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<SEC-DOCUMENT>0000930413-05-000385.txt : 20050125
<SEC-HEADER>0000930413-05-000385.hdr.sgml : 20050125
<ACCEPTANCE-DATETIME>20050125110401
ACCESSION NUMBER:		0000930413-05-000385
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041130
FILED AS OF DATE:		20050125
DATE AS OF CHANGE:		20050125
EFFECTIVENESS DATE:		20050125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001181187
		IRS NUMBER:				816105962
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21178
		FILM NUMBER:		05546225

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020819
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c35043_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<P align="center">
<FONT face="serif">UNITED STATES<br>
</FONT>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<center>
  <B><FONT size=4 face="serif">FORM N-Q</FONT></B><BR>
</center>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">&nbsp;</P>
<table width="100%"  border="0">
  <tr valign="top">
    <td colspan="2"><center>
      <FONT face="serif">Investment Company Act file number:</FONT>
    </center></td>
    <td width="54%" valign="bottom"><p><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21178</FONT>
    </td>
  </tr>
  <tr valign="top">
    <td width="16%">&nbsp;</td>
    <td width="30%">&nbsp;</td>
    <td><hr align="left" width="140" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0">
  <tr>
    <td><center>
     <FONT face="serif">BlackRock Insured Municipal Income Trust</FONT>
    </center></td>
  </tr>
  <tr>
    <td><hr align="center" width="340" size="1" noshade></td>
  </tr>
  <tr>
    <td><center>
      <FONT face="serif">(Exact name of registrant as specified in charter)</FONT>
    </center></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<table width="100%"  border="0">
  <tr valign="bottom">
    <td width="55%">     <center>
      <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>
    </center></td>
    <td width="45%"><center>
      <font face="serif">19809</font>
    </center></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"><hr align="center" size="1" noshade></td>
  </tr>
  <tr>
    <td>      <center>
      <FONT face="serif"><FONT face="serif"></FONT>(Address of principal executive offices)</FONT>
    </center></td>
    <td><center>
      <font face="serif">(Zip code</font>)
    </center></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<P align="center">
<FONT face="serif">Robert S. Kapito, President<br>
</FONT>
  <b><FONT face="sans-serif">BlackRock Insured Municipal</FONT> <FONT face="sans-serif"> Income Trust </FONT></b>
<table width="100%"  border="0">
  <tr>
    <td><center>
        <FONT face="serif">&nbsp;40 East 52nd Street, New York, NY 10022</FONT>
    </center></td>
  </tr>
  <tr>
    <td><hr align="center" size="1" noshade></td>
  </tr>
  <tr>
    <td><center>
      <FONT face="serif">(Name and address of agent for service)</FONT>
    </center></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<center>
  <table width="100%"  border="0">
    <tr>
      <td width="31%" nowrap><FONT face="serif">Registrant's telephone number, including area code:</FONT></td>
      <td width="69%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257</FONT></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><hr align="left" size="1" noshade></td>
    </tr>
  </table>
</center>

<table width="100%"  border="0">
  <tr>
    <td width="17%" nowrap><FONT face="serif">Date of fiscal year end:</FONT></td>
    <td width="83%"><FONT face="serif">August 31</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td nowrap><FONT
face="serif">Date of reporting period:</FONT></td>
    <td><FONT face="serif"><FONT face="serif">November 30, 2004</FONT></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<P>
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">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: </FONT></P>
<P>&nbsp;</P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS<br>NOVEMBER 30, 2004 (U</b><b>naudited)</b></font>
<p><font size="3"><b> BlackRock Insured Municipal Income Trust (BYM)</b></font>
<p>
<p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
   <tr valign=bottom>
      <td width="5%" align=center></td>
      <td width="2%">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
      <td width="64%" align=left>&nbsp;</td>
      <td width="10%" align=center>&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=right></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td width="5%" height="20" align=center></td>
      <td width="2%">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
      <td width="64%" align=left>&nbsp;</td>
      <td width="10%" align=center><font size="2"><b>Option Call</b></font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=right></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td colspan="2" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
      <td colspan="2" align=center><font size="2"><b>(000)&nbsp;</b></font></td>
      <td width="64%" align=left><center>
            <font size="2"><b>Description</b></font>
      </center></td>
      <td width="10%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup><b>&nbsp;</b></font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=center><font size="2"><b>Value</b></font></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td colspan="8" align=center><HR noshade size=1></td>
      <td>&nbsp;</td>
   </tr>

<tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;156.6%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Alabama&#151;11.5%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right nowrap><font size="2">$ 40,000</font></td>
<td width="3%"><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Jefferson Cnty. Swr., Ser. D, 5.00%,
8/01/12, FGIC</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 44,282,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>California&#151;32.5%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">A2</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">14,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">California Dept. of Wtr. Res., Pwr.
Sply. Rev., Ser. A, 5.375%, 5/01/22</font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,960,540</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">10,100</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">California Infrastructure &amp; Econ.
Dev., Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC</font></td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,247,359</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Golden St. Tobacco Sec. Corp.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">6,500</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,400,095</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">14,500</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%, 6/01/39</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,500,290</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">22,500</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 6/01/43, FSA</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,234,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">17,500</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Met. Wtr. Dist. So. California, Ser.
B-1, 5.00%, 10/01/33, FGIC</font></td>
<td align=center><font size="2">10/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,760,925</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">15,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">San Francisco City &amp; Cnty. Pub.
Utils. Comm., Wtr. Rev., Ser. A, 5.00%, 11/01/31, FSA</font></td>
<td align=center><font size="2">11/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,165,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">53,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">San Joaquin Hills Transp. Corridor
Agcy., Toll Road Rev., Ser. A, Zero Coupon, 1/15/31, MBIA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,399,880</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">10,910</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Univ. of California, Ser. O, 5.00%,
9/01/28, FGIC</font></td>
<td align=center><font size="2">09/10 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,075,068</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">124,743,957</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;2.4%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">9,500</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp., 6.75%,
5/15/40</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,349,235</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;9.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Atlanta Wtr. &amp; Wstwtr.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">3,235</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37, FSA</font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,257,483</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">13,685</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/43, FSA</font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,705,528</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">9,555</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 11/01/38, FGIC</font></td>
<td align=center><font size="2">05/09 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,590,927</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">10,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">De Kalb Cnty. Dev. Auth., PCR, General
Mtrs. Corp. Proj., 6.00%, 3/15/21</font></td>
<td align=center><font size="2">12/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,576,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">37,130,238</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;14.4%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">7,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Chicago, GO, Ser. A, 5.00%, 1/01/34,
MBIA</font></td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,041,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">11,550</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Chicago Spec. Transp., 5.25%, 1/01/31,
AMBAC</font></td>
<td align=center><font size="2">01/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,900,196</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">9,150</font></td>
<td width="3%"><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Chicago Wtr., 5.00%, 11/01/11, AMBAC</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,109,926</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Met. Pier &amp; Exposition Auth.,
Ded. St. Tax Rev., McCormick Place Expansion Proj., MBIA,</font></td>
<td align=right></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">18,835</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/15/28</font></td>
<td align=center><font size="2">06/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,056,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">15,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 6/15/28</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,280,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">2,720</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Schaumburg, Ser. B, 5.00%, 12/01/38,
FGIC</font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,728,486</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">55,117,108</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Louisiana&#151;4.0%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">15,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Louisiana Pub. Fac. Auth., Baton
Rouge Gen. Proj., 5.25%, 7/01/33, MBIA</font></td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,350,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Massachusetts&#151;6.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">24,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Massachusetts Tpke. Auth., Met. Hwy.
Sys. Rev., Ser. A, 5.00%, 1/01/39, AMBAC</font></td>
<td align=center><font size="2">01/09 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,052,320</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Michigan&#151;1.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">5,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Detroit City Sch. Dist., GO, Ser.
A, 5.125%, 5/01/31, FSA</font></td>
<td align=center><font size="2">05/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,109,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Nevada&#151;9.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">7,415</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Clark Cnty. Arpt., Ser. A-2, 5.00%,
7/01/36, FGIC</font></td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,358,794</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">6,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Reno Transp. Proj., 5.125%, 6/01/32,
AMBAC</font></td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,121,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">Truckee Meadows Wtr. Auth., Ser.
A, FSA,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">10,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/01/25</font></td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,207,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">6,500</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 7/01/30</font></td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,661,915</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">5,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/01/34</font></td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,159,550</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,509,159</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;8.4%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">New York City Mun. Wtr. Fin. Auth.,
Wtr. &amp; Swr. Sys. Rev.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">12,650</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 6/15/36, FSA</font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,699,335</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">7,305</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 6/15/35, AMBAC</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,387,693</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">10,000</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">New York City Trust Cultural Resources,
American Museum of Natural History,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/01/44, MBIA</font></td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,075,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">1,915</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">New York Dorm. Auth., Montefiore
Hosp. Proj., 5.00%, 8/01/33, FGIC</font></td>
<td align=center><font size="2">02/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,930,052</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">32,092,380</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
</table>
<p><p>
<p align='center'>1<HR noshade size=2>
<PAGE><p>
<p><font size="3"><b> BlackRock Insured Municipal Income Trust (BYM) (continued)</b></font>
<p>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr valign=bottom>
      <td width="5%" align=center></td>
      <td width="2%">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
      <td width="64%" align=left>&nbsp;</td>
      <td width="10%" align=center>&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=right></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td width="5%" height="20" align=center></td>
      <td width="2%">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
      <td width="64%" align=left>&nbsp;</td>
      <td width="10%" align=center><font size="2"><b>Option Call</b></font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=right></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td colspan="2" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
      <td colspan="2" align=center><font size="2"><b>(000)&nbsp;</b></font></td>
      <td width="64%" align=left><center>
            <font size="2"><b>Description</b></font>
      </center></td>
      <td width="10%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup><b>&nbsp;</b></font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=center><font size="2"><b>Value</b></font></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td colspan="8" align=center><HR noshade size=1></td>
      <td>&nbsp;</td>
   </tr>
<tr valign=top><td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;3.9%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lebanon Cnty. Hlth. Facs. Auth.,
Good Samaritan Hosp. Proj., 6.00%, 11/15/35</font></td>
