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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
INVESTMENT COMPANY
Investment Company Act file number 811-06590
Invesco Insured Municipal Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 10/31
Date of reporting period: 07/31/10
TABLE OF CONTENTS
| Item 1. Schedule of Investments | ||||||||
| Item 2. Controls and Procedures | ||||||||
| Item 3. Exhibits | ||||||||
| EXHIBIT INDEX | ||||||||
Item 1. Schedule of Investments.
Invesco Insured Municipal Income Trust
Quarterly Schedule of Portfolio Holdings July 31, 2010
invesco.com/us MS-CE-IMINC-QTR-1 07/10 Invesco Advisers, Inc.
Schedule of Investments
July 31, 2010 (unaudited)
July 31, 2010 (unaudited)
| Principal | ||||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||||
Municipal Obligations (147.8%) |
||||||||||||||||||||
Arizona (1.6%) |
||||||||||||||||||||
Glendale Industrial Development Authority,
Midwestern University, Ser 2010 |
5.00 | % | 05/15/35 | $ | 450 | $ | 448,700 | |||||||||||||
Glendale Industrial Development Authority,
Midwestern University, Ser 2010 |
5.125 | 05/15/40 | 450 | 452,200 | ||||||||||||||||
State of Arizona, Ser 2008 A (COP) (AGM Insd) (a) |
5.00 | 09/01/26 | 1,495 | 1,558,627 | ||||||||||||||||
University of Arizona, Ser 2003 B (COP) (AMBAC
Insd) (a) |
5.00 | 06/01/23 | 2,500 | 2,598,025 | ||||||||||||||||
| 5,057,552 | ||||||||||||||||||||
California (35.3%) |
||||||||||||||||||||
Alameda County Joint Powers Authority, Ser
2008 (AGM Insd) (a) |
5.00 | 12/01/24 | 1,475 | 1,553,042 | ||||||||||||||||
Alhambra Unified School District, Ser 2009 B (AGC
Insd) (a)(b) |
0.00 | 08/01/35 | 1,655 | 348,427 | ||||||||||||||||
Alvord Unified School District, Election of 2007
Ser 2007 A (AGM Insd) (a) |
5.00 | 08/01/27 | 1,160 | 1,224,136 | ||||||||||||||||
Anaheim Public Financing Authority, Electric Ser
2007-A (NATL-RE Insd) (a)(c) |
4.50 | 10/01/37 | 20,000 | 19,184,600 | ||||||||||||||||
Beverly Hills Unified School District, Election of
2008 Ser 2009 (b) |
0.00 | 08/01/26 | 1,170 | 536,667 | ||||||||||||||||
Beverly Hills Unified School District, Election of
2008 Ser 2009 (b) |
0.00 | 08/01/31 | 2,275 | 761,420 | ||||||||||||||||
California Health Facilities Financing Authority,
Scripps Memorial Hospital Ser 2010 A |
5.00 | 11/15/36 | 2,150 | 2,162,556 | ||||||||||||||||
California Infrastructure & Economic Development
Bank, Bay Area Toll Bridges Seismic Retrofit 1st
Lien Ser 2003 A (AMBAC Insd) (ETM) (a)(c) |
5.00 | 07/01/36 | 10,000 | 12,126,900 | ||||||||||||||||
California Infrastructure & Economic Development
Bank, Bay Area Toll Bridges Seismic Retrofit 1st
Lien Ser 2003 A (FGIC Insd) (ETM) (a)(d) |
5.00 | 01/01/28 | 4,500 | 5,457,060 | ||||||||||||||||
California State Department of Water Resources,
Power Supply Ser 2008 H (AGM Insd) (a) |
5.00 | 05/01/22 | 3,050 | 3,374,062 | ||||||||||||||||
City & County of San Francisco, City Buildings Ser
2007 A (COP) (NATL-RE & FGIC Insd) (a) |
4.50 | 09/01/37 | 3,000 | 2,806,050 | ||||||||||||||||
City of Irvine, Limited Obligation Ser 85-7 A (AGM
Insd) (a)(e)(f) |
0.30 | 09/02/32 | 300 | 300,000 | ||||||||||||||||
City of Long Beach, Ser 1998 A (AMT) (NATL-RE &
FGIC Insd) (a) |
6.00 | 05/15/18 | 9,000 | 10,661,130 | ||||||||||||||||
City of Los Angeles, Ser 2004 A (NATL-RE Insd) (a) |
5.00 | 09/01/24 | 3,000 | 3,236,820 | ||||||||||||||||
Clovis Unified School District, Election of 2004
Ser A (NATL-RE & FGIC Insd) (a)(b) |
0.00 | 08/01/29 | 585 | 194,846 | ||||||||||||||||
El Segundo Unified School District, Election of
2008 Ser 2009 A (b) |
