UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21178
Name of Fund: BlackRock Insured Municipal Income Trust (BYM)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Insured Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 03/01/2008 05/31/2008
Item 1 Schedule of Investments
BlackRock Insured Municipal Income Trust | ||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000) | Value |
|||
Alabama - 0.6% | Jefferson County, Alabama, Limited Obligation School Warrants, | |||||
Series A, 4.75%, 1/01/25 | $ | 2,800 | $ |
2,408,924 | ||
Arizona - 2.3% | Phoenix, Arizona, Civic Improvement Corporation, Excise Tax | |||||
Revenue Bonds (Civic Plaza Expansion Project), | ||||||
Sub-Series A, 5%, 7/01/41 (a) | 5,000 | 5,023,450 | ||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue | ||||||
Bonds, 5%, 12/01/37 | 4,000 | 3,540,160 | ||||
8,563,610 | ||||||
California - 30.9% | Arcadia, California, Unified School District, Capital Appreciation, GO | |||||
(Election of 2006), Series A, 4.96%, 8/01/39 (b)(c) | 2,000 | 352,960 | ||||
California Infrastructure and Economic Development Bank, First Lien | ||||||
Revenue Bonds (Bay Area Toll Bridges Retrofit), Series A, 5%, | ||||||
1/01/28 (d)(e) | 10,100 | 10,945,168 | ||||
California State Department of Water Resources, Power Supply | ||||||
Revenue Bonds, Series A, 5.375%, 5/01/12 (e) | 14,000 | 15,417,780 | ||||
Coast Community College District, California, GO, Refunding | ||||||
(Election of 2002), Series C, 5.504%, 8/01/13 (b)(c) | 7,450 | 5,713,554 | ||||
Coast Community College District, California, GO, Refunding | ||||||
(Election of 2002), Series C, 5.39%, 8/01/36 (b)(c) | 4,200 | 910,896 | ||||
Fresno, California, Unified School District, GO | ||||||
(Election of 2001), Series E, 5%, 8/01/30 (b) | 1,100 | 1,136,421 | ||||
Golden State Tobacco Securitization Corporation of California, | ||||||
Tobacco Settlement Revenue Bonds, Series A-1, | ||||||
6.625%, 6/01/13 (e) | 6,500 | 7,424,170 | ||||
Golden State Tobacco Securitization Corporation of California, | ||||||
Tobacco Settlement Revenue Bonds, Series A-1, | ||||||
6.75%, 6/01/13 (e) | 14,500 | 16,644,115 | ||||
Los Angeles, California, Municipal Improvement Corporation, Lease | ||||||
Revenue Bonds, Series B1, 4.75%, 8/01/37 (a) | 4,000 | 3,913,200 | ||||
Metropolitan Water District of Southern California, Waterworks | ||||||
Revenue Bonds, Series B-1, 5%, 10/01/33 (a) | 17,500 | 17,801,875 | ||||
Monterey Peninsula Community College District, California, GO, | ||||||
CABS, Series C, 5.15%, 8/01/31 (b)(c) | 13,575 | 3,724,980 | ||||
Monterey Peninsula Community College District, California, GO, | ||||||
CABS, Series C, 5.16%, 8/01/32 (b)(c) | 14,150 | 3,683,245 | ||||
Orange County, California, Sanitation District, COP, | ||||||
Series B, 5%, 2/01/31 (b) | 2,500 | 2,552,750 | ||||
Rancho Cucamonga, California, Redevelopment Agency, Tax | ||||||
Allocation Refunding Bonds (Rancho Redevelopment Project), Series | ||||||
A, 5%, 9/01/34 (f) | 500 | 501,800 | ||||
Portfolio Abbreviations | ||||||
To simplify the listings of BlackRock Insured Municipal Income Trust's portfolio holdings in the Schedule of | ||||||
Investments, we have abbreviated the names of many of the securities according to the list below. |
AMT | Alternative Minimum Tax (subject to) | GO | General Obligation Bonds | ||||
CABS | Capital Appreciation Bonds | IDA | Industrial Development Authority | ||||
