FORM N-Q
Investment Company Act file number: 811-21178
BlackRock Insured Municipal Income Trust
(Exact name of registrant as specified in charter)
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2006
Date of reporting period: May 31, 2006
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
MAY 31, 2006
BlackRock Insured Municipal Income Trust (BYM)
| Principal | |||||||||
| Amount | Option Call | ||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||
| LONG-TERM INVESTMENTS—152.3% | |||||||||
| Alabama—1.8% | |||||||||
| Birmingham Wtr. Wks. & Swr. Brd. RB, | |||||||||
| AAA | $ 1,140 | Ser. A, 4.50%, 1/01/35, FSA | 01/16 @ 100 | $ 1,099,108 | |||||
| AAA | 3,705 | Ser. A, 5.00%, 1/01/40, FSA | 01/16 @ 100 | 3,792,623 | |||||
| AAA | 2,180 | Ser. A, 5.00%, 1/01/43, FSA | 01/16 @ 100 | 2,228,178 | |||||
| 7,119,909 | |||||||||
| California—36.5% | |||||||||
| California St. GO, | |||||||||
| AAA | 5,000 | 5.00%, 2/01/32, MBIA | 08/13 @ 100 | 5,114,350 | |||||
| AAA | 5,000 | 5.00%, 3/01/33 | 03/15 @ 100 | 5,113,350 | |||||
| A | 14,000 | 3 | Dept. of Wtr. Res., Pwr. Sply. RB, Ser. A, 5.375%, 5/01/12 | N/A | 15,346,100 | ||||
| Golden St. Tobacco Sec. Corp. RB, | |||||||||
| AAA | 10,000 | Ser. A, 5.00%, 6/01/35, FGIC | 06/15 @ 100 | 10,220,000 | |||||
| BBB | 6,500 | Ser. A-1, 6.625%, 6/01/40 | 06/13 @ 100 | 7,209,475 | |||||
| BBB | 14,500 | Ser. A-1, 6.75%, 6/01/39 | 06/13 @ 100 | 16,189,395 | |||||
| AAA | 12,100 | 3 | Infrastructure & Econ. Dev. RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC | N/A | 12,981,485 | ||||
| AAA | 17,500 | Met. Wtr. Dist. So. California RB, Ser. B-1, 5.00%, 10/01/33, FGIC | 10/13 @ 100 | 17,984,575 | |||||
| AAA | 15,000 | San Francisco City & Cnty. Pub. Utils. Comm. Wtr. RB, Ser. A, 5.00%, 11/01/31, FSA | 11/11 @ 100 | 15,420,900 | |||||
| AAA | 53,000 | San Joaquin Hills Transp. Corridor Agcy. Toll Rd. RB, Ser. A, Zero Coupon, 1/15/31, MBIA | No Opt. Call | 15,568,750 | |||||
| Univ. of California RB, | |||||||||
| AAA | 10,000 | Ser. C, 4.75%, 5/15/37, MBIA | 05/13 @ 101 | 9,919,600 | |||||
| AAA | 3,330 | Ser. G, 4.75%, 5/15/31, MBIA | 05/13 @ 101 | 3,325,071 | |||||
| AAA | 10,910 | Ser. O, 5.00%, 9/01/28, FGIC | 09/10 @ 101 | 11,271,994 | |||||
| 145,665,045 | |||||||||
| District of Columbia—2.6% | |||||||||
| BBB | 9,500 | Tobacco Settlement Financing Corp. RB, 6.75%, 5/15/40 | 05/11 @ 101 | 10,239,290 | |||||
| Florida—3.0% | |||||||||
| AAA | 1,880 | JEA Wtr. & Swr. Sys. RB, Ser. A, 4.75%, 10/01/36, MBIA | 04/11 @ 100 | 1,856,068 | |||||
| AAA | 25,520 | Miami Dade Cnty. RB, Cap. Apprec. Proj., Ser. A, Zero Coupon, 10/01/38, MBIA | 10/15 @ 30.363 | 4,734,981 | |||||
| AAA | 5,485 | Orange Cnty. Tourist Dev. Tax RB, 4.75%, 10/01/32 | 10/16 @ 100 | 5,476,443 | |||||
| 12,067,492 | |||||||||
| Georgia—4.4% | |||||||||
| AAA | 2,500 | Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA | 01/15 @ 100 | 2,562,975 | |||||
| Atlanta Wtr. & Wstwtr. RB, | |||||||||
| AAA | 2,000 | 5.00%, 11/01/34, FSA | 11/14 @ 100 | 2,050,960 | |||||
| AAA | 3,235 | 5.00%, 11/01/37, FSA | 11/14 @ 100 | 3,308,370 | |||||
| AAA | 9,555 | Ser. A, 5.00%, 11/01/38, FGIC | 05/09 @ 101 | 9,804,099 | |||||
| 17,726,404 | |||||||||
| Illinois—16.3% | |||||||||
| Chicago GO, | |||||||||
| AAA | 13,000 | Ser. A, 5.00%, 1/01/34, FSA | 01/14 @ 100 | 13,278,850 | |||||
| AAA | 7,000 | Ser. A, 5.00%, 1/01/34, MBIA | 01/13 @ 100 | 7,149,030 | |||||
