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 811-06512

 

Name of Fund: The BlackRock Insured Municipal Term Trust Inc. (BMT)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, The BlackRock Insured Municipal Term Trust Inc., 55 East 52 nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 12/31/2010

 

Date of reporting period: 03/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments March 31, 2010 (Unaudited)

BlackRock Insured Municipal Term Trust, Inc. (BMT)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alaska — 2.8%

 

 

 

 

 

 

 

City of Anchorage Alaska, GO,
Refunding, Series B (NPFGC), 4.63%,
7/01/10

 

$

6,000

 

$

6,064,800

 

University of Alaska, Refunding RB,
General, Series K (NPFGC), 3.75%,
10/01/10

 

 

1,260

 

 

1,279,253

 

 

 

 

 

 

 

 

 

 

 

 

7,344,053

 

Arizona — 0.4%

 

 

 

 

 

 

 

City of Mesa Arizona, GO, Refunding,
Series A (NPFGC), 3.75%, 7/01/10

 

 

1,030

 

 

1,038,343

 

California — 4.5%

 

 

 

 

 

 

 

California State Department of Water
Resources, RB, Series A:

 

 

 

 

 

 

 

(AMBAC), 3.60%, 5/01/10

 

 

5,000

 

 

5,013,200

 

(NPFGC), 3.70%, 5/01/11

 

 

3,500

 

 

3,604,020

 

Los Angeles County Capital Asset
Leasing Corp. California, Refunding
RB (AMBAC), 6.05%, 12/01/10

 

 

3,065

 

 

3,163,693

 

State of California, GO (NPFGC), 6.80%,
11/01/10

 

 

145

 

 

145,738

 

 

 

 

 

 

 

 

 

 

 

 

11,926,651

 

Colorado — 1.3%

 

 

 

 

 

 

 

Weld County School District No. 6
Greeley, GO, Refunding (AGM),
3.75%, 12/01/10

 

 

3,245

 

 

3,318,759

 

Delaware — 0.4%

 

 

 

 

 

 

 

Delaware River & Bay Authority, RB
(NPFGC), 3.75%, 1/01/11

 

 

1,015

 

 

1,036,640

 

District of Columbia — 4.0%

 

 

 

 

 

 

 

District of Columbia, GO, Refunding,
Series B (AGM), 5.50%, 6/01/11

 

 

10,000

 

 

10,560,300

 

Florida — 2.9%

 

 

 

 

 

 

 

City of Tampa Florida, Refunding RB
(AGM), 5.50%, 10/01/10

 

 

2,320

 

 

2,378,162

 

Polk County School District, RB (AGM),
5.00%, 10/01/10

 

 

5,000

 

 

5,104,350

 

 

 

 

 

 

 

 

 

 

 

 

7,482,512

 

Hawaii — 0.4%

 

 

 

 

 

 

 

University of Hawaii, RB, Series A
(NPFGC), 3.88%, 7/15/10

 

 

1,000

 

 

1,009,280

 

Illinois — 6.5%

 

 

 

 

 

 

 

City of Chicago Illinois, GO, Refunding,
Series A:

 

 

 

 

 

 

 

(AMBAC), 4.38%, 1/01/11

 

 

120

 

 

123,430

 

(AMBAC), 4.38%, 1/01/11 (a)

 

 

3,880

 

 

3,995,352

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, GO, Refunding,
Series A (concluded):

 

 

 

 

 

 

 

(NPFGC), 5.00%, 1/01/11

 

$

640

 

$

661,280

 

(NPFGC), 5.00%, 1/01/11 (a)

 

 

1,150

 

 

1,189,572

 

Du Page & Will Counties Community
School District No. 204 Indian, GO
(FGIC), 4.25%, 12/30/10 (a)

 

 

1,750

 

 

1,801,345

 

Du Page County Community Unit School
District No. 205 Elmhurst, GO:

 

 

 

 

 

 

 

(FGIC), 4.50%, 1/01/11 (a)

 

 

315

 

 

324,661

 

(NPFGC), 4.50%, 1/01/11

 

 

685

 

 

705,899

 

Du Page County Forest Preservation
District Illinois, GO, 6.02%,
11/01/10 (b)

 

 

5,000

 

 

4,984,100

 

Kane & Du Page Counties Community
Unit School District No. 303 Illinois,
GO, Series A (AGM), 4.00%, 1/01/11

 

 

2,265

 

 

2,325,294

 

Village of Orland Park Illinois, GO,
Series A (NPFGC), 3.50%, 12/01/10

 

 

1,025

 

 

1,046,453

 

