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<SEC-DOCUMENT>0000930413-06-005404.txt : 20060726
<SEC-HEADER>0000930413-06-005404.hdr.sgml : 20060726
<ACCEPTANCE-DATETIME>20060726155215
ACCESSION NUMBER:		0000930413-06-005404
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060726
DATE AS OF CHANGE:		20060726
EFFECTIVENESS DATE:		20060726

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:		06981610

	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>c43250_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<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><BR>
</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>
<FONT face="serif">Investment Company Act file number:&nbsp;</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21178&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<center>
  <p><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><BR>
      <FONT face="serif">(Exact name of registrant as specified in charter)</FONT></p>
  <p>&nbsp;    </p>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=68% align=center> <u><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100
    Bellevue Parkway, Wilmington, DE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;

	</u></TD>
	<TD width=29% align=center> <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19809&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>&nbsp; </TD>
</TR>
<TR valign="bottom">
	<TD width=68% align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
      </center></TD>
	<TD width=29% 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="serif"> </FONT><FONT face="sans-serif">BlackRock Insured Municipal Income Trust</FONT><BR>
  <FONT face="serif"> 40 East 52nd Street, New York, NY 10022  </FONT><BR>
  <FONT face="serif"> (Name and address of agent for service) </FONT><BR>
</center>
<P>
<FONT face="serif">Registrant's telephone number, including area code:&nbsp;</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P>
<FONT face="serif">Date of fiscal year end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="serif">Date of reporting period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<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"><br>
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><font size="3"><b>PORTFOLIO OF INVESTMENTS</b> </font><font size="3"><b>(unaudited)</b></font><font size="3"><b><br>
MAY 31, 2006</b></font> </P>
<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 align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <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 nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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=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;&nbsp;&nbsp;</td>
    <td align=center nowrap><font size="2"><b>Description</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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>&nbsp;</td>
  <tr valign=top>
    <td colspan="10" align=center><hr size="1" noshade>
    </td>
  </tr>
  <tr valign=top>
    <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; &nbsp; &nbsp; &nbsp;</td>
    <td align=left nowrap><font size="2"><b>LONG-TERM INVESTMENTS&#151;152.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><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 nowrap><font size="2"><b>Alabama&#151;1.8%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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>
    <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 nowrap><font size="2">Birmingham Wtr. Wks. &amp; Swr. Brd.
        RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 1,140</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.50%,
        1/01/35, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,099,108</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,705</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        1/01/40, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,792,623</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,180</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        1/01/43, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,228,178</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,119,909</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>California&#151;36.5%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">California St. GO,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/01/32,
        MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">08/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,114,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/01/33</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">03/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,113,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,000</font></td>
    <td><font size="2"><sup> 3</sup></font></td>
    <td align=left nowrap><font size="2">Dept. of Wtr. Res., Pwr. Sply. RB, Ser.
        A, 5.375%, 5/01/12</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,346,100</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Golden St. Tobacco Sec. Corp. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        6/01/35, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,220,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <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 nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%,
        6/01/40</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,209,475</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%,
        6/01/39</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">16,189,395</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,100</font></td>
    <td><font size="2"><sup> 3</sup></font></td>
    <td align=left nowrap><font size="2">Infrastructure &amp; Econ. Dev. RB,
        Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,981,485</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">17,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Met. Wtr. Dist. So. California RB, Ser.
        B-1, 5.00%, 10/01/33, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">10/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">17,984,575</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">San Francisco City &amp; Cnty. Pub.
        Utils. Comm. Wtr. RB, Ser. A, 5.00%, 11/01/31, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,420,900</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">53,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">San Joaquin Hills Transp. Corridor Agcy.
