Chubb Group of Insurance Companies   DECLARATIONS    
        FINANCIAL INSTITUTION    
        INVESTMENT COMPANY    
        ASSET PROTECTION BOND    
             
    15 Mountain View Road, Warren, New Jersey 07059  
 
 
NAME OF ASSURED (including its Subsidiaries ):   Bond Number: 82179465    
 
INSURED MUNICIPAL INCOME FUND INC.        
            VIGILANT INSURANCE COMPANY
60 HERITAGE DRIVE       Incorporated under the laws of New York  
            a stock insurance company herein called the COMPANY
PLEASANTVILLE, NY 10570          
            55 Water Street, New York NY 10041-2899  
 
 
ITEM 1.   BOND PERIOD: from 12:01 a.m. on September 3, 2009    
            to 12:01 a.m. on September 3, 2010    
 
ITEM 2.   LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:      
 
  If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE
    and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any loss
   under INSURING CLAUSE 1. sustained by any Investment Company
         
 
              DEDUCTIBLE
    INSURING CLAUSE     LIMIT OF LIABILITY   AMOUNT
    1.     Employee       $ 750,000 $ 0
    2.     On Premises     $ 750,000 $ 25,000
    3.     In Transit       $ 750,000 $ 25,000
    4.     Forgery or Alteration     $ 750,000 $ 25,000
    5.     Extended Forgery     $ 750,000 $ 25,000
    6.     Counterfeit Money     $ 750,000 $ 25,000
    7.     Threats to Person     $ Not Covered $ N/A
    8.     Computer System     $ 750,000 $ 25,000
    9.     Voice Initiated Funds Transfer Instruction $ 750,000 $ 25,000
  10.     Uncollectible Items of Deposit   $ 25,000 $ 5,000
  11.     Audit Expense     $ 25,000 $ 5,000
  12. Unauthorized Signatures     $ 25,000 $ 5,000
  13. Stop Payment     $ 25,000 $ 5,000
 
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
  ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:    
  1 - 5            
 
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not
be valid unless also signed by an authorized representative of the Company.    


ICAP Bond (5-98) - Vigilant  
Form 17-02-1422 (Ed. 5-98) Page 1 of 1

  The COMPANY, in consideration of payment of the required premium, and in reliance
  on the APPLICATION and all other statements made and information furnished to the
  COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
  Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
  for:      
 
 
         
Insuring Clauses
 
Employee 1. Loss resulting directly from Larceny or Embezzlement committed by any
    Employee , alone or in collusion with others.
 
 
On Premises 2. Loss of Property resulting directly from robbery, burglary, false pretenses,
    common law or statutory larceny, misplacement, mysterious unexplainable
    disappearance, damage, destruction or removal, from the possession, custody or
    control of the ASSURED, while such Property is lodged or deposited at premises
    located anywhere.
 
 
In Transit 3. Loss of Property resulting directly from common law or statutory larceny,
    misplacement, mysterious unexplainable disappearance, damage or destruction,
    while the Property is in transit anywhere:
 
    a. in an armored motor vehicle, including loading and unloading thereof,
 
    b. in the custody of a natural person acting as a messenger of the ASSURED,
      or  
 
    c. in the custody of a Transportation Company and being transported in a
      conveyance other than an armored motor vehicle provided, however, that
      covered Property transported in such manner is limited to the following:
 
      (1) written records,
 
      (2) securities issued in registered form, which are not endorsed or are
        restrictively endorsed, or
 
      (3) negotiable instruments not payable to bearer, which are not endorsed
        or are restrictively endorsed.
 
    Coverage under this INSURING CLAUSE begins immediately on the receipt of
    such Property by the natural person or Transportation Company and ends
    immediately on delivery to the premises of the addressee or to any representative
    of the addressee located anywhere.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 1 of 19

         
         
Insuring Clauses
(continued)
  4. Loss resulting directly from:
    a. Forgery on, or fraudulent material alteration of, any bills of exchange,
      checks, drafts, acceptances, certificates of deposits, promissory notes, due
      bills, money orders, orders upon public treasuries, letters of credit, other
      written promises, orders or directions to pay sums certain in money, or
      receipts for the withdrawal of Property , or
 
    b. transferring, paying or delivering any funds or other Property , or establishing
      any credit or giving any value in reliance on any written instructions, advices
      or applications directed to the ASSURED authorizing or acknowledging the
      transfer, payment, delivery or receipt of funds or other Property , which
      instructions, advices or applications fraudulently purport to bear the
      handwritten signature of any customer of the ASSURED, or shareholder or
      subscriber to shares of an Investment Company , or of any financial
      institution or Employee but which instructions, advices or applications either
      bear a Forgery or have been fraudulently materially altered without the
      knowledge and consent of such customer, shareholder, subscriber, financial
      institution or Employee ;
 
    excluding, however, under this INSURING CLAUSE any loss covered under
    INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
    CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
 
    For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
    signature is treated the same as a handwritten signature.
 
Extended Forgery
  5. Loss resulting directly from the ASSURED having, in good faith, and in the
    ordinary course of business, for its own account or the account of others in any
    capacity:  
 
    a. acquired, accepted or received, accepted or received, sold or delivered, or
      given value, extended credit or assumed liability, in reliance on any original
      Securities, documents or other written instruments which prove to:
 
      (1) bear a Forgery or a fraudulently material alteration,
 
      (2) have been lost or stolen, or
 
      (3) be Counterfeit , or
 
    b. guaranteed in writing or witnessed any signatures on any transfer,
      assignment, bill of sale, power of attorney, guarantee, endorsement or other
      obligation upon or in connection with any securities, documents, or other
      written instruments .
 
    Actual physical possession, and continued actual physical possession if taken as
    collateral, of such Securities, documents or other written instruments by an
    Employee, Custodian , or a Federal or State chartered deposit institution of the
    ASSURED is a condition precedent to the ASSURED having relied on such items.
    Release or return of such collateral is an acknowledgment by the ASSURED that it
    no longer relies on such collateral.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 2 of 19

         
Insuring Clauses
Extended Forgery
(continued)   For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
    signature is treated the same as a handwritten signature.
 
Counterfeit Money
  6. Loss resulting directly from the receipt by the ASSURED in good faith of any
    Counterfeit money.
 
