<PAGE> PAGE 1
000 A000000 09/30/97
000 C000000 0000897802
000 D000000 N
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000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 INSURED MUNICIPAL INCOME FUND INC.
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001 C000000 2127133041
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
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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 ASSET MANAGEMENT INC.
010 B000001 80113219
010 C010001 NEW YORK
010 C020001 NY
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011 A000001 PAINEWEBBER INCORPORATED
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 P.F.P.C.INC.
012 B000001 85-0000000
012 C010001 WILMINGTON
<PAGE> PAGE 2
012 C020001 DE
012 C030001 19809
013 A000001 ERNST AND YOUNG LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
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014 A000002 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
014 B000002 8-21901
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
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022 A000001 SMITH BARNEY INC.
022 B000001 13-1912900
022 C000001 4100
022 D000001 4400
022 A000002 CITICORP SECURITIES MARKETS INC.
022 C000002 3800
022 D000002 4100
022 A000003 MORGAN STANLEY AND CO., INC.
022 B000003 13-2655998
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022 D000003 2300
022 A000004 LEHMAN BROS. INC
022 B000004 13-2518466
022 C000004 2300
022 D000004 800
022 A000005 PRUDENTIAL SECURITIES INC.
022 B000005 22-2347336
022 C000005 900
022 D000005 1050
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<PAGE> PAGE 3
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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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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000897802
<NAME> INSURED MUNICIPAL INCOME FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 431,955
<INVESTMENTS-AT-VALUE> 454,320
<RECEIVABLES> 7,395
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 110
<TOTAL-ASSETS> 461,825
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 837
<TOTAL-LIABILITIES> 837
<SENIOR-EQUITY> 150,000
<PAID-IN-CAPITAL-COMMON> 302,704
<SHARES-COMMON-STOCK> 20,628
<SHARES-COMMON-PRIOR> 20,628
<ACCUMULATED-NII-CURRENT> 723
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,805)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,366
<NET-ASSETS> 460,988
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,902
<OTHER-INCOME> 0
<EXPENSES-NET> (2,241)
<NET-INVESTMENT-INCOME> 10,661
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 20,242
<NET-CHANGE-FROM-OPS> 30,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,673)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 20,230
<ACCUMULATED-NII-PRIOR> 736
<ACCUMULATED-GAINS-PRIOR> (14,805)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,042
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,712
<AVERAGE-NET-ASSETS> 302,541
<PER-SHARE-NAV-BEGIN> 14.10
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.97
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.08
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Insured Municipal Income Fund Inc.
On July 17, 1997 the Fund s shareholders elected board members and
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.
