Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Full Value Advisors LLC
2. Date of Event Requiring Statement (Month/Day/Year)
04/27/2009
3. Issuer Name and Ticker or Trading Symbol
INSURED MUNICIPAL INCOME FUND INC [PIF]
(Last)
(First)
(Middle)
PARK 80 WEST, PLAZA TWO, SUITE 750
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SADDLE BROOK, NJ 07663
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock (1) 2,124,913
I
(1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Full Value Advisors LLC
PARK 80 WEST, PLAZA TWO
SUITE 750
SADDLE BROOK, NJ 07663
    X    

Signatures

Phillip Goldstein 05/29/2009
**Signature of Reporting Person Date

Andrew Dakos 05/29/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares may be deemed to be owned indirectly by Full Value Advisors LLC (and its affiliated entities and principals, Andrew Dakos, Phillip Goldstein and Steve Samuels), an investment manager with voting and/or investment discretion for various limited partnerships that are members of a 13d group. Full Value Advisors LLC and its principals disclaim beneficial ownership of these shares for purposes of filing form 4 except to the extent of any pecuniary interest therein, which pecuniary interest is currently applicable to less than 10% of the outstanding common stock of the issuer.

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