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<SEC-DOCUMENT>0000930413-07-006215.txt : 20070726
<SEC-HEADER>0000930413-07-006215.hdr.sgml : 20070726
<ACCEPTANCE-DATETIME>20070726113430
ACCESSION NUMBER:		0000930413-07-006215
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070531
FILED AS OF DATE:		20070726
DATE AS OF CHANGE:		20070726
EFFECTIVENESS DATE:		20070726

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:		071001330

	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>c49408_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">



<P align="left">&nbsp;</P>
<P align="center"><FONT face="serif">UNITED STATES </FONT><BR>
    <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
    <FONT face="serif">Washington, D.C. 20549 </FONT></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 </FONT></B><BR>
    <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap><FONT face="serif">Investment Company Act
        file number:&nbsp;</FONT></TD>
    <TD align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21178&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div></TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock
          Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><FONT face="serif">(Exact name of registrant as specified
        in charter)</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=51% align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT face="serif">100
          Bellevue Parkway, Wilmington, DE</FONT> </div></TD>
    <TD width=30% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width=19% align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT face="serif">19809</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><div align="center"><FONT face="serif">(Address of
          principal executive offices)</FONT> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="center"><FONT face="serif">(Zip code)</FONT> </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center><FONT face="serif">Robert S. Kapito, President</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><p><font size=1>&nbsp;</font></p></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><FONT face="sans-serif">BlackRock Insured Municipal
        Income Trust</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT face="serif">40
        East 52nd Street, New York, NY 10022</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><FONT face="serif">(Name and address of agent for
        service)</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=25% align=left nowrap><FONT face="serif">Registrant's telephone
        number, including area code:&nbsp;</FONT></TD>
    <TD width=75% align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257</font></div></TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap><FONT face="serif">Date of fiscal year end: </FONT></TD>
    <TD align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August
          31, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT face="serif">Date of reporting period:&nbsp;</FONT></TD>
    <TD align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
          31, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </div></TD>
  </TR>
</TABLE>
<BR>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B> </P>
<P align="left"> <FONT face="serif">The Registrant&#146;s unaudited schedule
    of investments as of the close of the reporting period pursuant to Rule 30b1-5
    under the Investment Company Act of 1940 is as follows: </FONT></P>
<P align="left"><B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) </FONT></B><BR>
  <B><FONT face="serif">MAY 31, 2007</FONT></B><BR>
  <B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
  <B><FONT size=2 face="serif">(Percentages shown are based on Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% 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;

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>
  </div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;154.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Jefferson Cnty. Ltd. Oblig., Sch. Impvts. Sales Tax RB, Ser. A, 4.75%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">1/01/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left">
    <div style="border-bottom:1px solid #000000"><font size=2 face="serif">&#36;</font></div>
  </div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif"> 2,836,204</font>&nbsp; </div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;2.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Phoenix Civic Impvt. Corp., Pub. Impvts. Sales Tax RB, Civic Plaza</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Expansion Proj., 5.00%, 7/01/41, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">10,362,700</font>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">California&#151;32.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Arcadia Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coupon, 8/01/28, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/17 @ 33.207</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">410,240</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,380</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Chabot Las Positas Cmnty. Coll. Dist., Univ. &amp; Coll. Impvts. Ad Valorem</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">GO, Zero Coupon, 8/01/25, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 64.511</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,411,623</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">14,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Dept. of Wtr. Recs. Cash Flow Mgmt., Elec., Pwr. &amp; Lt. RB, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.375%, 5/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,102,780</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Golden St. Tobacco Sec. Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,435,740</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">14,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.75%, 6/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">16,683,555</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,100</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Infrastructure &amp; Econ. Dev. Bank, Hwy. Impvts. Tolls RB, Bay Area Toll</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,190,901</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">17,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Met. Wtr. Dist. of Southern California, Wtr. Util. Impvts. RB, Ser. B-1,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 10/01/33, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/13 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">18,221,175</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Sacramento City Unified Sch. Dist., Sch. Impvts. Ad Valorem GO, 5.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">7/01/30, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,831,571</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">San Francisco City &amp; Cnty. Pub. Utils. Comm., Wtr. Util. Impvts. RB, Ser.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">A, 5.00%, 11/01/31, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/11 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,417,750</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">53,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">San Joaquin Hills Transp. Corridor Agcy., Hwy. Tolls RB, Ser. A, Zero</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coupon, 1/15/31, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17,893,330</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">San. Mateo Union High Sch. Dist., Sch. Impvts. Lease Abatement COP,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 12/15/43, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/24 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">221,144</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Univ. of California, Univ. &amp; Coll. Impvts. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C, 4.75%, 5/15/37, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,177,600</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,330</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. G, 4.75%, 5/15/31, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,397,133</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. O, 5.00%, 9/01/10, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif"> 10,473,400</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">130,867,942</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;3.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Dist. of Columbia, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 6/01/36,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/17 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,023,840</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.75%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5/15/40</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/11 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">10,420,170</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">12,444,010</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;7.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">City of Tampa, Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,562,704</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Cnty. of Miami-Dade,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Aviation, Port, Arpt. &amp; Marina RB, Miami Intl. Arpt. Proj., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 10/01/37, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,811,315</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">25,520</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Recreational Fac. Impvts. Misc. RB, Cap. Apprec. Proj., Ser. A, Zero</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coupon, 10/01/38, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 30.363</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,193,320</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,552,794</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Highlands Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">RB, Adventist Bolingbrook Hlth. Sys. Proj., 5.125%, 11/15/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,356,235</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">1,880</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/11 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1,902,203</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">28,378,571</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;3.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">City of Atlanta,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% 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>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">829,072</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. &amp; Wstwtr., Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,081,580</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,555</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. RB, Ser. A, 5.00%, 11/01/38, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/09 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,625,516</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,235</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, 5.00%, 11/01/37, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">3,362,815</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">15,898,983</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;15.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">11,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">City of Chicago, Hwy. Impvts. RB, 5.25%, 1/01/27, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/11 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,084,765</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Met. Pier &amp; Exposition Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">24,010</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Pub. Impvts. Sales Tax RB, McCormick Place Expansion Proj., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 12/15/28, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/12 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24,856,352</FONT>
  &nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1 </FONT></P>
<HR noshade align="center" width="100%" size=4>



