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: 811-06434
Morgan Stanley Insured Municipal Trust
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald E. Robison
1221 Avenue of the Americas, New York, New York 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: October 31, 2006
Date of reporting period: January 31, 2006
ITEM 1. SCHEDULE OF INVESTMENTS.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
MORGAN STANLEY INSURED MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 2006 (UNAUDITED)
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
--------- ------ -------- -------------
TAX-EXEMPT MUNICIPAL BONDS (139.5%)
General Obligation (24.6%)
$ 10,000 North Slope Borough, Alaska, Ser 2000 B (MBIA) 0.00% 06/30/10 $ 8,505,100
3,000 Los Angeles, California, Ser 2004 A (MBIA) 5.00 09/01/24 3,161,400
3,000 San Diego Unified School District, California, Ser 2003 E (FSA) 5.25 07/01/23 3,312,720
3,000 Florida Board of Education, Capital Outlay Refg 2002 Ser C (MBIA) 5.00 06/01/20 3,181,440
Honolulu City & County, Hawaii,
2,500 ROLS RR II R 237-2 (MBIA) 7.356# 03/01/25 2,883,325
2,500 ROLS RR II R 237-3 (MBIA) 7.356# 03/01/26 2,836,575
Chicago, Illinois,
8,000 Refg Ser 1992 (Ambac) 6.25 01/01/11 8,815,360
2,000 Refg 2001 A (MBIA) 0.00++ 01/01/21 1,717,240
2,000 Refg 2001 A (MBIA) 0.00++ 01/01/22 1,710,820
Illinois,
10,000 Ser 2001 (MBIA) 5.375 04/01/15 11,106,700
10,000 Ser 2001 (MBIA) 5.375 04/01/16 11,137,000
3,000 Brainerd Independent School District 181, Minnesota, 5.375 02/01/18 3,261,780
Ser 2002 A (FGIC)
4,000 Clark County, Nevada, Transportation Impr Ltd Tax 6.50 06/01/17 4,861,760
Ser 06/01/92 B (Ambac)
1,880 King County, Washington, Refg 1998 Ser B (MBIA) 5.25 01/01/34 1,947,003
-------- -------------
64,880 68,438,223
-------- -------------
Educational Facilities Revenue (7.0%)
2,000 Arizona Board of Regents, Arizona State University Ser 2004 5.00 09/01/30 2,074,080
COPs (Ambac)
University of California,
1,000 Limited Projects Ser 2005 B (FSA) 5.00 05/15/30 1,041,580
2,000 Multi Purpose Ser Q (FSA) 5.00 09/01/31 2,071,940
1,735 Orange County Educational Facilities, Florida, Rollins 5.125 12/01/28 1,825,116
College Ser 2005 (Ambac)
Fulton County Development Authority, Georgia,
900 Morehouse College Ser 2000 (Ambac) 6.25 12/01/21 1,009,143
1,700 Morehouse College Ser 2000 (Ambac) 5.875 12/01/30 1,872,601
2,500 University of North Carolina, Ser 2000 (Ambac) 5.25 10/01/20 2,684,725
2,000 University of North Carolina at Wilmington, Student Housing 5.00 06/01/36 2,066,940
Ser 2005 COPs (FGIC)
4,635 University of Vermont & State Agricultural College, Ser 2005 (MBIA) 5.00 10/01/40 4,805,568
-------- -------------
18,470 19,451,693
-------- -------------
Electric Revenue (12.7%)
2,000 Indiana Municipal Power Agency, Power Supply 2004 Ser A (FGIC) 5.00 01/01/32 2,069,000
South Carolina Public Service Authority,
9,325 Ser 2002 B (FSA) 5.375 01/01/17 10,073,331
2,000 Ser 2003 A (Ambac) 5.00 01/01/27 2,083,520
10,000 Lower Colorado River Authority, Texas, Refg Ser 1999 A (FSA) 5.875 05/15/16 10,817,200
10,000 Seattle, Washington, Light & Power Refg Rev 2001 (FSA) 5.125 03/01/26 10,340,000
-------- -------------
33,325 35,383,051
-------- -------------
Hospital Revenue (5.4%)
3,000 Indiana Health Facilities Financing Authority, Community Health 5.00 05/01/35 3,096,210
Ser 2005 A (Ambac)
2,000 Louisiana Public Facilities Authority, Baton Rouge General Medical 5.25 07/01/33 2,094,060
Center-FHA Insured Mtge Ser 2004 (MBIA)
4,000 Minneapolis, Minnesota, Fairview Health 2005 Ser D (Ambac) 5.00 11/15/34 4,143,840
2,650 Montana Health Facilities Authority, Deaconess Billings Clinic 7.054# 02/25/25 2,656,201
