-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WFMeZX8AMN0wctrDc19Ll2jh4yzshdfdj5IfqnoYliiX0qwsgERxAOXGUf+tpgZJ
 2ZIzRogOlavy58B0aluW1g==

<SEC-DOCUMENT>0000930413-06-000539.txt : 20060127
<SEC-HEADER>0000930413-06-000539.hdr.sgml : 20060127
<ACCEPTANCE-DATETIME>20060127115752
ACCESSION NUMBER:		0000930413-06-000539
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051130
FILED AS OF DATE:		20060127
DATE AS OF CHANGE:		20060127
EFFECTIVENESS DATE:		20060127

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:		06555985

	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>c40427_n-q.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<center>
  <FONT face="serif">UNITED STATES </FONT><BR>
  <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
  <FONT face="serif">Washington, D.C. 20549 </FONT>
</center>
<P align="center"> <B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
  <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
</center>
<P align="left"> <FONT face="serif">Investment Company Act file number:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21178&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P align="center"><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock
      Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"><BR>
  (Exact name of registrant as specified in charter) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=65% align=center>
      <center>
        <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
    </center></TD>
    <TD align=center>
      <center>
        <FONT face="serif">19809</FONT>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD width="65%">
      <HR align="center" size=1 noshade>
    </TD>
    <TD>
      <HR align="center" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
    <TD align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT face="serif">Robert S. Kapito, President </FONT><BR>
  <FONT face="sans-serif"><b>BlackRock Insured Municipal</b></FONT><b> <FONT face="sans-serif"> Income
  Trust</FONT></b><FONT face="sans-serif"> </FONT> <BR>
    <FONT face="serif">40 East 52nd Street, New York, NY 10022 </FONT><BR>
    <hr size="1" noshade>
    <FONT face="serif">(Name and address of agent for service) </FONT>
</center>
<P> <FONT face="serif">Registrant's telephone number, including area code:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August
31, 2006</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Date of reporting period:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;November
30, 2005</FONT></U><BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P> <B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P> <FONT face="serif">The Registrant&#146;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>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS<br>
  NOVEMBER 30, 2005</b><b> (Unaudited)</b></font>
<p><font size="3"><b> BlackRock Insured Municipal Income Trust (BYM)</b></font>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td></tr>
<tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center></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>LONG-TERM INVESTMENTS&#151;155.3%</b></font></td>
<td>&nbsp;</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=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</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>California&#151;37.2%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">California St., GO,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;5.00%, 2/01/32, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ &nbsp; 5,150,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;5.00%, 3/01/33</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">03/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,133,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,000<sup> </sup></font></td>
<td><font size="2"><sup>3</sup></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left><font size="2">Dept. of Wtr. Res., Pwr. Sply. Rev.,
Ser. A, 5.375%, 5/01/12</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,580,740</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Golden St. Tobacco Sec. Corp.,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 6/01/35,
FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,540,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,179,055</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%, 6/01/39</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,175,330</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Infastructure &amp; Econ. Dev. Bay
Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,492,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,500</font></td>
<td>&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>&nbsp;</td>
<td align=center><font size="2">10/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,105,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&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>&nbsp;</td>
<td align=center><font size="2">11/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,408,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">53,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Joaquin Hills Transp. Corridor
Agcy., Toll Rd. Rev., Ser. A, Zero Coupon, 1/15/31, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,891,410</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,910</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of California, Ser. O, 5.00%,
9/01/28, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/10 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,313,234</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">146,969,259</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>District of Columbia&#151;2.6%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp., 6.75%,
5/15/40</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,264,085</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Florida&#151;7.6%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,520</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Miami Dade Cnty. Spl. Oblig. Cap.
Apprec. Sub. Proj., Ser. A, Zero Coupon, 10/01/38, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/15 @ 30.363</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,525,462</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Orlando &amp; Orange Cnty. Expwy.
Auth., Expwy. Rev., Ser. B, 5.00%, 7/01/35, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,484,225</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,009,687</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Georgia&#151;6.5%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Arpt. Passenger Fac., Ser.
J, 5.00%, 1/01/34, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,573,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Atlanta Wtr. &amp; Wstwtr.,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,062,260</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,235</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,321,407</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,555</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 11/01/38,
FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/09 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,853,020</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&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>&nbsp;</td>
<td align=center><font size="2">12/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,017,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,827,187</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Illinois&#151;15.1%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,550<sup> </sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Chicago Spec. Transp., 5.25%, 1/01/27,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,248,313</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Chicago, GO,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/34,
FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,346,840</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/34,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,167,160</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Met. Pier &amp; Exposition Auth.,
Ded. St. Tax Rev., McCormick Place Expansion Proj.,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,835</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/15/28,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,381,968</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon,
6/15/28, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,040,450</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,400<sup> </sup></font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt., Ser. A,
5.00%, 1/01/30, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,465,088</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">59,649,819</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Massachusetts&#151;8.1%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Tpke. Auth., Met. Hwy. Sys. Rev.,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,195</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/37,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/07 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,226,718</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/39,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/09 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,441,120</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Wtr. Res. Auth., Ser. B, 5.00%, 8/01/35,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/17 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,206,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,873,938</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Minnesota&#151;1.3%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">St. Paul Met. Arpt. Comm., 5.00%,
1/01/35, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,109,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Nevada&#151;7.2%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Reno Transp. Proj., 5.125%, 6/01/32,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,198,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Truckee Meadows Wtr. Auth.,</font></td>
<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, 5.00%, 7/01/25,
FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,273,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.125%, 7/01/30,
FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,730,425</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, 5.25%, 7/01/34,
FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,192,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">28,395,345</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>1<HR noshade size=4><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=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td></tr>
<tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></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>New York&#151;8.5%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">New York City Mun. Wtr. Fin. Auth.,
Wtr. &amp; Swr. Sys. Rev.,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$10,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 6/15/36,
FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ &nbsp;10,969,607</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,305</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 6/15/35,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,514,288</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">New York City Trust Cultural Recs.,
American Museum of Natural History Proj., </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/01/44,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,251,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,660</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sales Tax Asset Receivable Corp.,
Ser. A, 5.00%, 10/15/29, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,849,196</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">33,584,991</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Ohio&#151;4.6%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,280</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Air Qual. Dev. Auth., 4.80%, 1/01/34,
FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,316,963</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wtr. Dev. Auth, Poll. Ctrl. Facs.
Rev., Dayton Pwr. &amp; Lt., Ser. A, 4.80%, 1/01/34, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,944,980</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,261,943</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Pennsylvania&#151;2.7%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">11/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,340,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">08/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,352,516</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,693,316</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>Puerto Rico&#151;7.0%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Puerto Rico Comwlth Hwy. &amp; Transp.
Auth., Ser. L, 5.25%, 7/01/41</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,549,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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;9.3%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Pub. Svc. Auth., Ser. B, 5.50%, 1/01/36,
FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,342,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Transp. Infrastructure Bank,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, 5.00%, 10/01/33,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,112,610</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, 5.00%, 10/01/33,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,153,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. B, 5.125%, 10/01/26,
AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,258,565</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">36,866,425</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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;3.9%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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.,</font></td>
<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, Zero Coupon,
1/01/22, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/13 @ 59.566</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,849,616</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, Zero Coupon,
1/01/23, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/13 @ 56.016</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,600,473</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, Zero Coupon,
1/01/24, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/13 @ 52.749</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,103,690</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, Zero Coupon,
1/01/25, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/13 @ 49.712</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,355,509</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A, Zero Coupon,
1/01/26, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/13 @ 46.781</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,613,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,522,788</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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;22.8%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">02/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,927,106</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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., GO, Zero
Coupon, 8/15/30</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,905,992</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,399,937</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Zero Coupon, 8/15/25,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,907,249</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Zero Coupon, 8/15/28,
MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,558,617</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">&nbsp;&nbsp;&nbsp;&nbsp;Toll Rd. Rev., 5.00%,
8/15/30, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,651,331</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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.,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A-3, Zero Coupon,
11/15/38, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/24 @ 43.826</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,271,208</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. A-3, Zero Coupon,
11/15/39, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/24 @ 41.258</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,138,243</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. H, Zero Coupon,
11/15/38, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/31 @ 64.91</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">935,319</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. H, Zero Coupon,
11/15/39, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/31 @ 60.976</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">935,581</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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., GO, 5.125%, 6/15/29</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,930,255</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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.,</font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;5.125%, 5/15/29, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,756,538</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;5.125%, 5/15/34, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,399,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Tpke. Auth., Central Sys. Rev., Ser.
A, 5.00%, 8/15/42, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,396,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,128,640</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">90,241,216</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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;1.9%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.875%, 6/01/17</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,284,310</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;Ser. B, 5.875%, 6/01/17</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,379,080</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,663,390</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>2<HR noshade size=4><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=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td></tr>
<tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></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;8.7%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$9,610</font></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left><font size="2">Central Washington Univ. Sys. Rev.,
5.00%, 5/01/34, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp;9,875,044</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</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. Proj., Ser. C, 5.125%, 7/01/33, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,773,093</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,602,285</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">12/08 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,766,380</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,599,025</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">34,615,827</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<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>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Econ. Dev. Auth., Correctional Juvenile
Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,340,260</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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
$593,101,976)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">614,438,576</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td COLSPAN='12' ><hr size="1" noshade>     </td>
</tr>
<tr valign=top>
  <td COLSPAN='12' ><hr size="1" noshade>    </td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Shares</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td><td>&nbsp;</td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</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>MONEY MARKET FUND&#151;0.7%</b></font></td>
<td>&nbsp;</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=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio (cost $2,650,000)</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,650,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;156.0%
(cost $595,751,976</b><sup><b>5</b></sup>)</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;617,088,576</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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">Other assets in excess of liabilities&#151;1.9%</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,488,414</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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;(57.9)%</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(229,035,780)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='12' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<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>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;395,541,210</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' ><HR noshade size=3></td>
</tr>
</table>