COP | Certificates of Participation | PCR | Pollution Control Revenue Bonds | ||||
EDA | Economic Development Authority |
1
BlackRock Insured Municipal Income Trust | |||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
Par | |||||||
State | Municipal Bonds | (000) | Value |
||||
Sacramento, California, Unified School District, GO (Election of | |||||||
2002), 5%, 7/01/30 (f) | $ | 2,700 | $ |
2,771,145 | |||
San Joaquin Hills, California, Transportation Corridor Agency, Toll | |||||||
Road Revenue Refunding Bonds, Series A, 5.45%, 1/15/31 (c)(f) | 53,000 | 13,759,860 | |||||
University of California Revenue Bonds, Series O, 5%, | |||||||
9/01/10 (a)(e) | 9,000 | 9,615,690 | |||||
116,869,609 | |||||||
District of Columbia - | District of Columbia Tobacco Settlement Financing Corporation, | ||||||
2.5% | Asset-Backed Revenue Refunding Bonds, 6.75%, 5/15/40 | 9,500 | 9,551,775 | ||||
Florida - 9.4% | Florida State Department of Environmental Protection, Preservation | ||||||
Revenue Bonds, Series B, 5%, 7/01/27 (f) | 7,500 | 7,648,575 | |||||
Highlands County, Florida, Health Facilities Authority, Hospital | |||||||
Revenue Bonds (Adventist Health System), | |||||||
Series C, 5.25%, 11/15/36 | 1,650 | 1,621,240 | |||||
Miami-Dade County, Florida, Aviation Revenue Bonds (Miami | |||||||
International Airport), Series B, 5%, 10/01/37 (a) | 9,500 | 9,313,040 | |||||
Miami-Dade County, Florida, School Board, COP, Refunding, | |||||||
Series B, 5.25%, 5/01/31 (g) | 3,700 | 3,771,484 | |||||
Miami-Dade County, Florida, School Board, COP, Refunding, | |||||||
Series B, 5%, 5/01/33 (g) | 7,500 | 7,505,475 | |||||
Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub- | |||||||
Series A, 5.25%, 10/01/38 (c)(f) | 25,520 | 4,530,821 | |||||
Miami, Florida, Special Obligation Revenue Bonds (Street and | |||||||
Sidewalk Improvement Program), 5%, 1/01/37 (f) | 1,000 | 1,004,490 | |||||
35,395,125 | |||||||
Georgia - 3.1% | Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5%, | ||||||
11/01/34 (b) | 7,000 | 7,118,790 | |||||
Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5%, | |||||||
11/01/37 (b) | 4,475 | 4,543,512 | |||||
11,662,302 | |||||||
Illinois - 6.7% | Bolingbrook, Illinois, GO, Refunding, Series A, 4.75%, | ||||||
1/01/38 (f) | 2,500 | 2,430,225 | |||||
Chicago, Illinois, Special Transportation Revenue Bonds, 5.25%, | |||||||
1/01/27 (d)(e) | 11,550 | 12,086,498 | |||||
Illinois Municipal Electric Agency, Power Supply Revenue Bonds, | |||||||
Series A, 5.25%, 2/01/27 (a)(f) | 5,000 | 5,182,800 | |||||
Metropolitan Pier and Exposition Authority, Illinois, Dedicated State | |||||||
Tax Revenue Refunding Bonds (McCormick Place Expansion), 5.50%, | |||||||
6/15/28 (c)(f) | 15,000 | 5,435,100 | |||||
25,134,623 | |||||||
Louisiana - 1.5% | Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 5%, | ||||||
5/01/35 (a) | 5,450 | 5,510,113 | |||||
Massachusetts - 3.6% | Massachusetts Bay Transportation Authority, Sales Tax Revenue | ||||||
Refunding Bonds, Senior Series A-2, 5.12%, 7/01/35 (c) | 3,200 | 746,016 | |||||
Massachusetts State Turnpike Authority, Metropolitan Highway | |||||||
System Revenue Refunding Bonds, Sub-Series A, 5%, 1/01/39 (d) | 13,000 | 12,938,900 | |||||
13,684,916 |
2
BlackRock Insured Municipal Income Trust | |||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
Par | |||||||