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


<P align="left">
<B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT size=2 face="sans-serif">(</FONT></B><B><FONT size=2 face="serif">Percentages shown are based on Net Assets)</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151; (cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Sales Tax RB, McCormick Place Expansion Proj., Ser. B, Zero Coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6/15/28, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 5,785,350</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,165</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Mun. Elec. Agcy., Elec., Pwr. &amp; Lt. RB, 4.50%, 2/01/35, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,012,170</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">14,875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">15,072,986</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">63,811,623</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">4,725</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Mun. Pwr. Agcy., Elec., Pwr. &amp; Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">A, 4.50%, 1/01/32, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">4,635,225</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Univ. of Kansas Hosp. Auth., Hlth., Hosp. &amp; Nursing Home RB, Univ. of</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Kansas Hlth. Sys. Proj., 5.00%, 9/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1,774,465</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;4.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">12,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Hwy. Impvts. Fuel Sales Tax RB, Ser. A, 4.75%, 5/01/39, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,248,709</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Hwy. Impvts. Sales Tax RB, Ser. A, 5.00%, 5/01/35, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">5,673,777</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">17,922,486</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;8.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,190</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Bay Transp. Auth., Sales Tax RB, Ser. A-2, Zero Coupon, 7/01/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/17 @ 49.09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,996,166</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">24,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Tpke. Auth. Met. Hwy. Sys., Hwy. Tolls RB, Ser. A, 5.00%, 1/01/39,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/09 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24,417,600</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,985</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">6,216,500</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">33,630,266</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">1,415</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Detroit, Swr. Impvts. RB, 5.00%, 7/01/32, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/13 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,464,369</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">St. Hosp. Fin. Auth., Hlth., Hosp. &amp; Nursing Home RB, Oakwood Hlth.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Care Sys. Proj., 5.00%, 7/15/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/17 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif"> 1,018,240</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">2,482,609</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;1.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">4,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Joint Mun. Elec. Util. Comm., Elec., Pwr. &amp; Lt. Impvts. RB, Plum Point</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 4.60%, 1/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">4,062,485</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;1.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">4,280</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Omaha Pub. Pwr. Dist., Elec., Pwr. &amp; Lt. Impvts. RB, Ser. A, 4.75%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">2/01/44</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">4,304,054</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;9.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Reno, Misc. Taxes RB, Reno Transp. Proj., 5.125%, 6/01/12, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,322,620</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Truckee Meadows Wtr. Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. RB, 4.875%, 7/01/34, XLCA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,679,400</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, Ser. A, 5.00%, 7/01/11, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,426,500</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, Ser. A, 5.125%, 7/01/11, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,807,645</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. RB, Ser. A, 5.25%, 7/01/11, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">5,260,050</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">36,496,215</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;4.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">7,305</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. C, 5.00%, 6/15/35,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,599,099</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">New York City Trust for Cultural Recs., Recreational RB, American</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Museum of Natural History Proj., Ser. A, 5.00%, 7/01/44, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">10,338,600</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">17,937,699</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;2.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Air Qual. Dev. Auth., Rec. Recovery RB, Dayton Pwr. &amp; Lt. Co. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.80%, 1/01/34, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000"></div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">10,134,700</font> &nbsp;</div></TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;2.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Lebanon Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Good</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Samaritan Hosp. Proj., 6.00%, 11/15/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/12 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,701,700</FONT>
  &nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">2 </FONT></P>
<HR noshade align="center" width="100%" size=4>