Threats to Person
  7. Loss resulting directly from surrender of Property away from an office of the
    ASSURED as a result of a threat communicated to the ASSURED to do bodily
    harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
    invitee of such Employee , or a resident of the household of such Employee , who
    is, or allegedly is, being held captive provided, however, that prior to the surrender
    of such Property :
 
    a. the Employee who receives the threat has made a reasonable effort to
      notify an officer of the ASSURED who is not involved in such threat, and
 
    b. the ASSURED has made a reasonable effort to notify the Federal Bureau of
      Investigation and local law enforcement authorities concerning such threat.
 
    It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
    ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
    ASSURED hereunder, but only with respect to the surrender of money, securities
    and other tangible personal property in which such Employee has a legal or
    equitable interest.
 
Computer Systems
  8. Loss resulting directly from fraudulent:
    a. entries of data into, or
 
    b. changes of data elements or programs within,
 
    a Computer System , provided the fraudulent entry or change causes:
 
      (1) funds or other property to be transferred, paid or delivered,
 
      (2) an account of the ASSURED or of its customer to be added, deleted,
        debited or credited, or
 
      (3) an unauthorized account or a fictitious account to be debited or
        credited.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 3 of 19

       
       
Insuring Clauses
(continued)
Voice Initiated Funds 9. Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instructions   to the ASSURED authorizing the transfer of dividends or redemption proceeds of
      shares from a   account, provided such  
    Initiated Funds Transfer Instruction was:
 
    a. received at the ASSURED'S offices by those Employees of the ASSURED
      specifically authorized to receive the Voice Initiated Funds Transfer
      Instruction ,
 
    b. made by a person purporting to be a Customer , and
 
    c. made by said person for the purpose of causing the ASSURED or Customer  
      to sustain a loss or making an improper personal financial gain for such
      person or any other person.
 
    In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated  
    Funds Transfer Instructions must be received and processed in accordance with
    the Designated Procedures outlined in the APPLICATION furnished to the
    COMPANY.
 
Uncollectible Item of Deposit
 
  10. Loss resulting directly from the ASSURED having credited an account of a
    customer, shareholder or subscriber on the faith of any Items of Deposit which
    prove to be uncollectible, provided that the crediting of such account causes:
 
    a. redemptions or withdrawals to be permitted,
 
    b. shares to be issued, or
 
    c. dividends to be paid,
 
    from an account of an Investment Company .
 
    In order for coverage to apply under this INSURING CLAUSE, the ASSURED
    must hold Items of Deposit for the minimum number of days stated in the
    APPLICATION before permitting any redemptions or withdrawals, issuing any
    shares or paying any dividends with respect to such Items of Deposit .
 
    Items of Deposit shall not be deemed uncollectible until the ASSURED'S
    standard collection procedures have failed.
 
Audit Expense
  11. Expense incurred by the ASSURED for that part of the cost of audits or
    examinations required by any governmental regulatory authority or self-regulatory
    organization to be conducted by such authority, organization or their appointee by
    reason of the discovery of loss sustained by the ASSURED and covered by this
    Bond.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 4 of 19

       
General Agreements
Additional Companies
Included As Assured
  A. If more than one corporation, or Investment Company , or any combination of
    them is included as the ASSURED herein:
    (1) The total liability of the COMPANY under this Bond for loss or losses
      sustained by any one or more or all of them shall not exceed the limit for
      which the COMPANY would be liable under this Bond if all such loss were
      sustained by any one of them.
 
    (2) Only the first named ASSURED shall be deemed to be the sole agent of the
      others for all purposes under this Bond, including but not limited to the giving
      or receiving of any notice or proof required to be given and for the purpose of
      effecting or accepting any amendments to or termination of this Bond. The
      COMPANY shall furnish each Investment Company with a copy of the
      Bond and with any amendment thereto, together with a copy of each formal
      filing of claim by any other named ASSURED and notification of the terms of
      the settlement of each such claim prior to the execution of such settlement.
 
    (3) The COMPANY shall not be responsible for the proper application of any
      payment made hereunder to the first named ASSURED.
 
    (4) Knowledge possessed or discovery made by any partner, director, trustee,
      officer or supervisory employee of any ASSURED shall constitute knowledge
      or discovery by all the ASSUREDS for the purposes of this Bond.
 
    (5) If the first named ASSURED ceases for any reason to be covered under this
      Bond, then the ASSURED next named on the APPLICATION shall thereafter
      be considered as the first named ASSURED for the purposes of this Bond.
Representation Made
By Assured
  B. The ASSURED represents that all information it has furnished in the
    APPLICATION for this Bond or otherwise is complete, true and correct. Such
    APPLICATION and other information constitute part of this Bond.
 
    The ASSURED must promptly notify the COMPANY of any change in any fact or
    circumstance which materially affects the risk assumed by the COMPANY under
    this Bond.
 
    Any intentional misrepresentation, omission, concealment or incorrect statement of
    a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
    this Bond.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 5 of 19

       
       
General Agreements
(continued)
Additional Offices or
Employees - Consolidation
Merger Or Purchase Or
Acquisition of Assets Or
Liabilities - Notice To Company
 
  C. If the ASSURED, other than an Investment Company , while this Bond is in force,
    merges or consolidates with, or purchases or acquires assets or liabilities of
    another institution, the ASSURED shall not have the coverage afforded under this
    Bond for loss which has:
    (1) occurred or will occur on premises, or
       
    (2) been caused or will be caused by an employee, or
    (3) arisen or will arise out of the assets or liabilities,
    of such institution, unless the ASSURED:
    a. gives the COMPANY written notice of the proposed consolidation, merger or
      purchase or acquisition of assets or liabilities prior to the proposed effective
      date of such action, and
    b. obtains the written consent of the COMPANY to extend some or all of the
      coverage provided by this Bond to such additional exposure, and
    c. on obtaining such consent, pays to the COMPANY an additional premium.
 
Change of Control -
Notice To Company
  D. When the ASSURED learns of a change in control (other than in an  
    Company ), as set forth in Section 2(a) (9) of the Investment Company Act of
    1940,   the ASSURED shall within sixty (60) days give written notice to the
    COMPANY setting forth:
    (1) the names of the transferors and transferees (or the names of the beneficial
      owners if the voting securities are registered in another name),
    (2) the total number of voting securities owned by the transferors and the
      transferees (or the beneficial owners), both immediately before and after the
      transfer, and
    (3) the total number of outstanding voting securities.
    Failure to give the required notice shall result in termination of coverage for any
    loss involving a transferee, to be effective on the date of such change in control.
 