 

 

 

 

 

 

 

 

 

 

 

17,157,386

 

Indiana — 4.1%

 

 

 

 

 

 

 

Indiana Municipal Power Agency, RB,
Series A (AMBAC), 4.50%, 1/01/11

 

 

2,635

 

 

2,705,513

 

Indianapolis Local Public Improvement
Bond Bank, RB, Waterworks Project,
Series A, (NPFGC):

 

 

 

 

 

 

 

4.25%, 7/01/10

 

 

2,085

 

 

2,104,182

 

4.38%, 1/01/11

 

 

2,815

 

 

2,890,724

 

4.38%, 7/01/11

 

 

2,950

 

 

3,069,563

 

 

 

 

 

 

 

 

 

 

 

 

10,769,982

 

Kansas — 0.4%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
RB, Public Water Supply Revolving
Loan, Series 2 (AMBAC), 4.13%,
4/01/10

 

 

1,025

 

 

1,025,000

 

Kentucky — 4.1%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Norton Healthcare Inc., Series B
(NPFGC), 5.46%, 10/01/10 (b)

 

 

10,890

 

 

10,752,895

 

Louisiana — 2.0%

 

 

 

 

 

 

 

Louisiana Public Facilities Authority,
Refunding RB, Ochsner Clinic
Foundation Project, Series A (NPFGC),
4.00%, 5/15/11 (a)

 

 

5,000

 

 

5,190,750

 


 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance Inc.

GO

General Obligation Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

VRDN

Variable Rate Demand Notes


 

 

 

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

MARCH 31, 2010

1



 

 

 

 

Schedule of Investments (continued)

BlackRock Insured Municipal Term Trust, Inc. (BMT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan — 1.1%

 

 

 

 

 

 

 

Wyandotte City School District Michigan,
GO, Building & Site (AGM), 4.00%,
5/01/11

 

$

2,810

 

$

2,893,794

 

Minnesota — 0.2%

 

 

 

 

 

 

 

Southern Minnesota Municipal Power
Agency, Refunding RB, Series B,
5.75%, 1/01/11 (a)

 

 

590

 

 

600,060

 

New Jersey — 0.8%

 

 

 

 

 

 

 

Monmouth County Improvement
Authority, RB, Governmental Loan
(AGM), 3.38%, 12/01/10

 

 

1,000

 

 

1,019,850

 

Newark Housing Authority, RB, South
Ward Police Facility (AGC), 3.50%,
12/01/10

 

 

1,000

 

 

1,018,100

 

 

 

 

 

 

 

 

 

 

 

 

2,037,950

 

New Mexico — 2.1%

 

 

 

 

 

 

 

New Mexico Finance Authority, RB,
Public Project Revolving Fund,
Series A (NPFGC):

 

 

 

 

 

 

 

4.20%, 6/01/10

 

 

845

 

 

850,442

 

3.40%, 6/01/11

 

 

1,258

 

 

1,297,841

 

4.30%, 6/01/11

 

 

950

 

 

990,004

 

New Mexico State Transportation
Commission, Refunding RB,
Subordinate Lien Tax, Series B
(AMBAC), 4.75%, 6/15/11 (a)

 

 

2,230

 

 

2,342,258

 

 

 

 

 

 

 

 

 

 

 

 

5,480,545

 

New York — 3.9%

 

 

 

 

 

 

 

Long Island Power Authority, Refunding
RB, General, Series A (AMBAC),
5.50%, 12/01/10

 

 

8,950

 

 

9,242,397

 

New York State Dormitory Authority, RB,
Pratt Institute, Series C (AGC), 2.50%,
7/01/10

 

 

890

 

 

894,441

 

 

 

 

 

 

 

 

 

 

 

 

10,136,838

 

Ohio — 0.5%

 

 

 

 

 

 

 

City of Akron Ohio, GO, Refunding
(NPFGC), 4.00%, 12/01/10

 

 

1,000

 

 

1,022,890

 

Ohio State Building Authority, Refunding
RB, State Facilities, Adult Correction,
Series A (AGM), 5.50%, 10/01/10

 

 

150

 

 

153,871

 

 

 

 

 

 

 

 

 

 

 

 

1,176,761

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Oregon — 2.9%

 

 

 

 

 

 

 

Washington & Clackamas Counties
School District No. 23 J. Tigard
Oregon, GO, Washington & Clackamas
Counties School District No. 23 J.
Tigard Oren, GO (NPFGC):

 

 

 

 

 

 

 

4.00%, 6/15/10

 

$

3,820

 

$

3,849,529

 

