Securities and Exchange Commission
Washington, D. C. 20549-1004
Post-Effective
Amendment No. 16
to
Form S-6
For Registration under the Securities Act of 1933 of
Securities of Unit Investment Trusts Registered on
Form N-8B-2
Insured Municipals Income Trust, Series 27
(Exact Name of Trust)
Van Kampen Merritt Inc.
(Exact Name of Depositor)
One Parkview Plaza
Oakbrook Terrace, Illinois 60181
(Complete address of Depositor's principal executive offices)
Van Kampen Merritt Inc. Chapman and Cutler
Attention: John C. Merritt Attention: Mark J. Kneedy
One Parkview Plaza 111 West Monroe Street
Oakbrook Terrace, Illinois 60181 Chicago, Illinois 60603
(Name and complete address of agents for service)
( X ) Check if it is proposed that this filing will become effective
on April 25, 1994 pursuant to paragraph (b) of Rule 485.
SERIES 27-15,385 UNITS
SERIES 28-19,486 UNITS
INSURED MUNICIPALS SERIES 29-27,016 UNITS
INCOME TRUST SERIES 30-24,879 UNITS
PROSPECTUS PART ONE
NOTE: Part One of this Prospectus may not be distributed unless accompanied by
Part Two.
Please retain both parts of this Prospectus for future reference.
In the opinion of counsel, interest income to each Trust and to
Unitholders, with certain exceptions, is exempt under existing law from all
Federal income taxes, but may be subject to state and local taxes. Capital
gains, if any, are subject to Federal tax.
THE TRUSTS
Each of the captioned series of Insured Municipals Income Trust (the
"Trust") consists of an insured portfolio of interest-bearing obligations (the
"Bonds" or "Securities") issued by or on behalf of municipalities and other
governmental authorities or by certain United States territories or
possessions and their public authorities, the interest on which is, in the
opinion of recognized bond counsel to the issuing governmental authority,
exempt from all Federal income taxes under existing law. Each Unit represents
a fractional undivided interest in the principal and net income of the Trust
(see "Summary of Essential Information" in this Part One and "The Trust" in
Part Two).
The Units being offered by this Prospectus are issued and outstanding
Units which have been purchased by the Sponsor in the secondary market or from
the Trustee after having been tendered for redemption. The profit or loss
resulting from the sale of Units will accrue to the Sponsor. No proceeds from
the sale of Units will be received by the Trusts.
PUBLIC OFFERING PRICE
The Public Offering Price of the Units of each Trust is equal to the
aggregate bid price of the Bonds in the portfolio of such Trust divided by the
number of Units of such Trust outstanding, plus a sales charge. The sales
charge is based upon the years to average maturity of the Bonds in the
portfolio. The sales charge ranges from 1.5% of the Public Offering Price
(1.523% of the aggregate bid price of the Bonds) for a Trust with a portfolio
with less than two years to average maturity to 5.7% of the Public Offering
Price (6.045% of the aggregate bid price of the Bonds) for a Trust with a
portfolio with sixteen or more years to average maturity. See "Summary of
Essential Information" in this Part One.
ESTIMATED CURRENT AND LONG-TERM RETURNS
Estimated Current and Long-Term Returns to Unitholders are indicated
under "Summary of Essential information" in this Part One. The methods of
calculating Estimated Current Returns and Estimated Long-Term Return are set
forth in Part Two of this Prospectus.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
The Date of this Prospectus is April 20, 1994
Van Kampen Merritt
Page 1
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 27
Summary of Essential Financial Information
As of March 3, 1994
Sponsor: Van Kampen Merritt Inc.
Evaluator: American Portfolio Evaluation Services
(A division of a subsidiary of the
Sponsor)
Trustee: The Bank of New York
<CAPTION>
IM-IT
-------------------
<S> <C>
General Information
Principal Amount (Par Value) of Securities .............................................................. $ 8,450,000
Number of Units ......................................................................................... 15,385
Fractional Undivided Interest in Trust per Unit ......................................................... 1/ 15,385
Public Offering Price:
Aggregate Bid Price of Securities in Portfolio ...................................................... $ 8,860,972.95
Aggregate Bid Price of Securities per Unit .......................................................... $ 575.95
Sales charge 6.045% (5.7% of Public Offering Price excluding principal cash) ........................ $ 34.78
Principal Cash per Unit ............................................................................. $ (.61)
Public Offering Price per Unit <F1>.................................................................. $ 610.12
Redemption Price per Unit ............................................................................... $ 575.34
Excess of Public Offering Price per Unit over Redemption Price per Unit ................................. $ 34.78
Minimum Value of the Trust under which Trust Agreement may be terminated ................................ $ 3,701,000
Annual Premium on Portfolio Insurance ................................................................... $ 11,575.00
Minimum Principal Distribution ...$1.00 per Unit
Date of Deposit ..................January 22, 1979
Mandatory Termination Date .......December 31, 2028
Evaluator's Annual Fee <F4>.......$4,375
Evaluations for purpose of sale, purchase or redemption of Units are
made as of 4:00 P.M. Eastern time on days of trading on the New York
Stock Exchange next following receipt of an order for a sale or purchase
of Units or receipt by The Bank of New York of Units tendered for
redemption.