Court Costs And
Attorneys' Fees
  E. The COMPANY will indemnify the ASSURED for court costs and reasonable
    attorneys' fees incurred and paid by the ASSURED in defense, whether or not
    successful, whether or not fully litigated on the merits and whether or not settled,
    of any claim, suit or legal proceeding with respect to which the ASSURED would
    be entitled to recovery under this Bond. However, with respect to INSURING
    CLAUSE 1., this Section shall only apply in the event that:
    (1) an Employee admits to being guilty of Larceny or Embezzlement ,
    (2) an Employee is adjudicated to be guilty of Larceny or Embezzlement , or

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 6 of 19

     
General Agreements
Court Costs And
Attorneys' Fees
(continued)
  (3)     in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
        an agreed statement of facts between the COMPANY and the ASSURED,
        that an Employee would be found guilty of Larceny or Embezzlement if
        such Employee were prosecuted.
 
  The ASSURED shall promptly give notice to the COMPANY of any such suit or
  legal proceeding and at the request of the COMPANY shall furnish copies of all
  pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
  sole option, elect to conduct the defense of all or part of such legal proceeding.
  The defense by the COMPANY shall be in the name of the ASSURED through
  attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
  information and assistance as required by the COMPANY for such defense.
 
  If the COMPANY declines to defend the ASSURED, no settlement without the
  prior written consent of the COMPANY nor judgment against the ASSURED shall
  determine the existence, extent or amount of coverage under this Bond.
 
  If the amount demanded in any such suit or legal proceeding is within the
  DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
  costs and attorney's fees incurred in defending all or part of such suit or legal
  proceeding.
 
  If the amount demanded in any such suit or legal proceeding is in excess of the
  LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
  INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
  incurred in defending all or part of such suit or legal proceedings is limited to the
  proportion of such court costs and attorney's fees incurred that the LIMIT OF
  LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
  CLAUSE bears to the total of the amount demanded in such suit or legal
  proceeding.
 
  If the amount demanded is any such suit or legal proceeding is in excess of the
  DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
  2. of the DECLARATIONS for the applicable INSURING CLAUSE, the
  COMPANY'S liability for court costs and attorney's fees incurred in defending all or
  part of such suit or legal proceedings shall be limited to the proportion of such
  court costs or attorney's fees that the amount demanded that would be payable
  under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
  amount demanded.
 
  Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
  addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 7 of 19

         
         
Conditions And
Limitations
Definitions
  1. As used in this Bond:
    a. Computer System means a computer and all input, output, processing,
      storage, off-line media libraries, and communication facilities which are
      connected to the computer and which are under the control and supervision
      of the operating system(s) or application(s) software used by the ASSURED.
 
    b. Counterfeit means an imitation of an actual valid original which is intended
      to deceive and be taken as the original.
 
    c. Custodian means the institution designated by an Investment Company to
      maintain possession and control of its assets.
 
    d. Customer means an individual, corporate, partnership, trust customer,
      shareholder or subscriber of an Investment Company which has a written
      agreement with the ASSURED for Voice Initiated Funds Transfer
      Instruction .
 
    e. Employee means:
 
      (1) an officer of the ASSURED,
 
      (2) a natural person while in the regular service of the ASSURED at any of
        the ASSURED'S premises and compensated directly by the ASSURED
        through its payroll system and subject to the United States Internal
        Revenue Service Form W-2 or equivalent income reporting plans of
        other countries, and whom the ASSURED has the right to control and
        direct both as to the result to be accomplished and details and means
        by which such result is accomplished in the performance of such
        service,
 
      (3) a guest student pursuing studies or performing duties in any of the
        ASSURED'S premises,
 
      (4) an attorney retained by the ASSURED and an employee of such
        attorney while either is performing legal services for the ASSURED,
 
      (5) a natural person provided by an employment contractor to perform
        employee duties for the ASSURED under the ASSURED'S supervision
        at any of the ASSURED'S premises,
 
      (6) an employee of an institution merged or consolidated with the
        ASSURED prior to the effective date of this Bond,
 
      (7) a director or trustee of the ASSURED, but only while performing acts
        within the scope of the customary and usual duties of any officer or
        other employee of the ASSURED or while acting as a member of any
        committee duly elected or appointed to examine or audit or have
        custody of or access to Property of the ASSURED, or

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 8 of 19

       
       
Conditions And
Limitations
Definitions
(continued)
  (8) each natural person, partnership or corporation authorized by written
    agreement with the ASSURED to perform services as electronic data
    processor of checks or other accounting records related to such checks but
    only while such person, partnership or corporation is actually performing
    such services and not:
 
    a. creating, preparing, modifying or maintaining the ASSURED'S
      computer software or programs, or
 
    b. acting as transfer agent or in any other agency capacity in issuing
      checks, drafts or securities for the ASSURED,
 
  (9) any partner, officer or employee of an investment advisor, an underwriter
    (distributor), a transfer agent or shareholder accounting recordkeeper, or an
    administrator, for an Investment Company while performing acts coming
    within the scope of the customary and usual duties of an officer or employee
    of an Investment Company or acting as a member of any committee duly
    elected or appointed to examine, audit or have custody of or access to
    Property of an Investment Company .
 
    The term Employee shall not include any partner, officer or employee of a
    transfer agent, shareholder accounting recordkeeper or administrator:
 
    a. which is not an "affiliated person" (as defined in Section 2(a) of the
      Investment Company Act of 1940) of an Investment Company or of
      the investment advisor or underwriter (distributor) of such  
      Company , or
 
    b. which is a "bank" (as defined in Section 2(a) of the Investment
      Company Act of 1940).
 
      This Bond does not afford coverage in favor of the employers of
      persons as set forth in e. (4), (5) and (8) above, and upon payment to
      the ASSURED by the COMPANY resulting directly from Larceny or
      Embezzlement committed by any of the partners, officers or
      employees of such employers, whether acting alone or in collusion with
      others, an assignment of such of the ASSURED'S rights and causes of
      action as it may have against such employers by reason of such acts
      so committed shall, to the extent of such payment, be given by the
      ASSURED to the COMPANY, and the ASSURED shall execute all
      papers necessary to secure to the COMPANY the rights provided for
      herein.
 
