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: 09/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments September 30, 2010 (Unaudited)

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

 

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Alaska — 0.5%

 

 

 

 

 

 

 

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

 

$

1,260

 

$

1,260,113

 

 

California — 1.2%

 

 

 

 

 

 

 

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

 

 

3,065

 

 

3,090,409

 

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

 

 

145

 

 

145,767

 

 

 

 

 

 

 

 

 

 

 

 

 

3,236,176

 

 

Colorado — 1.3%

 

 

 

 

 

 

 

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

 

 

3,245

 

 

3,264,016

 

 

Florida — 2.9%

 

 

 

 

 

 

 

City of Tampa Florida, Refunding RB
(AGM):

 

 

 

 

 

 

 

5.00%, 10/01/10

 

 

250

 

 

250,032

 

5.50%, 10/01/10

 

 

2,320

 

 

2,320,325

 

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

 

 

5,000

 

 

5,000,600

 

 

 

 

 

 

 

 

 

 

 

 

 

7,570,957

 

 

Illinois — 3.9%

 

 

 

 

 

 

 

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

 

 

1,750

 

 

1,767,482

 

Du Page County Forest Preservation
District Illinois, GO, 5.99%,
11/01/10 (b)

 

 

5,000

 

 

4,998,000

 

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

 

 

2,265

 

 

2,286,042

 

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

 

 

1,025

 

 

1,030,535

 

 

 

 

 

 

 

 

 

 

 

 

 

10,082,059

 

 

Indiana — 1.1%

 

 

 

 

 

 

 

Indianapolis Local Public Improvement
Bond Bank, RB, Waterworks Project,
Series A (NPFGC), 4.38%, 1/01/11

 

 

2,815

 

 

2,841,489

 

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Kentucky — 4.2%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Norton Healthcare Inc., Series B
(NPFGC), 5.40%, 10/01/10 (b)

 

$

10,890

 

$

10,889,238

 

 

Minnesota — 0.2%

 

 

 

 

 

 

 

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

 

 

590

 

 

593,723

 

 

New Jersey — 0.8%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,005,110

 

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

 

 

1,000

 

 

1,004,730

 

 

 

 

 

 

 

 

 

 

 

 

 

2,009,840

 

 

New York — 3.5%

 

 

 

 

 

 

 

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

 

 

8,950

 

 

9,028,760

 

 

Ohio — 0.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,006,160

 

County of Hamilton Ohio, Refunding RB,
Improvement, Metropolitan Sewer
District, Series B (NPFGC), 5.00%,
12/01/10

 

 

1,250

 

 

1,260,025

 

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

 

 

150

 

 

150,021

 

 

 

 

 

 

 

 

 

 

 

 

 

2,416,206

 

 

Rhode Island — 0.0%

 

 

 

 

 

 

 

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

 

 

105

 

 

105,017

 

 

Texas — 5.3%

 

 

 

 

 

 

 

City of Houston Texas, Refunding RB,
Junior Lien, Series C (AMBAC), 6.66%,
12/01/10 (b)

 

 

10,440

 

 

10,427,263

 

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

 

 

1,500

 

 

1,500,195

 


 

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

FGIC

 

Financial Guaranty Insurance Co.

FLOATS

 

Floating Rate Securities

GO

 

General Obligation Bonds

IDA

 

Industrial Development Authority

LOC

 

Letter of Credit

NPFGC

 

National Public Finance Guarantee Corp.

PUTTERS

 

Puttable Tax-Exempt Receipts

RB

 

Revenue Bonds

SBPA

 

Stand-by Bond Purchase Agreement

VRDN

 

Variable Rate Demand Notes


 

 

 

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

SEPTEMBER 30, 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

 

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

2,000

 

$

2,013,060

 

 

 

 

 

 

 

 

 

 

 

 

 

13,940,518

 

 

Utah — 1.2%

 

 

 

 

 

 

 

Jordan Valley Water Conservancy
District, Refunding RB, CAB, Series A
(AMBAC), 6.84%, 10/01/10 (b)

 

 

3,175

 

 

3,174,905

 

 

Washington — 5.3%

 

 

 

 

 

 

 

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

 

 

7,345

 

 

7,396,856

 