<td align=center><font size="2">11/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  5,082,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,560</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania Tpke. Comm., 5.00%,
7/15/41, AMBAC</font></td>
<td align=center><font size="2">07/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,588,318</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Philadelphia Gas Wks., Ser. 3, 5.125%,
8/01/31, FSA</font></td>
<td align=center><font size="2">08/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,298,020</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,969,138</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>South Carolina&#151;10.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So. Carolina Pub. Svc. Auth., Ser.
B, 5.50%, 1/01/36, FSA</font></td>
<td align=center><font size="2">01/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,296,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So. Carolina Transp. Infrastructure
Bank, AMBAC,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 10/01/11</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,933,930</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 10/01/33</font></td>
<td align=center><font size="2">10/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,864,240</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,660</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.125%, 10/01/26</font></td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,142,473</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">41,237,543</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;3.8%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg.
Facs. Brd., Hosp. Facs. Rev., Ser. A, FSA,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,705</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/22</font></td>
<td align=center><font size="2">01/13 @ 59.566</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,573,026</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,260</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/23</font></td>
<td align=center><font size="2">01/13 @ 56.016</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,386,197</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/24</font></td>
<td align=center><font size="2">01/13 @ 52.749</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,908,615</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,850</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/25</font></td>
<td align=center><font size="2">01/13 @ 49.712</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,200,357</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/26</font></td>
<td align=center><font size="2">01/13 @ 46.781</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,503,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,571,295</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;29.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Comal Cnty. Hlth. Facs., Hlth. Care
Sys., McKenna Mem. Proj., Ser. A, 6.25%, 2/01/32</font></td>
<td align=center><font size="2">02/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,758,645</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,030</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Coppell Indpt. Sch. Dist., Zero Coupon,
8/15/30</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,444,110</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,350</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dallas Area Rapid Trans., 5.00%,
12/01/31, AMBAC</font></td>
<td align=center><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,354,113</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty., GO, MBIA</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/25</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,544,975</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,915</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/28</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,051,943</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,510</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Toll Road Rev., 5.00%, 8/15/30, FSA</font></td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,551,601</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty. Sports Auth., MBIA,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">26,890</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero Coupon, 11/15/38</font></td>
<td align=center><font size="2">11/24 @ 43.826</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,701,409</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,675</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero Coupon, 11/15/39</font></td>
<td align=center><font size="2">11/24 @ 41.258</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,586,403</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,785</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero Coupon, 11/15/38</font></td>
<td align=center><font size="2">11/31 @ 64.91</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">785,603</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,160</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero Coupon, 11/15/39</font></td>
<td align=center><font size="2">11/31 @ 60.976</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">785,831</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,000</font></td>
<td><font size="2"><sup>3,4</sup></font></td>
<td align=left><font size="2">Houston Wtr. &amp; Swr. Sys., Ser.
A, 5.00%, 12/01/12, FSA</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,687,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Northside Indpt. Sch. Dist., Sch.
Bldg. Rmkt, 5.125%, 6/15/29</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,743,865</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Antonio Wtr., FGIC,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,350</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/15/29</font></td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,607,031</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/15/34</font></td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,236,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Tpke. Auth., Central Sys. Rev.,
Ser. A, 5.00%, 8/15/42, AMBAC</font></td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,956,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tyler Cnty. Hlth. Facs. Dev., Mother
Frances Hosp., 6.00%, 7/01/31</font></td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,082,440</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">113,877,919</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Virginia&#151;2.0%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chesterfield Cnty. Indl. Dev. Auth.,
PCR, Elec. &amp; Pwr. Co.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.875%, 6/01/17</font></td>
<td align=center><font size="2">11/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,299,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.875%, 6/01/17</font></td>
<td align=center><font size="2">11/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,399,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,699,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Washington&#151;6.4%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,655</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chelan Cnty. Pub. Util. Dist. 1,
Chelan Hydro Sys., Ser. C, 5.125%, 7/01/33, AMBAC</font></td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,727,259</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Port of Seattle, Ser. A, 5.00%, 4/01/31,
FGIC</font></td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,538,115</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Seattle, GO, Ser. F, 5.125%, 12/15/28,
MBIA</font></td>
<td align=center><font size="2">12/08 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,639,555</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,380</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Washington, GO, Ser. A, 5.00%, 7/01/25,
FSA</font></td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,526,868</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,431,797</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>West Virginia&#151;0.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,295</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">West Virginia Econ. Dev. Auth., Correctional
Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,313,570</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments (cost
$578,975,433)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">600,838,459</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>2<HR noshade size=2>
<PAGE><p>
<p><font size="3"><b> BlackRock Insured Municipal Income Trust (BYM) (continued)</b></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr valign=bottom>
      <td width="5%" align=center></td>
      <td width="2%">&nbsp;</td>
      <td colspan="2" align=center><font size="2">&nbsp;</font></td>
      <td width="64%" align=left>&nbsp;</td>
      <td width="10%" align=center>&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=right></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td width="5%" height="20" align=center></td>
      <td width="2%">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Shares</b></font></td>
      <td width="64%" align=left>&nbsp;</td>
      <td width="10%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=right></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td colspan="2" align=center><font size="2">&nbsp;&nbsp;</font></td>
      <td colspan="2" align=center><font size="2"><b>(000)&nbsp;</b></font></td>
      <td width="64%" align=left><center>
            <font size="2"><b>Description</b></font>
      </center></td>
      <td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%" align=center><font size="2"><b>Value</b></font></td>
      <td width="1%">&nbsp;</td>
   </tr>
   <tr valign=bottom>
      <td colspan="8" align=center><HR noshade size=1></td>
      <td>&nbsp;</td>
   </tr>
<tr valign=top><td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td align=left><font size="2"><b>MONEY MARKET FUNDS&#151;9.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td align=center><font size="2"> </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  19,250,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SSgA Tax Free Money Mkt. Fund</font></td>
<td align=center><font size="2"> </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,200,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Money Market Funds (cost
$35,450,000)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,450,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;165.9%
(cost $614,425,433)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 636,288,459</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liabilities in excess of other assets&#151;(6.2)%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(23,662,027)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(59.7)%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(229,001,843)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Net Assets Applicable to Common
Shareholders&#151;100%</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 383,624,589</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=3></td>
   <td >&nbsp;</td>
</tr>
</table>