0.00 | 08/01/31 | 3,065 | 871,196 | ||||||||||||||||
Golden State Tobacco Securitization Corp.,
Enhanced Asset Backed Ser 2005 A (FGIC Insd) (a) |
5.00 | 06/01/38 | 6,000 | 5,598,780 | ||||||||||||||||
Los Angeles Department of Water & Power, 2004 Ser
C (NATL-RE Insd) (a)(c) |
5.00 | 07/01/25 | 5,000 | 5,292,050 | ||||||||||||||||
Menifee Union School District, Election of 2008
Ser 2009 C (AGC Insd) (a)(b) |
0.00 | 08/01/34 | 1,665 | 384,532 | ||||||||||||||||
Moreland School District, Ser 2014 C (AMBAC Insd)
(a)(b) |
0.00 | 08/01/29 | 1,845 | 565,363 | ||||||||||||||||
Oak Grove School District, Election 2008 Ser A (b) |
0.00 | 08/01/28 | 1,320 | 460,165 | ||||||||||||||||
Oxnard Financing Authority, Water & Power, Water
2004 Ser C (XLCA Insd) (a) |
5.00 | 06/01/28 | 4,000 | 4,076,560 | ||||||||||||||||
Patterson Joint Unified School District, Election
of 2008 Ser 2009 B (AGM Insd) (a)(b) |
0.00 | 08/01/34 | 3,825 | 835,380 | ||||||||||||||||
Patterson Joint Unified School District, Election
of 2008 Ser 2009 B (AGM Insd) (a)(b) |
0.00 | 08/01/35 | 4,120 | 834,382 | ||||||||||||||||
Patterson Joint Unified School District, Election
of 2008 Ser 2009 B (AGM Insd) (a)(b) |
0.00 | 08/01/36 | 300 | 56,568 | ||||||||||||||||
Port of Oakland, Ser 2002 L (AMT) (NATL-RE & FGIC
Insd) (a)(d) |
5.00 | 11/01/12 | 110 | 121,286 | ||||||||||||||||
Port of Oakland, Ser 2002 L (AMT) (NATL-RE & FGIC
Insd) (a) |
5.00 | 11/01/21 | 890 | 900,173 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
1 Invesco Insured Municipal Income Trust
Schedule of Investments
July 31, 2010 (unaudited)
July 31, 2010 (unaudited)
| Principal | ||||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||||
Poway Unified School District, School Facilities
Improvement District No. 07-1, 2008 Election Ser A
(b) |
0.00 | % | 08/01/28 | $ | 3,925 | $ | 1,394,867 | |||||||||||||
Poway Unified School District, School Facilities
Improvement District No. 07-1, 2008 Election Ser A
(b) |
0.00 | 08/01/31 | 4,245 | 1,236,484 | ||||||||||||||||
Sacramento Regional County Sanitation District,
Ser 2006 (NATL-RE & FGIC Insd) (a) |
5.00 | 12/01/36 | 3,000 | 3,076,050 | ||||||||||||||||
San Diego County Water Authority, Ser 2002 A (COP)
(NATL-RE Insd) (a) |
5.00 | 05/01/27 | 5,000 | 5,216,200 | ||||||||||||||||
San Diego County Water Authority, Ser 2004 A (COP)
(AGM Insd) (a)(c) |
5.00 | 05/01/29 | 5,000 | 5,174,750 | ||||||||||||||||
University of California, Ser 2003 B (AMBAC Insd)
(a) |
5.00 | 05/15/22 | 2,000 | 2,156,400 | ||||||||||||||||
University of California, Ser 2007-J (AGM Insd)
(a)(c) |
4.50 | 05/15/31 | 3,310 | 3,332,475 | ||||||||||||||||
University of California, Ser 2007-J (AGM Insd)
(a)(c) |
4.50 | 05/15/35 | 2,690 | 2,640,558 | ||||||||||||||||
William S. Hart Union High School District, Ser
2009 A (b) |
0.00 | 08/01/33 | 11,350 | 2,658,851 | ||||||||||||||||
| 110,810,786 | ||||||||||||||||||||
Colorado (2.0%) |
||||||||||||||||||||
Arkansas River Power Authority, Power Ser 2006
(XLCA Insd) (a) |
5.25 | 10/01/40 | 4,000 | 3,687,960 | ||||||||||||||||
Denver Convention Center Hotel Authority, Refg Ser
2006 (XLCA Insd) (a) |
5.00 | 12/01/30 | 3,000 | 2,702,100 | ||||||||||||||||
| 6,390,060 | ||||||||||||||||||||
Connecticut (0.5%) |
||||||||||||||||||||
Connecticut State Health & Educational
Facility Authority, Quinnipiac University Issue
Ser 2007 K-2 (NATL-RE Insd) (a) |
5.00 | 07/01/25 | 1,525 | 1,607,991 | ||||||||||||||||
District of Columbia (4.0%) |
||||||||||||||||||||
District of Columbia, American Association for
the Advancement of Science Ser 1997 (AMBAC Insd)
(a) |
5.125 | 01/01/27 | 2,080 | 2,080,541 | ||||||||||||||||