    Each employer of persons as set forth in e.(4), (5) and (8) above and the
    partners, officers and other employees of such employers shall collectively
    be deemed to be one person for all the purposes of this Bond; excepting,
    however, the fifth paragraph of Section 13.
 
    Independent contractors not specified in e.(4), (5) or (8) above,
    intermediaries, agents, brokers or other representatives of the same general
    character shall not be considered Employees .

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 9 of 19

     
     
Conditions And
Limitations
Definitions
(continued)
  f. Forgery means the signing of the name of another natural person with the
    intent to deceive but does not mean a signature which consists in whole or in
    part of one's own name, with or without authority, in any capacity for any
    purpose.
 
  g. Investment Company means any investment company registered under the
    Investment Company Act of 1940 and listed under the NAME OF ASSURED
    on the DECLARATIONS.
 
  h. Items of Deposit means one or more checks or drafts drawn upon a
    financial institution in the United States of America.
 
  i. Larceny or Embezzlement means larceny or embezzlement as defined in
    Section 37 of the Investment Company Act of 1940.
 
  j. Property means money, revenue and other stamps; securities; including any
    note, stock, treasury stock, bond, debenture, evidence of indebtedness,
    certificate of deposit, certificate of interest or participation in any profit-
    sharing agreement, collateral trust certificate, preorganization certificate or
    subscription, transferable share, investment contract, voting trust certificate,
    certificate of deposit for a security, fractional undivided interest in oil, gas, or
    other mineral rights, any interest or instruments commonly known as a
    security under the Investment Company Act of 1940, any other certificate of
    interest or participation in, temporary or interim certificate for, receipt for,
    guarantee of, or warrant or right to subscribe to or purchase any of the
    foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
    orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
    policies, deeds, mortgages on real estate and/or upon chattels and interests
    therein; assignments of such policies, deeds or mortgages; other valuable
    papers, including books of accounts and other records used by the
    ASSURED in the conduct of its business (but excluding all electronic data
    processing records); and, all other instruments similar to or in the nature of
    the foregoing in which the ASSURED acquired an interest at the time of the
    ASSURED'S consolidation or merger with, or purchase of the principal
    assets of, a predecessor or which are held by the ASSURED for any
    purpose or in any capacity and whether so held gratuitously or not and
    whether or not the ASSURED is liable therefor.
 
  k. Relative means the spouse of an Employee or partner of the ASSURED
    and any unmarried child supported wholly by, or living in the home of, such
    Employee or partner and being related to them by blood, marriage or legal
    guardianship.
 
  l. Securities, documents or other written instruments means original
    (including original counterparts) negotiable or non-negotiable instruments, or
    assignments thereof, which in and of themselves represent an equitable
    interest, ownership, or debt and which are in the ordinary course of business
    transferable by delivery of such instruments with any necessary
    endorsements or assignments.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 10 of 19

       
       
Conditions And
Limitations
Definitions
(continued)
    m. Subsidiary means any organization that, at the inception date of this Bond,
      is named in the APPLICATION or is created during the BOND PERIOD and
      of which more than fifty percent (50%) of the outstanding securities or voting
      rights representing the present right to vote for election of directors is owned
      or controlled by the ASSURED either directly or through one or more of its
      subsidiaries.
 
    n. Transportation Company means any organization which provides its own
      or its leased vehicles for transportation or which provides freight forwarding
      or air express services.
 
    o. Voice Initiated Election means any election concerning dividend options
      available to Investment Company shareholders or subscribers which is
      requested by voice over the telephone.
 
    p. Voice Initiated Redemption means any redemption of shares issued by an
      Investment Company which is requested by voice over the telephone.
 
    q. Voice Initiated Funds Transfer Instruction means any Voice Initiated
      Redemption or Voice Initiated Election .
 
    For the purposes of these definitions, the singular includes the plural and the
    plural includes the singular, unless otherwise indicated.
 
General Exclusions -
Applicable to All Insuring
Clauses
  2. This bond does not directly or indirectly cover:
    a. loss not reported to the COMPANY in writing within sixty (60) days after
      termination of this Bond as an entirety;
 
    b. loss due to riot or civil commotion outside the United States of America and
      Canada, or any loss due to military, naval or usurped power, war or
      insurrection. This Section 2.b., however, shall not apply to loss which occurs
      in transit in the circumstances recited in INSURING CLAUSE 3., provided
      that when such transit was initiated there was no knowledge on the part of
      any person acting for the ASSURED of such riot, civil commotion, military,
      naval or usurped power, war or insurrection;
 
    c. loss resulting from the effects of nuclear fission or fusion or radioactivity;
 
    d. loss of potential income including, but not limited to, interest and dividends
      not realized by the ASSURED or by any customer of the ASSURED;
 
    e. damages of any type for which the ASSURED is legally liable, except
      compensatory damages, but not multiples thereof, arising from a loss
      covered under this Bond;
 
    f. costs, fees and expenses incurred by the ASSURED in establishing the
      existence of or amount of loss under this Bond, except to the extent covered
      under INSURING CLAUSE 11.;
 
    g. loss resulting from indirect or consequential loss of any nature;

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 11 of 19

           
           
Conditions And
Limitations
General Exclusions -
Applicable to All Insuring Clauses
(continued)
    h. loss resulting from dishonest acts by any member of the Board of Directors
      or Board of Trustees of the ASSURED who is not an Employee , acting
      alone or in collusion with others;
    i. loss, or that part of any loss, resulting solely from any violation by the
      ASSURED or by any Employee :
      (1) of any law regulating:
        a. the issuance, purchase or sale of securities,
        b. securities transactions on security or commodity exchanges or
          the over the counter market,
        c. investment companies,
        d. investment advisors, or
      (2) of any rule or regulation made pursuant to any such law; or
    j. loss of confidential information, material or data;
    k. loss resulting from voice requests or instructions received over the
      telephone, provided however, this Section 2.k. shall not apply to INSURING
      CLAUSE 7. or 9.
 
Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
  3. This bond does not directly or indirectly cover:
    a. loss caused by an Employee , provided, however, this Section 3.a. shall not
      apply to loss covered under INSURING CLAUSE 2. or 3. which results
      directly from misplacement, mysterious unexplainable disappearance, or
      damage or destruction of Property ;
    b. loss through the surrender of property away from premises of the ASSURED
      as a result of a threat:
      (1) to do bodily harm to any natural person, except loss of Property in
        transit in the custody of any person acting as messenger of the
        ASSURED, provided that when such transit was initiated there was no
        knowledge by the ASSURED of any such threat, and provided further
        that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
      (2) to do damage to the premises or Property of the ASSURED;
    c. loss resulting from payments made or withdrawals from any account
      involving erroneous credits to such account;
    d. loss involving Items of Deposit which are not finally paid for any reason
      provided however, that this Section 3.d. shall not apply to INSURING
      CLAUSE 10.;
    e. loss of property while in the mail;

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 12 of 19

       
       
Conditions And
Limitations
Specific Exclusions -
Applicable to All Insuring
Clauses Except Insuring Clause 1.
(continued)
    f. loss resulting from the failure for any reason of a financial or depository
      institution, its receiver or other liquidator to pay or deliver funds or other
      Property to the ASSURED provided further that this Section 3.f. shall not
      apply to loss of Property resulting directly from robbery, burglary,
      misplacement, mysterious unexplainable disappearance, damage,
      destruction or removal from the possession, custody or control of the
      ASSURED.
 
    g. loss of Property while in the custody of a Transportation Company ,
      provided however, that this Section 3.g. shall not apply to INSURING
      CLAUSE 3.;
 
    h. loss resulting from entries or changes made by a natural person with
      authorized access to a Computer System who acts in good faith on
      instructions, unless such instructions are given to that person by a software
      contractor or its partner, officer, or employee authorized by the ASSURED to
      design, develop, prepare, supply, service, write or implement programs for
      the ASSURED's Computer System ; or
 
    i. loss resulting directly or indirectly from the input of data into a computer
      System terminal, either on the premises of the customer of the ASSURED
      or under the control of such a customer, by a customer or other person who
      had authorized access to the customer's authentication mechanism.
 
Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
Clause1., 4., And 5.
  4. This bond does not directly or indirectly cover:
    a. loss resulting from the complete or partial non-payment of or default on any
      loan whether such loan was procured in good faith or through trick, artifice,
      fraud or false pretenses; provided, however, this Section 4.a. shall not apply
      to INSURING CLAUSE 8.;
 
    b. loss resulting from forgery or any alteration;
 
    c. loss involving a counterfeit provided, however, this Section 4.c. shall not
      apply to INSURING CLAUSE 5. or 6.
 
Limit of Liability/Non-
Reduction And Non-
Accumulation of Liability
  5. At all times prior to termination of this Bond, this Bond shall continue in force for
    the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
    notwithstanding any previous loss for which the COMPANY may have paid or be
    liable to pay under this Bond provided, however, that the liability of the COMPANY
    under this Bond with respect to all loss resulting from:
 
    a. any one act of burglary, robbery or hold-up, or attempt thereat, in which no
      Employee is concerned or implicated, or
 
    b. any one unintentional or negligent act on the part of any one person
      resulting in damage to or destruction or misplacement of Property , or
 
    c. all acts, other than those specified in a. above, of any one person, or

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 13 of 19

       
       
Conditions And
Limitations
Limit of Liability/Non-
Reduction And Non-
Accumulation of Liability
(continued)
    d. any one casualty or event other than those specified in a., b., or c. above,
    shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
    LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
    the total amount of such loss or losses and shall not be cumulative in amounts
    from year to year or from period to period.
 
    All acts, as specified in c. above, of any one person which
 
    i. directly or indirectly aid in any way wrongful acts of any other person or
      persons, or
 
    ii. permit the continuation of wrongful acts of any other person or persons
 
    whether such acts are committed with or without the knowledge of the wrongful
    acts of the person so aided, and whether such acts are committed with or without
    the intent to aid such other person, shall be deemed to be one loss with the
    wrongful acts of all persons so aided.
 
Discovery
  6. This Bond applies only to loss first discovered by an officer of the ASSURED
    during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
    ASSURED being aware of:
 
    a. facts which may subsequently result in a loss of a type covered by this Bond,
      or
 
    b. an actual or potential claim in which it is alleged that the ASSURED is liable
      to a third party,
 
    regardless of when the act or acts causing or contributing to such loss occurred,
    even though the amount of loss does not exceed the applicable DEDUCTIBLE
    AMOUNT, or the exact amount or details of loss may not then be known.
 
Notice To Company -
Proof - Legal Proceedings
Against Company
  7. a. The ASSURED shall give the COMPANY notice thereof at the earliest
      practicable moment, not to exceed sixty (60) days after discovery of loss, in
      an amount that is in excess of 50% of the applicable DEDUCTIBLE
      AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
 
    b. The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
      with full particulars within six (6) months after such discovery.
 
    c. Securities listed in a proof of loss shall be identified by certificate or bond
      numbers, if issued with them.
 
    d. Legal proceedings for the recovery of any loss under this Bond shall not be
      brought prior to the expiration of sixty (60) days after the proof of loss is filed
      with the COMPANY or after the expiration of twenty-four (24) months from
      the discovery of such loss.
 
    e. This Bond affords coverage only in favor of the ASSURED. No claim, suit,
      action or legal proceedings shall be brought under this Bond by anyone
      other than the ASSURED.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 14 of 19

       
       
Conditions And
Limitations
Notice To Company -
Proof - Legal Proceedings
Against Company
(continued)
    f. Proof of loss involving Voice Initiated Funds Transfer Instruction shall
      include electronic recordings of such instructions.
       
       
 
Deductible Amounts
  8. The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
    on account of loss unless the amount of such loss, after deducting the net amount
    of all reimbursement and/or recovery obtained or made by the ASSURED, other
    than from any Bond or policy of insurance issued by an insurance company and
    covering such loss, or by the COMPANY on account thereof prior to payment by
    the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
    ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
    for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
    DECLARATIONS.
 
    There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
    sustained by any Investment Company .
 
Valuation
  9. BOOKS OF ACCOUNT OR OTHER RECORDS
    The value of any loss of Property consisting of books of account or other records
    used by the ASSURED in the conduct of its business shall be the amount paid by
    the ASSURED for blank books, blank pages, or other materials which replace the
    lost books of account or other records, plus the cost of labor paid by the
    ASSURED for the actual transcription or copying of data to reproduce such books
    of account or other records.
 
    The value of any loss of Property other than books of account or other records
    used by the ASSURED in the conduct of its business, for which a claim is made
    shall be determined by the average market value of such Property on the
    business day immediately preceding discovery of such loss provided, however,
    that the value of any Property replaced by the ASSURED with the consent of the
    COMPANY and prior to the settlement of any claim for such Property shall be the
    actual market value at the time of replacement.
 
