Exhibit 99(k)(iv)
INSURED MUNICIPAL INCOME FUND INC.
00 XXXX 00XX XXXXXX
XXX XXXX, XXX XXXX 00000-0000
Dated as of July 23, 2003
UBS Global Asset Management (US) Inc.
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Re: Fee Waiver Agreement
Ladies and Gentlemen:
1. Insured Municipal Income Fund Inc. is a Maryland corporation (the
"Fund"). You serve as investment advisor and administrator to the Fund pursuant
to an Investment Advisory and Administration Contract dated as of May 26, 1993
(the "Advisory Contract").
2. You hereby agree that you will waive compensation otherwise payable to
you pursuant to Section 8(a) of the Advisory Contract so that the fee rate is
reduced from an annual rate of 0.90% to 0.70% of the Fund's average weekly net
assets.
3. This fee waiver shall become effective as of July 23, 2003, and shall
continue in effect unless it is terminated by a vote of a majority of those
directors of the Fund who are not parties to the Advisory Contract or interested
persons of any such party, cast in person at a meeting called for the purpose of
voting on such approval, and (ii) by the Fund's board or by vote of a majority
of the outstanding voting securities of the Fund.
4. This Agreement shall be governed by, and construed and enforced in
accordance with, the internal laws of the State of New York, except insofar as
the Investment Company Act of 1940, as amended, or other federal laws and
regulations may be controlling. Any amendment to this fee waiver agreement shall
be in writing signed by the parties hereto.
If you are in agreement with the foregoing, please sign the form of
acceptance on the enclosed counterpart hereof and return the same to us.
Very truly yours,
INSURED MUNICIPAL INCOME FUND INC.
By: /s/ Xxxx X. Xxxxxxxx By: /s/ Xxxxx X. Xxxxxx
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Title: Vice President and Treasurer Title: Vice President and
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Assistant Secretary
The foregoing Agreement is hereby accepted as of July 23, 2003.
UBS GLOBAL ASSET MANAGEMENT (US) INC.
By: /s/ Xxxxx X. Xxxxxxxxxx By: /s/ W. Xxxxxxx Xxxx
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Title: Executive Director Title: Executive Director
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