District of Columbia, Income Tax, Ser 2009 A (c) |
5.25 | 12/01/27 | 2,540 | 2,860,040 | ||||||||||||||||
District of Columbia, Ser 2008 E (BHAC Insd)
(a)(c) |
5.00 | 06/01/26 | 1,000 | 1,075,710 | ||||||||||||||||
District of Columbia, Ser 2008 E (BHAC Insd)
(a)(c) |
5.00 | 06/01/27 | 1,000 | 1,067,340 | ||||||||||||||||
District of Columbia, Ser 2008 E (BHAC Insd)
(a)(c) |
5.00 | 06/01/28 | 2,000 | 2,119,480 | ||||||||||||||||
District of Columbia Ballpark, Ser 2006 B-1
(NATL-RE & FGIC Insd) (a) |
5.00 | 02/01/31 | 2,000 | 2,000,940 | ||||||||||||||||
District of Columbia Water & Sewer Authority, Refg
Sub-Lien Ser 2008 A (AGC Insd) (a) |
5.00 | 10/01/28 | 1,350 | 1,445,162 | ||||||||||||||||
| 12,649,212 | ||||||||||||||||||||
Florida (11.6%) |
||||||||||||||||||||
Citizens Property Insurance Corp., High Risk
Ser A-1 |
5.00 | 06/01/14 | 2,600 | 2,763,904 | ||||||||||||||||
City of Port St Lucie, Utility System Refg Ser
2009 (AGC Insd) (a) |
5.00 | 09/01/29 | 1,000 | 1,027,400 | ||||||||||||||||
County of Miami-Dade, Building Better Communities
Program Ser 2009 B-1 |
6.00 | 07/01/38 | 1,000 | 1,119,810 | ||||||||||||||||
County of Miami-Dade, Water & Sewer (AGM Insd) (a) |
5.00 | 10/01/39 | 2,000 | 2,063,460 | ||||||||||||||||
Miami-Dade County School Board, Ser 2003 D (COP)
(NATL-RE & FGIC Insd) (a) |
5.00 | 08/01/29 | 15,000 | 15,024,750 | ||||||||||||||||
Mid-Bay Bridge Authority, Refg Ser 2008 A (AGC
Insd) (a) |
5.00 | 10/01/27 | 1,550 | 1,584,317 | ||||||||||||||||
Orange County School Board, Ser 2002 A (COP)
(AMBAC Insd) (a) |
5.25 | 08/01/14 | 3,000 | 3,233,670 | ||||||||||||||||
Palm Beach County Solid Waste Authority, Ser 2009
(BHAC Insd) (a) |
5.50 | 10/01/23 | 1,500 | 1,734,135 | ||||||||||||||||
Tampa Bay Water Utility System Revenue, Ser 2001 A
(NATL-RE & FGIC Insd) (a) |
5.00 | 10/01/28 | 5,000 | 5,059,450 | ||||||||||||||||
Tampa Sports Authority, Sales Tax Refg Ser 2005
(AGM Insd) (a) |
5.00 | 01/01/26 | 2,670 | 2,779,283 | ||||||||||||||||
| 36,390,179 | ||||||||||||||||||||
Georgia (2.3%) |
||||||||||||||||||||
City of Atlanta, Airport Passenger Facilities
Sub-Lien Ser 2004 C (AGM Insd) (a)(c) |
5.00 | % | 01/01/33 | $ | 5,000 | $ | 5,062,750 | |||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2 Invesco Insured Municipal Income Trust
Schedule of Investments
July 31, 2010 (unaudited)
July 31, 2010 (unaudited)
| Principal | ||||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||||
City of Augusta, Water & Sewer Ser 2004 (AGM Insd)
(a) |
5.25 | 10/01/39 | 2,000 | 2,084,480 | ||||||||||||||||
| 7,147,230 | ||||||||||||||||||||
Hawaii (1.6%) |
||||||||||||||||||||
Hawaii State Department of Budget & Finance,
Hawaiian Electric Co., Ser 1999 C (AMT) (AMBAC
Insd) (a) |
6.20 | 11/01/29 | 5,000 | 5,015,800 | ||||||||||||||||
Idaho (0.9%) |
||||||||||||||||||||
Idaho Housing & Finance Association, Federal
Highway Trust, Ser 2008 A (RANs) (AGC Insd) (a) |
5.25 | 07/15/24 | 2,500 | 2,775,725 | ||||||||||||||||
Illinois (9.7%) |
||||||||||||||||||||
Chicago Transit Authority, Federal Transit
Administration Section 5309 Ser 2008 (AGC Insd)
(a) |
5.25 | 06/01/25 | 480 | 508,234 | ||||||||||||||||
Chicago Transit Authority, Federal Transit
Administration Section 5309 Ser 2008 (AGC Insd)
(a) |
5.25 | 06/01/26 | 1,210 | 1,272,145 | ||||||||||||||||
City of Chicago, Project & Refg Ser 2007 A (CR)
(FGIC & AGM Insd) (a)(c) |
5.00 | 01/01/37 | 7,460 | 7,615,616 | ||||||||||||||||
City of Chicago, Ser A 2005 (NATL-RE Insd) (a) |
5.25 | 01/01/25 | 5,000 | 5,223,600 | ||||||||||||||||
De Kalb County Community Unit School District No.