    In the case of a loss of interim certificates, warrants, rights or other securities, the
    production of which is necessary to the exercise of subscription, conversion,
    redemption or deposit privileges, the value of them shall be the market value of
    such privileges immediately preceding their expiration if said loss is not discovered
    until after their expiration. If no market price is quoted for such Property or for
    such privileges, the value shall be fixed by agreement between the parties.
 
     
    OTHER PROPERTY
    The value of any loss of Property , other than as stated above, shall be the actual
    cash value or the cost of repairing or replacing such Property with Property of
    like quality and value, whichever is less.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 15 of 19

       
       
       
Conditions And
Limitations
(continued)
Securities Settlement
  10. In the event of a loss of securities covered under this Bond, the COMPANY may,
    at its sole discretion, purchase replacement securities, tender the value of the
    securities in money, or issue its indemnity to effect replacement securities.
 
    The indemnity required from the ASSURED under the terms of this Section
    against all loss, cost or expense arising from the replacement of securities by the
    COMPANY'S indemnity shall be:
 
    a. for securities having a value less than or equal to the applicable
      DEDUCTIBLE AMOUNT - one hundred (100%) percent;
 
    b. for securities having a value in excess of the DEDUCTIBLE AMOUNT but
      within the applicable LIMIT OF LIABILITY - the percentage that the
      DEDUCTIBLE AMOUNT bears to the value of the securities;
 
    c. for securities having a value greater than the applicable LIMIT OF LIABILITY
      - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
      the applicable LIMIT OF LIABILITY bears to the value of the securities.
 
    The value referred to in Section 10.a., b., and c. is the value in accordance with
    Section 9, VALUATION, regardless of the value of such securities at the time the
    loss under the COMPANY'S indemnity is sustained.
 
    The COMPANY is not required to issue its indemnity for any portion of a loss of
    securities which is not covered by this Bond; however, the COMPANY may do so
    as a courtesy to the ASSURED and at its sole discretion.
 
    The ASSURED shall pay the proportion of the Company's premium charge for the
    Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
    LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
    purchased by the ASSURED to obtain replacement securities.
 
 
Subrogation - Assignment - 11. In the event of a payment under this Bond, the COMPANY shall be subrogated to
    all of the ASSURED'S rights of recovery against any person or entity to the extent
    of such payment. On request, the ASSURED shall deliver to the COMPANY an
    assignment of the ASSURED'S rights, title and interest and causes of action
    against any person or entity to the extent of such payment.
 
    Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
    applied net of the expense of such recovery in the following order:
 
    a. first, to the satisfaction of the ASSURED'S loss which would otherwise have
      been paid but for the fact that it is in excess of the applicable LIMIT OF
      LIABILITY,
 
    b. second, to the COMPANY in satisfaction of amounts paid in settlement of
      the ASSURED'S claim,
 
    c. third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
      AMOUNT, and

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 16 of 19

       
       
Conditions And
Limitations
Subrogation - Assignment -
Recovery
(continued)
    d. fourth, to the ASSURED in satisfaction of any loss suffered by the
      ASSURED which was not covered under this Bond.
    Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
    recovery under this section.
 
Cooperation of Assured
  12. At the COMPANY'S request and at reasonable times and places designated by
    the COMPANY, the ASSURED shall:
 
    a. submit to examination by the COMPANY and subscribe to the same under
      oath,
 
    b. produce for the COMPANY'S examination all pertinent records, and
 
    c. cooperate with the COMPANY in all matters pertaining to the loss.
 
    The ASSURED shall execute all papers and render assistance to secure to the
    COMPANY the rights and causes of action provided for under this Bond. The
    ASSURED shall do nothing after loss to prejudice such rights or causes of action.
 
Termination
  13. If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
    shall have been given by the acting party to the affected party and to the
    Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
    days prior to the effective date of such termination.
 
    If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
    shall have been given by the acting party to the affected party, and by the
    COMPANY to all ASSURED Investment Companies and to the Securities and
    Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
    the effective date of such termination.
 
    This Bond will terminate as to any one ASSURED, other than an  
    Company :
 
    a. immediately on the taking over of such ASSURED by a receiver or other
      liquidator or by State or Federal officials, or
 
    b. immediately on the filing of a petition under any State or Federal statute
      relative to bankruptcy or reorganization of the ASSURED, or assignment for
      the benefit of creditors of the ASSURED, or
 
    c. immediately upon such ASSURED ceasing to exist, whether through merger
      into another entity, disposition of all of its assets or otherwise.
 
    The COMPANY shall refund the unearned premium computed at short rates in
    accordance with the standard short rate cancellation tables if terminated by the
    ASSURED or pro rata if terminated for any other reason.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 17 of 19

       
       
Conditions And
Limitations
Termination
(continued)
    If any partner, director, trustee, or officer or supervisory employee of an
    ASSURED not acting in collusion with an Employee learns of any dishonest act
    committed by such Employee at any time, whether in the employment of the
    ASSURED or otherwise, whether or not such act is of the type covered under this
    Bond, and whether against the ASSURED or any other person or entity, the
    ASSURED:
 
    a. shall immediately remove such Employee from a position that would enable
      such Employee to cause the ASSURED to suffer a loss covered by this
      Bond; and
 
    b. within forty-eight (48) hours of learning that an Employee has committed
      any dishonest act, shall notify the COMPANY, of such action and provide full
      particulars of such dishonest act.
 
    The COMPANY may terminate coverage as respects any Employee sixty (60)
    days after written notice is received by each ASSURED  
    and the Securities and Exchange Commission, Washington, D.C. of its desire to
    terminate this Bond as to such Employee .
 
Other Insurance
  14. Coverage under this Bond shall apply only as excess over any valid and collectible
    insurance, indemnity or suretyship obtained by or on behalf of:
 
    a. the ASSURED,
 
    b. a Transportation Company , or
 
    c. another entity on whose premises the loss occurred or which employed the
      person causing the loss or engaged the messenger conveying the  
      involved.
 
Conformity
  15. If any limitation within this Bond is prohibited by any law controlling this Bond's
    construction, such limitation shall be deemed to be amended so as to equal the
    minimum period of limitation provided by such law.
 
