UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07528

Insured Municipal Income Fund Inc.
(Exact name of registrant as specified in charter)

51 West 52^nd Street, New York, New York 10019-6114
(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq. UBS Global Asset Management (US) Inc. 51 West 52^nd Street New York, NY 10019-6114
(Name and address of agent for service)

Copy to:
Jack W. Murphy, Esq. Dechert LLP 1775 I Street, N.W. Washington, DC 20006-2401

Registrant's telephone number, including area code: 212-882 5000

Date of fiscal year end:	March 31

Date of reporting period:	June 30, 2005

Item 1. Schedule of Investments

Insured Municipal Income Fund Inc.

SCHEDULE OF INVESTMENTS — June 30, 2005 (unaudited)

Principal Amount (000) ($)		Moody’s Rating	S&P Rating	Maturity Dates	Interest Rates (%)	Value ($)

Long-Term Municipal Bonds—162.16%
California—62.40%
10,000	California State Department of Water Resources Power Supply Revenue-Series A (AMBAC Insured)	Aaa	AAA	05/01/16	5.500	11,246,000
3,000	California State Department of Water Resources Revenue-Central Valley Project-Series AC (MBIA Insured)	Aaa	AAA	12/01/27	5.000	3,223,680
4,000	California State Department of Water Resources Revenue-Series W (FSA Insured)	Aaa	AAA	12/01/14	5.500	4,644,760
3,000	California State Economic Recovery- Series A (MBIA Insured)	Aaa	AAA	07/01/15	5.000	3,332,700
30	California State General Obligation (FGIC Insured)	Aaa	AAA	11/01/12	7.000	30,721
3,305	Chino Valley Unified School District- Series A (FSA Insured)	Aaa	AAA	08/01/26	5.000	3,519,561
3,125	Contra Costa Water District Revenue- Series L (FSA Insured)	Aaa	AAA	10/01/19	5.000	3,404,906
5,000	Contra Costa Water District Revenue- Series M (FSA Insured)	Aaa	AAA	10/01/18	5.000	5,484,450
4,400	Inglewood Unified School District- 1998 Election-Series C (FSA Insured)	Aaa	AAA	10/01/28	5.000	4,687,320
3,200	Livermore-Amador Valley Water Management Agency Sewer Revenue- Series A (AMBAC Insured)	Aaa	AAA	08/01/14	5.250	3,548,704
2,000	Long Beach Finance Authority Lease Revenue-Aquarium of the South Pacific (AMBAC Insured)	Aaa	AAA	11/01/15	5.500	2,236,280
5,000	Los Angeles Community College District Refunding-Election 2001-Series A (FSA Insured)	Aaa	AAA	08/01/25	5.000	5,385,650
9,000	Los Angeles Community College District Refunding-Election 2001-Series A (FSA Insured)	Aaa	AAA	06/01/26	5.000	9,686,430
8,475	Los Angeles County Sanitation Districts Financing Authority Revenue-Capital Project-Series A (FSA Insured)	Aaa	AAA	10/01/20	5.000	9,289,787
3,000	Los Angeles University School District- Series A (FSA Insured)	Aaa	AAA	07/01/20	5.250	3,339,330
11,625	Los Angeles Waste & Water Systems Revenue Refunding-Subseries A (MBIA Insured)	Aaa	AAA	06/01/26	5.000	12,366,442
5,000	Los Angeles Water & Power Revenue- Power Systems-Series A (MBIA-IBC Insured)	NR	AAA	07/01/24	5.000	5,277,850
7,000	Los Angeles Water & Power Revenue- Power Systems-Series A-A-1 (FSA Insured)	Aaa	AAA	07/01/21	5.250	7,567,560
3,000	Los Angeles Water & Power Revenue- Power Systems-Series A-Subseries A-2 (MBIA Insured)	Aaa	AAA	07/01/16	5.000	3,285,420
7,000	Los Angeles Water & Power Revenue- Power Systems-Series A-Subseries A-2 (MBIA Insured)	Aaa	AAA	07/01/18	5.000	7,660,870
5,000	Los Angeles Water & Power Revenue- Power Systems-Series A-Subseries A-2 (MBIA-IBC Insured)	Aaa	AAA	07/01/30	5.000	5,307,900
6,000	Los Angeles Water & Power Revenue- Power Systems-Series B (FSA Insured)	Aaa	AAA	07/01/25	5.000	6,434,100
1,000	Marin Municipal Water District Revenue (AMBAC Insured)	Aaa	AAA	07/01/18	5.000	1,089,210
4,260	Metropolitan Water District Waterworks Revenue-Series B-3 (MBIA Insured)	Aaa	AAA	10/01/17	5.000	4,693,838
5,000	Metropolitan Water District Waterworks Revenue-Series B-3 (MBIA Insured)	Aaa	AAA	10/01/29	5.000	5,359,200
7,160	Oxnard Financing Authority Waste & Water Revenue-Redwood Trunk Sewer & Headworks-Series A (FGIC Insured)	Aaa	AAA	06/01/34	5.250	7,820,009