</TABLE>
<TABLE>
Special Information Based on Various Distribution Plans
<CAPTION>
Monthly Quarterly Semi- Annual
------------- ------------- -------------
<S> <C> <C> <C>
Calculation of Estimated Net Annual Unit Income:
Estimated Annual Interest Income per Unit ...................................... $ 40.57 $ 40.57 $ 40.57
Less: Estimated Annual Expense excluding Insurance ............................. $ 1.47 $ 1.23 $ 1.01
Less: Annual Premium on Portfolio Insurance .................................... $ .75 $ .75 $ .75
Estimated Net Annual Interest Income per Unit .................................. $ 38.35 $ 38.59 $ 38.81
Calculation of Estimated Interest Earnings per Unit:
Estimated Net Annual Interest Income ........................................... $ 38.35 $ 38.59 $ 38.81
Divided by 12, 4 and 2, respectively ........................................... $ 3.20 $ 9.65 $ 19.41
Estimated Daily Rate of Net Interest Accrual per Unit .............................. $ .10651 $ .10718 $ .10780
Estimated Current Return Based on Public Offering Price <F2><F3>.................... 6.28% 6.32% 6.35%
Estimated Long-Term Return <F2><F3>................................................. 5.18% 5.22% 5.26%
Record and Computation Dates .FIRST day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Distribution Dates ...........FIFTEENTH day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Trustee's Annual Fee .........$1.24, $0.98 and $0.69 per $1,000 principal
amount of Bonds respectively, for those portions
of the Trusts under the monthly, quarterly and
semi-annual distribution plans.
<FN>
<F1>Plus accrued interest to the date of settlement (five business days
after purchase) of $6.86, $6.84 and $16.64 respectively, for those portions of
the Trust under the monthly, quarterly, and semi-annual distribution plans.
<F2>The Estimated Current Return and Estimated Long-Term Return are
increased for transactions entitled to a reduced sales charge.
<F3>The Estimated Current Return on an identical portfolio without the
insurance obtained by the Trust would have been 6.48% based on such
semi-annual distribution plan on such date, while the Estimated Long-Term
Return on an identical portfolio without the insurance obtained by the Trust
would have been 5.38%.
<F4>Notwithstanding information to the Contrary in Part Two of this
Prospectus, the Trust Indenture provides that as compensation for its
services, the Evaluator shall receive a fee of $1,820 annually. This fee may
be adjusted for increases in consumer prices for services under the category
"All Services Less Rent of Shelter" in the Consumer Price Index.
</TABLE>
Page 2
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 28
Summary of Essential Financial Information
As of March 3, 1994
Sponsor: Van Kampen Merritt Inc.
Evaluator: American Portfolio Evaluation Services
(A division of a subsidiary of the
Sponsor)
Trustee: The Bank of New York
<CAPTION>
IM-IT
-------------------
<S> <C>
General Information
Principal Amount (Par Value) of Securities .............................................................. $ 11,414,426
Number of Units ......................................................................................... 19,486
Fractional Undivided Interest in Trust per Unit ......................................................... 1/ 19,486
Public Offering Price:
Aggregate Bid Price of Securities in Portfolio ...................................................... $ 11,826,016.81
Aggregate Bid Price of Securities per Unit .......................................................... $ 606.90
Sales charge 6.045% (5.7% of Public Offering Price excluding principal cash) ........................ $ 36.61
Principal Cash per Unit ............................................................................. $ (1.16)
Public Offering Price per Unit <F1>.................................................................. $ 642.35
Redemption Price per Unit ............................................................................... $ 605.74
Excess of Public Offering Price per Unit over Redemption Price per Unit ................................. $ 36.61
Minimum Value of the Trust under which Trust Agreement may be terminated ................................ $ 3,889,400
Annual Premium on Portfolio Insurance ................................................................... $ 20,753.25
Minimum Principal Distribution ...$1.00 per Unit
Date of Deposit ..................February 26, 1979
Mandatory Termination Date .......December 31, 2028
Evaluator's Annual Fee <F4>.......$4,270
Evaluations for purpose of sale, purchase or redemption of Units are
made as of 4:00 P.M. Eastern time on days of trading on the New York
Stock Exchange next following receipt of an order for a sale or purchase
of Units or receipt by The Bank of New York of Units tendered for
redemption.
</TABLE>
<TABLE>
Special Information Based on Various Distribution Plans
<CAPTION>
Monthly Quarterly Semi-Annual
------------- ------------- -------------
<S> <C> <C> <C>
Calculation of Estimated Net Annual Unit Income:
Estimated Annual Interest Income per Unit ...................................... $ 42.56 $ 42.56 $ 42.56
Less: Estimated Annual Expense excluding Insurance ............................. $ 1.38 $ 1.10 $ .89
Less: Annual Premium on Portfolio Insurance .................................... $ 1.07 $ 1.07 $ 1.07
Estimated Net Annual Interest Income per Unit .................................. $ 40.11 $ 40.39 $ 40.60
Calculation of Estimated Interest Earnings per Unit:
Estimated Net Annual Interest Income ........................................... $ 40.11 $ 40.39 $ 40.60
Divided by 12, 4 and 2, respectively ........................................... $ 3.34 $ 10.10 $ 20.30
Estimated Daily Rate of Net Interest Accrual per Unit .............................. $ .11141 $ .11220 $ .11277
Estimated Current Return Based on Public Offering Price <F2><F3>.................... 6.23% 6.28% 6.31%
Estimated Long-Term Return <F2><F3>................................................. 4.94% 4.99% 5.02%
Record and Computation Dates .FIRST day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Distribution Dates ...........FIFTEENTH day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Trustee's Annual Fee .........$1.24, $0.98 and $0.69 per $1,000 principal
amount of Bonds respectively, for those portions
of the Trusts under the monthly, quarterly and
semi-annual distribution plans.
<FN>
<F1>Plus accrued interest to the date of settlement (five business days
after purchase) of $7.32, $7.26 and $17.93 respectively, for those portions of
the Trust under the monthly, quarterly, and semi-annual distribution plans.