<p><p><table border="0" cellspacing="0" cellpadding="0"><tr valign=top><td COLSPAN='3' ><HR align="left" width="140" size=1 noshade></td></tr>
<tr valign=top><td align=left><font size="2"><font size="2"><sup></sup></font><sup><font size="2">1</font></sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of S&amp;P&#146;s,
Moody&#146;s or Fitch&#146;s rating.</font></td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="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.</font></td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">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.</font></td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Entire or partial principal amount
pledged as collateral for financial futures contracts.</font></td>
</tr>
<tr valign=top>
   <td align=left>&nbsp;</td>
   <td>&nbsp;</td>
   <td align=left><font size="2">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&#146;s
      managed assets.</font></td>
  </tr>
</table>
<p><p>
<table width="100%"  border="0">
   <tr>
      <td colspan="5"><HR noshade size=1></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td colspan="4"><center>
            <font size="2"><b>KEY TO ABBREVIATIONS</b></font>
      </center></td>
   </tr>
   <tr>
      <td width="6%">&nbsp;</td>
      <td width="6%"><font size="2">AMBAC</font></td>
      <td width="39%" align="left"><font size="2">&#151; American Municipal Bond
      Assurance Corporation</font></td>
      <td width="6%"><font size="2">GO</font></td>
      <td width="43%" align="left"><font size="2">&#151; General Obligation</font></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td><font size="2">FGIC</font></td>
      <td align="left"><font size="2">&#151; Financial Guaranty Insurance Company</font></td>
      <td><font size="2">MBIA</font></td>
      <td align="left"><font size="2">&#151; Municipal Bond Insurance Association</font></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td><font size="2">FSA</font></td>
      <td align="left"><font size="2">&#151; Financial Security Assurance</font></td>
      <td><font size="2">PCR</font></td>
      <td align="left"><font size="2">&#151; Pollution Control Revenue</font> </td>
   </tr>
   <tr>
      <td colspan="5"><HR noshade size=1></td>
   </tr>
</table>
<p>
<font size="2"></font><p><p align='center'>3<HR noshade size=2>
<PAGE><p>
<P>&nbsp;</P>
<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(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. </FONT></P>
<P>
<FONT face="serif">(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. </FONT></P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><BR>
<P>
<FONT face="serif">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.</FONT></P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<center>
  <B><FONT face="serif">SIGNATURES</FONT></B><BR>
</center>
<P>
<FONT face="serif"> 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.
</FONT></P>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td width="8%"><FONT face="serif">(Registrant)</FONT></td>
    <td width="92%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Insured Municipal Income Trust</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">By:</FONT></td>
    <td><FONT face="serif">/s/ Henry Gabbay </FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">Name: Henry Gabbay <br>
Title: Treasurer <br>
Date: January 20, 2005 </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<FONT face="serif"> 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. </FONT></P>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">By:</FONT></td>
    <td><FONT face="serif">/s/ Robert S. Kapito</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">Name: Robert S. Kapito<br>
      Title: Principal Executive Officer<br>
      Date: January 20, 2005</FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">By:</FONT></td>
    <td><FONT face="serif">/s/ Henry Gabbay</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">Name: Henry Gabbay<br>
      Title: Principal Executive Officer<br>
      Date: January 20, 2005</FONT></td>
  </tr>
</table>
<P>&nbsp;</P>