State | Municipal Bonds | (000) | Value |
||||
Michigan - 4.5% | Detroit, Michigan, Sewage Disposal System, Second Lien Revenue | ||||||
Bonds, Series B, 5%, 7/01/33 (a)(f) | $ | 4,000 | $ |
4,010,360 | |||
Detroit, Michigan, Sewage Disposal System, Second Lien Revenue | |||||||
Bonds, Series B, 5%, 7/01/36 (a)(f) | 7,000 | 7,008,890 | |||||
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien, | |||||||
Series A, 5%, 7/01/30 (a) | 1,000 | 980,300 | |||||
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien, | |||||||
Series A, 5%, 7/01/34 (f) | 3,000 | 3,002,520 | |||||
Michigan State Hospital Finance Authority, Revenue Refunding Bonds | |||||||
(Henry Ford Health System), Series A, 5%, 11/15/38 | 2,000 | 1,886,720 | |||||
16,888,790 | |||||||
Nevada - 7.5% | Reno, Nevada, Sales and Room Tax Revenue Refunding Bonds | ||||||
(ReTrac-Reno Transportation Rail Access Corridor Project), Senior | |||||||
Lien, 5.125%, 6/01/12 (d)(e) | 5,000 | 5,397,350 | |||||
Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, | |||||||
Series A, 5%, 7/01/11 (b)(e) | 10,000 | 10,655,000 | |||||
Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, | |||||||
Series A, 5.125%, 7/01/11 (b)(e) | 6,500 | 6,949,605 | |||||
Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, | |||||||
Series A, 5.25%, 7/01/11 (b)(e) | 5,000 | 5,364,250 | |||||
28,366,205 | |||||||
New York - 1.8% | Metropolitan Transportation Authority, New York, Revenue Bonds, | ||||||
Series A, 5%, 11/15/31 (b) | 6,450 | 6,647,176 | |||||
Pennsylvania - 2.1% | Lebanon County, Pennsylvania, Health Facilities Authority, Hospital | ||||||
Revenue Bonds (Good Samaritan Hospital Project), | |||||||
6%, 11/15/35 | 2,500 | 2,504,525 | |||||
Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 3rd Series, | |||||||
5.125%, 8/01/11 (b)(e) | 5,200 | 5,577,104 | |||||
8,081,629 | |||||||
South Carolina - 5.0% | South Carolina Transportation Infrastructure Bank Revenue Bonds, | ||||||
Junior Lien, Series B, 5.125% due 10/01/2011 (d)(e) | 10,000 | 10,748,400 | |||||
South Carolina Transportation Infrastructure Bank Revenue Bonds, | |||||||
Series A, 5%, 10/01/33 (d) | 8,000 | 8,049,040 | |||||
18,797,440 | |||||||
Tennessee - 5.2% | Knox County, Tennessee, Health, Educational and Housing Facilities | ||||||
Board, Hospital Facilities Revenue Refunding Bonds (Covenant | |||||||
Health), Series A, 5.84%, 1/01/22 (b)(c) | 11,705 | 5,556,715 | |||||
Knox County, Tennessee, Health, Educational and Housing Facilities | |||||||
Board, Hospital Facilities Revenue Refunding Bonds (Covenant | |||||||
Health), Series A, 5.88%, 1/01/23 (b)(c) | 9,260 | 4,121,070 | |||||
Knox County, Tennessee, Health, Educational and Housing Facilities | |||||||
Board, Hospital Facilities Revenue Refunding Bonds (Covenant | |||||||
Health), Series A, 5.90%, 1/01/24 (b)(c) | 8,500 | 3,554,275 | |||||
Knox County, Tennessee, Health, Educational and Housing Facilities | |||||||
Board, Hospital Facilities Revenue Refunding Bonds (Covenant | |||||||
Health), Series A, 5.91%, 1/01/25 (b)(c) | 6,850 | 2,694,584 |
3
BlackRock Insured Municipal Income Trust | ||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000) | Value |
|||
Knox County, Tennessee, Health, Educational and Housing Facilities | ||||||
Board, Hospital Facilities Revenue Refunding Bonds (Covenant | ||||||
Health), Series A, 5.93%, 1/01/26 (b)(c) | $ | 5,000 | $ |
1,842,600 | ||
