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<PAGE> PAGE 2
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<PAGE> PAGE 3
022 A000007 BANKERS TRUST COMPANY
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022 B000009 13-2741729
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<PAGE> PAGE 7
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000897802
<NAME> PREMIER INSURED MUNICIPAL INCOME FUND, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 429787
<INVESTMENTS-AT-VALUE> 419853
<RECEIVABLES> 7499
<ASSETS-OTHER> 223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 427575
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 781
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<SENIOR-EQUITY> 150000
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<SHARES-COMMON-PRIOR> 15932
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<REALIZED-GAINS-CURRENT> (905)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13717)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
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<PER-SHARE-DIVIDEND> (0.79)
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</TABLE>
The Board of Directors and Shareholders
PaineWebber Premier Insured Municipal Income Fund Inc.
In planning and performing our audit of the financial statements of
PaineWebber Premier Insured Municipal Income Fund Inc. for the year
ended March 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control structure.
The management of PaineWebber Premier Insured Municipal Income Fund Inc.
is responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs
of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to
permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of March 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
May 19, 1995
PAINWEBBER PREMIER INSURED MUNICIPAL INCOME FUND INC.
EXHIBIT TO FORM N-SAR ITEM 77I
FOR THE SIX-MONTH PERIOD ENDED MARCH 31, 1995
As a result of an Agreement and Plan of Reorganization and Liquidation
(the "Agreement") between PaineWebber Premier Intermediate Tax-Free Income
Fund Inc. ("Intermediate Fund") and PaineWebber Premier Insured Municipal
Income Fund Inc. ("Insured Fund") pursuant to which Insured Fund
acquired the assets of and assumed all the liabilities of Intermediate
Fund, Insured Fund issued a new class of Auction Preferred Shares
("APS"), namely, APS-Series D. The Agreement was approved by
shareholders on November 10, 1994.
PAINEWEBBER PREMIER INSURED MUNICIPAL INCOME FUND INC.
EXHIBIT TO FORM N-SAR ITEM 77M
FOR THE SIX-MONTH PERIOD ENDED MARCH 31, 1995
On November 10, 1994, the shareholders of PaineWebber Premier
Intermediate Tax-Free Income Fund Inc. ("Intermediate Fund") approved an
Agreement and Plan of Reorganization and Liquidation ("Reorganization")
between Intermediate Fund and PaineWebber Premier Insured Municipal
Income Fund Inc. ("Insured Fund"), pursuant to which Insured Fund
acquired the assets of Intermediate Fund in exchange for newly issued
shares of Common Stock of Insured Fund and Auction Preferred Shares,
Series D of Insured Fund, and assumed of all the liabilities of
Intermediate Fund. Intermediate Fund distributed to its stockholders pro
rata by class the shares of the Insured Fund received. Intermediate Fund
currently has no asets or shareholders.
Rule 10f-3
Record of Municipal Securities Purchased Under the Fund's Rule 10f-3
Procedures
Fund Name: PW Premier Insured
1. Issuer. Maine Health & Higher Ed.
2. Date of purchase: 12/1/95
3. Date offering commenced: 11/29/94
4. Underwriter from whom purchased: A. G. Edwards
5. Affiliated Underwriter: PaineWebber
6. Aggregate principal amount of purchase: 1,500,000
7. Aggregate principal amount of offering: 43,085*
8. Purchase price (net of fees and expenses): 96.379
9. Initial public offering price: 96.379
10. Commission, spread or profit: 0
11. Have the following conditions been satisfied? YES NO
A. The securities are part of an issue registered under the
Securities Act of 1933 which is being offered to the
public or are "municipal securities" as defined in
Section 3 (a) (29) of the Securities Exchange Act of 1934. x
B. The securities were purchased prior to the end of the
first full business day of the offering at not more than
the initial offering price (or, if a rights offering, the
securities were purchased on or before the fourth day
preceding the day on which the offering terminated). x
C. The underwriting was a firm commitment underwriting. x
D. The commission, spread or profit was reasonable and fair
in relation to that being received by others for
underwriting similar securities during the same period. x
E. The issue of securities has received an investment grade
rating from a nationally recognized statistical rating
organization or, if the issuer or entity supplying the
revenues from which the issue is to be paid shall have
been in continuous operation for less than three years
(including any predecessor), it has received one of the
three highest ratings from at least one such rating
organization. x
F. The amount of such securities purchased by all of the
investment companies advised by Mitchell Hutchins did not
exceed 4% of the principal amount of the offering or
$500,000 in principal amount, whichever is greater,
provided that in no event did such amount exceed 10% of
the principal amount of the offering. x
G. The purchase price was less than 3% of the Fund's total
assets. x
H. No affiliated Underwriter was a direct or indirect
participant in or beneficiary of the sale or, with respect
to municipal securities, no purchases were designated as
group sales or otherwise allocated to the account of any
affiliated Underwriter. x
Approved By: Gregory W. Serbe Date: 12/1/95
Rev. 3/10/92