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


<P align="left">
<B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT size=2 face="sans-serif">(</FONT></B><B><FONT size=2 face="serif">Percentages shown are based on Net Assets)</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% 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;

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Description</FONT></B>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>
  &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151; (cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,200</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Philadelphia Gas Wks., Natural Gas Util. Impvts. RB, Ser. 3, 5.125%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">8/01/11, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left">
    <div style="border-bottom:1px solid #000000"><font size=2 face="serif">&#36;</font></div>
  </div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif"> 5,443,932</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">8,145,632</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;8.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% 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>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,334,800</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Scago Edl. Facs Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">RB, Pickens Cnty. Proj., 5.00%, 12/01/31, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,172,080</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Transp. Infrastructure Bank,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">12,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Fuel Sales Tax RB, Ser. A, 5.00%, 10/01/33, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/12 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,207,470</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">11,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Trans. Impvts. RB, Ser. B, 5.125%, 10/01/11, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">11,545,270</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">34,259,620</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;4.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Knox Cnty. Hlth., Edl. &amp; Hsg. Facs. Brd., Hlth., Hosp. &amp; Nursing Home</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">RB, Covenant Hlth. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 1/01/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/17 @ 30.07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,737,400</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">11,705</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/22, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 59.566</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,393,898</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,260</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/23, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 56.016</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,008,562</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">8,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/24, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 52.749</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,461,540</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,850</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/25, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 49.712</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,626,290</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 1/01/26, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 46.781</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1,799,150</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">19,026,840</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;27.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">City of San Antonio, Wtr. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,350</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 5/15/29, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,788,141</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 5/15/34, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,432,000</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Cnty. of Harris, Ad Valorem Ppty. Tax GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">7,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/25, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,287,936</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,915</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/28, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,143,661</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">10,030</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Coppell Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">8/15/30, PSF</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,451,724</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,350</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/11, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,457,724</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,510</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Harris Cnty., Hwy. Tolls RB, 5.00%, 8/15/30, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,700,811</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Harris Cnty.-Houston Sports Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,785</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/38, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/31 @ 64.91</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,152,141</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,160</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/39, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/31 @ 60.976</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 1,150,010</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">26,890</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Lease RB, Ser. A-3, Zero Coupon, 11/15/38, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/24 @ 43.826</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,121,201</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">27,675</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Lease RB, Ser. A-3, Zero Coupon, 11/15/39, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/24 @ 41.258</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,955,209</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,931,520</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">5,315</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Lewisville Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coupon, 8/15/24, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/15 @ 66.003</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,334,667</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Auth., Misc. RB, 4.75%, 5/15/36, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/11 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,036,420</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">1,045</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ppty. Tax GO, 4.75%, 3/01/30, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,055,147</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Northside Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 6/15/29, PSF</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,949,730</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,053,550</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">30,145</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Tpke. Auth., Hwy. Impvts. Tolls RB, Ser. A, 5.00%, 8/15/42, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">30,877,825</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Tyler Cnty. Hlth. Facs. Dev., Hlth., Hosp. &amp; Nursing Home Impvts. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Mother Frances Hosp. Proj., 6.00%, 7/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">3,264,780</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">110,144,197</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Virginia&#151;3.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Chesterfield Cnty. Indl. Dev. Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Indl. Impvts. RB, Elec. &amp; Pwr. Co. Proj., Ser. A, 5.875%, 6/01/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/10 @ 102</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,198,210</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Indl. RB, Elec. &amp; Pwr. Co. Proj., Ser. B, 5.875%, 6/01/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/10 @ 102</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,282,880</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Stafford Cnty. Econ. Dev. Auth., Hlth., Hosp. &amp; Nursing Home Impvts.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">RB, Medicorp Hlth. Sys. Oblig. Proj., 5.25%, 6/15/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">6,213,780</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">13,694,870</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;10.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=right nowrap>
<FONT size=2 face="serif">9,610</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Central Washington Univ., Coll. &amp; Univ. RB, 5.00%, 5/01/34, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,950,290</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=2 face="serif">3,655</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Chelan Cnty. Pub. Util. Dist. 1, Elec., Pwr. &amp; Lt. RB, Chelan Hydro Sys.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. C, 5.125%, 7/01/33, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/12 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,773,203</FONT>
  &nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">3 </FONT></P>
<HR noshade align="center" width="100%" size=4>