Knox County, Tennessee, Health, Educational and Housing Facilities | ||||||
Board, Hospital Facilities Revenue Refunding Bonds (Covenant | ||||||
Health), Series A, 5.07%, 1/01/41 (c) | 10,000 | 1,291,800 | ||||
Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, | ||||||
Series A, 5.25%, 9/01/26 | 650 | 636,500 | ||||
19,697,544 | ||||||
Texas - 28.8% | Coppell, Texas, Independent School District, GO, Refunding, 5.64%, | |||||
8/15/30 (c) | 10,030 | 3,186,832 | ||||
Dallas, Texas, Area Rapid Transit Revenue Refunding Bonds, Senior | ||||||
Lien, 5%, 12/01/11 (d)(e) | 2,350 | 2,519,411 | ||||
Harris County-Houston Sports Authority, Texas, Revenue Refunding | ||||||
Bonds, Junior Lien, Series H, 5.811%, 11/15/38 (c)(f) | 5,785 | 921,377 | ||||
Harris County-Houston Sports Authority, Texas, Revenue Refunding | ||||||
Bonds, Junior Lien, Series H, 5.826%, 11/15/39 (c)(f) | 6,160 | 913,282 | ||||
Harris County-Houston Sports Authority, Texas, Revenue Refunding | ||||||
Bonds, Third Lien, Series A-3, 5.98%, 11/15/38 (c)(f) | 26,890 | 4,335,744 | ||||
Harris County-Houston Sports Authority, Texas, Revenue Refunding | ||||||
Bonds, Third Lien, Series A-3, 5.99%, 11/15/39 (c)(f) | 27,675 | 4,153,187 | ||||
Harris County, Texas, GO, Refunding, 5.49%, 8/15/25 (c)(f) | 7,485 | 3,183,670 | ||||
Harris County, Texas, GO, Refunding, 5.20%, 8/15/28 (c)(f) | 10,915 | 3,898,620 | ||||
Harris County, Texas, Toll Road Revenue Refunding Bonds, Senior | ||||||
Lien, 5%, 8/15/30 (b) | 5,510 | 5,593,091 | ||||
Lewisville, Texas, Independent School District, Capital Appreciation | ||||||
and School Building, GO, Refunding, 4.67%, | ||||||
8/15/24 (a)(c) | 5,315 | 2,222,255 | ||||
North Texas Tollway Authority, System Revenue Refunding Bonds, | ||||||
5.75%, 1/01/40 (f) | 23,050 | 24,406,723 | ||||
North Texas Tollway Authority, System Revenue Refunding Bonds, | ||||||
First Tier, Series A, 6%, 1/01/25 | 750 | 806,527 | ||||
San Antonio, Texas, Water System Revenue Refunding Bonds, | ||||||
5.125%, 5/15/29 (a) | 9,350 | 9,435,740 | ||||
San Antonio, Texas, Water System Revenue Refunding Bonds, | ||||||
5.125%, 5/15/34 (a) | 10,000 | 10,066,000 | ||||
Texas State Turnpike Authority, Central Texas Turnpike System | ||||||
Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (d) | 30,145 | 29,719,654 | ||||
Tyler, Texas, Health Facilities Development Corporation, Hospital | ||||||
Revenue Bonds (Mother Frances Hospital Regional Health Care | ||||||
Center), 6%, 7/01/12 (e) | 3,000 | 3,335,040 | ||||
108,697,153 | ||||||
Virginia - 2.0% | Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power | |||||
Company), Series A, 5.875%, 6/01/17 | 3,000 | 3,176,640 |
4
BlackRock Insured Municipal Income Trust | ||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000) | Value |
|||
Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric | ||||||
and Power Company), Series B, 5.875%, 6/01/17 | $ | 4,000 | $ | 4,249,000 | ||
7,425,640 | ||||||
Washington - 8.3% | Central Washington University, System Revenue Bonds, 5%, 5/01/34 | |||||
(a) | 9,610 | 9,499,485 | ||||
Chelan County, Washington, Public Utility District Number 001, | ||||||
Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series C, | ||||||
5.125%, 7/01/33 (d) | 3,655 | 3,715,125 | ||||
Port of Seattle, Washington, Revenue Bonds, Series A, | ||||||
5%, 4/01/31 (a) | 4,500 | 4,546,485 | ||||