Ser 1994 (Ambac)
2,000 New York State Dormitory Authority, Montefiore Hospital - FHA 5.00 08/01/29 2,083,100
Insured Mtge Ser 2004 (FGIC)
1,000 Medical University South Carolina Hospital Authority, FHA Insured 5.25 02/15/25 1,064,340
Mtge Ser 2004 A (MBIA)
-------- -------------
14,650 15,137,751
-------- -------------
Industrial Development/Pollution Control Revenue (4.2%)
5,000 Humboldt County, Nevada, Sierra Pacific Power Co 6.55 10/01/13 5,135,750
Refg Ser 1987 (Ambac)
5,000 New York State Energy Research & Development Authority, 5.50** 01/01/21 5,108,350
Brooklyn Union Gas Co 1996 Ser (MBIA)
1,500 Delaware County Industrial Development Authority, Pennsylvania, 5.00 11/01/37 1,535,595
Aqua Inc Ser A 2005 (AMT) (FGIC)
-------- -------------
11,500 11,779,695
-------- -------------
Mortgage Revenue - Multi Family (1.5%)
4,160 New Jersey Housing Mortgage Finance Authority, Home Buyer 5.875 10/01/31 4,176,765
-------- Ser 2000 CC (AMT) (MBIA) -------------
Public Facilities Revenue (3.5%)
2,000 Massachusetts School Building Authority, Dedicated Sales Tax 5.00 08/15/19 2,144,980
2005 Ser A (MBIA)
1,500 Albuquerque, New Mexico, Gross Receipts Lodgers' Tax 5.00 07/01/37 1,548,300
Refg Ser 2004 A (FSA)
1,685 Oregon Department of Administrative Services, COPs Ser B (FGIC) 5.00 11/01/24 1,774,591
2,100 Erie County, Convention Center Authority, Pennsylvania, Convention 5.00 01/15/36 2,179,002
Center Hotel Ser 2005 (FGIC)
2,000 Pennsylvania Public School Building Authority, Philadelphia School 5.00 06/01/33 2,063,640
District Ser 2003 (FSA)
-------- -------------
9,285 9,710,513
-------- -------------
Recreational Facilities Revenue (7.3%)
2,500 College Park Business & Industrial Development Authority, 5.75 09/01/26 2,779,750
Georgia, Civic Center Ser 2000 (Ambac)
Iowa,
3,600 Vision Iowa Ser 2001 (MBIA) 5.50 02/15/19 4,126,644
2,500 Vision Iowa Ser 2001 (MBIA) 5.50 02/15/20 2,875,075
10,000 Hamilton County, Ohio, Sales Tax Ser 2000 (Ambac) 5.25 12/01/32 10,574,000
-------- -------------
18,600 20,355,469
-------- -------------
Tax Allocation Revenue (0.9%)
2,390 San Jose Redevelopment Agency, California, Merged Area 5.00 08/01/32 2,443,440
Ser 2002 (MBIA)
-------- -------------
Transportation Facilities Revenue (30.7%)
5,000 Denver City & County, Colorado, Airport Refg Ser 2000 A (AMT) 6.00 11/15/18 5,419,100
(Ambac)
Miami Dade County, Florida,
2,155 Miami Int'l Airport Refg Ser 2003 B (AMT) (MBIA) 5.25 10/01/18 2,288,093
2,270 Miami Int'l Airport Refg Ser 2003 B (AMT) (MBIA) 5.25 10/01/19 2,405,633
5,000 Atlanta, Georgia, Airport Ser 2004 C (FSA) 5.00 01/01/33 5,153,900
5,000 Hawaii, Airports Refg Ser 2001 (AMT) (FGIC) 5.25 07/01/21 5,221,250
Chicago, Illinois,
2,000 O' Hare Int'l Airport Third Lien Ser 2003 (AMT) (FSA) 5.75 01/01/23 2,199,100
3,000 O' Hare Int'l Airport Third Lien Ser A (MBIA) 5.25 01/01/25 3,234,300
4,000 Regional Transportation Authority, Illinois, Refg Ser 1999 (FSA) 5.75 06/01/21 4,717,920
2,500 Maryland Economic Development Corporation, Maryland Aviation 5.375 06/01/22 2,664,600
Administration Ser 2003 (AMT) (FSA)
2,000 Massachusetts Turnpike Authority, Metropolitan Highway 5.00 01/01/37 2,030,520
1997 Ser A (MBIA)
5,000 Minneapolis - St Paul Metropolitan Airports Commission, 5.25 01/01/32 5,236,950
Minnesota, Ser 2001 C (FGIC)
5,000 Nevada Department of Business & Industry, Las Vegas Monorail 0.00 01/01/21 2,493,150
1st Tier Ser 2000 (Ambac)
2,000 New Jersey Transportation Trust Fund Authority, 2005 Ser C (FGIC) 5.25 06/15/20 2,176,580
5,000 New Jersey Turnpike Authority, Ser 2003 A (Ambac) 5.00 01/01/30 5,179,900
Metropolitan Transportation Authority, New York,