<F2>The Estimated Current Return and Estimated Long-Term Return are
increased for transactions entitled to a reduced sales charge.
<F3>The Estimated Current Return on an identical portfolio without the
insurance obtained by the Trust would have been 6.48% based on such
semi-annual distribution plan on such date, while the Estimated Long-Term
Return on an identical portfolio without the insurance obtained by the Trust
would have been 5.19%.
<F4>Notwithstanding information to the Contrary in Part Two of this
Prospectus, the Trust Indenture provides that as compensation for its
services, the Evaluator shall receive a fee of $1,820 annually. This fee may
be adjusted for increases in consumer prices for services under the category
"All Services Less Rent of Shelter" in the Consumer Price Index.
</TABLE>
Page 3
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 29
As of March 3, 1994
Sponsor: Van Kampen Merritt Inc.
Evaluator: American Portfolio Evaluation Services
(A division of a subsidiary of the
Sponsor)
Trustee: The Bank of New York
<CAPTION>
IM-IT
-------------------
<S> <C>
General Information
Principal Amount (Par Value) of Securities .............................................................. $ 13,693,400
Number of Units ......................................................................................... 27,016
Fractional Undivided Interest in Trust per Unit ......................................................... 1/ 27,016
Public Offering Price:
Aggregate Bid Price of Securities in Portfolio ...................................................... $ 15,298,253.70
Aggregate Bid Price of Securities per Unit .......................................................... $ 566.27
Sales charge 6.045% (5.7% of Public Offering Price excluding principal cash) ........................ $ 34.23
Principal Cash per Unit ............................................................................. $ 33.13
Public Offering Price per Unit <F1>.................................................................. $ 633.63
Redemption Price per Unit ............................................................................... $ 599.40
Excess of Public Offering Price per Unit over Redemption Price per Unit ................................. $ 34.23
Minimum Value of the Trust under which Trust Agreement may be terminated ................................ $ 5,438,000
Annual Premium on Portfolio Insurance ................................................................... $ 20,474.25
Minimum Principal Distribution ...$1.00 per Unit
Date of Deposit ..................April 16, 1979
Mandatory Termination Date .......December 31, 2028
Evaluator's Annual Fee <F4>.......$1,820
Evaluations for purpose of sale, purchase or redemption of Units are
made as of 4:00 P.M. Eastern time on days of trading on the New York
Stock Exchange next following receipt of an order for a sale or purchase
of Units or receipt by The Bank of New York of Units tendered for
redemption.
</TABLE>
<TABLE>
Special Information Based on Various Distribution Plans
<CAPTION>
Monthly Quarterly Semi- Annual
------------- ------------- -------------
<S> <C> <C> <C>
Calculation of Estimated Net Annual Unit Income:
Estimated Annual Interest Income per Unit ...................................... $ 38.03 $ 38.03 $ 38.03
Less: Estimated Annual Expense excluding Insurance ............................. $ 1.07 $ .81 $ .62
Less: Annual Premium on Portfolio Insurance .................................... $ .76 $ .76 $ .76
Estimated Net Annual Interest Income per Unit .................................. $ 36.20 $ 36.46 $ 36.65
Calculation of Estimated Interest Earnings per Unit:
Estimated Net Annual Interest Income ........................................... $ 36.20 $ 36.46 $ 36.65
Divided by 12, 4 and 2, respectively ........................................... $ 3.02 $ 9.12 $ 18.33
Estimated Daily Rate of Net Interest Accrual per Unit .............................. $ .10056 $ .10127 $ .10180
Estimated Current Return Based on Public Offering Price <F2><F3>.................... 6.03% 6.07% 6.10%
Estimated Long-Term Return <F2><F3>................................................. 5.04% 5.09% 5.12%
Record and Computation Dates .FIRST day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Distribution Dates ...........FIFTEENTH day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Trustee's Annual Fee .........$1.24, $0.98 and $0.69 per $1,000 principal
amount of Bonds respectively, for those portions
of the Trusts under the monthly, quarterly and
semi-annual distribution plans.
<FN>
<F1>Plus accrued interest to the date of settlement (five business days
after purchase) of $6.86, $6.86 and $16.70 respectively, for those portions of
the Trust under the monthly, quarterly, and semi-annual distribution plans.
<F2>The Estimated Current Return and Estimated Long-Term Return are
increased for transactions entitled to a reduced sales charge.
<F3>The Estimated Current Return on an identical portfolio without the
insurance obtained by the Trust would have been 6.23% based on such
semi-annual distribution plan on such date, while the Estimated Long-Term
Return on an identical portfolio without the insurance obtained by the Trust
would have been 5.25%.
<F4>Notwithstanding information to the Contrary in Part Two of this
Prospectus, the Trust Indenture provides that as compensation for its
services, the Evaluator shall receive a fee of $35 per weekly evaluation.
</TABLE>
Page 4
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 30
Summary of Essential Financial Information
As of March 3, 1994
Sponsor: Van Kampen Merritt Inc.