<p><p>
<hr align="left" noshade width="140" size="1">
<table border="0" cellspacing="0" cellpadding="0">
<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 Standard &amp;
Poor&#146;s, Moody&#146;s Investors Service or Fitch Ratings rating.</font></td>

<td>&nbsp;</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>

<td>&nbsp;</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 prerefunded. U.S. government
securities, held in escrow, are used to pay interest on this security, as well as
retire the bond in full at the date indicated, typically at a premium to par.</font></td>

<td>&nbsp;</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">Security, or a portion thereof, pledged
as collateral with a value of $2,465,088 on 544 short U.S. Treasury Note futures
contracts expiring December 2005, 400 short U.S. Treasury Note futures contracts
expiring March 2006 and 342 short U.S. Treasury Bond futures contracts expiring
March 2006. The value of such contracts on November 30, 2005 was $140,878,688, with
an unrealized gain of $1,813,701.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>5</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cost for Federal tax purposes is
$595,836,245. The net unrealized appreciation on a tax basis is $21,252,331, consisting
of $25,344,836 gross unrealized appreciation and $4,092,505 gross unrealized depreciation.</font></td><td>&nbsp;</td></tr></table>

<p align='justify'><font size="2">&nbsp;
</font><p align='justify'><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 80.2% of the Trust&#146;s managed assets.
The Trust had the following insurance concentrations:</font>
<p><p><table width="15%" border="0" align="center" cellpadding="0" cellspacing="0"><tr valign=top><td align=left nowrap><font size="2">AMBAC</font></td>
<td align=left nowrap><font size="2">&#151;</font></td>
<td align=left nowrap><div align="right"><font size="2">26.3%</font></div></td>
</tr>
<tr valign=top><td align=left nowrap><font size="2">FGIC</font></td>
<td align=left nowrap><font size="2">&#151;</font></td>
<td align=left nowrap><div align="right"><font size="2">21.2%</font></div></td>
</tr>
<tr valign=top><td align=left nowrap><font size="2">FSA</font></td>
<td align=left nowrap><font size="2">&#151;</font></td>
<td align=left nowrap><div align="right"><font size="2">15.4%</font></div></td>
</tr>
<tr valign=top><td align=left nowrap><font size="2">MBIA</font></td>
<td align=left nowrap><font size="2">&#151;</font></td>
<td align=left nowrap><div align="right"><font size="2">16.9%</font></div></td>
</tr>
<tr valign=top><td align=left nowrap><font size="2">Other</font></td>
<td align=left nowrap><font size="2">&#151;</font></td>
<td align=left nowrap><div align="right"><font size="2">0.4%</font></div></td>
</tr>
</table>
<p><p>
<p>
<hr size="1" noshade>
<p align="center"><font size="2"><b>KEY TO ABBREVIATIONS</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0"><tr valign=top><td align=left><font size="2"><font size="2">AMBAC</font></font></td>
<td align=left><font size="2">&#151; American Municipal Bond Assurance
Corp.</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">GO</font></td>
<td align=left><font size="2">&#151; General Obligation</font></td>