Principal Amount (000) ($)		Moody’s Rating	S&P Rating	Maturity Dates	Interest Rates (%)	Value ($)

6,520	Placentia-Yorba Linda Unified School District- Series A (FGIC Insured)	Aaa	AAA	08/01/26	5.000	6,898,029
10,000	Sacramento County Sanitation District Financing Authority Revenue (AMBAC Insured)	Aaa	AAA	12/01/27	5.000	10,554,500
5,045	Sacramento County Sanitation District Financing Authority Revenue-County Sanitation District 1 (MBIA Insured)	Aaa	AAA	08/01/19	5.000	5,548,138
7,000	Sacramento Municipal Utility Revenue-Municipal Utility District-Series R (MBIA Insured)	Aaa	AAA	08/15/19	5.000	7,653,800
4,000	San Francisco City & County Airport Commission International Airport- Second Series 27B (FGIC Insured)	Aaa	AAA	05/01/15	5.250	4,364,200
7,910	San Jose Libraries, Parks & Public Safety Project (MBIA Insured)	Aaa	AAA	09/01/27	5.000	8,433,484
9,000	San Jose Unified School District Santa Clara County-Election 2002-Series B (FGIC Insured)	Aaa	AAA	08/01/29	5.000	9,694,170
3,825	Walnut Energy Center Authority Revenue- Series A (AMBAC Insured)	Aaa	AAA	01/01/34	5.000	4,041,916
						197,110,915

District of Columbia—2.02%
4,000	District of Columbia Hospital Revenue- Medlantic Healthcare-Series A (Escrowed to Maturity) (MBIA Insured)	Aaa	AAA	08/15/14	5.750	4,193,440
2,000	Metropolitan Airport Authority Systems- AMT-Series A (MBIA Insured)	Aaa	AAA	10/01/16	5.250	2,201,380
						6,394,820

Florida—4.85%
6,450	Florida State Board of Education- Public Education-Series A (FSA Insured)	Aaa	AAA	06/01/27	5.000	6,865,896
1,060	Hillsborough County Port District Revenue Tampa Port Authority Project-Series A (MBIA Insured)	Aaa	AAA	06/01/16	5.750	1,191,482
1,115	Hillsborough County Port District Revenue Tampa Port Authority Project-Series A (MBIA Insured)	Aaa	AAA	06/01/17	5.750	1,253,305
1,175	Hillsborough County Port District Revenue Tampa Port Authority Project-Series A (MBIA Insured)	Aaa	AAA	06/01/18	5.750	1,320,747
1,240	Hillsborough County Port District Revenue Tampa Port Authority Project-Series A (MBIA Insured)	Aaa	AAA	06/01/19	5.750	1,393,810
3,000	Miami-Dade County Expressway Authority Toll System Revenue-Series B (FGIC Insured)	Aaa	AAA	07/01/26	5.250	3,293,070
						15,318,310