| AAA | 11,550 | 3 | Chicago Spec. Transp. RB, 5.25%, 1/01/27, AMBAC | 01/11 @ 101 | 12,135,354 | ||||
| Met. Pier & Exposition Auth. Ded. St. Tax RB, McCormick Place Expansion Proj., | |||||||||
| AAA | 24,010 | Ser. A, 5.00%, 12/15/28, MBIA | 06/12 @ 101 | 24,682,520 | |||||
| AAA | 15,000 | Ser. B, Zero Coupon, 6/15/28, MBIA | No Opt. Call | 5,242,200 | |||||
| AAA | 2,400 | 4 | O’Hare Intl. Arpt. RB, Ser. A, 5.00%, 1/01/30, MBIA | 01/15 @ 100 | 2,455,344 | ||||
| 64,943,298 | |||||||||
| Indiana—1.1% | |||||||||
| AAA | 4,725 | Mun. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/32, AMBAC | 01/16 @ 100 | 4,510,627 | |||||
| Louisiana—3.4% | |||||||||
| AAA | 13,250 | St. Gas & Fuels Tax RB, Ser. A, 5.00%, 5/01/35, FGIC | 05/15 @ 100 | 13,555,280 | |||||
| Massachusetts—7.6% | |||||||||
| AA | 5,985 | St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41 | 08/16 @ 100 | 6,133,188 | |||||
| AAA | 24,000 | Tpke. Auth. Met. Hwy. Sys. RB, Ser. A, 5.00%, 1/01/39, AMBAC | 01/09 @ 101 | 24,359,520 | |||||
| 30,492,708 | |||||||||
| Minnesota—1.3% | |||||||||
| AAA | 5,000 | St. Paul Met. Arpt. Comm. RB, 5.00%, 1/01/35, AMBAC | 01/15 @ 100 | 5,118,850 | |||||
1
BlackRock Insured Municipal Income Trust (BYM)
| Principal | |||||||||
| Amount | Option Call | ||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||
| Missouri—1.3% | |||||||||
| AAA | $ 5,500 | Joint Mun. Elec. Util. Comm. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA | 01/16 @ 100 | $ 5,386,590 | |||||
| Nebraska—1.0% | |||||||||
| AA | 4,280 | Omaha Pub. Pwr. Dist. Elec. Sys. RB, Ser. A, 4.75%, 2/01/44 | 02/14 @ 100 | 4,177,066 | |||||
| Nevada—7.2% | |||||||||
| AAA | 6,000 | 3 | Reno RB, Transp. Proj., 5.125%, 6/01/12, AMBAC | N/A | 6,412,320 | ||||
| Truckee Meadows Wtr. Auth. RB, | |||||||||
| AAA | 10,000 | Ser. A, 5.00%, 7/01/25, FSA | 07/11 @ 100 | 10,228,700 | |||||
| AAA | 6,500 | Ser. A, 5.125%, 7/01/30, FSA | 07/11 @ 100 | 6,702,995 | |||||
| AAA | 5,000 | 3 | Ser. A, 5.25%, 7/01/11, FSA | N/A | 5,343,350 | ||||
| 28,687,365 | |||||||||
| New York—8.0% | |||||||||
| AAA | 2,980 | Convention Ctr. Dev. RB, Hotel Unit Fee Secured, 5.00%, 11/15/44, AMBAC | 11/15 @ 100 | 3,056,616 | |||||
| New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. RB, | |||||||||
| AAA | 10,650 | Ser. B, 5.00%, 6/15/36, FSA | 12/14 @ 100 | 10,977,914 | |||||
| AAA | 7,305 | Ser. C, 5.00%, 6/15/35, AMBAC | 06/14 @ 100 | 7,518,963 | |||||
| AAA | 10,000 | New York City Trust Cultural Recs. RB, American Museum of Natural History Proj., Ser. A, | |||||||
| 5.00%, 7/01/44, MBIA | 07/14 @ 100 | 10,239,700 | |||||||
| 31,793,193 | |||||||||
| Ohio—4.5% | |||||||||
| AAA | 12,280 | Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC | 07/15 @ 100 | 12,223,758 | |||||
| AAA | 6,000 | Wtr. Dev. Auth. Facs. PCRB, Dayton Pwr. & Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC | 07/15 @ 100 | 5,927,460 | |||||
| 18,151,218 | |||||||||
| Pennsylvania—2.7% | |||||||||
| BBB | 5,000 | Lebanon Cnty. Hlth. Facs. Auth. RB, Good Samaritan Hosp. Proj., 6.00%, 11/15/35 | 11/12 @ 101 | 5,310,650 | |||||
| AAA | 5,200 | 3 | Philadelphia Gas Wks. RB, Ser. 3, 5.125%, 8/01/11, FSA | N/A | 5,527,080 | ||||
| 10,837,730 | |||||||||
| South Carolina—7.9% | |||||||||
| AAA | 5,000 | Pub. Svc. Auth. RB, Ser. B, 5.50%, 1/01/36, FSA | 01/12 @ 100 | 5,307,050 | |||||
| Transp. Infrastructure Bank RB, | |||||||||