Evaluator: American Portfolio Evaluation Services
(A division of a subsidiary of the
Sponsor)
Trustee: The Bank of New York
<CAPTION>
IM-IT
-------------------
<S> <C>
General Information
Principal Amount (Par Value) of Securities .............................................................. $ 8,389,031
Number of Units ......................................................................................... 24,879
Fractional Undivided Interest in Trust per Unit ......................................................... 1/ 24,879
Public Offering Price:
Aggregate Bid Price of Securities in Portfolio ...................................................... $ 9,192,452.63
Aggregate Bid Price of Securities per Unit .......................................................... $ 369.47
Sales charge 6.045% (5.7% of Public Offering Price excluding principal cash) ........................ $ 22.32
Principal Cash per Unit ............................................................................. $ (.19)
Public Offering Price per Unit <F1>.................................................................. $ 391.60
Redemption Price per Unit ............................................................................... $ 369.28
Excess of Public Offering Price per Unit over Redemption Price per Unit ................................. $ 22.32
Minimum Value of the Trust under which Trust Agreement may be terminated ................................ $ 4,987,000
Annual Premium on Portfolio Insurance ................................................................... $ 12,737.63
Minimum Principal Distribution ...$1.00 per Unit
Date of Deposit ..................May 7, 1979
Mandatory Termination Date .......December 31, 2028
Evaluator's Annual Fee <F4>.......$1,820
Evaluations for purpose of sale, purchase or redemption of Units are
made as of 4:00 P.M. Eastern time on days of trading on the New York
Stock Exchange next following receipt of an order for a sale or purchase
of Units or receipt by The Bank of New York of Units tendered for
redemption.
</TABLE>
<TABLE>
Special Information Based on Various Distribution Plans
<CAPTION>
Monthly Quarterly Semi-Annual
------------- ------------- -------------
<S> <C> <C> <C>
Calculation of Estimated Net Annual Unit Income:
Estimated Annual Interest Income per Unit ...................................... $ 24.63 $ 24.63 $ 24.63
Less: Estimated Annual Expense excluding Insurance ............................. $ 1.08 $ .82 $ .64
Less: Annual Premium on Portfolio Insurance .................................... $ .51 $ .51 $ .51
Estimated Net Annual Interest Income per Unit .................................. $ 23.04 $ 23.30 $ 23.48
Calculation of Estimated Interest Earnings per Unit:
Estimated Net Annual Interest Income ........................................... $ 23.04 $ 23.30 $ 23.48
Divided by 12, 4 and 2, respectively ........................................... $ 1.92 $ 5.83 $ 11.74
Estimated Daily Rate of Net Interest Accrual per Unit .............................. $ .06400 $ .06471 $ .06521
Estimated Current Return Based on Public Offering Price <F2><F3>.................... 5.88% 5.95% 5.99%
Estimated Long-Term Return <F2><F3>................................................. 5.03% 5.10% 5.14%
Record and Computation Dates .FIRST day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Distribution Dates ...........FIFTEENTH day of the month as follows: monthly -
each month; quarterly - March, June, September,
and December; semi-annual - June and December.
Trustee's Annual Fee .........$1.24, $0.98 and $0.69 per $1,000 principal
amount of Bonds respectively, for those portions
of the Trusts under the monthly, quarterly and
semi-annual distribution plans.
<FN>
<F1>Plus accrued interest to the date of settlement (five business days
after purchase) of $2.99, $3.00 and $9.80 respectively, for those portions of
the Trust under the monthly, quarterly, and semi-annual distribution plans.
<F2>The Estimated Current Return and Estimated Long-Term Return are
increased for transactions entitled to a reduced sales charge.
<F3>The Estimated Current Return on an identical portfolio without the
insurance obtained by the Trust would have been 6.12% based on such
semi-annual distribution plan on such date, while the Estimated Long-Term
Return on an identical portfolio without the insurance obtained by the Trust
would have been 5.27%.
<F4>Notwithstanding information to the Contrary in Part Two of this
Prospectus, the Trust Indenture provides that as compensation for its
services, the Evaluator shall receive a fee of $35 per weekly evaluation.
</TABLE>
Page 5
<PAGE>
PORTFOLIO
In selecting Bonds for the Insured Municipals Income Trust, Series 27,
the following facts, among others, were considered: (i) either the Standard &
Poor's Corporation rating of the Bonds was in no case less than "BBB-" or the
Moody's Investors Service, Inc. rating of the Bonds was in no case less than
"Baa", including provisional or conditional ratings, respectively (see
"Description of Securities Ratings" in Part Two), (ii) the prices of the Bonds
relative to other Bonds of comparable quality and maturity, (iii) the
availability and cost of insurance for the prompt payment of principal and
interest on the Bonds and (iv) the diversification of Bonds as to purpose of
issue and location of issuer. As of December 31, 1993, the Trust consists of
11 issues which are payable from the income of a specific project or
authority. The portfolio is divided by purpose of issue as follows: Escrowed,
5 (44%); Health Care System, 1 (8%); Multi-Family, 1 (4%); Single Family, 3
(38%) and Transportation, 1 (6%). The portfolio consists of 11 Bond issues in
10 states. See "Bond Portfolio" herein and "Description of Securities Ratings"
in Part Two.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1984 1985 1986 1987 1988
---------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 716.61 $ 704.47 $ 809.45 $ 957.97 $ 858.89
========== ========= ========== ========= =========
Net asset value per
Unit at end of
period ........... $ 704.47 $ 809.45 $ 957.97 $ 858.89 $ 907.50
========== ========= ========== ========= =========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding
for entire period)
(a) .............. $ 67.45 $ 67.42 $ 67.86 $ 67.28 $ 66.98
========== ========= ========== ========= =========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding for
entire period) ... $ 3.58 $ 2.94 $ 3.57 $ 5.84 $ 5.51
========== ========= ========== ========= =========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ (8.20) $ 109.14 $ 157.60 $(94.28) $ 57.20
========== ========= ========== ========= =========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 67.55 $ 66.89 $ 66.66 $ 66.36 $ 66.17
Quarterly ..... $ 64.34 $ 67.21 $ 67.16 $ 66.74 $ 66.30
Semiannual .... $ 67.55 $ 67.50 $ 67.42 $ 67.03 $ 66.57
Units outstanding at