Change or Modification
  16. This Bond or any instrument amending or affecting this Bond may not be changed
    or modified orally. No change in or modification of this Bond shall be effective
    except when made by written endorsement to this Bond signed by an authorized
    representative of the COMPANY.
 
    If this Bond is for a sole ASSURED, no change or modification which would
    adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
    days after written notice has been furnished to the Securities and Exchange
    Commission, Washington, D.C., by the acting party.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 18 of 19

   
   
Conditions And
Limitations
Change or Modification
(continued)
  If this Bond is for a joint ASSURED, no charge or modification which would
  adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
  days after written notice has been furnished to all insured  
  and to the Securities and Exchange Commission, Washington, D.C., by the
  COMPANY.

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 19 of 19

                                                                                                                      VIGILANT INSURANCE COMPANY
                                                                                                                    Endorsement No.: 1
                                                                                                                    Bond Number: 82179465
 
 
NAME OF ASSURED: INSURED MUNICIPAL INCOME FUND INC.  
                                    UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows:  
1. By adding the following INSURING CLAUSE:  
  12. Unauthorized Signature  
    Loss resulting directly from the ASSURED having accepted, paid or cashed any check or
    Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which
    bears the signature or endorsement of one other than a person whose name and signature is on
    file with the ASSURED as a signatory on such account.  
    It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING
    CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories
    on such account.  
2. By adding to Section 1., Definitions, the following:  
  r. Instruction means a written order to the issuer of an Uncertificated Security requesting that the
    transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
  s. Uncertificated Security means a share, participation or other interest in property of or an
    enterprise of the issuer or an obligation of the issuer, which is:  
    (1) not represented by an instrument and the transfer of which is registered on books
      maintained for that purpose by or on behalf of the issuer, and
    (2) of a type commonly dealt in on securities exchanges or markets, and
    (3) either one of a class or series or by its terms divisible into a class or series of shares,
      participations, interests or obligations.  

ICAP Bond  
Form 17-02-5602 (Ed. 10-03) Page 1

              t. Withdrawal Order means a non-negotiable instrument, other than an Instruction , signed by a
  customer of the ASSURED authorizing the ASSURED to debit the customer's account in the
  amount of funds stated therein.
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on September 3, 2009.
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 16, 2009
 
 

ICAP Bond  
Form 17-02-5602 (Ed. 10-03) Page 2

                                                                                                                      VIGILANT INSURANCE COMPANY
                                                                                                                    Endorsement No.: 2
                                                                                                                    Bond Number: 82179465
 
 
NAME OF ASSURED: INSURED MUNICIPAL INCOME FUND INC.  
        STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
It is agreed that this Bond is amended as follows:  
1. By adding the following INSURING CLAUSE:  
  13. Stop Payment Order or Refusal to Pay Check  
    Loss resulting directly from the ASSURED being legally liable to pay compensatory damages
    for:    
    a.     complying or failing to comply with notice from any customer of the ASSURED or any
          authorized representative of such customer, to stop payment on any check or draft made or
          drawn upon or against the ASSURED by such customer or by any authorized
          representative of such customer, or  
    b.     refusing to pay any check or draft made or drawn upon or against the ASSURED by any
          customer of the ASSURED or by any authorized representative of such customer.
2. By adding the following Specific Exclusion:  
  Section 4.A. Specific Exclusions Applicable to INSURING CLAUSE 13  
     
    This bond does not directly or indirectly cover:
  a. liability assumed by the ASSURED by agreement under any contract, unless such liability would
    have attached to the ASSURED even in the absence of such agreement,
  b. loss arising out of:  
    (1)     libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,
          malicious prosecution, assault or battery,  
    (2)     sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of
          any person, or  
    (3)     discrimination."  
This Endorsement applies to loss discovered after 12:01 a.m. on September 3, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 16, 2009
 
 

ICAP Bond
 
Form 17-02-2365 (Ed. 10-00)
 
         
Effective date of   ENDORSEMENT/RIDER
this endorsement/rider: September 3, 2009                       VIGILANT INSURANCE COMPANY
                        Endorsement/Rider No. 3
                        To be attached to and  
                        form a part of Bond No. 82179465
 
 
Issued to: INSURED MUNICIPAL INCOME FUND INC.  
  DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
    ENDORSEMENT  
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
1. The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
2. The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced
  with the following:    
  If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
  rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
  furnished to all insured Investment Companies and the Securities and Exchange Commission,
  Washington, D.C., by the COMPANY.    
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.    
All other terms, conditions and limitations of this Bond shall remain unchanged.  

 
17-02-2437 (12/2006) rev.
 
 
Page 1
                           
Effective date of   ENDORSEMENT/RIDER
this endorsement/rider: September 3, 2009 VIGILANT INSURANCE COMPANY
    Endorsement/Rider No. 4
    To be attached to and  
    form a part of Bond No. 82179465
Issued to: INSURED MUNICIPAL INCOME FUND INC.  
 
 
                                                        AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional
Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To
Company, is amended by adding the following subsection:  
Automatic Increase in Limits for Investment Companies  
If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940
("the Act"), due to:    
(i) the creation of a new Investment Company , other than by consolidation or merger with, or purchase or
  acquisition of assets or liabilities of, another institution; or  
(ii) an increase in asset size of current Investment Companies covered under this Bond,
then the minimum required increase in limits shall take place automatically without payment of additional
premium for the remainder of the BOND PERIOD.  
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

 
 
14-02-14098 (04/2008)
 
Page 1
Effective date of    
this endorsement: September 3, 2009 VIGILANT INSURANCE COMPANY
  Endorsement No.: 5
  To be attached to and form a part of Bond
  Number: 82179465
 
 
Issued to: INSURED MUNICIPAL INCOME FUND INC.  
                                              COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws
or regulations prohibit the coverage provided by this insurance.
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 16, 2009
 
 

Form 14-02-9228 (Ed. 4/2004)
 
INSURED MUNICIPAL INCOME FUND INC.
60 HERITAGE DRIVE
PLEASANTVILLE, NY 10570
 
 
Re: Financial Strength
  Insuring Company: VIGILANT INSURANCE COMPANY
 
Dear INSURED MUNICIPAL INCOME FUND INC.
 
Chubb continues to deliver strong financial performance. Our financial strength, as reflected in
our published reports and our ratings, should give you peace of mind that Chubb will be there
for you when you need us most.
 
