Insured Municipal Income Fund Inc.-Dividend Declaration, Fund Commentary, and Updated Price & Yield Information

NEW YORK--(Business Wire)--
Insured Municipal Income Fund Inc. (the "Fund") (NYSE: PIF), a closed-end
management investment company normally investing substantially all of its assets
in a diversified portfolio of tax-exempt municipal obligations, with common and
preferred shares outstanding, today announced that the Fund`s Board of Directors
has declared a dividend from net investment income of $0.0650 per share of
common stock. The dividend is payable on May 29, 2009 to common shareholders of
record as of May 21, 2009. The ex-dividend date is May 19, 2009. The amount of
this dividend more closely reflects the current earnings of the Fund. In April,
the Fund paid a monthly dividend of $0.0610 per share of common stock. Under
normal circumstances, the Fund invests at least 80% of its net assets in insured
municipal obligations, the income from which is exempt from regular federal
income tax.

Fund Commentary for the month of April 2009 from UBS Global Asset Management
(Americas) Inc. ("UBS Global AM"), the Fund`s investment advisor:

The Barclays Capital Municipal Bond Index returned 2.0% in April, outperforming
US Treasuries during the month. During this time, lower-quality securities
(e.g., those rated A and BBB) outperformed their higher-rated counterparts
(e.g., those rated AAA and AA) while longer-maturity municipals rallied and
shorter-maturity municipals weakened.

The Fund`s portfolio outperformed its benchmark in April, partially due to its
yield curve positioning. As one- to five-year municipal bonds underperformed
their longer-term counterparts, the Fund's relative underweight to this area
helped performance. The Fund's overweight to 15- to 20-year municipal bonds also
helped performance following price increases in that area of the yield curve.

However, as lower-grade municipal bonds rallied during the month, the Fund's
continued focus on higher-quality securities (e.g., those rated at least AA or
above) detracted from relative performance. Fundamental credit research remains
a critical part of UBS Global AM`s investment process, and we maintained a focus
on investments of high credit quality for the Fund accordingly.

Disclaimers Regarding Fund Commentary - The Fund Commentary is intended to
assist shareholders in understanding how the Fund performed during the month
noted.Views and opinions were current as of the date of this press release.They
are not guarantees of performance or investment results and should not be taken
as investment advice.Investment decisions reflect a variety of factors, and the
Fund and UBS Global AM reserve the right to change views about individual
securities, sectors and markets at any time.As a result, the views expressed
should not be relied upon as a forecast of the Fund`s future investment intent.

Characteristics as of April 30, 2009:*

Net asset value per common share $ 13.46
Market price per common share $ 12.38
NAV yield 5.79 %
Market yield 6.30 %

* Net asset value (NAV), market price and
yields will fluctuate. NAV yield is
calculated by multiplying the current
month`s dividend by 12 and dividing by
the month-end net asset value. Market
yield is calculated by multiplying the
current month`s dividend by 12 and
dividing by the month-end market price.

UBS Global Asset Management
Closed-End Funds Desk
888-793 8637

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