end of period .... 19,015 18,840 18,078 17,425 16,769
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1989 1990 1991 1992 1993
---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 907.50 $ 933.20 $ 898.08 $ 903.66 $ 778.09
========== ========= ========== ========= ==========
Net asset value per
Unit at end of
period ........... $ 933.20 $ 898.08 $ 903.66 $ 778.09 $ 610.42
========== ========= ========== ========= ==========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding
for entire period)
(a) .............. $ 66.68 $ 65.33 $ 62.93 $ 55.06 $ 47.98
========== ========= ========== ========= ==========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding for
entire period) ... $ 6.45 $ (8.82) $ 14.65 $ 130.76 $ 183.01
========== ========= ========== ========= ==========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ 35.66 $ 64.64 $ 23.63 $ 7.33 $ 22.01
========== ========= ========== ========= ==========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 65.65 $ 64.64 $ 62.48 $ 54.72 $ 47.60
Quarterly ..... $ 65.82 $ 64.82 $ 62.85 $ 55.05 $ 47.82
Semiannual .... $ 66.14 $ 65.12 $ 63.08 $ 55.29 $ 48.08
Units outstanding at
end of period .... 16,094 15,677 15,572 15,555 15,401
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
Page 6
<PAGE>
PORTFOLIO
In selecting Bonds for the Insured Municipals Income Trust, Series 28,
the following facts, among others, were considered: (i) either the Standard &
Poor's Corporation rating of the Bonds was in no case less than "BBB-" or the
Moody's Investors Service, Inc. rating of the Bonds was in no case less than
"Baa", including provisional or conditional ratings, respectively or, if not
rated, the Bonds had, in the opinion of the Sponsor, credit characteristics
sufficiently similar to the credit characteristics of interest-bearing
tax-exempt obligations that were so rated as to be acceptable for acquisition
by the Fund (see "Description of Securities Ratings" in Part Two), (ii) the
prices of the Bonds relative to other Bonds of comparable quality and
maturity, (iii) the availability and cost of insurance for the prompt payment
of principal and interest on the Bonds and (iv) the diversification of Bonds
as to purpose of issue and location of issuer. Since the date of deposit the
rating of certain Bonds in the portfolio may have been lowered by the
appropriate rating agency. Debt rated BBB is regarded as having an adequate
capacity to pay interest and repay principal. Whereas it normally exhibits
adequate protection parameters, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity to pay interest
and repay principal for debt in this category than in higher rated categories.
As of December 31, 1993, the Trust consists of 7 issues which are payable from
the income of a specific project or authority. The portfolio is divided by
purpose of issue as follows: Airport, 1 (14%); Escrowed, 2 (30%); Health Care
System, 1 (22%); Industrial Revenue, 1 (6%) and Single Family, 2 (20%).
Approximately 8% of the Trust consists of Existing Fund Units. The portfolio
consists of 7 Bond issues in 6 states. See "Bond Portfolio" herein and
"Description of Securities Ratings" in Part Two.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1984 1985 1986 1987 1988
---------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 662.79 $ 653.88 $ 747.58 $ 882.36 $ 795.86
========== ========= ========== ========= =========
Net asset value per
Unit at end of
period ........... $ 653.88 $ 747.58 $ 882.36 $ 795.86 $ 837.48
========== ========= ========== ========= =========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding for
entire period) (a) $ 66.12 $ 66.01 $ 65.92 $ 65.44 $ 64.52
========== ========= ========== ========= =========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding
for entire period) $ 2.36 $ 4.48 $ 1.69 $ 14.51 $ 12.61
========== ========= ========== ========= =========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ (6.71) $ 98.26 $ 137.64 $(71.74) $ 54.72
========== ========= ========== ========= =========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 65.75 $ 65.68 $ 65.42 $ 65.08 $ 64.31
Quarterly ..... $ 66.02 $ 66.00 $ 65.71 $ 65.37 $ 64.59
Semiannual .... $ 66.35 $ 66.21 $ 65.97 $ 65.61 $ 64.64
Units outstanding at
end of period .... 20,121 20,121 19,898 19,832 19,830
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1989 1990 1991 1992 1993
---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 837.48 $ 874.16 $ 851.77 $ 882.47 $ 869.38
========== ========= ========== ========= ==========
Net asset value per
Unit at end of
period ........... $ 874.16 $ 851.77 $ 882.47 $ 869.38 $ 659.54
========== ========= ========== ========= ==========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding for
entire period) (a) $ 63.79 $ 63.23 $ 62.44 $ 61.10 $ 55.66
========== ========= ========== ========= ==========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding
for entire period) $ 6.85 $ 8.82 $ 16.44 $ 19.98 $ 239.95
========== ========= ========== ========= ==========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ 44.00 $(13.26) $ 48.03 $ 7.60 $ 34.47
========== ========= ========== ========= ==========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 65.75 $ 65.68 $ 65.42 $ 65.08 $ 64.31
Quarterly ..... $ 66.02 $ 66.00 $ 65.71 $ 65.37 $ 64.59
Semiannual .... $ 66.35 $ 66.21 $ 65.97 $ 65.61 $ 64.64
Units outstanding at
end of period .... 20,121 20,121 19,898 19,832 19,830
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
Page 7
<PAGE>
PORTFOLIO
In selecting Bonds for the Insured Municipals Income Trust, Series 29,
the following facts, among others, were considered: (i) either the Standard &
Poor's Corporation rating of the Bonds was in no case less than "BBB-" or the
Moody's Investors Service, Inc. rating of the Bonds was in no case less than
"Baa", including provisional or conditional ratings, respectively or, if not
rated, the Bonds had, in the opinion of the Sponsor, credit characteristics
sufficiently similar to the credit characteristics of interest-bearing
tax-exempt obligations that were so rated as to be acceptable for acquisition
by the Fund (see "Description of Securities Ratings" in Part Two), (ii) the
prices of the Bonds relative to other Bonds of comparable quality and
maturity, (iii) the availability and cost of insurance for the prompt payment
of principal and interest on the Bonds and (iv) the diversification of Bonds
as to purpose of issue and location of issuer. Since the date of deposit the
rating of certain Bonds in the portfolio may have been lowered by the
appropriate rating agency. Debt rated BBB is regarded as having an adequate
capacity to pay interest and repay principal. Whereas it normally exhibits
adequate protection parameters, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity to pay interest
and repay principal for debt in this category than in higher rated categories.