<HR noshade align="center" width="100%" size=2>

</BODY>

</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c35043_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<center>
  <p><B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></p>
  <p align="left"><BR>
      <FONT face="serif">I, Robert S. Kapito, certify that:</FONT><BR>
  </p>
</center>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Insured Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change 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; and </FONT></P>

<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT><p></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">Date:<u></u></FONT></td>
    <td width="1%">&nbsp;</td>
    <td width="95%">January 20, 2005</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td colspan="2"><hr align="left" width="140" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0">
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td width="29%">      <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito</FONT>
      </div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><hr align="left" width="180" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td>      <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert S. Kapito</FONT> </div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td>      <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;Principal Executive Officer</FONT>
        </div></td>
  </tr>
</table>
<p>&nbsp;
</p>
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<PAGE>
<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<p align="center"><B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></p>
<p><BR>
  <FONT face="serif">I, Henry Gabbay, certify that:</FONT>
</p>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Insured Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change 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; and </FONT></P>

<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT><p></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">Date:<u></u></FONT></td>
    <td width="1%">&nbsp;</td>
    <td width="95%">January 20, 2005</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td colspan="2"><hr align="left" width="140" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0">
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td width="29%"><div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay</FONT></div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><hr align="left" width="180" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Gabbay </FONT></div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><div align="left"><FONT face="serif">&nbsp;&nbsp;Principal Financial Officer</FONT> </div></td>
  </tr>
</table>
<p>&nbsp;
</p>
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