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<SEC-DOCUMENT>0000930413-07-000672.txt : 20070126
<SEC-HEADER>0000930413-07-000672.hdr.sgml : 20070126
<ACCEPTANCE-DATETIME>20070126124212
ACCESSION NUMBER:		0000930413-07-000672
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061130
FILED AS OF DATE:		20070126
DATE AS OF CHANGE:		20070126
EFFECTIVENESS DATE:		20070126

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:		07555430

	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>c46357_n-q.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<P align="center">
<FONT face="serif">UNITED STATES <br>
</FONT><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT face="serif">Investment Company Act file number:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;811-21178&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P align="center">
<FONT face="serif"></FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"><BR> (Exact name of registrant as specified in charter) <br>
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD width="67%">
<div style="border-bottom:1px solid #000000"><FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;</div>
	</TD>
	<TD width="33%">
<div style="border-bottom:1px solid #000000"><FONT face="serif">19809</FONT>&nbsp;</div>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD>
<FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
	</TD>
	<TD>
<FONT face="serif">(Zip code)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
<FONT face="serif">Robert S. Kapito, President</FONT>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT face="sans-serif"><b>BlackRock Insured Municipal Income Trust</b></font>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<div style="border-bottom:1px solid #000000"><FONT face="serif">40 East 52nd Street, New York, NY 10022</FONT>&nbsp;</div>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT face="serif">(Name and address of agent for service)</FONT>&nbsp;
	</TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT face="serif">Registrant&#146;s telephone number, including area code: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2007&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> <br>
Date of reporting period: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 30, 2006&nbsp;&nbsp;&nbsp;</FONT></U></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"> </FONT></P>
<P>
<FONT face="serif">The Registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
    <TD align=left nowrap colspan=5><B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B>&nbsp;
    </TD>
    <TD width="10%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%" align=left nowrap>&nbsp;

  </TD>
  <TD width="7%" align=left nowrap>&nbsp;

  </TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">NOVEMBER 30, 2006</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">(Percentage of Net Assets)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="7%" align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
  <TD width="3%">&nbsp;
  </TD>
  <TD width="63%" align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;149.3%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;2.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Phoenix Civic Impt. Corp. RB, Civic Plaza Expansion Proj., 5.00%, 7/01/41, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,645,500</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;31.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">Aaa</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,000</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dept. of Wtr. Res., Cash Flow Mgt. Elec., Pwr. &amp; Lt. RB, Ser. A, 5.375%, 5/01/12</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,444,940</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Golden St. Tobacco Sec. Corp., Misc. Purposes Tobacco Settlement Funded RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A-1, 6.625%, 6/01/40</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,408,635</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A-1, 6.75%, 6/01/39</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">16,673,985</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,100</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Infrastructure &amp; Econ Dev. RB Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,654,996</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Met. Wtr. Dist. Southern California, Wtr. Util. Impvts. RB, Ser. B-1, 5.00%, 10/01/33,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">18,622,800</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,700</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Sacramento City Sch. Dist. Election of 2002 GO, 5.00%, 7/01/30, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,904,660</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">San Francisco City &amp; Cnty. Pub. Utils. Comm., Wtr. Util. Impvts. RB, Ser. A, 5.00%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">11/01/31, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,683,850</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">53,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">San Joaquin Hills Transp. Corridor Agcy., Hwy. Tolls RB, Ser. A, Zero Coupon, 1/15/31,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">18,900,330</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of California, Univ. &amp; Coll. Impvts. RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C, 4.75%, 5/15/37, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,400,200</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,330</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. G, 4.75%, 5/15/31, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,469,993</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,910</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. O, 5.00%, 9/01/28, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/10 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,395,604</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">132,559,993</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;2.5%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Fin. Corp., Tobacco Settlement Funded RB, 6.75%, 5/15/40</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/11 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,452,660</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;6.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Miami-Dade,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Port, Arpt. &amp; Marina Impvts. RB, Miami Intl. Arpt. Proj., Ser. B, 5.00%, 10/01/37, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,066,295</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">25,520</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Recreational Fac. Impvts. Misc. RB, Cap. Apprec. Proj., Ser. A, Zero Coupon, 10/01/38,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 30.363</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,211,439</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,880</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">JEA, Wtr. Util. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,926,493</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,485</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Orange Cnty. Tourist Dev., Sales Tax RB, 4.75%, 10/01/32, XLCA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,704,674</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,600</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tampa Wtr. &amp; Swr., Wtr. Util. Impvts. RB, 4.625%, 10/01/36, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,687,048</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26,595,949</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;3.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Atlanta,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">800</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Port, Arpt. &amp; Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">849,104</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,555</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. RB, Ser. A, 5.00%, 11/01/38, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/09 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,806,297</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,131,760</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,235</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, 5.00%, 11/01/37, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,445,857</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,233,018</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;15.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,550</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago Spec. Transp., Hwy. Impvts. RB, 5.25%, 1/01/27, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,326,738</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Met. Pier &amp; Exposition Auth., Ded. St. Tax RB, McCormick Place Expansion Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24,010</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 12/15/28, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/12 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">25,379,530</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, Zero Coupon, 6/15/28, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,062,550</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,165</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mun. Elec. Agcy. Pwr. Sply., Elec., Pwr. &amp; Lt. RB, 4.50%, 2/01/35, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,233,986</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,875</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vlg. of Bolingbrook GO, Ser. A, 4.75%, 1/01/38, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,430,433</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">65,433,237</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;1.1%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,725</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mun. Pwr. Agcy. Pwr. Sply. Sys., Elec., Pwr. &amp; Lt. RB, Ser. A, 4.50%, 1/01/32, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,784,630</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,750</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. Hosp. Auth., Refdg. &amp; Impvt. RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,837,833</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;3.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hwy. Impvt. Sales Tax RB, Ser. A, 4.75%, 5/01/39, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,392,300</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
    <TD align=left nowrap colspan=5><B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM) (continued)</FONT></B>&nbsp;
    </TD>
    <TD width="10%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%" align=left nowrap>&nbsp;</TD>
  <TD width="7%" align=left nowrap>&nbsp;

