<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000897802
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 INSURED MUNICIPAL INCOME FUND INC.
001 B000000 811-7528
001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
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
018 000000 Y
019 A000000 Y
019 B000000 64
019 C000000 PAINEWEBBE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 LEHMAN BROS INC
022 C000001 4300
022 D000001 4900
022 A000002 MORGAN STANLEY AND CO.
022 B000002 13-2655998
022 C000002 3000
022 D000002 1300
022 A000003 CITICORP SECURITIES
022 C000003 1500
022 D000003 1500
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004 600
022 D000004 2200
022 A000005 PREREFUNDED CALL LOTTERY
022 C000005 1000
022 D000005 1000
022 A000006 NOMURA SECURITIES INTL INC.
022 B000006 13-2642206
022 C000006 1000
022 D000006 0
<PAGE> PAGE 3
022 A000007 PRUDENTIAL SECURITIES INC.
022 B000007 22-2347336
022 C000007 0
022 D000007 1000
022 A000008 FIRST ALBANY CORP.
022 C000008 800
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 12200
023 D000000 11900
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
<PAGE> PAGE 4
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.900
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
<PAGE> PAGE 5
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 2.1
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 96.3
062 P000000 0.0
062 Q000000 0.0
<PAGE> PAGE 6
062 R000000 0.0
063 A000000 0
063 B000000 23.3
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
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
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 0
071 B000000 0
071 C000000 423968
071 D000000 0
072 A000000 6
<PAGE> PAGE 7
072 B000000 12870
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1977
072 G000000 0
072 H000000 0
072 I000000 19
072 J000000 132
072 K000000 33
072 L000000 22
072 M000000 6
072 N000000 0
072 O000000 0
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072 Q000000 0
072 R000000 27
072 S000000 31
072 T000000 0
072 U000000 31
072 V000000 0
072 W000000 226
072 X000000 2504
072 Y000000 549
072 Z000000 10915
072AA000000 0
072BB000000 0
072CC010000 5108
072CC020000 0
072DD010000 10616
072DD020000 0
072EE000000 0
073 A010000 0.5100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 89
074 B000000 0
074 C000000 9550
074 D000000 429888
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 7392
074 M000000 111
074 N000000 447030
074 O000000 0
<PAGE> PAGE 8
074 P000000 332
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 252
074 S000000 150000
074 T000000 296446
074 U010000 20628
074 U020000 0
074 V010000 14.37
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 439412
076 000000 12.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 Y
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 45000
081 A000000 Y
081 B000000 64
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
<PAGE> PAGE 9
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 69574F107
087 A030000 PIF
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000897802
<NAME> INSURED MUNICIPAL INCOME FUND
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 6-MOS OTHER
<FISCAL-YEAR-END> MAR-31-1996 MAR-31-1996
<PERIOD-START> APR-1-1996 APR-1-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
<INVESTMENTS-AT-COST> 431,415 431,415,259
<INVESTMENTS-AT-VALUE> 439,438 439,437,685
<RECEIVABLES> 7,392 7,391,745
<ASSETS-OTHER> 111 111,579
<OTHER-ITEMS-ASSETS> 89 89,388
<TOTAL-ASSETS> 447,030 447,030,397
<PAYABLE-FOR-SECURITIES> 0 0
<SENIOR-LONG-TERM-DEBT> 0 0
<OTHER-ITEMS-LIABILITIES> 584 584,000
<TOTAL-LIABILITIES> 584 584,000
<SENIOR-EQUITY> 0 0
<PAID-IN-CAPITAL-COMMON> 302,704 302,703,762
<SHARES-COMMON-STOCK> 20,628 20,628,363
<SHARES-COMMON-PRIOR> 20,628 20,628,363
<ACCUMULATED-NII-CURRENT> 0 0
<OVERDISTRIBUTION-NII> 0 0
<ACCUMULATED-NET-GAINS> (14,805) (14,804,597)
<OVERDISTRIBUTION-GAINS> 0 0
<ACCUM-APPREC-OR-DEPREC> 8,022 8,022,426
<NET-ASSETS> 446,446 446,446,397
<DIVIDEND-INCOME> 0 0
<INTEREST-INCOME> 12,870 12,869,707
<OTHER-INCOME> 0 0
<EXPENSES-NET> 1,955 1,955,180