4.00%, 6/15/11

 

 

3,720

 

 

3,876,649

 

 

 

 

 

 

 

 

 

 

 

 

7,726,178

 

Pennsylvania — 0.5%

 

 

 

 

 

 

 

Wilson School District Pennsylvania, GO,
Refunding, Second Series (AGM),
4.00%, 5/15/10

 

 

1,250

 

 

1,255,650

 

Rhode Island — 2.0%

 

 

 

 

 

 

 

Rhode Island Clean Water Finance
Agency, RB, Series A (NPFGC), 6.70%,
10/01/10

 

 

105

 

 

108,004

 

State of Rhode Island, GO, Refunding,
Consolidated Capital Development
Loan, Series B (FGIC), 4.20%,
6/01/10

 

 

5,000

 

 

5,032,800

 

 

 

 

 

 

 

 

 

 

 

 

5,140,804

 

Texas — 7.7%

 

 

 

 

 

 

 

Bexar Metropolitan Water District,
Refunding RB, (AGM):

 

 

 

 

 

 

 

3.70%, 5/01/10

 

 

770

 

 

772,117

 

3.70%, 5/01/10 (a)

 

 

315

 

 

315,898

 

3.80%, 5/01/11

 

 

775

 

 

800,792

 

3.80%, 5/01/11 (a)

 

 

315

 

 

326,041

 

City of Houston Texas, Refunding RB,
Junior Lien, Series C (AMBAC), 6.77%,
12/01/10 (b)

 

 

10,440

 

 

10,381,536

 

County of Harris Texas, GO, Refunding,
Tax Road, Series A (AGM), 5.00%,
10/01/10

 

 

1,500

 

 

1,535,355

 

Dallas Area Rapid Transit, RB, Senior
Lien (AMBAC), 4.30%, 12/01/10

 

 

2,000

 

 

2,052,520

 

Texas Municipal Power Agency,
Refunding RB (NPFGC), 5.50%,
9/01/10

 

 

4,000

 

 

4,081,160

 

 

 

 

 

 

 

 

 

 

 

 

20,265,419

 

Utah — 1.2%

 

 

 

 

 

 

 

Jordan Valley Water Conservancy
District, Refunding RB, CAB, Series A
(AMBAC), 6.95%, 10/01/10 (b)

 

 

3,175

 

 

3,155,124

 

Washington — 11.9%

 

 

 

 

 

 

 

Benton County School District No. 17
Kennewick Washington, GO,
Refunding (AGM), 4.50%, 12/01/10

 

 

7,345

 

 

7,546,547

 

Chelan County School District No. 246
Wenatchee Washington, GO (AGM),
4.50%, 12/01/10

 

 

1,000

 

 

1,027,580

 

City of Tacoma Washington, GO
(NPFGC), 4.63%, 12/01/10

 

 

1,010

 

 

1,037,937

 


 

 

 

2

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

MARCH 31, 2010



 

 

 

 

Schedule of Investments (continued)

BlackRock Insured Municipal Term Trust, Inc. (BMT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

Clark County Public Utility District No. 1,
Refunding RB (AMBAC), 4.50%,
1/01/11

 

$

3,000

 

$

3,080,280

 

Clark County School District No. 114
Evergreen Washington, GO (AGM),
4.13%, 12/01/10

 

 

2,040

 

 

2,092,163

 

Energy Northwest, Refunding RB
(NPFGC) (b):

 

 

 

 

 

 

 

CAB, Series B, 5.19%, 7/01/10

 

 

1,300

 

 

1,298,440

 

Series A, 6.52%, 7/01/10

 

 

3,745

 

 

3,736,761

 

Series A, 6.52%, 7/01/10 (a)

 

 

9,160

 

 

9,151,298

 

Whatcom County School District No.
503 Blaine Washington, GO,
Refunding (AGM), 4.50%, 12/01/10

 

 

2,280

 

 

2,342,882

 

 

 

 

 

 

 

 

 

 

 

 

31,313,888

 

West Virginia — 3.6%

 

 

 

 

 

 

 

State of West Virginia, GO, State Road
(AGM), 5.50%, 6/01/10

 

 

1,040

 

 

1,049,058

 

West Virginia EDA, RB, Correctional,
Juvenile & Public Safety Facilities,
Series A (NPFGC):

 

 

 

 

 

 

 

4.50%, 6/01/10

 

 

3,705

 

 

3,726,489

 

4.50%, 6/01/11

 

 

4,420

 

 

4,584,424

 

 

 

 

 

 

 

 

 

 

 

 

9,359,971

 

Wisconsin — 2.2%

 