  </TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">(Percentage of Net Assets)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="7%" align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
  <TD width="3%">&nbsp;
  </TD>
  <TD width="63%" align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </center></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;(cont'd)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,450</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hwy. Impvt. Fuel Sales Tax RB, Ser. A, 5.00%, 5/01/35, FGIC</FONT>&nbsp;
  </TD>
  <TD align=left nowrap><center>
      <FONT size=2 face="serif">05/15 @ 100 </FONT>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,824,088</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,216,388</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;7.5%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tpke. Auth. Met. Hwy. Sys., Hwy. Tolls RB, Ser. A, 5.00%, 1/01/39, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/09 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24,710,400</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,985</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Wtr. Res. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,401,257</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,111,657</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;1.3%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Detroit, Sewer Impvts. RB, Ser. A, 5.00%, 7/01/32, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,272,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;1.0%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Joint Mun. Elec. Util. Comm., Elec., Pwr. &amp; Lt. Impvts. RB, Plum Point Proj., 4.60%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">1/01/36, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,185,362</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;1.1%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,280</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Omaha Pub. Pwr. Dist., Elec., Pwr. &amp; Lt. RB, Ser. A, 4.75%, 2/01/44</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,394,832</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;9.5%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Reno, Misc. Taxes RB, Reno Trans. Proj., 5.125%, 6/01/12, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,453,060</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Truckee Meadows Wtr. Auth.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Refdg. Wtr. RB, 4.875%, 7/01/34, XLCA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,455,500</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, Ser. A, 5.00%, 7/01/25, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,478,900</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, Ser. A, 5.125%, 7/01/30, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,836,765</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, Ser. A, 5.25%, 7/01/11, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,356,650</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39,580,875</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;4.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,305</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. C, 5.00%, 6/15/35, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,781,286</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Trust Cultural Rec. Recovery RB, American Museum of Natural History</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. A, 5.00%, 7/01/44, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,606,100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,387,386</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;3.0%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Air Qual. Dev. Auth., Rec. Recovery PCRB, Dayton Pwr. &amp; Lt. Co. Proj., 4.80%, 1/01/34,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,496,560</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;2.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Lebanon Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Good</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Samaritan Hosp. Proj., 6.00%, 11/15/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/12 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,462,300</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,200</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Philadelphia Gas Wks., Natural Gas Util. Impvts. RB, Ser. 3, 5.125%, 8/01/11, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,551,624</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,013,924</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;7.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Pub. Svc. Auth., Elec. Pwr. &amp; Lt. RB, Ser. B, 5.50%, 1/01/12, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,447,450</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Transp. Infrastructure Bank,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,750</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Fuel Sales Tax RB, Ser. A, 5.00%, 10/01/33, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,468,335</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,660</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Trans. Impvts. RB, Ser. B, 5.125%, 10/01/26, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,376,809</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">32,292,594</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;4.1%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center nowrap> <div align="left"><FONT size=2 face="serif">Knox Cnty. Hlth.
        Edl. &amp; Hsg.
    Facs. Brd., Hlth., Hosp. &amp; Nursing Home RB, Covenant Hlth. Proj.,</FONT> </div></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,705</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/22, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 59.566</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,349,770</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,260</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/23, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 56.016</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,975,318</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/24, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 52.749</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,432,130</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,850</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/25, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 49.712</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,603,548</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/26, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 46.781</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,784,100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17,144,866</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;26.0%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of San Antonio, Wtr. RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,350</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 5/15/29, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,024,229</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 5/15/34, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,694,500</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Harris, Ad Valorem Ppty. Tax GO,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,485</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/25, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,364,582</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,915</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/28, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,306,841</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,510</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Harris, Hwy. Tolls RB, 5.00%, 8/15/30, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,814,317</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,030</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Coppell Indpt. Sch. Dist. GO, Zero Coupon, 8/15/30, PSF</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,607,490</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
    <TD align=left nowrap colspan=5><B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM) (continued)</FONT></B>&nbsp;
    </TD>
    <TD width=10% align=left nowrap>&nbsp;