428, (AGM Insd) (a) |
5.00 | 01/01/27 | 1,175 | 1,255,981 | ||||||||||||||||
Illinois Finance Authority, Northwestern Memorial
Hospital Ser 2009 B |
5.375 | 08/15/24 | 1,595 | 1,732,250 | ||||||||||||||||
Illinois Finance Authority, Swedish American
Hospital Ser A (AMBAC Insd) (a) |
5.00 | 11/15/31 | 2,000 | 1,899,340 | ||||||||||||||||
Kendall Kane & Will Counties Community Unit School
District No. 308, (AGM Insd) (a)(b) |
0.00 | 02/01/27 | 6,575 | 2,866,700 | ||||||||||||||||
Metropolitan Pier & Exposition Authority,
McCormick Place Refg Ser 2002 B (NATL-RE Insd)
(a)(g) |
0.00 | 06/15/18 | 3,000 | 3,034,590 | ||||||||||||||||
Metropolitan Pier & Exposition Authority,
McCormick Place Ser 2002 A (NATL-RE Insd) (a) |
5.25 | 06/15/42 | 5,000 | 5,038,100 | ||||||||||||||||
| 30,446,556 | ||||||||||||||||||||
Iowa (1.4%) |
||||||||||||||||||||
State of Iowa, IJOBS Program Ser 2009 A (a)(c) |
5.00 | 06/01/25 | 2,225 | 2,460,649 | ||||||||||||||||
State of Iowa, IJOBS Program Ser 2009 A (a)(c) |
5.00 | 06/01/26 | 1,665 | 1,825,489 | ||||||||||||||||
| 4,286,138 | ||||||||||||||||||||
Kansas (0.7%) |
||||||||||||||||||||
Kansas Development Finance Authority Hospital
Revenue, Adventist Health System Sunbelt Obligated
Group Ser 2009 C |
5.50 | 11/15/29 | 755 | 817,725 | ||||||||||||||||
Wyandotte County-Kansas City Unified Government,
Utility System Improvement, Ser 2009 A (BHAC Insd)
(a) |
5.25 | 09/01/34 | 1,295 | 1,383,462 | ||||||||||||||||
| 2,201,187 | ||||||||||||||||||||
Kentucky (0.7%) |
||||||||||||||||||||
Kentucky State Property & Buildings
Commission, Refg. Project No. 93 Ser 2009 (AGC
Insd) (a) |
5.25 | 02/01/28 | 2,000 | 2,187,740 | ||||||||||||||||
Louisiana (1.4%) |
||||||||||||||||||||
Lafayette Consolidated Government, Utilities
Ser 2004 (NATL-RE Insd) (a) |
5.25 | 11/01/25 | 4,000 | 4,282,800 | ||||||||||||||||
Massachusetts (4.7%) |
||||||||||||||||||||
Massachusetts Health & Educational Facilities
Authority, Boston College Ser M-2 |
5.50 | 06/01/30 | 2,400 | 2,878,560 | ||||||||||||||||
Massachusetts Health & Educational Facilities
Authority, Harvard University Ser A (c) |
5.50 | 11/15/36 | 7,925 | 8,984,732 | ||||||||||||||||
Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of Technology
Ser O (c) |
5.50 | 07/01/36 | 2,565 | 2,905,350 | ||||||||||||||||
| 14,768,642 | ||||||||||||||||||||
Michigan (0.6%) |
||||||||||||||||||||
Wayne State University, Refg Ser 2008 (AGM
Insd) (a) |
5.00 | 11/15/25 | 760 | 815,358 | ||||||||||||||||
Wayne State University, Refg Ser 2008 (AGM Insd)
(a) |
5.00 | 11/15/29 | 960 | 1,013,933 | ||||||||||||||||
| 1,829,291 | ||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 Invesco Insured Municipal Income Trust
Schedule of Investments
July 31, 2010 (unaudited)
July 31, 2010 (unaudited)
| Principal | ||||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||||
Missouri (0.8%) |
||||||||||||||||||||
Missouri Joint Municipal Electric Utility
Commission, Plum Point (NATL-RE Insd) (a) |
5.00 | % | 01/01/26 | $ | 2,500 | $ | 2,503,425 | |||||||||||||
Nebraska (1.2%) |
||||||||||||||||||||
Nebraska Public Power District, 2003 Ser A
(AMBAC Insd) (a) |
5.00 | 01/01/35 | 3,760 | 3,824,146 | ||||||||||||||||
Nevada (3.8%) |
||||||||||||||||||||
County of Clark, Airport Passenger Facilities
(AGM Insd) (a) |
5.25 | 07/01/39 | 2,000 | 2,045,400 | ||||||||||||||||
Las Vegas Valley Water District, Ser 2003 A
(NATL-RE & FGIC Insd) (a) |
5.25 | 06/01/19 | 5,080 | 5,483,200 | ||||||||||||||||
State of Nevada, Capital Improvement & Cultural
Affairs Ser 2008 C (AGM Insd) (a)(c) |
5.00 | 06/01/26 | 4,000 | 4,265,240 | ||||||||||||||||
| 11,793,840 | ||||||||||||||||||||
New Hampshire (0.4%) |
||||||||||||||||||||
New Hampshire Health & Education Facilities
Authority, University System of New Hampshire Ser
2001 (AMBAC Insd) (a) |
5.125 | 07/01/33 | 1,300 | 1,310,686 | ||||||||||||||||
New Jersey (3.2%) |
||||||||||||||||||||
New Jersey Economic Development Authority,
School Facilities Construction Ser N-1 (AMBAC