<NET-INVESTMENT-INCOME> 10,915 10,914,527
<REALIZED-GAINS-CURRENT> 0 0
<APPREC-INCREASE-CURRENT> 5,108 5,107,989
<NET-CHANGE-FROM-OPS> 16,023 16,022,516
<EQUALIZATION> 0 0
<DISTRIBUTIONS-OF-INCOME> (10,616) (10,616,383)
<DISTRIBUTIONS-OF-GAINS> 0 0
<DISTRIBUTIONS-OTHER> 0 0
<NUMBER-OF-SHARES-SOLD> 0 0
<NUMBER-OF-SHARES-REDEEMED> 0 0
<SHARES-REINVESTED> 0 0
<NET-CHANGE-IN-ASSETS> 5,406 5,406,133
<ACCUMULATED-NII-PRIOR> 0 0
<ACCUMULATED-GAINS-PRIOR> (14,805) (14,804,597)
<OVERDISTRIB-NII-PRIOR> 0 0
<OVERDIST-NET-GAINS-PRIOR> 0 0
<GROSS-ADVISORY-FEES> 1,977 1,977,354
<INTEREST-EXPENSE> 0 0
<GROSS-EXPENSE> 2,504 2,504,445
<AVERAGE-NET-ASSETS> 439,412 439,411,966
<PER-SHARE-NAV-BEGIN> 14.11 14.11
<PER-SHARE-NII> 0.53 0.53
<PER-SHARE-GAIN-APPREC> 0.24 0.24
<PER-SHARE-DIVIDEND> (0.51) (0.51)
<PER-SHARE-DISTRIBUTIONS> 0.00 0.00
<RETURNS-OF-CAPITAL> 0.00 0.00
<PER-SHARE-NAV-END> 14.37 14.37
<EXPENSE-RATIO> 1.35 1.35
<AVG-DEBT-OUTSTANDING> 0 0
<AVG-DEBT-PER-SHARE> 0.00 0.00
</TABLE>
For the period ended September 30, 1996 Attachment 77C
File Number 811-7528
Insured Municipal Income Fund Inc.
An annual meeting of shareholders was held on April 11, 1996, at which the
following proposal was approved:
ALL SHARES VOTING AS A SINGLE CLASS:
To vote for or against the following changes to the Fund's fundamental
investment restrictions and policies(the enumeration below follows that
used in the related proxy statement):
Shares Shares
Voted Voted Shares
For Against Abstain
1. Modification of Fundamental Restriction on
Portfolio Diversification for Diversified
Funds: 7,640,245 493,352 473,370
2. Modification of Fundamental Restriction
on Concentration 7,613,145 514,411 478,781
3. Modification of Fundamental Restriction
on Senior Securities and
Borrowing (unchanged): 7,629,614 371,375 605,978
4. Modification of Fundamental Restriction
on Making Loans 7,720,005 404,139 482,823
5. Modification of Fundamental Restriction
on Underwriting Securities 7,598,684 533,665 474,618
6. Modification of Fundamental Restriction
on Real Estate Investments 7,567,545 557,078 482,344
7. Modification of Fundamental Restriction
on Investing in Commodities 7,566,540 589,701 450,726
8. Elimination of Fundamental Restriction
on Margin Transactions 7,693,556 456,696 456,715
9. Elimination of Fundamental Restriction
on Short Sales 7,536,201 592,361 478,369
10. Elimination of Fundamental Restriction
on Investments in Oil, Gas and Mineral
Leases and Programs 7,585,983 575,663 445,321
4. Approval of amendment to Articles
of Incorporation: 10,350,838 250,982 405,147
In addition to the item noted above, the Fund's shareholders
(i)elected board members and (ii) ratified the selection of independent
auditors. Pursuant to Instruction 2 of Sub-Item 77C of Form N-SAR, it is
not necessary to provide in this exhibit details concerning shareholder
action on these two proposals since there were no solicitations in
opposition to the registrant's nominees and all of the nominees were
elected.
A more complete description of each of the proposals referred to
above is hereby incorporated by reference to the Fund's proxy materials
relating to the Special Meeting of Shareholders dated February 28, 1996.
These Schedule 14A materials were filed with the Securities and Exchange
Commission via EDGAR on February 29, 1996; the accession code number was
0000950112-96-0000912057-96-00394.
For period ending September 30, 1996 Attachment 77D
File Number 811-7528
Insured Municipal Income Fund Inc.
Insured Municipal Income Fund Inc. amended its investment policies to
allow for the current use of options and futures strategies, including
interest rate futures.
For the period ended September 30, 1996 Exhibit 77Q(2)
File Number 811-7528
Insured Municipal Income Fund Inc.
A Form 3 required by Section 16(a) of the Exchange Act was filed late by the
following directors and officers during the most recent or prior fiscal years.
Position Number of Number of Transactions Not
Name with Fund Late Reports* Reported on Timely Basis
Emil Polito Vice President 1 0
* Report related solely to such person having been elected an officer of the
Fund.