Debt rated BB, B, CCC and CC is regarded, on balance, as predominantly
speculative with respect to capacity to pay interest and repay principal in
accordance with the terms of the obligation. BB indicates the lowest degree of
speculation and CC the highest degree of speculation. While such debt will
likely have some quality and protective characteristics, these are outweighed
by large uncertainties or major risk exposures to adverse conditions. As of
December 31, 1993, the Trust consists of 10 issues which are payable from the
income of a specific project or authority. The portfolio is divided by purpose
of issue as follows: Airport, 1 (2%); Escrowed, 6 (62%); Health Care System, 1
(3%); Single Family, 1 (5%) and Miscellaneous, 1 (19%). Approximately 9% of
the Trust consists of Existing Fund Units. The portfolio consists of 10 Bond
issues in 10 states. See "Bond Portfolio" herein and "Description of
Securities Ratings" in Part Two.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1984 1985 1986 1987 1988
---------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 688.86 $ 676.73 $ 781.46 $ 920.01 $ 788.97
========== ========= ========== ========= =========
Net asset value per
Unit at end of
period ........... $ 676.73 $ 781.46 $ 920.01 $ 788.97 $ 822.71
========== ========= ========== ========= =========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding
for entire
(period) (a) ..... $ 67.13 $ 67.08 $ 67.22 $ 66.07 $ 63.11
========== ========= ========== ========= =========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding
for entire period) $ 1.58 $ -- $ 9.17 $ 40.94 $ 12.71
========== ========= ========== ========= =========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $(10.33) $ 104.83 $ 149.15 $(88.05) $ 47.19
========== ========= ========== ========= =========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 66.66 $ 66.60 $ 66.67 $ 65.77 $ 62.91
Quarterly ..... $ 67.12 $ 67.00 $ 67.01 $ 66.05 $ 63.14
Semiannual .... $ 67.38 $ 67.26 $ 67.31 $ 66.25 $ 63.25
Units outstanding at
end of period .... 28,195 28,106 27,844 27,795 27,777
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1989 1990 1991 1992 1993
---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 822.71 $ 855.65 $ 831.98 $ 855.06 $ 758.32
========== ========= ========== ========= ==========
Net asset value per
Unit at end of
period ........... $ 855.65 $ 831.98 $ 855.06 $ 758.32 $ 625.79
========== ========= ========== ========= ==========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding
for entire
(period) (a) ..... $ 62.32 $ 61.35 $ 60.21 $ 54.81 $ 46.79
========== ========= ========== ========= ==========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding
for entire period) $ 11.27 $ 12.60 $ 13.29 $ 106.96 $ 178.05
========== ========= ========== ========= ==========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ 45.28 $(10.57) $ 37.47 $ 13.33 $ 48.52
========== ========= ========== ========= ==========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 62.02 $ 61.04 $ 59.91 $ 54.52 $ 46.41
Quarterly ..... $ 62.20 $ 61.28 $ 60.20 $ 54.82 $ 46.66
Semiannual .... $ 62.45 $ 61.52 $ 60.46 $ 55.04 $ 46.93
Units outstanding at
end of period .... 27,645 27,546 27,542 27,520 27,262
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
Page 8
<PAGE>
PORTFOLIO
In selecting Bonds for the Insured Municipals Income Trust, Series 30,
the following facts, among others, were considered: (i) either the Standard &
Poor's Corporation rating of the Bonds was in no case less than "BBB-" or the
Moody's Investors Service, Inc. rating of the Bonds was in no case less than
"Baa", including provisional or conditional ratings, respectively (see
"Description of Securities Ratings" in Part Two), (ii) the prices of the Bonds
relative to other Bonds of comparable quality and maturity, (iii) the
availability and cost of insurance for the prompt payment of principal and
interest on the Bonds and (iv) the diversification of Bonds as to purpose of
issue and location of issuer. Since the date of deposit the rating of certain
Bonds in the portfolio may have been lowered by the appropriate rating agency.