Georgia—8.86%
1,015	Columbus Building Authority Lease Revenue- Series A (FGIC Insured)	Aaa	AAA	01/01/16	5.250	1,136,932
13,850	Georgia Local Government Certificates of Participation-Grantor Transportation- Series A (MBIA Insured)	Aaa	AAA	06/01/28	4.750	14,503,859
2,000	Georgia Municipal Electric Authority Power Revenue- Series A (FSA Insured)	Aaa	AAA	01/01/18	5.000	2,166,260
15	Georgia Municipal Electric Authority Power Revenue- Series Y (MBIA-IBC Insured)	Aaa	AAA	01/01/10	10.000	19,289
4,515	Georgia Municipal Electric Authority Power Revenue- Unrefunded Balance-Series Y (FSA-CR Insured)	Aaa	AAA	01/01/10	10.000	5,786,424
3,410	Georgia Municipal Electric Authority Power Revenue- Unrefunded Balance-Series Y (MBIA-IBC Insured)	Aaa	AAA	01/01/10	10.000	4,370,256
						27,983,020

Principal Amount (000) ($)		Moody’s Rating	S&P Rating	Maturity Dates	Interest Rates (%)	Value ($)

Illinois—5.16%
1,500	Chicago General Obligation- Series A (FSA Insured)	Aaa	AAA	01/01/25	5.000	1,590,570
2,000	Chicago General Obligation- Series A (FSA Insured)	Aaa	AAA	01/01/26	5.000	2,117,820
740	Chicago General Obligation- Series A (Pre-refunded with U.S. Government Securities to 01/01/11 @ $101) (MBIA Insured)	Aaa	AAA	01/01/14	5.500	833,062
260	Chicago General Obligation- Unrefunded Balance-Series A (MBIA Insured)	Aaa	AAA	01/01/14	5.500	290,740
4,500	Illinois Health Facilities Authority Revenue- Franciscan Sisters Health Care-Series C (Escrowed to Maturity) (MBIA Insured)	Aaa	AAA	09/01/18	5.750	5,247,810
3,000	Kane McHenry Cook & De Kalb Counties- United School District No. 300 (MBIA Insured)	Aaa	AAA	12/01/15	5.500	3,345,840
2,395	Metropolitan Pier & Exposition Authority-Illinois Dedicated State Tax- Series A-2002 (Pre-refunded with U.S. Government Securities to 06/15/19 @ $100) (FGIC Insured)	Aaa	AAA	12/15/23	5.500	2,874,719
						16,300,561

Indiana—0.35%
1,000	Indiana University Revenue- Student Fee-Series O (FGIC Insured)	Aaa	AAA	08/01/18	5.250	1,105,230

Maine—1.55%
4,785	Maine Health & Higher Educational Facilities Authority Revenue- Series A (Escrowed to Maturity) (FSA Insured)	NR	AAA	07/01/23	5.500	4,911,372

Missouri—1.67%
1,740	St. Louis Airport Revenue- Capital Improvement Project-Series A (MBIA Insured)	Aaa	AAA	07/01/15	5.375	1,927,398
2,035	St. Louis Airport Revenue- Capital Improvement Project-Series A (MBIA Insured)	Aaa	AAA	07/01/16	5.375	2,251,524
1,000	St. Louis Airport Revenue- Capital Improvement Project-Series A (MBIA Insured)	Aaa	AAA	07/01/18	5.375	1,105,100
						5,284,022

Nevada—3.65%
4,000	Washoe County Gas & Water Facilities Revenue-Sierra Pacific Power Co. Project-Series B (MBIA Insured)	Aaa	AAA	06/01/23	5.900	4,010,040
7,500	Washoe County Water Facilities Revenue-Sierra Pacific Power Co. Project-Series A (MBIA Insured)	Aaa	AAA	06/01/23	5.900	7,518,825
						11,528,865

New Jersey—1.07%
3,150	New Jersey Economic Development Authority Revenue- Cigarette Tax (FGIC Insured)	Aaa	AAA	06/15/09	5.000	3,365,838