 

 

 

 

 

 

City of Appleton Wisconsin, Refunding
RB (FGIC), 4.38%, 1/01/11 (a)

 

 

1,045

 

 

1,076,068

 

State of Wisconsin, Refunding RB,
Series 2 (NPFGC), 4.00%, 6/01/10

 

 

4,640

 

 

4,668,861

 

 

 

 

 

 

 

 

 

 

 

 

5,744,929

 

Wyoming — 1.7%

 

 

 

 

 

 

 

Albany County Improvements Statutory
Trust, COP (NPFGC):

 

 

 

 

 

 

 

4.00%, 7/15/10

 

 

1,450

 

 

1,463,369

 

4.00%, 1/15/11

 

 

1,480

 

 

1,515,002

 

4.00%, 7/15/11

 

 

1,510

 

 

1,565,477

 

 

 

 

 

 

 

 

 

 

 

 

4,543,848

 

Total Long-Term Investments
(Cost – $194,521,780) – 76.1%

 

 

 

 

 

199,444,310

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Par
(000)

 

Value

 

Michigan— 6.3%

 

 

 

 

 

 

 

Kent Hospital Finance Authority,
Refunding RB, VRDN, Spectrum
Health System, Series C, 0.27%,
4/07/10 (c)

 

$

9,000

 

$

9,000,000

 

St. Joseph Hospital Finance Authority
Michigan, Refunding RB, VRDN,
Lakeland Hospital (FSA), 0.26%,
1/01/32 (c)

 

 

7,625

 

 

7,625,000

 

 

 

 

 

 

 

 

 

 

 

 

16,625,000

 

New York — 9.1%

 

 

 

 

 

 

 

Long Island Power Authority, RB, VRDN,
General, Series N (AGM), 0.30%,
4/07/10 (c)

 

 

12,000

 

 

12,000,000

 

Triborough Bridge & Tunnel Authority,
Refunding RB, VRDN, MTA Bridges
and Tunnels, Series AB (FSA), 0.30%,
4/07/10 (c)

 

 

12,000

 

 

12,000,000

 

 

 

 

 

 

 

 

 

 

 

 

24,000,000

 

 

 

 

Shares

 

 

 

 

Money Market Fund – 7.4%

 

 

 

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.25% (d)(e)

 

 

19,306,721

 

 

19,306,721

 

Total Short-Term Securities
(Cost – $59,931,721) – 22.8%

 

 

 

 

 

59,931,721

 

Total Investments
(Cost – $254,453,501*) – 98.9%

 

 

 

 

 

259,376,031

 

Other Assets Less Liabilities – 1.1%

 

 

 

 

 

2,873,789

 

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

262,249,820

 

 

 

 

 

 


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of March 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

254,441,295

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

 

$

4,934,736

 

Gross unrealized depreciation

 

 

 

 

 

—

 

 

 

 

 

 

Net unrealized appreciation

 

 

 

 

$

4,934,736

 

 

 

 

 

 


 

 

(a)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(c)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

 

 

(d)

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

 

Income

 

FFI Institutional Tax-Exempt Fund

 

$

12,236,212

 

$

5,655

 


 

 

(e)

Represents the current yield as of report date.


 

 

 

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

MARCH 31, 2010

3



 

 

 

 

Schedule of Investments (concluded)

BlackRock Insured Municipal Term Trust, Inc. (BMT)


 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of March 31, 2010 in determining the fair value of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Investments in
Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments 1

 

 

—

 

$

207,069,310

 

 

—

 

$

207,069,310

 

Short-Term
Securities

 

$

19,306,721

 

 

33,000,000

 

 

—

 

 

52,306,721

 

Total

 

$

19,306,721

 

$

240,069,310

 

 

—

 

$

259,376,031

 

 

 


 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.


 

 

 

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

MARCH 31, 2010

4

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's 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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(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) 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.

 

 

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.

 

 

 

The BlackRock Insured Municipal Term Trust Inc.

   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    The BlackRock Insured Municipal Term Trust Inc.
   
  Date: May 27, 2010
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    The BlackRock Insured Municipal Term Trust Inc.
   
  Date: May 27, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    The BlackRock Insured Municipal Term Trust Inc.
     
  Date: May 27, 2010
   
Blackrock Insured Municipal Term Trust Inc. (The) (NYSE:BMT)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Blackrock Insured Municipal Term Trust Inc. (The) Charts.
Blackrock Insured Municipal Term Trust Inc. (The) (NYSE:BMT)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Blackrock Insured Municipal Term Trust Inc. (The) Charts.