        Toll Rd. RB, Ser. A, Zero Coupon, 1/15/31, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,568,750</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Univ. of California RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 4.75%,
        5/15/37, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/13 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,919,600</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,330</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. G, 4.75%,
        5/15/31, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/13 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,325,071</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,910</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. O, 5.00%,
        9/01/28, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">09/10 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">11,271,994</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">145,665,045</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>District of Columbia&#151;2.6%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Tobacco Settlement Financing Corp. RB,
        6.75%, 5/15/40</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/11 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,239,290</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Florida&#151;3.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,880</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">JEA Wtr. &amp; Swr. Sys. RB, Ser. A,
        4.75%, 10/01/36, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">04/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,856,068</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">25,520</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Miami Dade Cnty. RB, Cap. Apprec. Proj.,
        Ser. A, Zero Coupon, 10/01/38, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">10/15 @ 30.363</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,734,981</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,485</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Orange Cnty. Tourist Dev. Tax RB, 4.75%,
        10/01/32</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">10/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,476,443</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,067,492</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Georgia&#151;4.4%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Atlanta Arpt. Passenger Fac. RB, Ser.
        J, 5.00%, 1/01/34, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,562,975</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Atlanta Wtr. &amp; Wstwtr. RB,</font></td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34,
        FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,050,960</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,235</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37,
        FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,308,370</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,555</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        11/01/38, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/09 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,804,099</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">17,726,404</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Illinois&#151;16.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Chicago GO,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        1/01/34, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,278,850</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        1/01/34, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,149,030</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">11,550</font></td>
    <td><font size="2"><sup> 3</sup></font></td>
    <td align=left nowrap><font size="2">Chicago Spec. Transp. RB, 5.25%, 1/01/27,
        AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/11 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,135,354</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Met. Pier &amp; Exposition Auth. Ded.
        St. Tax RB, McCormick Place Expansion Proj.,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">24,010</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        12/15/28, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">24,682,520</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero
        Coupon, 6/15/28, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,242,200</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,400</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left nowrap><font size="2">O&#146;Hare Intl. Arpt. RB, Ser. A,
        5.00%, 1/01/30, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,455,344</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">64,943,298</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Indiana&#151;1.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,725</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Mun. Pwr. Sply. Sys. RB, Ser. A, 4.50%,
        1/01/32, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,510,627</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Louisiana&#151;3.4%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,250</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">St. Gas &amp; Fuels Tax RB, Ser. A,
        5.00%, 5/01/35, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,555,280</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Massachusetts&#151;7.6%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,985</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">St. Wtr. Res. Auth. Gen. RB, Ser. A,
        5.00%, 8/01/41</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">08/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,133,188</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">24,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Tpke. Auth. Met. Hwy. Sys. RB, Ser.
        A, 5.00%, 1/01/39, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/09 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">24,359,520</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">30,492,708</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Minnesota&#151;1.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">St. Paul Met. Arpt. Comm. RB, 5.00%,
        1/01/35, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,118,850</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1>
</table>
<p>
<p>
<p>
<p align='center'>1
<HR noshade size=4>
<PAGE>
<p>
<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 align=center></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#FFFFFF'>
    <td align=center nowrap><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 nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;&nbsp;</td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td align=center nowrap><font size="2"><b>Description</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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>&nbsp;</td>
  <tr valign=top>
    <td colspan="10" align=center><HR noshade size=1>
    </td>
  </tr>
  <tr valign=top>
    <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; &nbsp; &nbsp; &nbsp;</td>
    <td align=left nowrap><font size="2"><b>Missouri&#151;1.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 5,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Joint Mun. Elec. Util. Comm. RB, Plum
        Point Proj., 4.60%, 1/01/36, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,386,590</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Nebraska&#151;1.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">AA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,280</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Omaha Pub. Pwr. Dist. Elec. Sys. RB,
        Ser. A, 4.75%, 2/01/44</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">02/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,177,066</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Nevada&#151;7.2%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td><font size="2"><sup> 3</sup></font></td>
    <td align=left nowrap><font size="2">Reno RB, Transp. Proj., 5.125%, 6/01/12,
        AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,412,320</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Truckee Meadows Wtr. Auth. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        7/01/25, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,228,700</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.125%,
        7/01/30, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,702,995</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td><font size="2"><sup> 3</sup></font></td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.25%,
        7/01/11, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,343,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">28,687,365</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>New York&#151;8.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,980</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Convention Ctr. Dev. RB, Hotel Unit
        Fee Secured, 5.00%, 11/15/44, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,056,616</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">New York City Mun. Wtr. Fin. Auth. Wtr. &amp; Swr.