Washington State, GO, Series 02-A, 5%, 7/01/25 (b) | 6,380 | 6,595,261 | ||||
Washington State Health Care Facilities Authority Revenue Bonds | ||||||
(MultiCare Health System), Series C, 5.50%, 8/15/43 (g) | 7,000 | 7,211,120 | ||||
31,567,476 | ||||||
West Virginia - 0.3% | West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and | |||||
Public Safety Facilities), Series A, 5%, 6/01/29 (f) | 1,295 | 1,311,058 | ||||
Puerto Rico - 0.3% | Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior | |||||
Lien Revenue Bonds, Series A, 6%, 7/01/44 (h) | 1,080 | 1,154,963 | ||||
Total Municipal Bonds | ||||||
(Cost - $465,740,991) - 126.4% | 477,416,071 | |||||
Municipal Bonds Transferred to | ||||||
Tender Option Bond Trusts (i) | ||||||
California - 8.0% | San Diego County, California, Water Authority Revenue | |||||
Refunding Bonds, COP, Series 2008 A, 5%, 5/01/33 (b) | 4,875 | 5,020,909 | ||||
San Francisco, California, City and County Public Utilities | ||||||
Commission, Water Revenue Refunding Bonds, Series A, | ||||||
5%, 11/01/31 (b) | 15,000 | 15,215,700 | ||||
University of California Revenue Bonds (Multi-Purpose Projects), | ||||||
Series C, 4.75%, 5/15/37 | 10,000 | 9,860,400 | ||||
30,097,009 | ||||||
Florida - 1.3% | Duval County, Florida, School Board COP, 5%, 7/01/33 (b) | 2,800 | 2,804,034 | |||
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue | ||||||
Bonds (Baptist Medical Center Project), 5%, 8/15/37 (b) | 1,995 | 2,006,551 | ||||
4,810,585 | ||||||
Illinois - 6.5% | Metropolitan Pier & Exposition Authority, Illinois, Dedicated State | |||||
Tax Revenue Refunding Bonds (McCormick Place Expansion | ||||||
Project), Series A, 5%, 12/15/28 (f) | 24,010 | 24,534,028 | ||||
Louisiana - 2.6% | Louisiana State, Gas and Fuels Tax Revenue Bonds, | |||||
Series A, 4.75%, 5/01/39 (b) | 9,950 | 9,854,082 | ||||
Massachusetts - 3.5% | Massachusetts State School Building Authority, Dedicated | |||||
Sales Tax Revenue Bonds, Series A, 5%, 8/15/30 (b) | 13,000 | 13,347,230 | ||||
Michigan - 0.9% | Detroit, Michigan, Sewage Disposal System Revenue Bonds | |||||
(Second Lien), Series E, 5.75%, 7/01/31 (a) | 3,000 | 3,324,330 | ||||
New York - 3.2% | Erie County, New York, IDA, School Facility Revenue Bonds | |||||
(City of Buffalo Project), Series A, 5.75%, 5/01/28 (b) | 4,500 | 4,954,455 | ||||
Metropolitan Transportation Authority, New York, Revenue Bonds, | ||||||
Series A, 5%, 11/15/31 (f) | 7,000 | 7,204,120 | ||||
12,158,575 |
5
BlackRock Insured Municipal Income Trust | ||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Total Municipal Bonds Transferred to | Par | |||||
State | Tender Option Bond Trusts (i) | (000) | Value | |||
Texas - 2.6% | Northside Texas, Independent School District, GO, | |||||
5.125%, 6/15/29 | $ |
9,500 | $ |
9,776,925 | ||
Utah - 1.4% | Utah Transit Authority, Sales Tax Revenue Bonds, | |||||
Series A, 5%, 6/15/36 (b) | 5,000 | 5,165,560 | ||||
Washington - 1.4% | Central Puget Sound Regional Transportation Authority, | |||||
Washington, Sales and Use Tax Revenue Bonds, Series A, | ||||||
5%, 11/01/32 (b) | 3,500 | 3,603,215 | ||||
King County, Washington, Sewer Revenue Refunding Bonds, 5%, | ||||||
1/01/36 (b) | 2,200 | 2,252,363 | ||||
5,855,578 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts | ||||||
(Cost - $117,346,461) - 31.4% | 118,923,902 | |||||
Short-Term Securities | Shares | |||||