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

 

 

1,000

 

 

1,007,090

 

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

 

 

1,010

 

 

1,017,242

 

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

 

 

2,040

 

 

2,053,362

 

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

 

 

2,280

 

 

2,296,165

 

 

 

 

 

 

 

 

 

 

 

 

 

13,770,715

 

 

Total Long-Term Investments
(Cost – $83,592,535) – 32.3%

 

 

 

 

 

84,183,732

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

 

Money Market Funds — 2.5%

 

 

 

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.20% (c)(d)

 

 

6,480,040

 

 

6,480,040

 

 


 

 

 

 

 

 

 

 

 

 

Par
(000 )

 

 

 

 

 

Municipal Bonds — 65.0%

 

 

 

 

 

 

 

 

California — 8.1%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, RB, VRDN,
Series A (AGC, Wells Fargo Bank NA
SBPA), 0.23%, 10/07/10 (e)

 

$

5,000

 

 

5,000,000

 

Coast Community College District,
FLOATS, VRDN, Series 33TP (AGM),
0.31%, 10/07/10 (e)(f)

 

 

9,880

 

 

9,880,000

 

San Francisco Bay Area Rapid Transit
District, Refunding RB, PUTTERS,
VRDN, Series 1631 (AGM), 0.30%,
10/07/10 (e)(f)

 

 

6,125

 

 

6,125,000

 

 

 

 

 

 

 

 

 

 

 

 

 

21,005,000

 

 

Georgia — 3.8%

 

 

 

 

 

 

 

County of DeKalb Georgia, Eclipse
Funding Trust, Refunding RB, VRDN,
Series 2006-0074, Solar Eclipse
(AGM, US Bank NA LOC), 0.29%,
10/07/10 (e)(f)

 

 

9,880

 

 

9,880,000

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Par
(000)

 

Value

 

 

Municipal Bonds (continued)

 

 

 

 

 

 

 

 

Illinois — 4.6%

 

 

 

 

 

 

 

City of Chicago Illinois, GO, Refunding,
PUTTERS, VRDN, Series 1286 (AGM),
0.30%, 10/07/10 (e)(f)

 

$

12,000

 

$

12,000,000

 

 

Indiana — 1.3%

 

 

 

 

 

 

 

Indiana Finance Authority, RB, VRDN,
Lease Appropriation, Series A-2
(JPMorgan Chase Bank SBPA), 0.30%,
10/01/10 (e)

 

 

3,400

 

 

3,400,000

 

 

Kansas — 4.6%

 

 

 

 

 

 

 

Kansas State Department of
Transportation, Refunding RB, VRDN,
Series B-3 (Barclays Bank Plc SBPA),
0.28%, 10/07/10 (e)

 

 

12,000

 

 

12,000,000

 

 

Massachusetts — 2.7%

 

 

 

 

 

 

 

Massachusetts Health & Educational
Facilities Authority, RB, VRDN,
Dana-Farber Cancer Institute,
Series L1 (JPMorgan Chase Bank
LOC), 0.30%, 10/07/10 (e)

 

 

7,000

 

 

7,000,000

 

 

Michigan — 6.4%

 

 

 

 

 

 

 

Kent Hospital Finance Authority,
Refunding RB, VRDN, Spectrum
Health System, Series C (Bank of New
York LOC), 0.24%, 10/07/10 (e)

 

 

9,000

 

 

9,000,000

 

St. Joseph Hospital Finance Authority
Michigan, Refunding RB, VRDN,
Lakeland Hospital (AGM), 0.34%,
10/07/10 (e)

 

 

7,625

 

 

7,625,000

 

 

 

 

 

 

 

 

 

 

 

 

 

16,625,000

 

 

New York — 14.1%

 

 

 

 

 

 

 

Long Island Power Authority, RB, VRDN,
General, Series N (AGM, Dexia Credit
Local SBPA), 0.30%, 10/07/10 (e)

 

 

12,000

 

 

12,000,000

 

New York City Transitional Finance
Authority, RB, VRDN, Future Tax
Secured, Series A-2 (Bank of Nova
Scotia SBPA), 0.23%, 10/07/10 (e)

 

 

12,700

 

 

12,700,000

 