</tr>
<tr valign=top><td align=left><font size="2">FGIC</font></td>
<td align=left><font size="2">&#151; Financial Guaranty Insurance
Co.</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MBIA</font></td>
<td align=left><font size="2">&#151; Municipal
Bond Insurance Assoc.</font></td>
</tr>
<tr valign=top><td align=left><font size="2">FSA</font></td>
<td align=left><font size="2">&#151; Financial Security Assurance</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">PCR</font></td>
<td align=left><font size="2">&#151; Pollution
Control Revenue</font></td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
</table>
<hr size="1" noshade>

<p><p align='center'>3
<hr size="4" noshade>
<P align="left" style="page-break-before:always"></P><PAGE>
<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 and principal
    financial officers have evaluated the Registrant's disclosure controls and
    procedures within 90 days of this filing and have concluded, as of that date,
    that the Registrant&#146;s disclosure controls and procedures were reasonably
    designed to ensure that information required to be disclosed by the Registrant
    in this Form N-Q was recorded, processed, summarized, and reported within
    the required time periods and that information to be disclosed by the Registrant
    in this Form N-Q was accumulated and communicated to the Registrant&#146;s
    management , including its principle executive and principle financial officers,
    as appropriate to allow timely decisions regarding required disclosure. </FONT></P>
<P> <FONT face="serif">(b) There were no changes in the Registrant's internal
    control over financial reporting (as defined in Rule 30a-3(d) under the 1940
    Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's last fiscal
    quarter that have materially affected, or are reasonably likely to materially
    affect, the Registrant's internal control over financial reporting. </FONT></P>
<P> <B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P> <FONT face="serif">Separate certifications of the Registrant&#146;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  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P> <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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> <FONT face="serif">(Registrant)</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock
      Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<FONT face="serif">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
</FONT><FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: January 25, 2006 </FONT><BR>
<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><FONT face="serif">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ </u></FONT><u><FONT face="serif">Robert
  S. Kapito</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
  <FONT face="serif">Name: Robert S. Kapito </FONT><BR>
  <FONT face="serif">Title: President and Principal Executive Officer </FONT><BR>
  <FONT face="serif">Date: January 25, 2006 </FONT><br>
  <BR>
  <FONT face="serif">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
  </FONT><FONT face="serif">Name: Henry Gabbay </FONT><BR>
  <FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: January 25, 2006 </FONT></p>
<p><BR>
</p>
<HR noshade  width="100%" size=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c40427_ex99-cert.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Robert S. Kapito, 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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>

<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>
<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>
<P>
<FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>January 25, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="68%">&nbsp;</td>
    <td width="32%" nowrap><center>
        <FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>
        Robert S. Kapito </FONT><BR>
        <FONT face="serif">President and Principal Executive Officer </FONT>
    </center></td>
  </tr>
</table>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<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><B><FONT face="serif"> </FONT></B></P>
<P>
<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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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>

<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>
<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>
<P>
<FONT face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 25, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
</FONT></P>
<FONT face="serif"> </FONT>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="71%">&nbsp;</td>
    <td width="29%" nowrap><center>
        <FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
        Henry Gabbay </FONT><BR>
        <FONT face="serif">Treasurer and Principal Financial Officer </FONT>
    </center></td>
  </tr>
</table>
<BR>

<HR noshade  width="100%" size=4>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