6,805 State Service Contract Refg Ser 2002 B (MBIA) 5.50 07/01/20 7,478,355
10,000 Transportation Refg Ser 2002 A (Ambac) 5.50 11/15/17 11,037,199
2,000 Transportation Refg Ser 2002 A (FGIC) 5.00 11/15/25 2,106,100
Pennsylvania Turnpike Commission,
4,000 Ser R 2001 (Ambac) 5.00 12/01/26 4,173,040
4,000 Ser A 2004 Ambac) 5.00 12/01/34 4,160,480
3,000 Harris County, Texas, Toll Road Sr Lien Ser 2005 A (FSA) 5.25 08/15/35 3,117,570
2,500 Port of Seattle, Washington, Ser 2001 B (AMT) (MBIA) 5.625 02/01/24 2,651,525
-------- -------------
82,230 85,145,265
-------- -------------
Water & Sewer Revenue (34.2%)
1,000 Phoenix Civic Improvement Corporation, Arizona, Jr Lien 5.00 07/01/27 1,047,160
Wastewater Ser 2004 (MBIA)
5,000 San Diego County Water Authority, California, Ser 2004 A COPs 5.00 05/01/29 5,219,850
(FSA)
10,000 Tampa Bay Water, Florida, Ser 2001 B (FGIC) 5.00 10/01/31 10,264,600
2,000 Atlanta, Georgia, Water & Wastewater Ser 1999 A (FGIC) 5.00 11/01/29 2,041,000
5,000 Honolulu City & County, Hawaii, Wastewater Ser 2001 (Ambac) 5.125 07/01/31 5,167,950
10,000 Louisville & Jefferson County Metropolitan Sewer District, 5.75 05/15/33 10,806,400
Kentucky, Ser 1999 A (FGIC)
3,800 Louisville Board of Water Works, Kentucky, Water Ser 2000 (FSA) 5.50 11/15/25 4,067,140
5,000 Detroit, Michigan, Sewage Disposal Ser 2001 A (FGIC) 5.125 07/01/31 5,211,750
5,000 Grand Strand Water & Sewer Authority, South Carolina, 5.00 06/01/31 5,148,650
Refg Ser 2001 (FSA)
Austin, Texas,
10,000 Water & Wastewater Refg Ser 2001 A (FSA) 5.125 05/15/27 10,328,600
2,000 Water & Wastewater Ser 2004 A (Ambac) 5.00 11/15/27 2,081,380
15,000 Houston, Texas, Combined Utility First Lien Refg 2004 Ser A (FGIC) 5.25 05/15/23 16,129,951
San Antonio, Texas,
2,000 Water & Refg Ser 2002 (FSA) 5.50 05/15/18 2,182,060
2,500 Water & Refg Ser 2002 (FSA) 5.50 05/15/20 2,721,750
Wichita Falls, Texas,
2,000 Water & Sewer Ser 2001 (Ambac) 5.375 08/01/20 2,151,420
3,000 Water & Sewer Ser 2001 (Ambac) 5.375 08/01/24 3,222,840
5,000 King County, Washington, Sewer Refg 2001 (FGIC) 5.00 01/01/31 5,127,100
2,000 West Virginia Water Development Authority, Loan Program IV 5.00 11/01/44 2,070,900
2005 Ser A (FSA)
-------- -------------
90,300 94,990,501
-------- -------------
Other Revenue (4.4%)
2,500 California, Economic Recovery Ser 2004 A (MBIA) 5.00 07/01/15 2,717,125
6,000 Golden State Tobacco Securitization Corporation, California, 5.00 06/01/38 6,191,580
Enhanced Asset Backed 2005 A (FGIC)
3,000 Alexandria Industrial Development Authority, Virginia, Institute for 5.90 10/01/30 3,300,600
Defense Analysis Ser 2000 A (Ambac)
-------- -------------
11,500 12,209,305
-------- -------------
Refunded (3.1%)
5,000 Hawaii, 1999 Ser CT (FSA) 5.875 09/01/09+ 5,455,650
3,000 Utah Board of Regents, University of Utah - Huntsman Cancer 5.50 04/01/10+ 3,263,250
Institute Refg Ser 2000 A (MBIA)
-------- -------------
8,000 8,718,900
-------- -------------
369,290 TOTAL TAX-EXEMPT MUNICIPAL BONDS (Cost $366,026,823) 387,940,571
-------- -------------
SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATION (0.2%)
500 Harris County Health Facilities Development Corporation, Texas, 3.07* 12/01/32 500,000
Methodist Hospital Ser 2005 B (Demand 02/01/06) (Cost $500,000)
-------- -------------
$369,790 TOTAL INVESTMENTS (Cost $366,526,823) (a) (b) 139.7% 388,440,571
========
OTHER ASSETS IN EXCESS OF LIABILITIES 7.0 19,599,260
PREFERRED SHARES OF BENEFICIAL INTEREST (46.7) (130,022,632)
----- -------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $ 278,017,199
===== =============
----------
Note: The categories of investments are shown as a percentage of net assets
applicable to common shareholders.