  </TD>
  <TD width=2% align=left nowrap>&nbsp;</TD>
  <TD width=7% align=left nowrap>&nbsp;

  </TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">(Percentage of Net Assets)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=7% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD width=63% align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;(cont'd)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,350</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/31, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=left nowrap><center>
    <FONT size=2 face="serif">12/11 @ 100 </FONT>&nbsp;
  </center></TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,452,343</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Harris Cnty.-Houston Sports Auth.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,785</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/38, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/31 @ 64.91</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,210,396</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,160</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/39, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/31 @ 60.976</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,208,099</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">26,890</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Lease RB, Ser. A-3, Zero Coupon, 11/15/38, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/24 @ 43.826</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,253,230</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,675</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Lease RB, Ser. A-3, Zero Coupon, 11/15/39, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/24 @ 41.258</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,081,960</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Auth., Misc. RB, 4.75%, 5/15/36, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,123,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,045</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.75%, 3/01/30, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,077,259</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Northside Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.125%, 6/15/29, PSF</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,191,600</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,129,930</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">30,145</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tpke. Auth., Hwy. Impvt. Tolls RB, Ser. A, 5.00%, 8/15/42, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">31,715,253</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tyler Cnty. Hlth. Facs. Dev. Corp., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Mother</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Frances Hosp. Proj., 6.00%, 7/01/31</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,235,320</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">108,490,349</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Virginia&#151;1.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chesterfield Cnty. Indl. Dev. Auth., Ind. RB, Virginia Elec. &amp; Pwr. Co. Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.875%, 6/01/17</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/10 @ 102</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,249,780</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, 5.875%, 6/01/17</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/10 @ 102</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,354,480</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,604,260</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;10.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,610</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Central Washington Univ., Coll &amp; Univ. RB, 5.00%, 5/01/34, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,202,360</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,655</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chelan Cnty. Pub. Util. Dist. 1, Elec., Pwr. &amp; Lt. RB, Chelan Hydro Sys. Proj., Ser. C,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 7/01/33, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,851,968</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Seattle, Parking Facilities Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.125%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">12/15/28, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/08 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,739,210</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,200</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,359,214</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Sys. Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.50%, 10/01/35, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,025,980</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,110</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 4.625%, 10/01/34, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,187,227</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Port of Seattle, Port, Arpt. &amp; Marina RB, Ser. A, 5.00%, 4/01/31, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,701,870</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,380</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washington, Pub. Impvts. GO, Ser. A, 5.00%, 7/01/25, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,682,795</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">44,750,624</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">West Virginia&#151;0.3%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,295</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Auth., Correctional Fac. Impvts. Lease RB, Correctional Juvenile Safety Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 6/01/29, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,376,494</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Long-Term Investments (cost &#36;574,559,464)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">622,860,991</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;4.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;1.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">VMIG1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hamilton Cnty. Hosp. Facs., Hlth., Hosp. &amp; Nursing Home RB, Ser. A, 3.42%, 12/06/06,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FRWD</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;1.1%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-1+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,800</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Pub. Energy Agcy., Natural Gas RB, 3.49%, 12/07/06, FRWD</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,800,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;1.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,400</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">AIM Tax Free Cash Reserve Portfolio - Institutional Class, 3.39%, 12/01/06</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,400,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Short-Term Investments (cost &#36;19,200,000)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19,200,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Investments &#151;153.9% (cost &#36;593,759,464</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">642,060,991</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Other assets in excess of liabilities&#151;1.0%</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,374,420</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares at redemption value, including dividends payable&#151;(54.9)%</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(229,075,765)</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">417,359,646</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
__________
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">1</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD>
<FONT size=2 face="serif">Using the highest of Standard &amp; Poor's, Moody's Investors Service or Fitch's Ratings.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">2</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD>
<FONT size=2 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">3</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD>
<FONT size=2 face="serif">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>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM) (continued)</FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<P align="left">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">4</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">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 November 30, 2006.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">5</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Cost for federal income tax purposes is &#36;593,734,110. The net unrealized appreciation on a tax basis is &#36;48,326,881, consisting of &#36;48,326,881 gross unrealized appreciation and &#36;0 gross unrealized
depreciation.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">The value (market value plus accrued interest)
      of securities that are covered by insurance, which ensures the payment
      of principal and interest, represent approximately 86.4% of the Trust's
    managed assets. </FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="10%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">21.8%</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">20.5%</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">16.2%</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">22.0%</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">PSF</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">2.2%</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">XLCA</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">2.5%</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Other</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
  </TD>
  <TD nowrap>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">1.2%</FONT>&nbsp;
    </div></TD>
</TR>
</TABLE>
<BR>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap colspan=6>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap colspan=6>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap colspan=6>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corp.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">PCRB</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Pollution Control Revenue
      Bond</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Co.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">PSF</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Public School Fund Guaranteed</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FRWD</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Floating Rate Weekly Demand</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">RB</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Revenue Bond</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">ST</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Special Tax</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">XLCA</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">XL Capital Assurance</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Assoc.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<p>&nbsp;</p>
<P align="center">
<FONT size=2 face="serif">4 </FONT></P>