• Chubb’s financial results during calendar year 2008 stand out in the industry.
 
• Chubb’s balance sheet is backed with investments that we believe emphasize quality,
  safety, and liquidity, with total invested assets of $38.7 billion as of December 31, 2008.
 
• With 127 years in the business, Chubb is here for the long term, which is why we vigorously
  guard our financial strength and take what we believe is a prudent approach to assuming
  risk - on both the asset and liability sides of our balance sheet.
 
• Chubb is one of the most highly rated property and casualty companies in the industry,
  which is a reflection of our overall quality, strong financial condition, and strong capital
  position.
  o Chubb’s financial strength rating is “A++” from A.M. Best Company, “AA” from Fitch,
    “Aa2” from Moody’s, and “AA” from Standard & Poor’s – the leading independent
    evaluators of the insurance industry.
  o Chubb’s senior unsecured corporate debt rating from Standard & Poor’s was upgraded
    from “A” to “A+” on December 15, 2008. Standard & Poor’s also reaffirmed all of
    Chubb’s ratings with a “stable” outlook.
  o A.M. Best, Fitch, and Moody’s recently affirmed all of Chubb’s ratings with a “stable”
    outlook. (For reference, A.M. Best reaffirmed us on 12/23/08, Fitch on 2/13/09, and
    Moody’s on 2/4/09.)
  o For more than 50 years, Chubb has remained part of an elite group of insurers that have
    maintained A.M. Best’s highest ratings.
 
• Chubb was named to Standard & Poor’s list of S&P 500 Dividend Aristocrats, one of 52
  companies in the S&P 500 index that have increased dividends every year for at least 25
  consecutive years.
 
• Chubb’s investment portfolio has held up extremely well. Chubb takes what we believe is a
  conservative approach to selecting and managing our assets. Furthermore, Chubb does not
  have any direct exposure to the subprime mortgage-backed securities market, and we
  stopped doing new credit derivative business in 2003 and put existing business in runoff.

99-10-0100 (06/2009)
 
Rarely has Chubb’s business philosophy – to underwrite conservatively and invest judiciously –
been more important than it is today. By adhering to this philosophy, we now have the capacity
and flexibility to respond to opportunities, especially when you engage us in fully understanding
your business risks.
 
 
We want you to know that Chubb is well-positioned to continue serving your needs with our
underwriting expertise; broad underwriting appetite across all property, casualty, and specialty
lines; and claim services. If you have any questions, feel free to call your agent or broker or
your local Chubb underwriter. As always, we appreciate the trust you place in us as your
insurance partner.

99-10-0100 (06/2009)
 
                                                                                                            Important Notice:
 
 
The SEC requires Proof of Your Fidelity Insurance Policy
 
 
Your company is now required to file an electronic copy of your fidelity insurance coverage
(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to
rules adopted by the SEC on June 12, 2006.
 
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance
policy as well as instructions on how to submit this proof of fidelity insurance coverage to the
SEC. You can expect to receive this information from your agent/broker shortly.
 
The electronic copy of your policy is provided by Chubb solely as a convenience and does not
affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.
The terms and conditions of the policy mailed to you, which are the same as those set forth in
the electronic copy, constitute the entire agreement between your company and Chubb.
 
If you have any questions, please contact your agent or broker.

Form 14-02-12160 (ed. 7/2006)
 
                                                    IMPORTANT NOTICE TO POLICYHOLDERS
 
 
 
                    All of the members of the Chubb Group of Insurance companies doing business in the United
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on
US insurance transactions is available under the Producer Compensation link located at the bottom of the
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from
your producer.
 
                    Thank you for choosing Chubb.

10-02-1295 (ed. 6/2007)
 
                                                                                                            POLICYHOLDER                    
                                                                                 DISCLOSURE NOTICE OF
                                                                                 TERRORISM INSURANCE COVERAGE
                                                   
You are hereby notified that, under the Terrorism Risk Insurance Act (the "Act"), effective
December 26, 2007, this policy makes available to you insurance for losses arising out of
certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the
Treasury, in concurrence with the Secretary of State and the Attorney General of the
United States, to be an act of terrorism; to be a violent act or an act that is dangerous to
human life, property or infrastructure; to have resulted in damage within the United
States, or outside the United States in the case of an air carrier or vessel or the premises
of a United States Mission; and to have been committed by an individual or individuals as
part of an effort to coerce the civilian population of the United States or to influence the
policy or affect the conduct of the United States Government by coercion.
 
You should know that the insurance provided by your policy for losses caused by acts of
terrorism is partially reimbursed by the United States under the formula set forth in the
Act. Under this formula, the United States pays 85% of covered terrorism losses that
exceed the statutorily established deductible to be paid by the insurance company
providing the coverage.
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31), the Treasury
shall not make any payment for any portion of the amount of such losses that exceeds
$100 billion.

10-02-1281 (Ed. 1/2003)
 
If aggregate insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a Program Year (January 1 through December 31) and we have met our
insurer deductible under the Act, we shall not be liable for the payment of any portion of
the amount of such losses that exceeds $100 billion, and in such case insured losses up
to that amount are subject to pro rata allocation in accordance with procedures
established by the Secretary of the Treasury.
 
The portion of your policy's annual premium that is attributable to insurance for such acts
of terrorism is: $  -0-
 
If you have any questions about this notice, please contact your agent or broker.

10-02-1281 (Ed. 1/2003)
 
 
RESOLVED, that the fidelity bond for the Fund, underwritten by Vigilant Insurance Company (the "Bond") which is in the amount of $750,000 to cover, among others, officers and employees of the Funds, in accordance with Rule 17g-1 under the 1940 Act, is reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate gross assets of the Fund to which any person covered under the Bond may have access, the type and terms of the arrangements made for the custody and safekeeping of assets of the Fund and the nature of the securities of the Fund; and further

RESOLVED, that the payment of the premium by the Fund under the Bond in the amount presented at this meeting is hereby ratified by the Board of Directors of the Fund, including by a majority of the disinterested directors; and further

RESOLVED, that the officers of the Fund are hereby authorized to execute and deliver such documents as may be required to effect the foregoing resolutions, to pay any premium as may from time to time be required and to take such further action as may be required by applicable laws, rules or regulations in connection with implementing the foregoing resolutions.


******************************************************************************


Premiums of $2,750 will be paid for the period from September 3, 2009 through September 3, 2010.

 
 
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