New Mexico—10.89%
8,850	Gallup Pollution Control Revenue- Plains Electric Generation (MBIA Insured)	Aaa	AAA	08/15/17	6.650	8,870,267
15,000	New Mexico Finance Authority State Transportation Revenue- Senior Lien-Series A (MBIA Insured) †	Aaa	AAA	06/15/20	5.250	16,662,150
4,130	University of New Mexico Revenue- Hospital Meeting (FSA-FHA Insured)	Aaa	AAA	01/01/23	5.000	4,385,110
4,230	University of New Mexico Revenue- Hospital Meeting (FSA-FHA Insured)	Aaa	AAA	07/01/23	5.000	4,491,287
						34,408,814

Principal Amount (000) ($)		Moody’s Rating	S&P Rating	Maturity Dates	Interest Rates (%)		Value ($)

New York—11.74%
3,000	New York State Dormitory Authority Revenue- Series B (FGIC Insured)	Aaa	AAA	11/15/29	5.250		3,324,600
3,000	New York State Dormitory Authority Revenue- Sloan Kettering Center-Series 1 (MBIA Insured)	Aaa	AAA	07/01/16	5.000		3,259,350
2,000	Long Island Power Authority Electric System Revenue- Series A (FSA Insured)	Aaa	AAA	12/01/22	5.125		2,112,620
5,650	Metropolitan Transportation Authority Dedicated Tax Fund- Series A (FSA Insured)	Aaa	AAA	11/15/24	5.250		6,206,638
5,000	Metropolitan Transportation Authority Revenue- Series A (AMBAC Insured)	Aaa	AAA	11/15/16	5.500		5,644,850
4,000	Metropolitan Transportation Authority Revenue- Series A (FGIC Insured)	Aaa	AAA	11/15/17	5.000		4,368,360
1,200	New York City General Obligation- Series F (MBIA-IBC Insured)	Aaa	AAA	08/01/12	5.750		1,377,276
10,000	Sales Tax Asset Receivable- Series A (AMBAC Insured)	Aaa	AAA	10/15/29	5.000		10,785,200
							37,078,894

North Carolina—1.22%
3,505	Charlotte Certificates of Participation Refunding-Convention Facilities Project-Series A (MBIA Insured)	Aaa	AAA	08/01/12	5.000		3,849,156

Ohio—3.75%
5,000	Cleveland Airport Systems Revenue- Series A (FSA Insured)	Aaa	AAA	01/01/14	5.250		5,450,200
6,045	Columbus City School District School Facilities Construction & Improvement (FGIC Insured)	Aaa	AAA	12/01/31	5.000		6,405,342
							11,855,542

Pennsylvania—5.96%
15,390	Allegheny County Sanitation Authority Sewer Revenue Refunding-Series A (MBIA Insured)	Aaa	AAA	12/01/23	5.000		16,649,518
1,000	Philadelphia General Obligation (FSA Insured)	Aaa	AAA	03/15/13	5.250		1,081,890
1,000	Philadelphia General Obligation (FSA Insured)	Aaa	AAA	03/15/14	5.250		1,081,890
							18,813,298

Puerto Rico—1.76%
5,000	Puerto Rico Public Finance Corp. Commonwealth Appropriation-Series A (Mandatory Put 02/01/12 @ $100) (FGIC Insured)	Aaa	AAA	08/01/31	5.250	‡	5,548,100

Rhode Island—1.91%
5,140	Rhode Island Depositors Economic Protection Corp. Special Obligation-Series A (Escrowed to Maturity) (FSA Insured)	NR	AAA	08/01/14	5.750		6,034,617

South Carolina—2.05%
2,625	Charleston County Hospital Facilities Revenue- Bon Secours Health System Project (Escrowed to Maturity) (FSA Insured)	Aaa	AAA	08/15/25	5.625		2,631,930
2,500	Medical University of South Carolina Hospital Authority Hospital Facilities Revenue Refunding-Series A (MBIA-FHA Insured)	Aaa	AAA	02/15/25	5.250		2,710,950
1,000	Myrtle Beach Water & Sewer Revenue System (FGIC Insured)	Aaa	AAA	03/01/15	5.375		1,120,830
							6,463,710