        Sys. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,650</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%,
        6/15/36, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">12/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,977,914</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,305</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%,
        6/15/35, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,518,963</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">New York City Trust Cultural Recs. RB,
        American Museum of Natural History Proj., Ser. A, </font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/01/44,
        MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,239,700</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">31,793,193</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Ohio&#151;4.5%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,280</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Air Qual. Dev. Auth. RB, 4.80%, 1/01/34,
        FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,223,758</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Wtr. Dev. Auth. Facs. PCRB, Dayton Pwr. &amp; Lt.
        Proj., Ser. A, 4.80%, 1/01/34, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,927,460</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">18,151,218</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Pennsylvania&#151;2.7%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Lebanon Cnty. Hlth. Facs. Auth. RB,
        Good Samaritan Hosp. Proj., 6.00%, 11/15/35</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,310,650</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,200</font></td>
    <td><font size="2"><sup> 3</sup></font></td>
    <td align=left nowrap><font size="2">Philadelphia Gas Wks. RB, Ser. 3, 5.125%,
        8/01/11, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,527,080</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,837,730</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>South Carolina&#151;7.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Pub. Svc. Auth. RB, Ser. B, 5.50%, 1/01/36,
        FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,307,050</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Transp. Infrastructure Bank RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,750</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%,
        10/01/33, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">10/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,033,177</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">12,660</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.125%,
        10/01/26, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">10/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,181,972</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">31,522,199</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Tennessee&#151;4.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg. Facs.
        Brd. Hosp. Facs. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">11,705</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero
        Coupon, 1/01/22, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/13 @ 59.566</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,962,920</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,260</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero
        Coupon, 1/01/23, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/13 @ 56.016</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,685,202</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">8,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero
        Coupon, 1/01/24, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/13 @ 52.749</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,179,340</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,850</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero
        Coupon, 1/01/25, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/13 @ 49.712</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,414,625</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero
        Coupon, 1/01/26, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">01/13 @ 46.781</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,655,400</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,897,487</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Texas&#151;26.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,030</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Coppell Indpt. Sch. Dist. GO, Zero Coupon,
        8/15/30</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,029,461</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,350</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Dallas Area Rapid Trans. RB, 5.00%,
        12/01/31, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">12/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,392,841</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Harris Cnty. Sports Auth. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">26,890</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero
        Coupon, 11/15/38, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/24 @ 43.826</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,539,301</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">27,675</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero
        Coupon, 11/15/39, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/24 @ 41.258</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,390,362</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,785</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero
        Coupon, 11/15/38, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/31 @ 64.91</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,006,995</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,160</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero
        Coupon, 11/15/39, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/31 @ 60.976</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,004,819</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Harris Cnty.,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,485</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;GO, Zero Coupon,
        8/15/25, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,961,141</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,915</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;GO, Zero Coupon,
        8/15/28, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,671,369</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,510</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;RB, Toll Rd.
        Proj., 5.00%, 8/15/30, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">08/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,633,204</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Lower Colorado Riv. Auth. RB, 4.75%,
        5/15/36, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,924,280</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,045</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Montgomery Cnty. Mun. Util. Dist. No.
        46, Wtr. Wks. &amp; Swr. Sys. GO, 4.75%, 3/01/30, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">03/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,037,570</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Northside Indpt. Sch. Dist. Sch. Bldg.
        GO, 5.125%, 6/15/29</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,863,755</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Pearland GO, 4.75%, 3/01/29, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">03/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,987,400</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">San Antonio Wtr. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,350</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/15/29,
        FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,723,813</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/15/34,
        FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,352,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">35,290</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Tpke. Auth. Central Sys. RB, Ser. A,
        5.00%, 8/15/42, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">08/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">35,737,477</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">BBB+</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Tyler Cnty. Hlth. Facs. Dev. RB, Mother
        Frances Hosp. Proj., 6.00%, 7/01/31</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,160,140</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">107,416,428</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1>
</table>
<p>
<p>
<p>
<p align='center'>2
<HR noshade size=4>
<PAGE>
<p>
<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 align=center></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <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 nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td align=center nowrap><font size="2"><b>Description</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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>&nbsp;</td>
  <tr valign=top>
    <td colspan="10" align=center><hr size="1" noshade>
    </td>
  </tr>
  <tr valign=top>
    <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; &nbsp;</td>
    <td align=left nowrap><font size="2"><b>Virginia&#151;1.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Chesterfield Cnty. Indl. Dev. Auth.