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


<P align="left">
<B><FONT face="serif">BlackRock Insured Municipal Income Trust (BYM) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT size=2 face="sans-serif">(</FONT></B><B><FONT size=2 face="serif">Percentages shown are based on Net Assets)</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" 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;

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

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

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

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=2 face="serif">Description</FONT></B>
  </div></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">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>
  &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151; (cont'd)</FONT></B>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,200</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,290,244</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="serif">4,110</FONT>
    </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;

  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

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

    <div align="right"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,043,952</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="serif">4,500</FONT>
    </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" 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>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=center nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">10/11 @ 100</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,637,430</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">6,380</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Pub. Impvts. Misc. GO, Ser. A, 5.00%, 7/01/25, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/11 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,588,817</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="serif">9,500</FONT></div></TD>
  <TD bgcolor="#E6E6E6"><SUP><FONT size=2 face="serif">2</FONT></SUP>
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Seattle, Pkg. Fac. Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.125%,</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

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

    <div align="right"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">12/15/08, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">9,701,970</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">

    <div align="right"></div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6"><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">40,985,906</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="right"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="serif">West Virginia&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="serif">1,295</FONT>
    </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Auth., Correctional Fac. Impvts. Lease RB, Correctional</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1,347,707</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="serif">Total Long-Term Investments </FONT></B><FONT size=2 face="serif">(cost &#36;592,367,922)</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6"><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">625,585,009</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" 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;

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=center nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="serif">MONEY MARKET FUND&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="serif">1,900</FONT></div></TD>
  <TD bgcolor="#E6E6E6"><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Merrill Lynch Institutional Tax Exempt Fund, 3.60% (cost &#36;1,900,000)</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=center nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6"><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1,900,000</font> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=2 face="serif">Total Investments &#151;155.3% </FONT></B><FONT size=2 face="serif">(cost &#36;594,267,922</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">627,485,009</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD colspan=3 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Other assets in excess of liabilities &#151;1.4%</FONT>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,670,401</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Preferred shares at redemption value, including dividends payable &#151;(56.7)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(229,067,201)</font>&nbsp;</div></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD colspan=3 align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shareholders &#151;100%</FONT></B>
  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;