Insd) (a) |
5.50 | 09/01/24 | 1,465 | 1,685,307 | ||||||||||||||||
New Jersey Economic Development Authority, Student
Housing Project Ser 2010 A |
5.875 | 06/01/42 | 880 | 893,376 | ||||||||||||||||
New Jersey Transportation Trust Fund Authority,
Ser 2005 C (NATL-RE Insd) (a) |
5.25 | 06/15/20 | 4,000 | 4,395,320 | ||||||||||||||||
New Jersey Transportation Trust Fund Authority,
Ser 2006 C (AGC Insd) (a)(b) |
0.00 | 12/15/26 | 7,155 | 3,081,587 | ||||||||||||||||
| 10,055,590 | ||||||||||||||||||||
New York (6.4%) |
||||||||||||||||||||
Long Island Power Authority, Ser 2003 C (AGM
Insd) (a) |
5.00 | 09/01/28 | 3,000 | 3,095,850 | ||||||||||||||||
New York City Industrial Development Agency,
Queens Baseball Stadium Ser 2006 (AMBAC Insd) (a) |
5.00 | 01/01/31 | 2,000 | 1,873,480 | ||||||||||||||||
New York City Industrial Development Agency,
Yankee Stadium Ser 2006 (FGIC Insd) (a) |
5.00 | 03/01/46 | 1,665 | 1,603,095 | ||||||||||||||||
New York City Transitional Finance Authority, Ser
2002 C (AMBAC Insd) (a)(d) |
5.25 | 08/01/12 | 1,735 | 1,907,025 | ||||||||||||||||
New York State Dormitory Authority, New York
University (AMBAC Insd) (a) |
5.50 | 05/15/29 | 1,150 | 1,284,596 | ||||||||||||||||
Triborough Bridge & Tunnel Authority, Refg 2002 E
(NATL-RE Insd) (a)(c) |
5.00 | 11/15/32 | 10,000 | 10,446,100 | ||||||||||||||||
| 20,210,146 | ||||||||||||||||||||
Ohio (1.0%) |
||||||||||||||||||||
City of Cleveland, Public Power System Ser
2008 B-1 (NATL-RE Insd) (a)(b) |
0.00 | 11/15/26 | 2,270 | 990,787 | ||||||||||||||||
City of Cleveland, Public Power System Ser 2008
B-1 (NATL-RE Insd) (a)(b) |
0.00 | 11/15/28 | 1,720 | 660,188 | ||||||||||||||||
Ohio State Water Development Authority, Pollution
Control Facilities Ser 2009 A |
5.875 | 06/01/33 | 425 | 469,880 | ||||||||||||||||
State of Ohio Higher Educational Facility
Commission, Summa Health Systems Ser 2010 |
5.75 | 11/15/35 | 900 | 902,583 | ||||||||||||||||
| 3,023,438 | ||||||||||||||||||||
Pennsylvania (6.0%) |
||||||||||||||||||||
Allegheny County Hospital Development
Authority, Pittsburgh Mercy Health Ser 1996 (ETM)
(AMBAC Insd) (a) |
5.625 | 08/15/18 | 5,000 | 5,265,850 | ||||||||||||||||
City of Philadelphia, Ser 2009 B (AGC Insd) (a) |
7.125 | 07/15/38 | 875 | 993,615 | ||||||||||||||||
City of Philadelphia, Water & Wastewater Ser 1998
(AMBAC Insd) (a) |
5.25 | 12/15/14 | 5,000 | 5,716,150 | ||||||||||||||||
Delaware County Industrial Development Authority,
Ser 2005 A (AMT) (NATL-RE & FGIC Insd) (a) |
5.00 | 11/01/37 | 2,000 | 2,008,560 | ||||||||||||||||
Pennsylvania Economic Development Financing
Authority, Ser A |
3.70 | 11/01/21 | 1,800 | 1,817,136 | ||||||||||||||||
Pennsylvania Turnpike Commission, Ser 2008 A1 (AGC
Insd) (a) |
5.00 | 06/01/25 | 1,450 | 1,551,166 | ||||||||||||||||
Philadelphia School District, Ser 2008 E (BHAC
Insd) (a) |
5.125 | % | 09/01/23 | $ | 1,500 | $ | 1,659,975 | |||||||||||||
| 19,012,452 | ||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Invesco Insured Municipal Income Trust
Schedule of Investments
July 31, 2010 (unaudited)
July 31, 2010 (unaudited)
| Principal | ||||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||||
Puerto Rico (1.1%) |
||||||||||||||||||||
Puerto Rico Sales Tax Financing Corp., Ser
2009 A |
5.00 | 08/01/11 | 1,420 | 1,487,876 | ||||||||||||||||
Puerto Rico Sales Tax Financing Corp., Ser 2010 C |
5.25 | 08/01/41 | 2,050 | 2,060,291 | ||||||||||||||||
| 3,548,167 | ||||||||||||||||||||
Rhode Island (3.4%) |
||||||||||||||||||||
Rhode Island Depositors Economic Protection
Corp., Refg. Ser 1993 B (ETM) (NATL-RE Insd) (a) |
6.00 | 08/01/17 | 10,000 | 10,778,700 | ||||||||||||||||
South Carolina (5.3%) |
||||||||||||||||||||
Medical University Hospital Authority, Mtge
Ser 2004 A (NATL-RE & FHA Insd) (a) |
5.25 | 02/15/25 | 1,500 | 1,571,010 | ||||||||||||||||
South Carolina State Public Service Authority,
Santee Cooper Ser 2003 A (AMBAC Insd) (a)(c) |
5.00 | 01/01/22 | 10,000 | 10,888,100 | ||||||||||||||||