Triborough Bridge & Tunnel Authority,
Refunding RB, VRDN, Metropolitan
Transit Authority Bridges and Tunnels,
Series AB (AGM, JPMorgan Chase
Bank SBPA), 0.25%, 10/07/10 (e)

 

 

12,000

 

 

12,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

36,700,000

 

 

North Carolina — 2.1%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB, VRDN, Transylvania
Regional Hospital (First-Citizens B&T
Co. LOC, Wells Fargo Bank NA LOC),
0.30%, 10/07/10 (e)

 

 

5,525

 

 

5,525,000

 

 

Puerto Rico — 1.5%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Refunding, VRDN, Series B-4 (AGM,
Dexia Credit Local SBPA), 0.27%,
10/07/10 (e)

 

 

3,850

 

 

3,850,000

 

 


 

 

 

2

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

SEPTEMBER 30, 2010



 

 

 

 

Schedule of Investments (concluded)

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


 

 

 

 

 

 

 

 

Short-Term Securities

 

Par
(000)

 

Value

 

 

Municipal Bonds (concluded)

 

 

 

 

 

 

 

 

Rhode Island — 4.6%

 

 

 

 

 

 

 

Narragansett Bay Commission,
Refunding RB, VRDN, Series A (US
Bank NA LOC), 0.25%, 10/07/10 (e)

 

$

12,000

 

$

12,000,000

 

 

South Carolina — 4.7%

 

 

 

 

 

 

 

Scago Educational Facilities Corp. for
Pickens School District, Eclipse
Funding Trust, RB, VRDN,
Series 2007-0003, Solar Eclipse
(AGM, US Bank NA LOC), 0.29%,
10/07/10 (e)(f)

 

 

12,165

 

 

12,165,000

 

 

Texas — 1.9%

 

 

 

 

 

 

 

North Central Texas Health Facility
Development Corp., RB, VRDN, Baylor
Health Care System Project, Series B
(AGM, Bank of New York SBPA),
0.27%, 10/07/10 (e)

 

 

5,000

 

 

5,000,000

 

 

Virginia — 4.6%

 

 

 

 

 

 

 

Loudoun County IDA, RB, VRDN, Howard
Hughes Medical, Series A, 0.28%,
10/07/10 (e)

 

 

12,000

 

 

12,000,000

 

 

Total Municipal Bonds

 

 

 

 

 

169,150,000

 

 

Total Short-Term Securities
(Cost – $175,630,040) – 67.5%

 

 

 

 

 

175,630,040

 

 

Total Investments

 

 

 

 

 

 

 

(Cost – $259,222,575*) – 99.8%

 

 

 

 

 

259,813,772

 

Other Assets Less Liabilities – 0.2%

 

 

 

 

 

621,649

 

 

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

260,435,421

 

 

 

 

 

 

 


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of September 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

259,210,369

 

 

 

 

Gross unrealized appreciation

 

$

603,403

 

Gross unrealized depreciation

 

 

—

 

 

 

 

Net unrealized appreciation

 

$

603,403

 

 

 

 


 

 

(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)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at
December
31, 2009

 

Net Activity

 

Shares
Held at
September
30, 2010

 

Income

 

 

FFI Institutional Tax-Exempt Fund

 

 

7,070,509

 

 

(590,469

)

 

6,480,040

 

$

35,060

 

 


 

 

(d)

Represents the current yield as of report date.

 

 

(e)

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

 

 

(f)

These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.


 

 

 

•

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 semi-annual report.

The following table summarizes the inputs used as of September 30, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments 1

 

 

—

 

$

84,183,732

 

 

—

 

$

84,183,732

 

Short-Term Securities

 

$

6,480,040

 

 

169,150,000

 

 

—

 

 

175,630,040

 

 

 

 

Total

 

$

6,480,040

 

$

253,333,732

 

 

—

 

$

259,813,772

 

 

 

 


 

 

 

 

1

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


 

 

 

BLACKROCK INSURED MUNICIPAL TERM TRUST, INC.

SEPTEMBER 30, 2010

3

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 13a-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: November 22, 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: November 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    The BlackRock Insured Municipal Term Trust Inc.
     
  Date: November 22, 2010

 

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