        PCRB, Elec. &amp; Pwr. Co. Proj.,</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><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=center><font size="2">Baa1</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 3,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.875%,
        6/01/17</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/10 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,253,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">Baa1</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,000</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.875%,
        6/01/17</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">11/10 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,337,800</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,591,150</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Washington&#151;8.6%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,610</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Central Washington Univ. Sys. RB, 5.00%,
        5/01/34, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">05/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,836,315</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,655</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Chelan Cnty. Pub. Util. Dist. 1 RB,
        Chelan Hydro Sys. Proj., Ser. C, 5.125%, 7/01/33, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,759,423</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Port of Seattle RB, Ser. A, 5.00%, 4/01/31,
        FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">10/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,600,890</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,500</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Seattle GO, Ser. F, 5.125%, 12/15/28,
        MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">12/08 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,717,740</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,380</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Washington GO, Ser. A, 5.00%, 7/01/25,
        FSA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">07/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,549,198</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">34,463,566</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>West Virginia&#151;0.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,295</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Econ. Dev. Auth. RB, Correctional Juvenile
        Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">06/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,336,285</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Total Long-Term Investments (cost
          $584,188,155)</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">608,699,180</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>SHORT-TERM INVESTMENTS&#151;4.8%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><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 nowrap><font size="2"><b>Tennessee&#151;0.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">VMIG1</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">500</font></td>
    <td><font size="2"><sup> 5</sup></font></td>
    <td align=left nowrap><font size="2">Montgomery Cnty. Pub. Bldg. Auth. RB,
        3.58%, 6/01/06, FRDD</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">500,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Nebraska&#151;3.7%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">A-1+</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,799</font></td>
    <td><font size="2"><sup> 5</sup></font></td>
    <td align=left nowrap><font size="2">American Pub. Energy Agcy. Gas Sply.
        RB, Ser. A, 3.50%, 6/01/06, FRWD</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,799,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>Shares</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>(000)</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Money Market Funds&#151;1.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">NR</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,900</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">AIM Tax Free Investment Co. Cash Reserve
        Portfolio</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,900,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Total Short-Term Investments (cost
          $19,199,000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">19,199,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Total Investments&#151;157.1% (cost
          $603,387,155</b><sup><b>6</b></sup>)</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$&nbsp;627,898,180</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Other assets in excess of liabilities&#151;0.2%</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">710,346</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2">Preferred shares at redemption value,
        including dividends payable&#151;(57.3)%</font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">(229,045,725)</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='10' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left nowrap><font size="2"><b>Net Assets Applicable to Common Shareholders&#151;100%</b></font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$&nbsp;399,562,801</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='10' ><hr noshade size=3>
    </td>
  </tr>
</table>
<p>
<p>
<table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td COLSPAN='4' ><hr align="left" noshade width="100" size="1" color=black>
    </td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><font size="2"></font><font size="2"><sup>1</sup></font></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Using the higher of Standard &amp;&nbsp;Poor&#146;s,
        Moody&#146;s Investors Service or Fitch&#146;s 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 pledged as collateral.</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">For purposes of amortized cost valuation, the
        maturity date of this instrument is considered to be the earlier of the
        next date on which the security can be redeemed at par, or the next date
        on which the rate of interest is adjusted. Rate shown is rate as of May
        31, 2006.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><sup>6</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Cost for Federal income tax purposes is $603,368,017.