| AAA | 12,750 | Ser. A, 5.00%, 10/01/33, AMBAC | 10/12 @ 100 | 13,033,177 | |||||
| AAA | 12,660 | Ser. B, 5.125%, 10/01/26, AMBAC | 10/11 @ 100 | 13,181,972 | |||||
| 31,522,199 | |||||||||
| Tennessee—4.0% | |||||||||
| Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. RB, | |||||||||
| AAA | 11,705 | Ser. A, Zero Coupon, 1/01/22, FSA | 01/13 @ 59.566 | 4,962,920 | |||||
| AAA | 9,260 | Ser. A, Zero Coupon, 1/01/23, FSA | 01/13 @ 56.016 | 3,685,202 | |||||
| AAA | 8,500 | Ser. A, Zero Coupon, 1/01/24, FSA | 01/13 @ 52.749 | 3,179,340 | |||||
| AAA | 6,850 | Ser. A, Zero Coupon, 1/01/25, FSA | 01/13 @ 49.712 | 2,414,625 | |||||
| AAA | 5,000 | Ser. A, Zero Coupon, 1/01/26, FSA | 01/13 @ 46.781 | 1,655,400 | |||||
| 15,897,487 | |||||||||
| Texas—26.9% | |||||||||
| AAA | 10,030 | Coppell Indpt. Sch. Dist. GO, Zero Coupon, 8/15/30 | No Opt. Call | 3,029,461 | |||||
| AAA | 2,350 | Dallas Area Rapid Trans. RB, 5.00%, 12/01/31, AMBAC | 12/11 @ 100 | 2,392,841 | |||||
| Harris Cnty. Sports Auth. RB, | |||||||||
| AAA | 26,890 | Ser. A-3, Zero Coupon, 11/15/38, MBIA | 11/24 @ 43.826 | 4,539,301 | |||||
| AAA | 27,675 | Ser. A-3, Zero Coupon, 11/15/39, MBIA | 11/24 @ 41.258 | 4,390,362 | |||||
| AAA | 5,785 | Ser. H, Zero Coupon, 11/15/38, MBIA | 11/31 @ 64.91 | 1,006,995 | |||||
| AAA | 6,160 | Ser. H, Zero Coupon, 11/15/39, MBIA | 11/31 @ 60.976 | 1,004,819 | |||||
| Harris Cnty., | |||||||||
| AAA | 7,485 | GO, Zero Coupon, 8/15/25, MBIA | No Opt. Call | 2,961,141 | |||||
| AAA | 10,915 | GO, Zero Coupon, 8/15/28, MBIA | No Opt. Call | 3,671,369 | |||||
| AAA | 5,510 | RB, Toll Rd. Proj., 5.00%, 8/15/30, FSA | 08/12 @ 100 | 5,633,204 | |||||
| AAA | 6,000 | Lower Colorado Riv. Auth. RB, 4.75%, 5/15/36, AMBAC | 05/11 @ 100 | 5,924,280 | |||||
| AAA | 1,045 | Montgomery Cnty. Mun. Util. Dist. No. 46, Wtr. Wks. & Swr. Sys. GO, 4.75%, 3/01/30, MBIA | 03/14 @ 100 | 1,037,570 | |||||
| AAA | 9,500 | Northside Indpt. Sch. Dist. Sch. Bldg. GO, 5.125%, 6/15/29 | 06/14 @ 100 | 9,863,755 | |||||
| AAA | 3,000 | Pearland GO, 4.75%, 3/01/29, FGIC | 03/16 @ 100 | 2,987,400 | |||||
| San Antonio Wtr. RB, | |||||||||
| AAA | 9,350 | 5.125%, 5/15/29, FGIC | 05/14 @ 100 | 9,723,813 | |||||
| AAA | 10,000 | 5.125%, 5/15/34, FGIC | 05/14 @ 100 | 10,352,500 | |||||
| AAA | 35,290 | Tpke. Auth. Central Sys. RB, Ser. A, 5.00%, 8/15/42, AMBAC | 08/12 @ 100 | 35,737,477 | |||||
| BBB+ | 3,000 | Tyler Cnty. Hlth. Facs. Dev. RB, Mother Frances Hosp. Proj., 6.00%, 7/01/31 | 07/12 @ 100 | 3,160,140 | |||||
| 107,416,428 | |||||||||
2
BlackRock Insured Municipal Income Trust (BYM)
| Principal | |||||||||
| Amount | Option Call | ||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||
| Virginia—1.9% | |||||||||
| Chesterfield Cnty. Indl. Dev. Auth. PCRB, Elec. & Pwr. Co. Proj., | |||||||||
| Baa1 | $ 3,000 | Ser. A, 5.875%, 6/01/17 | 11/10 @ 102 | $ 3,253,350 | |||||
| Baa1 | 4,000 | Ser. B, 5.875%, 6/01/17 | 11/10 @ 102 | 4,337,800 | |||||
| 7,591,150 | |||||||||
| Washington—8.6% | |||||||||
| AAA | 9,610 | Central Washington Univ. Sys. RB, 5.00%, 5/01/34, FGIC | 05/14 @ 100 | 9,836,315 | |||||
| AAA | 3,655 | Chelan Cnty. Pub. Util. Dist. 1 RB, Chelan Hydro Sys. Proj., Ser. C, 5.125%, 7/01/33, AMBAC | 07/12 @ 100 | 3,759,423 | |||||
| AAA | 4,500 | Port of Seattle RB, Ser. A, 5.00%, 4/01/31, FGIC | 10/11 @ 100 | 4,600,890 | |||||
| AAA | 9,500 | Seattle GO, Ser. F, 5.125%, 12/15/28, MBIA | 12/08 @ 100 | 9,717,740 | |||||