Debt rated BBB is regarded as having an adequate capacity to pay interest and
repay principal. Whereas it normally exhibits adequate protection parameters,
adverse economic conditions or changing circumstances are more likely to lead
to a weakened capacity to pay interest and repay principal for debt in this
category than in higher rated categories. As of December 31, 1993, the Trust
consists of 8 issues which are payable from the income of a specific project
or authority. The portfolio is divided by purpose of issue as follows:
Escrowed, 3 (49%); Pre-refunded, 2 (30%); Retail Electric, 1 (1%);
Transportation, 1 (5%) and Miscellaneous, 1 (4%). Approximately 11% of the
Trust consists of Existing Fund Units. The portfolio consists of 8 Bond issues
in 6 states. See "Bond Portfolio" herein and "Description of Securities
Ratings" in Part Two.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
---------- --------- ---------- --------- --------- ---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 690.70 $ 674.91 $ 774.24 $ 887.50 $ 782.12 $ 808.24 $ 781.78 $ 766.00 $ 789.04 $ 654.90
========== ========= ========== ========= ========= ========== ========= ========== ========= ==========
Net asset value per
Unit at end of
period ........... $ 674.91 $ 774.24 $ 887.50 $ 782.12 $ 808.24 $ 781.78 $ 766.00 $ 789.04 $ 654.90 $ 529.91
========== ========= ========== ========= ========= ========== ========= ========== ========= ==========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding
for entire
period) (a) ...... $ 66.09 $ 65.61 $ 65.45 $ 64.14 $ 62.21 $ 59.46 $ 55.47 $ 54.58 $ 50.47 $ 39.43
========== ========= ========== ========= ========= ========== ========= ========== ========= ==========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding
for entire period) $ 6.30 $ 6.00 $ 11.31 $ 21.95 $ 33.28 $ 62.41 $ 9.89 $ 6.34 $ 136.98 $ 155.82
========== ========= ========== ========= ========= ========== ========= ========== ========= ==========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ (9.02) $ 105.59 $ 125.49 $(82.96) $ 60.34 $ 36.54 $ (5.82) $ 29.49 $ 4.63 $ 31.57
========== ========= ========== ========= ========= ========== ========= ========== ========= ==========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 65.66 $ 65.28 $ 65.16 $ 63.81 $ 61.79 $ 59.06 $ 55.07 $ 54.16 $ 50.13 $ 39.12
Quarterly ..... $ 66.02 $ 65.60 $ 65.25 $ 64.17 $ 62.23 $ 59.32 $ 55.24 $ 54.50 $ 50.47 $ 39.36
Semiannual .... $ 66.32 $ 65.80 $ 65.51 $ 64.28 $ 62.25 $ 59.64 $ 55.50 $ 54.79 $ 50.74 $ 39.60
Units outstanding at
end of period .... 26,189 26,145 25,984 25,885 25,855 25,694 24,418 25,330 25,308 25,158
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
<TABLE>
PER UNIT INFORMATION
<CAPTION>
1984 1985 1986 1987 1988
---------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value per
Unit at beginning of
period ........... $ 690.70 $ 674.91 $ 774.24 $ 887.50 $ 782.12
========== ========= ========== ========= =========
Net asset value per
Unit at end of
period ........... $ 674.91 $ 774.24 $ 887.50 $ 782.12 $ 808.24
========== ========= ========== ========= =========
Distributions to
Unitholders of
investment income
including accrued
interest to carry
paid on Units
redeemed (average
Units outstanding
for entire
period) (a) ...... $ 66.09 $ 65.61 $ 65.45 $ 64.14 $ 62.21
========== ========= ========== ========= =========
Distributions to
Unitholders from
Bond redemption
proceeds (average
Units outstanding
for entire period) $ 6.30 $ 6.00 $ 11.31 $ 21.95 $ 33.28
========== ========= ========== ========= =========
Unrealized
appreciation
(depreciation) of
Bonds (per Unit
outstanding at end
of period) ....... $ (9.02) $ 105.59 $ 125.49 $(82.96) $ 60.34
========== ========= ========== ========= =========
Distributions of
investment income by
frequency of
payment (a)
Monthly ....... $ 65.66 $ 65.28 $ 65.16 $ 63.81 $ 61.79
Quarterly ..... $ 66.02 $ 65.60 $ 65.25 $ 64.17 $ 62.23
Semiannual .... $ 66.32 $ 65.80 $ 65.51 $ 64.28 $ 62.25
Units outstanding at
end of period .... 26,189 26,145 25,984 25,885 25,855
</TABLE>
(a) Unitholders may elect to receive distributions on a monthly, quarterly or
semi-annual basis.
Page 9
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors of Van Kampen Merritt Inc. and the Unitholders of
Insured Municipals Income Trust, Series 27, 28, 29 and 30:
We have audited the accompanying statements of condition (including the
analyses of net assets) and the related portfolio of Insured Municipals Income
Trust, Series 27, 28, 29 and 30 as of December 31, 1993, and the related
statements of operations and changes in net assets for the three years ended
December 31, 1993. These statements are the responsibility of the Trustee and
the Sponsor. Our responsibility is to express an opinion on such statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of tax-exempt securities owned at December
31, 1993 by correspondence with the Trustee. An audit also includes assessing
the accounting principles used and significant estimates made by the Trustee
and the Sponsor, as well as evaluating the overall financial statement
presentation. We believe our audit provides a reasonable basis for our
opinion.
In our opinion, the statements referred to above present fairly, in all
material respects, the financial position of Insured Municipals Income Trust,
Series 27, 28, 29 and 30 as of December 31, 1993, and the results of
operations and changes in net assets for the three years ended December 31,
1993, in conformity with generally accepted accounting principles.
GRANT THORNTON
Chicago, Illinois
March 11, 1994
Page 10
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST
Statements of Condition
December 31, 1993
<CAPTION>
Series 27 Series 28 Series 29 Series 30
----------------- ------------------ ----------------- ------------------
<S> <C> <C> <C> <C>
Trust property
Cash .......................................... $ 70,436 $ -- $ -- $ --
Tax-exempt securities at market value, (cost
$8,569,348, $12,170,659, $14,961,854 and
$12,258,161, respectively) (note 1) .........