Principal Amount (000) ($)		Moody’s Rating	S&P Rating	Maturity Dates	Interest Rates (%)		Value ($)

Texas—17.20%
7,015	Austin Water & Wastewater System Revenue Refunding (MBIA Insured)	Aaa	AAA	05/15/29	5.000		7,513,205
2,000	Corpus Christi Utilities System Revenue Refunding & Improvement (FSA Insured)	Aaa	AAA	07/15/17	5.250		2,241,100
5,170	Fort Bend Independent School District Refunding-Series A (PSF-GTD)	NR	AAA	08/15/26	5.250		5,618,549
2,120	Frisco Certificates Obligation-Series A (FGIC Insured)	Aaa	AAA	02/15/14	5.250		2,326,127
13,500	Houston Utility Systems Revenue Refunding-First Lien-Series A (FGIC Insured)	Aaa	AAA	05/15/23	5.250		14,717,970
7,000	Houston Utility Systems Revenue Refunding-First Lien-Series A (MBIA Insured)	Aaa	AAA	05/15/25	5.250		7,609,770
2,000	Irving Independent School District Refunding-Capital Appreciation-Series A (PSF-GTD)	Aaa	AAA	02/15/12	4.960	#	1,563,120
2,000	Jefferson County General Obligation (FGIC Insured)	Aaa	AAA	08/01/20	5.250		2,181,200
1,065	San Antonio Refunding-General Improvement Forward-Series 2006 (FGIC Insured) ††(a)	Aaa	AAA	08/01/12	5.250		1,160,978
1,420	San Antonio Refunding-General Improvement Forward-Series 2006 (FGIC Insured) ††(a)	Aaa	AAA	08/01/13	5.250		1,558,720
155	San Antonio Water Revenue (MBIA Insured)	Aaa	AAA	05/15/16	6.000		164,182
720	San Antonio Water Revenue (Pre-refunded with U.S. Government Securities to 05/15/07 @ $100) (MBIA Insured)	Aaa	AAA	05/15/16	6.000		872,885
6,110	Texas A&M University Fund Refunded	Aaa	NR	07/01/17	5.250		6,738,597
60	Williamson County General Obligation- Unrefunded Balance (FSA Insured)	Aaa	AAA	02/15/17	5.500		66,173
							54,332,576

Washington—10.50%
5,210	Washington State Public Power Supply Revenue Refunding-Systems Nuclear Project No. 2-Series A (MBIA Insured)	Aaa	AAA	07/01/11	6.550	#	4,232,916
2,220	Cowlitz County School District No. 458 Kelso (FSA Insured)	Aaa	NR	12/01/15	5.750		2,518,701
1,000	Cowlitz County School District No. 458 Kelso (FSA Insured)	Aaa	NR	12/01/18	5.750		1,131,930
2,000	Energy Northwest Electric Revenue- Columbia Generator Station-Series F (MBIA Insured)	Aaa	AAA	07/01/18	5.000		2,158,540
10,000	Energy Northwest Electric Revenue- Project No. 1-Series A (AMBAC Insured)	Aaa	AAA	07/01/14	5.000		11,092,700
5,000	Energy Northwest Electric Revenue- Project No. 1-Series A (AMBAC Insured)	Aaa	AAA	07/01/15	5.000		5,561,400
2,175	Energy Northwest Electric Revenue- Project No. 1-Series A (MBIA Insured)	Aaa	AAA	07/01/15	5.750		2,465,058
3,785	Spokane County Refunding-Series B (MBIA Insured)	Aaa	AAA	12/01/10	5.000		3,989,958
							33,151,203

West Virginia—3.20%
10,000	Marshall County Pollution Control Revenue- Ohio Power Project-Series D (MBIA Insured)	Aaa	AAA	04/01/22	5.900		10,107,400