| AAA | 6,380 | Washington GO, Ser. A, 5.00%, 7/01/25, FSA | 07/11 @ 100 | 6,549,198 | |||||
| 34,463,566 | |||||||||
| West Virginia—0.3% | |||||||||
| AAA | 1,295 | Econ. Dev. Auth. RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA | 06/14 @ 100 | 1,336,285 | |||||
| Total Long-Term Investments (cost $584,188,155) | 608,699,180 | ||||||||
| SHORT-TERM INVESTMENTS—4.8% | |||||||||
| Tennessee—0.1% | |||||||||
| VMIG1 | 500 | 5 | Montgomery Cnty. Pub. Bldg. Auth. RB, 3.58%, 6/01/06, FRDD | N/A | 500,000 | ||||
| Nebraska—3.7% | |||||||||
| A-1+ | 14,799 | 5 | American Pub. Energy Agcy. Gas Sply. RB, Ser. A, 3.50%, 6/01/06, FRWD | N/A | 14,799,000 | ||||
| Money Market Funds—1.0% | |||||||||
| NR | 3,900 | AIM Tax Free Investment Co. Cash Reserve Portfolio | N/A | 3,900,000 | |||||
| Total Short-Term Investments (cost $19,199,000) | 19,199,000 | ||||||||
| Total Investments—157.1% (cost $603,387,1556) | $ 627,898,180 | ||||||||
| Other assets in excess of liabilities—0.2% | 710,346 | ||||||||
| Preferred shares at redemption value, including dividends payable—(57.3)% | (229,045,725) | ||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 399,562,801 | ||||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
| 4 | Security pledged as collateral. | ||
| 5 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of May 31, 2006. | ||
| 6 | Cost for Federal income tax purposes is $603,368,017. The net unrealized appreciation on a tax basis is $24,530,163, consisting of $25,307,678 gross unrealized appreciation and $777,515 gross unrealized depreciation. | ||
| The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 82.7% of the Trust’s managed assets. The Trust had the following insurance concentrations: | |||
AMBAC |
24.2% |
|
FGIC |
19.0% |
|
FSA |
18.7% |
|
MBIA |
20.2% |
|
Other |
0.6%
|
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | GO | — | General Obligation |
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. |
| FRDD | — | Floating Rate Daily Demand | PCRB | — | Pollution Control Revenue Bond |
| FRWD | — | Floating Rate Weekly Demand | RB | — | Revenue Bond |
| FSA | — | Financial Security Assurance | |||
3
Item 2. Controls and Procedures.
(a)
The Registrant's principal executive and principal financial officers have evaluated
the Registrant's disclosure controls and procedures within 90 days of this filing
and have concluded, as of that date, that the Registrant’s disclosure controls
and procedures were reasonably designed to ensure that information required to
be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized,
and reported within the required time periods and that information to be disclosed
by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s
management, including its principal executive and principal financial officers,
as appropriate, to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate
certifications of the Registrant’s Principal
Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 are attached as 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.
(Registrant) BlackRock Insured Municipal Income Trust
By: /s/ Henry
Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006
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/ Robert
S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: July 26, 2006
By: /s/ Henry
Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006