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:

       811-21178

   

 

BlackRock Insured Municipal Income Trust
(Exact name of registrant as specified in charter)

 

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)

 

Robert S. Kapito, President
 BlackRock Insured Municipal Income Trust

 40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

 

Registrant's telephone number, including area code:        888-825-2257
 
Date of fiscal year end: August 31
 
Date of reporting period: November 30, 2004
 
   

 

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
NOVEMBER 30, 2004 (Unaudited)

BlackRock Insured Municipal Income Trust (BYM)

  Principal        
  Amount   Option Call    
Rating1 (000) 
Description
Provisions2    Value  
 
      LONG-TERM INVESTMENTS—156.6%      
        Alabama—11.5%      
AAA   $ 40,000 3 Jefferson Cnty. Swr., Ser. D, 5.00%, 8/01/12, FGIC N/A   $ 44,282,800  
             
 
        California—32.5%      
A2   14,000   California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.375%, 5/01/22 05/12 @ 101   14,960,540  
AAA   10,100   California Infrastructure & Econ. Dev., Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC 07/13 @ 100   10,247,359  
        Golden St. Tobacco Sec. Corp.,      
BBB   6,500         Ser. A-1, 6.625%, 6/01/40 06/13 @ 100   6,400,095  
BBB   14,500         Ser. A-1, 6.75%, 6/01/39 06/13 @ 100   14,500,290  
AAA   22,500         Ser. B, 5.00%, 6/01/43, FSA 06/13 @ 100   22,234,500  
AAA   17,500   Met. Wtr. Dist. So. California, Ser. B-1, 5.00%, 10/01/33, FGIC 10/13 @ 100   17,760,925  
AAA   15,000   San Francisco City & Cnty. Pub. Utils. Comm., Wtr. Rev., Ser. A, 5.00%, 11/01/31, FSA 11/11 @ 100   15,165,300  
AAA   53,000   San Joaquin Hills Transp. Corridor Agcy., Toll Road Rev., Ser. A, Zero Coupon, 1/15/31, MBIA No Opt. Call   12,399,880  
AAA   10,910   Univ. of California, Ser. O, 5.00%, 9/01/28, FGIC 09/10 @ 101   11,075,068  
             
 
              124,743,957  
             
 
        District of Columbia—2.4%      
BBB   9,500   Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 05/11 @ 101   9,349,235  
             
 
        Georgia—9.7%      
        Atlanta Wtr. & Wstwtr.,      
AAA   3,235         5.00%, 11/01/37, FSA 11/14 @ 100   3,257,483  
AAA   13,685         5.00%, 11/01/43, FSA 11/14 @ 100   13,705,528  
AAA   9,555         Ser. A, 5.00%, 11/01/38, FGIC 05/09 @ 101   9,590,927  
Baa2   10,000   De Kalb Cnty. Dev. Auth., PCR, General Mtrs. Corp. Proj., 6.00%, 3/15/21 12/12 @ 101   10,576,300  
             
 
              37,130,238  
             
 
        Illinois—14.4%      
AAA   7,000   Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA 01/13 @ 100   7,041,300  
AAA   11,550   Chicago Spec. Transp., 5.25%, 1/01/31, AMBAC 01/11 @ 101   11,900,196  
AAA   9,150 3 Chicago Wtr., 5.00%, 11/01/11, AMBAC N/A   10,109,926  
        Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj., MBIA,   
AAA   18,835         Ser. A, 5.00%, 12/15/28 06/12 @ 101   19,056,500  
AAA   15,000         Ser. B, Zero Coupon, 6/15/28 No Opt. Call   4,280,700  
AAA   2,720   Schaumburg, Ser. B, 5.00%, 12/01/38, FGIC 12/14 @ 100   2,728,486  
             
 
              55,117,108  
             
 
        Louisiana—4.0%      
AAA   15,000   Louisiana Pub. Fac. Auth., Baton Rouge Gen. Proj., 5.25%, 7/01/33, MBIA 07/14 @ 100   15,350,850  
             
 
        Massachusetts—6.3%      
AAA   24,000   Massachusetts Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/39, AMBAC 01/09 @ 101   24,052,320  
             
 
        Michigan—1.3%      
AAA   5,000   Detroit City Sch. Dist., GO, Ser. A, 5.125%, 5/01/31, FSA 05/12 @ 100   5,109,500  
             
