<PAGE> PAGE 1
000 A000000 09/30/98
000 C000000 0000897802
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 INSURED MUNICIPAL INCOME FUND INC.
001 B000000 811-7528
001 C000000 2127133041
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
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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 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 PAINEWEBBER INC.
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
011 A000002 DELETE
011 A000003 DELETE
011 A000004 DELETE
<PAGE> PAGE 2
012 A000001 P.F.P.C.INC.
012 B000001 85-0000000
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 ERNST & 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 A000001 STATE STREET BANK & TRUST COMANY
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
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019 A000000 Y
019 B000000 73
019 C000000 PAINEWEBBR
020 C000001 0
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022 A000001 CITIBANK/CITICORP
022 B000001 13-5266470
022 C000001 3100
022 D000001 2700
022 A000002 PRUDENTIAL SECURITIES INCORP
022 B000002 22-2347336
022 C000002 2900
022 D000002 2000
022 A000003 MORGAN STANLEY AND CO, INC.
022 B000003 13-2655998
022 C000003 2200
022 D000003 2700
022 A000004 SMITH BARNEY INC.
022 B000004 13-1912900
022 C000004 1100
022 D000004 2000
022 A000005 LEHMAN BROTHERS
<PAGE> PAGE 3
022 C000005 1400
022 D000005 1100
022 A000006 BEAR STERNS
022 B000006 13-3299429
022 C000006 1952
022 D000006 0
022 A000007 SALMON BROTHERS
022 B000007 13-3082694
022 C000007 0
022 D000007 400
022 A000008 ADVEST, INC.
022 C000008 0
022 D000008 264
022 A000009 FIRST ALBANY CORP
022 B000009 14-1391446
022 C000009 0
022 D000009 200
022 A000010 MERRILL LYNCH
022 B000010 13-5674085
022 C000010 0
022 D000010 100
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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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000897802
<NAME> INSURED MUNICIPAL INCOME FUND INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 06-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END>
SEP-30-1998
<INVESTMENTS-AT-COST> 433,115
<INVESTMENTS-AT-VALUE> 469,282
<RECEIVABLES>
7,697
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
476,979
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,323
<TOTAL-LIABILITIES>
2,323
<SENIOR-EQUITY>
150,000
<PAID-IN-CAPITAL-COMMON> 302,704
<SHARES-COMMON-STOCK> 20,628
<SHARES-COMMON-PRIOR> 20,628
<ACCUMULATED-NII-CURRENT> 574
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS> (14,788)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,167
<NET-ASSETS>
474,656
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
12,906
<OTHER-INCOME>
0
<EXPENSES-NET>
(2,380)
<NET-INVESTMENT-INCOME> 10,526
<REALIZED-GAINS-CURRENT> 15
<APPREC-INCREASE-CURRENT> 6,947
<NET-CHANGE-FROM-OPS> 17,488
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME> (10,593)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS> 6,895
<ACCUMULATED-NII-PRIOR> 640
<ACCUMULATED-GAINS-PRIOR> (14,803)
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,114
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
2,673
<AVERAGE-NET-ASSETS> 318,417
<PER-SHARE-NAV-BEGIN> 15.40
<PER-SHARE-NII>
0.51
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND>
(0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
15.74
<EXPENSE-RATIO>
1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
FORM 10f-3 FUND:
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer:
2. Date of Purchase: 3. Date offering commenced:
3. Underwriters from whom purchased:
4. "Affiliated Underwriter" managing or participating in syndicate:
5. Aggregate principal amount of purchase:
6. Aggregate principal amount of offering:
7. Purchase price (net of fees and expenses):
8. Initial public offering price:
9. Commission, spread or profit: % $
10. 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.
_______
_______
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.
_______
_______
c. The underwriting was a firm commitment underwriting.
_______
_______
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.
_______
_______
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.
_______
_______
(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.
_______
_______
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.
_______
_______
g. The purchase price was less than 3% of the Fund's total assets.
_______
_______
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.
_______
_______
Approved: Date:
