant observable inputs, including but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks. Level 3Unobservable inputs inclusive of the Funds own assumptions in determining the value of investments. |
|
The following is a summary of the inputs used as of December 31, 2008 in valuing the Funds assets: |
Quoted prices in | Significant | |||||||
active markets | other | |||||||
for identical | observable | Unobservable | ||||||
securities | inputs | inputs | ||||||
Description | (Level 1) ($) | (Level 2) ($) | (Level 3) ($) | Total | ||||
Assets: | ||||||||
Securities | | 216,035,443 | | 216,035,443 | ||||
Liabilities: | ||||||||
Derivatives | 349,337 | | | 349,337 | ||||
AMBAC | American Municipal Bond Assurance Corporation | |
BHAC | Berkshire Hathaway Assurance Corporation | |
CR | Custodial Receipts | |
FGIC | Financial Guaranty Insurance Company | |
FNMA | Federal National Mortgage Association | |
FSA | Financial Security Assurance | |
HUD | Housing and Urban Development | |
NR | Not Rated | |
XLCA | XL Capital Assurance |
Futures contracts | |||||||||
Number of | Expiration | Current | Unrealized | ||||||
contracts | Sale contracts | dates | Proceeds ($) | value ($) | depreciation ($) | ||||
75 | US Treasury Bond 20 Year Futures | March 2009 | 10,004,178 | 10,353,515 | (349,337) |
For more information regarding the Funds other significant accounting policies, please refer to the Funds annual report to shareholders dated September 30, 2008.
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 is 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: | March 2, 2009 | |
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: | March 2, 2009 | |
By: | /s/ Thomas Disbrow | |
Thomas Disbrow | ||
Vice President and Treasurer | ||
Date: | March 2, 2009 |