<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"> </FONT></P>
<P>
<FONT face="serif">(a) The Registrant&#146;s principal executive and principal financial officers have evaluated the Registrant&#146;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&#146;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&#146;s last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B></P>
<P>
<FONT face="serif">Separate certifications of the Registrant&#146;s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">(Registrant) </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan="2">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% align=left>
<FONT face="serif">By: </FONT>
	</TD>
    <TD width=96% align=left><font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Name: Donald C. Burke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Title: Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Date: January 25, 2007</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=left>
<FONT face="serif">By: </FONT>&nbsp;
	</TD>
    <TD width=96% align=left><font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Name: Robert S. Kapito</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Title: President and Principal Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Date: January 25, 2007</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan="2">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">By: </FONT>&nbsp;
	</TD>
    <TD align=left><font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Name: Donald C. Burke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Title: Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Date: January 25, 2007</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c46357_ex99cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<P align="right">
<B><FONT face="serif">EX-99.CERT</FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></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&#146;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&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and </FONT></P>



<P>
<FONT face="serif">5. The Registrant&#146;s other certifying officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;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&#146;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&#146;s internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif"><br>
Date: January 25, 2007</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><div style="border-bottom:1px solid #000000"><FONT face="serif">/s/ Robert S. Kapito</FONT>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=center>&nbsp;</TD>
	<TD width=43% align=center>
<FONT face="serif">Robert S. Kapito</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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

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


<P align="right">
<B><FONT face="serif">EX-99.CERT</FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></P>
<P>
<FONT face="serif">I, Donald C. Burke, 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&#146;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&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and </FONT></P>



<P>
<FONT face="serif">5. The Registrant&#146;s other certifying officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;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&#146;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&#146;s internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif"><br>
Date: January 25, 2007</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><div style="border-bottom:1px solid #000000"><FONT face="serif">/s/ Donald C. Burke</FONT>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=center>&nbsp;</TD>
	<TD width=43% align=center>
<FONT face="serif">Donald C. Burke</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center>
<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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