South Carolina State Public Service Authority,
Santee Cooper Ser 2006 A (NATL-RE Insd) (a) |
5.00 | 01/01/36 | 4,000 | 4,146,680 | ||||||||||||||||
| 16,605,790 | ||||||||||||||||||||
Texas (19.4%) |
||||||||||||||||||||
Amarillo Health Facilities Corp., Baptist St.
Anthony’s Hospital Ser 1998 (AGM Insd) (a) |
5.50 | 01/01/16 | 3,020 | 3,208,418 | ||||||||||||||||
Amarillo Health Facilities Corp., Baptist St.
Anthony’s Hospital Ser 1998 (AGM Insd) (a) |
5.50 | 01/01/17 | 5,075 | 5,381,175 | ||||||||||||||||
Capital Area Cultural Education Facilities Finance
Corp., Roman Catholic Diocese Ser 2005 B |
6.125 | 04/01/45 | 900 | 909,387 | ||||||||||||||||
City of Houston, Combined Utility First Lien Refg
2004 Ser A (NATL-RE & FGIC Insd) (a) |
5.25 | 05/15/23 | 5,435 | 5,955,945 | ||||||||||||||||
City of Houston, Ser 2001 B (AGM Insd) (a) |
5.50 | 03/01/17 | 4,000 | 4,116,520 | ||||||||||||||||
City of San Antonio, Water & Refg Ser 2002 A (AGM
Insd) (a) |
5.00 | 05/15/32 | 3,000 | 3,069,630 | ||||||||||||||||
Dallas-Fort Worth International Airport Facilities
Improvement Corp., Ser 2003 A (AMT) (AGM Insd)
(a)(c) |
5.38 | 11/01/22 | 9,000 | 9,319,770 | ||||||||||||||||
Friendswood Independent School District,
Schoolhouse Ser 2008 (PSF-GTD) |
5.00 | 02/15/27 | 1,000 | 1,093,460 | ||||||||||||||||
Harris County, Health Facilities Development
Corp., Thermal Utilities, Revenue Bonds, (AGC
Insd) (a) |
5.25 | 11/15/24 | 2,160 | 2,354,378 | ||||||||||||||||
Houston Community College System, Senior Lien
Student Fee Ser 2008 (AGM Insd) (a) |
5.00 | 04/15/25 | 1,175 | 1,277,389 | ||||||||||||||||
Houston Community College System, Senior Lien
Student Fee Ser 2008 (AGM Insd) (a) |
5.00 | 04/15/26 | 330 | 356,001 | ||||||||||||||||
Houston, Hotel Occupancy, Revenue Bonds, (AGM &
AMBAC Insd) (a)(b) |
0.00 | 09/01/26 | 3,975 | 1,724,315 | ||||||||||||||||
Lower Colorado River Authority, Refg Ser 1999 A
(NATL-RE Insd) (a) |
5.00 | 05/15/31 | 8,320 | 8,449,293 | ||||||||||||||||
Lower Colorado River Authority, Refg Ser 2001 A
(AGM Insd) (a) |
5.00 | 05/15/26 | 4,135 | 4,171,471 | ||||||||||||||||
North Texas Tollway Authority, Refg Ser 2008 D
(AGC Insd) (a)(b) |
0.00 | 01/01/28 | 8,200 | 3,230,308 | ||||||||||||||||
North Texas Tollway Authority, Refg Ser 2008 D
(AGC Insd) (a)(b) |
0.00 | 01/01/31 | 1,775 | 582,715 | ||||||||||||||||
Texas State Turnpike Authority, Ser 2002 A (AMBAC
Insd) (a) |
5.50 | 08/15/39 | 4,000 | 4,043,680 | ||||||||||||||||
Victoria Independent School District, Ser 2008
(PSF-GTD) |
5.00 | 02/15/24 | 1,510 | 1,688,995 | ||||||||||||||||
| 60,932,850 | ||||||||||||||||||||
Utah (1.7%) |
||||||||||||||||||||
Intermountain Power Agency, Ser 2003 A (AGM
Insd) (a) |
5.00 | 07/01/21 | 5,000 | 5,462,700 | ||||||||||||||||
Virginia (1.1%) |
||||||||||||||||||||
Richmond Metropolitan Authority, Refg Ser 2002
(NATL-RE & FGIC Insd) (a) |
5.25 | 07/15/22 | 3,000 | 3,303,480 | ||||||||||||||||
Washington (11.7%) |
||||||||||||||||||||
City of Seattle, Water Refg 2003 (NATL-RE
Insd) (a) |
5.00 | 09/01/23 | 2,870 | 3,110,965 | ||||||||||||||||
County of King, Sewer Refg 2001 (NATL-RE & FGIC
Insd) (a) |
5.00 | % | 01/01/31 | $ | 3,000 | $ | 3,039,870 | |||||||||||||
Cowlitz County Public Utility District No. 1,
Production Ser 2006 (NATL-RE Insd) (a) |
5.00 | 09/01/31 | 6,000 | 6,105,180 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Invesco Insured Municipal Income Trust
Schedule of Investments
July 31, 2010 (unaudited)
July 31, 2010 (unaudited)
| Principal | ||||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||||
Port of Seattle, Passenger Facility Ser 1998 A
(NATL-RE Insd) (a) |
5.00 | 12/01/23 | 4,455 | 4,464,534 | ||||||||||||||||
Port of Seattle, Ser 2000 B (AMT) (NATL-RE Insd)
(a) |
5.625 | 02/01/24 | 5,000 | 5,006,400 | ||||||||||||||||
Spokane County School District No. 81, Ser 2005
(NATL-RE Insd) (a) |
5.125 | 12/01/23 | 2,500 | 2,699,050 | ||||||||||||||||
State of Washington, Motor Vehicle Fuel Tax, Ser
2004 F (AMBAC Insd) (a)(b) |