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to maturity
FHA Federal Housing Authority.
ROLS Reset Option Longs.(Illiquid securities)
+ Prerefunded to call date shown.
++ Currently a zero coupon security; will convert to 5.56% and 5.58%,
respectively on January 1, 2011.
++ Current coupon rate for residual interest bond. This rate resets
periodically as the auction rate on the related security changes. Positions
in inverse floating rate municipal obligation have a value of $8,376,101,
which represents 3.0% of net assets applicable to common shareholders.
* Current coupon of variable rate demand obligation.
** A portion of this security has been physically segregated in connection
with open futures contracts in the amount of $265,000.
(a) Securities have been designated as collateral in an amount equal to
$63,673,280 in connection with open futures contracts.
(b) The aggregate cost for federal income tax purposes is $366,520,786. The
aggregate gross unrealized appreciation is $22,096,839 and the aggregate
gross unrealized depreciation is $177,054, resulting in net unrealized
appreciation of $21,919,785.
Bond Insurance:
Ambac Ambac Assurance Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
FUTURES CONTRACTS OPEN AT JANUARY 31, 2006:
DESCRIPTION, UNDERLYING
NUMBER OF DELIVERY MONTH FACE AMOUNT UNREALIZED
CONTRACTS LONG/SHORT AND YEAR AT VALUE APPRECIATION
--------- ---------- -------------------------------- ------------ ------------
500 Short U.S. Treasury Notes 5 year, $(52,867,190) $182,215
March 2006
100 Short U.S. Treasury Notes 10 year, (10,843,750) 43,475
March 2006
--------
Total unrealized appreciation......................................... $225,690
========
GEOGRAPHIC SUMMARY OF INVESTMENTS
BASED ON MARKET VALUE AS A PERCENT OF TOTAL INVESTMENTS
JANUARY 31, 2006 (UNAUDITED)
Alaska 2.2%
Arizona 0.8
California 6.7
Colorado 1.4
Florida 5.2
Georgia 3.3
Hawaii 5.6
Illinois 11.5
Indiana 1.3
Iowa 1.8
Kentucky 3.8
Louisiana 0.5
Maryland 0.7
Massachusetts 1.1
Michigan 1.3
Minnesota 3.3
Montana 0.7
Nevada 3.2
New Jersey 3.0
New Mexico 0.4
New York 7.2
North Carolina 1.5
Ohio 2.7
Oregon 0.5
Pennsylvania 3.6
South Carolina 4.5
Texas 13.7
Utah 0.8
Vermont 1.2
Virginia 0.8
Washington 5.2
West Virginia 0.5
-----
Total+ 100.0%
=====
----------
+ Does not include open short futures contracts with an underlying face
amount of $63,710,940 with unrealized appreciation of $225,690.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto.
2
SIGNATURES
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.
Morgan Stanley Insured Municipal Trust
/s/ Ronald E. Robison
-------------------------------------
Ronald E. Robison
Principal Executive Officer
March 23, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
/s/ Ronald E. Robison
-------------------------------------
Ronald E. Robison
Principal Executive Officer
March 23, 2006
/s/ Francis Smith
-------------------------------------
Francis Smith
Principal Financial Officer
March 23, 2006
3