 
        Nevada—9.3%      
AAA   7,415   Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC 07/14 @ 100   7,358,794  
AAA   6,000   Reno Transp. Proj., 5.125%, 6/01/32, AMBAC 06/12 @ 100   6,121,500  
        Truckee Meadows Wtr. Auth., Ser. A, FSA,      
AAA   10,000         5.00%, 7/01/25 07/11 @ 100   10,207,400  
AAA   6,500         5.125%, 7/01/30 07/11 @ 100   6,661,915  
AAA   5,000         5.25%, 7/01/34 07/11 @ 100   5,159,550  
             
 
              35,509,159  
             
 
        New York—8.4%      
        New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev.,      
AAA   12,650         Ser. B, 5.00%, 6/15/36, FSA 12/14 @ 100   12,699,335  
AAA   7,305         Ser. C, 5.00%, 6/15/35, AMBAC 06/14 @ 100   7,387,693  
AAA   10,000   New York City Trust Cultural Resources, American Museum of Natural History,      
              Ser. A, 5.00%, 7/01/44, MBIA 07/14 @ 100   10,075,300  
AAA   1,915   New York Dorm. Auth., Montefiore Hosp. Proj., 5.00%, 8/01/33, FGIC 02/15 @ 100   1,930,052  
             
 
              32,092,380  
             
 

1

BlackRock Insured Municipal Income Trust (BYM) (continued)

  Principal        
  Amount   Option Call    
Rating1 (000) 
Description
Provisions2    Value  
 
      Pennsylvania—3.9%      
BBB+   $ 5,000   Lebanon Cnty. Hlth. Facs. Auth., Good Samaritan Hosp. Proj., 6.00%, 11/15/35 11/12 @ 101   $ 5,082,800  
AAA   4,560   Pennsylvania Tpke. Comm., 5.00%, 7/15/41, AMBAC 07/11 @ 101   4,588,318  
AAA   5,200   Philadelphia Gas Wks., Ser. 3, 5.125%, 8/01/31, FSA 08/11 @ 100   5,298,020  
             
 
              14,969,138  
             
 
        South Carolina—10.7%      
AAA   5,000   So. Carolina Pub. Svc. Auth., Ser. B, 5.50%, 1/01/36, FSA 01/12 @ 100   5,296,900  
        So. Carolina Transp. Infrastructure Bank, AMBAC,      
AAA   9,000 3       Ser. A, 5.00%, 10/01/11 N/A   9,933,930  
AAA   12,750         Ser. A, 5.00%, 10/01/33 10/12 @ 100   12,864,240  
AAA   12,660         Ser. B, 5.125%, 10/01/26 10/11 @ 100   13,142,473  
             
 
              41,237,543  
             
 
        Tennessee—3.8%      
        Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, FSA,      
AAA   11,705         Zero Coupon, 1/01/22 01/13 @ 59.566   4,573,026  
AAA   9,260         Zero Coupon, 1/01/23 01/13 @ 56.016   3,386,197  
AAA   8,500         Zero Coupon, 1/01/24 01/13 @ 52.749   2,908,615  
AAA   6,850         Zero Coupon, 1/01/25 01/13 @ 49.712   2,200,357  
AAA   5,000         Zero Coupon, 1/01/26 01/13 @ 46.781   1,503,100  
             