        The net unrealized appreciation on a tax basis is $24,530,163, consisting
        of $25,307,678 gross unrealized appreciation and $777,515 gross unrealized
        depreciation.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">The value (market value plus accrued interest)
        of securities that are covered by insurance, which ensures the payment
        of principal and interest, represent approximately 82.7% of the Trust&#146;s
        managed assets. The Trust had the following insurance concentrations:</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
<p>
<table width="20%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign=top>
    <td align=center nowrap><div align="left"><font size="2"><font size="2">AMBAC</font></font></div></td>
    <td align=right nowrap><center>
        <font size="2">&#151;</font>
    </center></td>
    <td align=left nowrap><div align="right"><font size="2">24.2%</font></div></td>
  </tr>
  <tr valign=top>
    <td align=center nowrap><div align="left"><font size="2">FGIC</font></div></td>
    <td align=right nowrap><center>
        <font size="2">&#151;</font>
    </center></td>
    <td align=left nowrap><div align="right"><font size="2">19.0%</font></div></td>
  </tr>
  <tr valign=top>
    <td align=center nowrap><div align="left"><font size="2">FSA</font></div></td>
    <td align=right nowrap><center>
        <font size="2">&#151;</font>
    </center></td>
    <td align=left nowrap><div align="right"><font size="2">18.7%</font></div></td>
  </tr>
  <tr valign=top>
    <td align=center nowrap><div align="left"><font size="2">MBIA</font></div></td>
    <td align=right nowrap><center>
        <font size="2">&#151;</font>
    </center></td>
    <td align=left nowrap><div align="right"><font size="2">20.2%</font></div></td>
  </tr>
  <tr valign=top>
    <td align=center nowrap><div align="left"><font size="2">Other</font></div></td>
    <td align=right nowrap><center>
        <font size="2">&#151;</font>
    </center></td>
    <td align=left nowrap><div align="right"><font size="2">0.6%</font></div>
</table>
<p>
<p>
<div style="border:1px solid #000000; padding:10px">
  <p align="center"><font size="2"><b>KEY TO ABBREVIATIONS</b></font>
  <p>
  <table width="95%" border="0" align="center" cellpadding="0" cellspacing="0">
    <tr valign=top>
      <td align=left><font size="2"><font size="2">AMBAC</font></font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">American Municipal Bond Assurance Corp.</font></td>
      <td align=left><font size="2">GO</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">General Obligation</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FGIC</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Financial Guaranty Insurance Co.</font></td>
      <td align=left><font size="2">MBIA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Municipal Bond Insurance Assoc.</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FRDD</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Floating Rate Daily Demand</font></td>
      <td align=left><font size="2">PCRB</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Pollution Control Revenue Bond</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FRWD</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Floating Rate Weekly Demand</font></td>
      <td align=left><font size="2">RB</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Revenue Bond</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FSA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Financial Security Assurance</font></td>
      <td align=left><font size="2">&nbsp;</font></td>
      <td align=left><font size="2">&nbsp;</font></td>
      <td align=left><font ></font>
    <tr>
      <td>&nbsp;</td>
    </tr>
  </table>
</div>
<p>
<p>
<p align='center'>3
<HR noshade  width="100%" size=4>

<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"><br>
(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 principal executive and principal 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> <br>
  <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>

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

<P align="center"><B><FONT face="serif">SIGNATURES</FONT></B>  </P>
<P><FONT face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
    </FONT>  </P>
<P><FONT face="serif">(Registrant)&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="serif">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Henry
    Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
  Name: Henry Gabbay <br>
  Title: Treasurer and Principal Financial Officer <br>
  Date: July 26, 2006</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, 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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Robert
    S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Robert S. Kapito<br>
Title: President and Principal Executive Officer<br>
Date: July 26, 2006</FONT> </P>
<P><FONT face="serif">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Henry
    Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Henry Gabbay<br>
Title: Treasurer and Principal Financial Officer<br>
Date: July 26, 2006</FONT> </P>
<P>&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c43250_ex99-cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">
<div align="right"><B><FONT face="serif">EX-99.CERT </FONT></B></div>
<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> </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> </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: July 26, 2006</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td align="center"><FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;Robert
          S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Robert S. Kapito <br>
President and Principal Executive Officer </FONT></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> <BR>
</FONT></P>
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<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> </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> </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: July 26, 2006</FONT></P>
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    <td width="50%">&nbsp;</td>
    <td align="center"><FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;Henry
        Gabbay</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
      Henry Gabbay<br>
      Treasurer and Principal Financial Officer </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
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