<PAGE> PAGE 1
000 A000000 09/30/95
000 C000000 0000897802
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 A
001 A000000 INSURED MUNICIPAL INCOME FUND
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001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
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004 000000 N
005 000000 N
006 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000001 A
008 C000001 801-13219
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 MITCHELL HUTCHINS
010 B000001 80113219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 PAINEWEBBER INCORPORATED
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 P.F.P.C.
012 B000001 85-0000
012 C010001 WILMINGTON
<PAGE> PAGE 2
012 C020001 DE
012 C030001 19809
013 A000001 ERNST AND YOUNG
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 PAINEWEBBER INCORPORATED
014 B000001 8-16267
014 A000002 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
014 B000002 8-21901
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
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020 C000004 0
020 C000005 0
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020 C000007 0
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020 C000009 0
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022 A000001 SMITH BARNEY INC.
022 C000001 27497
022 D000001 16800
022 A000002 MORGAN STANLEY AND C0, INC
022 B000002 13-2655998
022 C000002 6900
022 D000002 6600
022 A000003 CITICORP SECURITIES MARKETS, INC.
022 C000003 7200
022 D000003 6100
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022 C000004 1500
022 D000004 2400
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022 C000006 500
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022 A000007 MERRILL LYNCH PIERCE FENNER
<PAGE> PAGE 3
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022 D000008 300
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022 C000010 0
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023 D000000 33300
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
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070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
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<PAGE> PAGE 7
072 C000000 0
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000897802
<NAME> INSURED MUNICIPAL INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 431176
<INVESTMENTS-AT-VALUE> 430176
<RECEIVABLES> 7163
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 177
<TOTAL-ASSETS> 437519
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 628
<TOTAL-LIABILITIES> 628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 288779
<SHARES-COMMON-STOCK> 20628
<SHARES-COMMON-PRIOR> 20628
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (8)
<ACCUMULATED-NET-GAINS> (879)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1000)
<NET-ASSETS> 436891
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12790
<OTHER-INCOME> 0
<EXPENSES-NET> (1981)
<NET-INVESTMENT-INCOME> 10809
<REALIZED-GAINS-CURRENT> 976
<APPREC-INCREASE-CURRENT> 8934
<NET-CHANGE-FROM-OPS> 20719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10623)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10097
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1855)
<OVERDISTRIB-NII-PRIOR> (194)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2344
<AVERAGE-NET-ASSETS> 435010
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.91
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
FORM 10f-3 FUND: PW Premier Insured
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Maine Health Higher Ed
2. Date of Purchase: December 1, 1994
3. Date offering commenced: November 22, 1994
4. Underwriters from whom purchased: A.G. Edwards
5. "Affiliated Underwriter" managing or participating in syndicate:
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: _____% $0.00
<TABLE>
<CAPTION>
11. Have the following conditions been satisfied? YES NO
<S> <C> <C> <C>
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. (1) If securities are registered under the Securities
Act of 1933, the issuer of the securities and its
predecessor have been in continuous operation for not
less than three years. x _______
(2) If securities are municipal securities, 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), the issue 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 _______
</TABLE>
Approved: ______________________________________ Date: ___________________