Wisconsin—0.40%
1,105	Ladysmith-Hawkins School District Refunding (FGIC Insured)	Aaa	NR	04/01/20	5.500		1,270,529
Total Long-Term Municipal Bonds (cost—$497,862,722)							512,216,792

Principal
Amount
(000) ($)

Moody’s
Rating

S&P
Rating

Maturity
Dates

Interest
Rates (%)

Value ($)

Short-Term Municipal Notes—3.35%

Illinois—2.20%

2,000

Illinois Health Facilities Authority Revenue- University of Chicago Hospitals (MBIA Insured)

VMIG-1

A-1+

07/01/05

2.300

2,000,000

4,950

Illinois Health Facilities Authority Revenue- University of Chicago Hospitals Project-Series C (MBIA Insured)

VMIG-1

A-1+

07/01/05

2.210

4,950,000

6,950,000

Nevada—0.58%

1,820

Clark County School District- Series A (FSA Insured)

VMIG-1

A-1+

07/01/05

2.250

1,820,000

Texas—0.57%

1,800

Bell County Health Facilities Development Corporate Revenue Hospital—Scott & White Hospital Project- Series 2001-2 (MBIA Insured)

VMIG-1

A-1+

07/01/05

2.300

1,800,000

Total Short-Term Municipal Notes (cost—$10,570,000)

10,570,000

Total Investments (cost—$508,432,722)(1)(2)—165.51%

522,786,792

Other assets in excess of liabilities—0.97%

3,082,690

Liquidation value of auction preferred shares—(66.48)%

(210,000,000

)

Net Assets applicable to common shareholders—100.00%

315,869,482

*	Variable rate demand notes are payable on demand. The maturity dates shown are the next interest rate reset dates; the interest rates shown are the current rates as of June 30, 2005.
#	Interest rates shown reflect yield to maturity at purchase date for zero coupon bonds.
†	Entire amount pledged as collateral for futures transactions.
‡	Floating rate security. The interest rate shown is the current rate as of June 30, 2005.
††	Illiquid securities representing 0.86% of net assets applicable to common shareholders.
(a)	Security purchased on a when-issued basis. When issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

AMBAC		— American Municipal Bond Assurance Corporation
AMT		— Alternative Minimum Tax
CR		— Custodial Receipts
FGIC		— Financial Guaranty Insurance Company
FHA		— Federal Housing Authority
FSA		— Financial Security Assurance
GTD		— Guaranteed
IBC		— Insured Bond Certificate
MBIA		— Municipal Bond Investors Assurance
NR		— Not Rated
PSF		— Permanent School Fund
(1)	Cost of investments shown approximates cost for federal income tax purposes. Gross unrealized appreciation of investments and gross unrealized depreciation of investments at June 30, 2005 were $14,674,113 and $320,043, respectively, resulting in net unrealized appreciation of investments of $14,354,070.
(2)	The Fund calculates net asset values based on the current market value, where available, for its portfolio securities. The Fund normally obtains market values for its securities from independent pricing sources and broker-dealers. Independent pricing sources may use last reported sale prices, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. A matrix system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio securities. If a market value is not available from an independent pricing source for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Directors (the “Board”). The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value. Securities traded in the over-the-counter (“OTC”) market are valued at the last bid price available on the valuation date prior to valuation.

Futures Contracts

Number of		In	Expiration	Unrealized
Contracts	Contracts to Receive	Exchange For ($)	Dates	Depreciation ($)

595	U.S. Treasury Bond 20 Year Futures	69,551,517	September 2005	(1,104,733	)
390	U.S. Treasury Note 10 Year Futures	43,949,222	September 2005	(303,591	)
				(1,408,324	)

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s annual report to shareholders dated March 31, 2005.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“Investment Company Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Insured Municipal Income Fund Inc.

By:	/s/ W. Douglas Beck
	W. Douglas Beck
	President

Date:	August 29, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ W. Douglas Beck
	W. Douglas Beck
	President

Date:	August 29, 2005

By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer

Date:	August 29, 2005