 
              14,571,295  
             
 
        Texas—29.7%      
BBB   3,700   Comal Cnty. Hlth. Facs., Hlth. Care Sys., McKenna Mem. Proj., Ser. A, 6.25%, 2/01/32 02/13 @ 100   3,758,645  
AAA   10,030   Coppell Indpt. Sch. Dist., Zero Coupon, 8/15/30 No Opt. Call   2,444,110  
AAA   2,350   Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC 12/11 @ 100   2,354,113  
        Harris Cnty., GO, MBIA      
AAA   7,485         Zero Coupon, 8/15/25 No Opt. Call   2,544,975  
AAA   10,915         Zero Coupon, 8/15/28 No Opt. Call   3,051,943  
AAA   5,510   Toll Road Rev., 5.00%, 8/15/30, FSA 08/12 @ 100   5,551,601  
        Harris Cnty. Sports Auth., MBIA,      
AAA   26,890         Ser. A-3, Zero Coupon, 11/15/38 11/24 @ 43.826   3,701,409  
AAA   27,675         Ser. A-3, Zero Coupon, 11/15/39 11/24 @ 41.258   3,586,403  
AAA   5,785         Ser. H, Zero Coupon, 11/15/38 11/31 @ 64.91   785,603  
AAA   6,160         Ser. H, Zero Coupon, 11/15/39 11/31 @ 60.976   785,831  
AAA   25,000 3,4 Houston Wtr. & Swr. Sys., Ser. A, 5.00%, 12/01/12, FSA N/A   27,687,250  
AAA   9,500   Northside Indpt. Sch. Dist., Sch. Bldg. Rmkt, 5.125%, 6/15/29 06/14 @ 100   9,743,865  
        San Antonio Wtr., FGIC,      
AAA   9,350         5.125%, 5/15/29 05/14 @ 100   9,607,031  
AAA   10,000         5.125%, 5/15/34 05/14 @ 100   10,236,700  
AAA   25,000   Texas Tpke. Auth., Central Sys. Rev., Ser. A, 5.00%, 8/15/42, AMBAC 08/12 @ 100   24,956,000  
BBB+   3,000   Tyler Cnty. Hlth. Facs. Dev., Mother Frances Hosp., 6.00%, 7/01/31 07/12 @ 100   3,082,440  
             
 
              113,877,919  
             
 
        Virginia—2.0%      
        Chesterfield Cnty. Indl. Dev. Auth., PCR, Elec. & Pwr. Co.,      
A3   3,000         Ser. A, 5.875%, 6/01/17 11/10 @ 102   3,299,850  
A3   4,000         Ser. B, 5.875%, 6/01/17 11/10 @ 102   4,399,800  
             
 
              7,699,650  
             
 
        Washington—6.4%      
AAA   3,655   Chelan Cnty. Pub. Util. Dist. 1, Chelan Hydro Sys., Ser. C, 5.125%, 7/01/33, AMBAC 07/12 @ 100   3,727,259  
AAA   4,500   Port of Seattle, Ser. A, 5.00%, 4/01/31, FGIC 10/11 @ 100   4,538,115  
AAA   9,500   Seattle, GO, Ser. F, 5.125%, 12/15/28, MBIA 12/08 @ 100   9,639,555  
AAA   6,380   Washington, GO, Ser. A, 5.00%, 7/01/25, FSA 07/11 @ 100   6,526,868  
             
 
              24,431,797  
             
 
        West Virginia—0.3%      
AAA   1,295   West Virginia Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA 06/14 @ 100   1,313,570  
             
 
        Total Long-Term Investments (cost $578,975,433)     600,838,459  
             
 

2

BlackRock Insured Municipal Income Trust (BYM) (continued)

           
  Shares              
   (000) 
Description
    Value  
 
      MONEY MARKET FUNDS—9.3%      
    19,250   AIM Tax Free Investment Co. Cash Reserve Portfolio   $ 19,250,000  
    16,200   SSgA Tax Free Money Mkt. Fund   16,200,000  
             
 
        Total Money Market Funds (cost $35,450,000)     35,450,000  
             
 
        Total Investments—165.9% (cost $614,425,433)     $ 636,288,459  
        Liabilities in excess of other assets—(6.2)%     (23,662,027)  
        Preferred shares at redemption value, including dividends payable—(59.7)%     (229,001,843)  
             
 
        Net Assets Applicable to Common Shareholders—100%     $ 383,624,589  
             
 

1   Using the higher of S&P’s, Moody’s 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 prefunded. 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   Entire or partial principal amount pledged as collateral for financial futures contracts.
    The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 90.7% of the Trust’s managed assets.

 
KEY TO ABBREVIATIONS
  AMBAC — American Municipal Bond Assurance Corporation GO — General Obligation
  FGIC — Financial Guaranty Insurance Company MBIA — Municipal Bond Insurance Association
  FSA — Financial Security Assurance PCR — Pollution Control Revenue

3

 

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(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 that occurred during the registrant's most recent fiscal quarter that has materially affected, or is 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
Date: January 20, 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/ Robert S. Kapito
 
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: January 20, 2005

 

By: /s/ Henry Gabbay
 
Name: Henry Gabbay
Title: Principal Executive Officer
Date: January 20, 2005