  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;
  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6"><div style="border-bottom:3px double #000000"> <font size=2 face="serif">&#36;</font> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div style="border-bottom:3px double #000000"> <font size=2 face="serif">404,088,209</font> &nbsp;</div></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
    </TD>
  </TR>
<TR>
  <TD colspan="2" valign=top nowrap><p><font size=1>&nbsp;</font></p>
    </TD>
  </TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="serif">1</FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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>  &nbsp;</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=1 face="serif">2</FONT></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>  &nbsp;</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=1 face="serif">3</FONT></TD>
  <TD>
<FONT size=2 face="serif">Represents an investment in an affiliate.</FONT>  &nbsp;</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=1 face="serif">4</FONT></TD>
  <TD>
<FONT size=2 face="serif">Represents current yield as of May 31, 2007.</FONT>  &nbsp;</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=1 face="serif">5</FONT></TD>
  <TD>
<FONT size=2 face="serif">Cost for federal income tax purposes is &#36;594,245,728. The net unrealized appreciation on a tax basis is &#36;33,239,281, consisting of &#36;33,899,018 gross unrealized appreciation and &#36;659,737 gross unrealized
depreciation.</FONT>  &nbsp;</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 85.5% of the Trust's managed assets.</FONT>  &nbsp;</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">AMBAC</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">21.8%</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">FGIC</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">20.5%</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">FSA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">16.7%</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">MBIA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">21.9%</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">PSF</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">2.2%</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">XCLA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">2.1%</FONT>
  &nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Other</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">0.3%</FONT>
  &nbsp;</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 colspan="6" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left nowrap>
  <div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
  &nbsp;</div></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="6" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">AMBAC</FONT>
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corp.</FONT>
  &nbsp;</TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">MBIA</FONT> </div></TD>
  <TD align=left nowrap><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap><FONT size=2 face="serif">Municipal Bond Insurance Assoc.</FONT> &nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">COP</FONT>
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Certificate of Participation</FONT>
  &nbsp;</TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">PSF</FONT> </div></TD>
  <TD align=left nowrap><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap><FONT size=2 face="serif">Public School
      Fund Guaranteed</FONT> &nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">FGIC</FONT>
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Co.</FONT>
  &nbsp;</TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">RB</FONT> </div></TD>
  <TD align=left nowrap><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap><FONT size=2 face="serif">Revenue Bond</FONT> &nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">FSA</FONT>
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>
  &nbsp;</TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">XLCA</FONT> </div></TD>
  <TD align=left nowrap><FONT size=2 face="serif">&#151;</FONT> </TD>
  <TD align=left nowrap><FONT size=2 face="serif">XL Capital
      Assurance</FONT> &nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">GO</FONT>
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</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>
<BR>
<P align="center">
<FONT size=2 face="serif">4 </FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left"><B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B></P>
<P align="left"><FONT face="serif">(a) The Registrant's principal executive and
    principal financial officers have evaluated the Registrant's disclosure controls
    and procedures within 90 days of this filing and have concluded, as of that
    date, that the Registrant&#146;s disclosure controls and procedures were
    reasonably designed to ensure that information required to be disclosed by
    the Registrant in this Form N-Q was recorded, processed, summarized, and
    reported within the required time periods and that information to be disclosed
    by the Registrant in this Form N-Q was accumulated and communicated to the
    Registrant&#146;s management, including its principal executive and principal
    financial officers, as appropriate, to allow timely decisions regarding required
    disclosure. </FONT> </P>
<P align="left"><FONT face="serif">(b) There were no changes in the Registrant's
    internal control over financial reporting (as defined in Rule 30a-3(d) under
    the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's
    last fiscal quarter that have materially affected, or are reasonably likely
    to materially affect, the Registrant's internal control over financial reporting. </FONT></P>
<P align="left"><B><FONT face="serif">Item 3. Exhibits.</FONT></B> </P>
<P align="left"> <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 align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934 and the Investment
    Company Act of 1940, the Registrant has duly caused this report to be signed
    on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<table  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT face="serif">(Registrant)</FONT>&nbsp;</td>
    <td><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock
          Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=2% align=left nowrap><FONT face="serif">By:&nbsp;</FONT></TD>
    <TD width=98% align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
          Donald C. Burke</font></div></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Name: Donald C. Burke</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Title: Treasurer and
        Principal Financial Officer</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Date: July 25, 2007</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="left"> <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934 and the Investment
    Company Act of 1940, this report has been signed below by the following persons
    on behalf of the Registrant and in the capacities and on the dates indicated. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap><FONT face="serif">By:&nbsp;</FONT></TD>
    <TD align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
          Robert S. Kapito</font></div></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Name: Robert S. Kapito</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Title: President and
        Principal Executive Officer</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Date: July 25, 2007</FONT> </TD>
  </TR>
  <TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT face="serif">By:&nbsp;</FONT></TD>
    <TD align=left nowrap><div style="border-bottom:1px solid #000000"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
          Donald C. Burke</font></div></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Name: Donald C. Burke</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Title: Treasurer and
        Principal Financial Officer</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT face="serif">Date: July 25, 2007</FONT> </TD>
  </TR>
</TABLE>
<BR>
<HR noshade width="100%" size=4>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c49408_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Insured Municipal Income Trust; </FONT></P>
<P align="left">
<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 align="left">
<FONT face="serif">3. Based on my knowledge, the schedule 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 align="left">
<FONT face="serif">4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P align="left">
<FONT face="serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">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 align="left">
<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 align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT face="serif">(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and </FONT></P>

<P align="left">
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P align="left">
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<FONT face="serif">Date: July 25, 2007 </FONT></P>
<div style="margin-left:50%">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=center><div style="border-bottom:1px solid #000000"><font face="serif">/s/
            Robert S. Kapito</font></div></td>
    </tr>
    <tr valign="bottom">
      <td align=center><font face="serif">Robert S. Kapito</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=center nowrap><font face="serif">President and Principal Executive
          Officer</font> </td>
    </tr>
  </table>
  </div>
<BR>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Donald C. Burke, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Insured Municipal Income Trust; </FONT></P>
<P align="left">
<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 align="left">
<FONT face="serif">3. Based on my knowledge, the schedule 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 align="left">
<FONT face="serif">4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT face="serif">(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and </FONT></P>

<P align="left">
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P align="left">
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<FONT face="serif">Date: July 25, 2007 </FONT></P>
<div style="margin-left:50%">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=center><div style="border-bottom:1px solid #000000"><font face="serif">/s/
            Donald C. Burke</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=center><font face="serif">Donald C. Burke</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=center nowrap><font face="serif">Treasurer and Principal Financial
          Officer</font> </td>
    </tr>
  </table>
  </div>
<BR>

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