Merrill Lynch Institutional Tax-Exempt Fund, 1.71% (j)(k) | 84,500,000 | 84,500,000 | ||||
Total Short-Term Securities | ||||||
(Cost - $84,500,000) - 22.4% | 84,500,000 | |||||
Total Investments (Cost - $667,587,452*) - 180.2% | 680,839,973 | |||||
Other Assets Less Liabilities - 1.3% | 5,084,498 | |||||
Liability for Trust Certificates, | ||||||
Including Interest Expense and Fees Payable - (20.9%) | (79,042,154) | |||||
Preferred Shares, at Redemption Value - (60.6%) | (229,093,618) | |||||
Net Assets Applicable to Common Shares - 100.0% | $ |
377,788,699 |
* | The cost and unrealized appreciation (depreciation) of investments as of May 31, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ | 589,886,317 | |||
Gross unrealized appreciation | $ | 18,950,806 | |||
Gross unrealized depreciation | (6,987,150 |
) |
|||
Net unrealized appreciation | $ | 11,963,656 |
(a) | FGIC Insured. |
(b) | FSA Insured. |
(c) | Represents a zero coupon bond or step bond. Rate shown reflects the effective yield at the time of purchase. |
(d) | AMBAC Insured. |
(e) | U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) | MBIA Insured. |
(g) | Assured Guarantee Insured. |
(h) | Radian Insured. |
(i) | Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
(j) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Affiliate | Net Activity | Dividend
Income |
|||
Merrill Lynch Institutional Tax-Exempt Fund | 82,200,000 |
$ | 216,964 |
6
BlackRock Insured Municipal Income Trust |
Schedule of Investments May 31, 2008 (Unaudited) |
(k) | Represents the current yield as of report date. |
| Forward interest rate swaps as of May 31, 2008 were as follows: |
Notional | ||||||
Amount | Unrealized | |||||
(000) | Appreciation | |||||
Pay a fixed rate of 3.77% and receive a floating | ||||||
rate based on 1-week Securities Industry and | ||||||
Financial Markets Association (SIFMA) Municipal | ||||||
Swap Index rate | ||||||
Broker, JPMorgan Chase | ||||||
Expires July 2028 | $ | 15,000 | $ | 76,365 | ||
Pay a fixed rate of 3.67% and receive a floating | ||||||
rate based on 1-week Securities Industry and | ||||||
Financial Markets Association (SIFMA) Municipal | ||||||
Swap Index rate | ||||||
Broker, Citibank NA | ||||||
Expires August 2028 | $ | 20,000 | 378,120 | |||
Pay a fixed rate of 3.841% and receive a floating | ||||||
rate based on 1-week Securities Industry and | ||||||
Financial Markets Association (SIFMA) Municipal | ||||||
Swap Index rate | ||||||
Broker, Citibank NA | ||||||
Expires June 2038 | $ | 16,500 | 126,423 | |||
Total | $ | 580,908 |
7
Item 2 | Controls and Procedures |
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
2(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a- 3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 3 | Exhibits |
Certifications Attached hereto |
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.
BlackRock Insured Municipal Income Trust
By: | /s/ Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer of | |
BlackRock Insured Municipal Income Trust | |
Date: | July 18, 2008 |
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.
By: | /s/
Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer (principal executive officer) of | |
BlackRock Insured Municipal Income Trust | |
Date: | July 18, 2008 |
By: | /s/
Neal J. Andrews |
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock Insured Municipal Income Trust | |
Date: | July 18, 2008 |