0.00 | 12/01/29 | 4,300 | 1,761,194 | ||||||||||||||||
State of Washington, Various Purpose Ser 2010 A
(c) |
11.092 | 02/01/17 | 2,660 | 8,704,989 | ||||||||||||||||
Washington Health Care Facilities Authority,
Kadlec Medical Center Ser 2006 A (AGC Insd) (a) |
5.00 | 12/01/30 | 2,000 | 2,030,240 | ||||||||||||||||
| 36,922,422 | ||||||||||||||||||||
West Virginia (1.5%) |
||||||||||||||||||||
West Virginia Economic Development Authority,
Solid Waste Disposable Facility Ser 2010 A |
5.375 | 12/01/38 | 1,800 | 1,807,650 | ||||||||||||||||
West Virginia Water Development Authority, Loan
Program II Refg Ser 2003 B (AMBAC Insd) (a) |
5.25 | 11/01/23 | 2,900 | 3,058,746 | ||||||||||||||||
| 4,866,396 | ||||||||||||||||||||
Wisconsin (0.8%) |
||||||||||||||||||||
State of Wisconsin, Ser 2009 A |
5.625 | 05/01/28 | 2,335 | 2,589,071 | ||||||||||||||||
Total Municipal Obligations (Cost $447,231,841) |
464,590,188 | |||||||||||||||||||
Total Investments (Cost $447,231,841) |
147.8 | % | 464,590,188 | |||||||||||||||||
Other Assets Less Liabilities |
1.8 | 5,687,798 | ||||||||||||||||||
Floating Rate Note and Dealer Trusts Obligations Related to
Securities Held |
||||||||||||||||||||
Notes with interest rates ranging from 0.27% to 0.43% at 07/31/10
and contractual maturities of collateral ranging from 01/01/22 to
10/01/37 (h) |
(23.5 | ) | (73,890,678 | ) | ||||||||||||||||
Preferred Shares of Beneficial Interest |
(26.1 | ) | (82,056,958 | ) | ||||||||||||||||
Net Assets Applicable to Common Shareholders |
100.0 | % | $ | 314,330,350 | ||||||||||||||||
| Investment Abbreviations: | ||
| AGC | Assured Guaranty Corporation. | |
| AGM | Assured Guaranty Municipal Corporation. | |
| AMBAC | AMBAC Assurance Corporation. | |
| AMT | Alternative Minimum Tax. | |
| BHAC | Berkshire Hathaway Assurance Corporation. | |
| COP | Certificates of Participation. | |
| CR | Custodial Receipts. | |
| ETM | Escrowed to Maturity. | |
| FGIC | Financial Guaranty Insurance Company. | |
| FHA | Federal Housing Administration. | |
| NATL-RE | National Public Finance Guarantee Corporation. | |
| PSF | Texas Permanent School Fund Guarantee Program. | |
| RANs | Revenue Anticipation Notes. | |
| XLCA | XL Capital Assurance Inc. | |
| Notes to Schedule of Investments: | ||
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
| (b) | Capital appreciation bond. | |
| (c) | Underlying security related to inverse floater entered into by the Fund | |
| (d) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2010. | |
| (f) | Security is considered a cash equivalent. | |
| (g) | Security is a “step-up” bond where the coupon increases on a predetermined future date. | |
| (h) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at July 31, 2010. At July 31, 2010, the Fund’s investments with a value of $127,352,687 are held by the Dealer Trusts and serve as collateral for the $73,890,678 in floating rate note and dealer trust obligations outstanding at that date. | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Invesco Insured Municipal Income Trust
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2010
(Unaudited)
July 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
| A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing
service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may
be determined without exclusive reliance on quoted prices and may reflect appropriate factors
such as institution-size trading in similar groups of securities, yield, quality, coupon rate,
maturity, type of issue, individual trading characteristics and other market data. Short-term
obligations, including commercial paper, having 60 days or less to maturity are recorded at
amortized cost which approximates value. Securities with a demand feature exercisable within
one to seven days are valued at par. Debt securities are subject to interest rate and credit
risks. In addition, all debt securities involve some risk of default with respect to interest
and principal payments.
Securities for which market quotations either are not readily available or are unreliable
are valued at fair value as determined in good faith by or under the supervision of the Trust’s
officers following procedures approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental analytical data relating to the
investment; the nature and duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable companies; relevant political,
economic or issuer specific news; and other relevant factors under the circumstances.
Valuations change in response to many factors including the historical and prospective
earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest
rates, investor perceptions and market liquidity. Because of the inherent uncertainties of
valuation, the values reflected in the financial statements may materially differ from the value
received upon actual sale of those investments.
| B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such,
the Fund may receive proceeds from litigation settlements. Any proceeds received are included
in the Statement of Operations as realized gain/loss for investments no longer held and as
unrealized gain/loss for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an
increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of
securities. Such transaction costs are included in the determination of realized and unrealized
gain (loss) from investment securities reported in the Statement of Operations and the Statement
of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per
share in the Financial Highlights. Transaction costs are included in the calculation of the
Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These
transaction costs are not considered operating expenses and are not reflected in net investment
income reported in the Statement of Operations and Statement of Changes in Net Assets, or the
net investment income per share and ratios of expenses and net investment income reported in the
Financial Highlights, nor are they limited by any expense limitation arrangements between the
Fund and the investment adviser.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Other Risks — The Fund may invest up to 20% of its net assets in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
Invesco Insured Municipal Income Trust
The value of, payment of interest on, repayment of principal for and the ability of the
Fund to sell a municipal security may be affected by constitutional amendments, legislative
enactments, executive orders, administrative regulations, voter initiatives and the economics of
the regions in which the issuers in which the Fund invests are located.
Many municipal securities are issued to finance similar projects, especially those relating
to education, health care, transportation and utilities, conditions in those sectors can affect
the overall municipal securities market and the Fund.
There is some risk that a portion or all of the interest received from certain tax-free
municipal securities could become taxable as a result of determinations by the Internal Revenue
Service.
| E. | Floating Rate Obligations Related to Securities Held — The Fund enters into transactions in which it transfers to Special Purpose Trusts established by a Broker Dealer (“Dealer Trusts”) fixed rate bonds in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate investments. The Dealer Trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interest in the bonds. The Fund may enter into shortfall agreements with the Dealer Trusts which commit the Fund to pay the Dealer Trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the Dealer Trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts. The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “Floating rate note and dealer trust obligations” on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts under the caption “Interest and residual trust expenses” on the Statement of Operations. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. |
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, under current market conditions. GAAP establishes a
hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily
available unadjusted quoted prices in an active market for identical assets (Level 1) and the
lowest priority to significant unobservable inputs (Level 3) generally when market prices are not
readily available or are unreliable. Based on the valuation inputs, the securities or other
investments are tiered into one of three levels. Changes in valuation methods may result in
transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. | ||
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of July 31, 2010. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of
the inherent uncertainties of valuation, the values reflected in the financial statements may
materially differ from the value received upon actual sale of those investments.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations |
$ | — | $ | 464,590,188 | $ | — | $ | 464,590,188 | ||||||||
NOTE 3 — Investment Securities
Invesco Insured Municipal Income Trust
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities |
$ | 17,147,228 | ||
Aggregate unrealized (depreciation) of investment securities |
(3,139,501 | ) | ||
Net unrealized appreciation of investment securities |
$ | 14,007,727 | ||
Cost of investments for tax purposes is $450,582,461. |
||||
Invesco Insured Municipal Income Trust
Item 2. Controls and Procedures.
| (a) | As of September 16, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of , September 16, 2010, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 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 of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
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.
Registrant: Invesco Insured Municipal Income Trust
By:
|
/s/ Philip A. Taylor | |||
| Principal Executive Officer |
Date: September 29, 2010
Pursuant to the requirements of the Securities and 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/ Philip A. Taylor | |||
| Principal Executive Officer |
Date: September 29, 2010
By:
|
/s/ Philip A. Taylor | |||
| Principal Financial Officer |
Date: September 29, 2010