9,153,918 12,715,143 16,801,313 13,171,020
Accrued interest .............................. 176,650 315,267 274,871 237,015
----------------- ------------------ ----------------- ------------------
$ 9,401,004 $ 13,030,410 $ 17,076,184 $ 13,408,035
================= ================== ================= ==================
Liabilities and interest of Unitholders
Cash overdraft ................................ -- $ 119,923 $ 15,945 $ 76,517
Interest to Unitholders ....................... 9,401,004 12,910,487 17,060,239 13,331,518
----------------- ------------------ ----------------- ------------------
$ 9,401,004 $ 13,030,410 $ 17,076,184 $ 13,408,035
================= ================== ================= ==================
</TABLE>
<TABLE>
Analyses of Net Assets
<CAPTION>
<S> <C> <C> <C> <C>
Interest of Unitholders (15,401, 19,575, 27,262 and
25,158 Units, respectively of fractional undivided
interest outstanding)
Cost to original investors of 19,750, 20,500,
29,000 and 26,500 Units, respectively (note 1)
$ 19,750,000 $ 20,500,000 $ 29,000,000 $ 26,500,000
Less initial underwriting commission
(note 3) .............................. 928,141 963,296 1,362,834 1,245,496
----------------- ------------------ ----------------- ------------------
18,821,859 19,536,704 27,637,166 25,254,504
Less redemption of Units (4,349, 925, 1,738
and 1,342 Units, respectively) ........
3,726,469 761,221 1,332,687 1,000,380
----------------- ------------------ ----------------- ------------------
15,095,390 18,775,483 26,304,479 24,254,124
Undistributed net investment income
Net investment income ................... 17,103,230 18,943,912 25,917,346 23,012,629
Less distributions to Unitholders ....... 16,957,723 18,746,531 25,658,202 22,832,482
----------------- ------------------ ----------------- ------------------
145,507 197,381 259,144 180,147
Realized gain (loss) on Bond sale
or redemption ............................... (339,624) (67,698) (353,408) (53,020)
Unrealized appreciation (depreciation) of Bonds
(note 2) .................................... 584,570 544,484 1,839,459 912,859
Distributions to Unitholders of Bond sale or
redemption proceeds ......................... (6,084,839) (6,539,163) (10,989,435) (11,962,592)
----------------- ------------------ ----------------- ------------------
Net asset value to Unitholders ....... $ 9,401,004 $ 12,910,487 $ 17,060,239 $ 13,331,518
================= ================== ================= ==================
Net asset value per Unit (Units outstanding of
15,401, 19,575, 27,262 and 25,158, respectively)
$ 610.42 $ 659.54 $ 625.79 $ 529.91
================= ================== ================= ==================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 11
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 27
Statements of Operations--Years ended December 31,
<CAPTION>
1991 1992 1993
----------------- ------------------ -----------------
<S> <C> <C> <C>
Investment income
Interest income .................................................. $ 1,004,323 $ 858,303 $ 727,584
Expenses
Trustee fees and expenses ..................................... 17,858 15,770 14,726
Evaluator fees ................................................ 2,808 3,482 4,375
Insurance expense ............................................. 15,660 12,369 11,976
----------------- ------------------ -----------------
Total expenses .......................................... 36,326 31,621 31,077
----------------- ------------------ -----------------
Net Investment Income ......................................... 967,997 826,682 696,507
Realized gain (loss) from Bond sale or redemption
Proceeds ......................................................... 2,006,115 281,725 2,975,153
Cost ............................................................. 2,046,662 285,554 3,031,267
----------------- ------------------ -----------------
Realized gain (loss) .......................................... (40,547) (3,829) (56,114)
Net change in unrealized appreciation (depreciation)
of Bonds ........................................................... 367,946 113,999 338,907
----------------- ------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................ $ 1,295,396 $ 936,852 $ 979,300
================= ================== =================
</TABLE>
<TABLE>
Statements of Changes in Net Assets--Years ended December 31,
<CAPTION>
1991 1992 1993
----------------- ------------------ -----------------
<S> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income ......................................... $ 967,997 $ 826,682 $ 696,507
Realized gain (loss) on Bond sale or redemption ............... (40,547) (3,829) (56,114)
Net change in unrealized appreciation (depreciation)
of Bonds .................................................... 367,946 113,999 338,907
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations .......................................... 1,295,396 936,852 979,300
Distributions to Unitholders from:
Net investment income ......................................... (982,472) (857,072) (745,408)
Bond sale or redemption proceeds .............................. (228,702) (2,035,308) (2,843,179)
Redemption of Units (note 4) ......................................... (91,726) (13,034) (92,872)
----------------- ------------------ -----------------
Total increase (decrease) .................................. (7,504) (1,968,562) (2,702,159)
Net asset value to Unitholders
Beginning of period ........................................... 14,079,229 14,071,725 12,103,163
----------------- ------------------ -----------------
End of period (including undistributed net investment income of
$224,798, $194,408 and $145,507, respectively) ..............
$ 14,071,725 $ 12,103,163 $ 9,401,004
================= ================== =================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 12
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 28
Statements of Operations--Years ended December 31,
<CAPTION>
1991 1992 1993
------------------ ----------------- ------------------
<S> <C> <C> <C>
Investment income
Interest income .................................................. $ 1,275,302 $ 1,244,329 $ 1,057,572
Expenses
Trustee fees and expenses ..................................... 21,032 22,980 19,266
Evaluator fees ................................................ 2,773 3,488 4,270
Insurance expense ............................................. 27,538 27,075 24,877
------------------ ----------------- ------------------
Total expenses .......................................... 51,343 53,543 48,413
------------------ ----------------- ------------------
Net Investment Income ......................................... 1,223,959 1,190,786 1,009,159
Realized gain (loss) from Bond sale or redemption
Proceeds ......................................................... 357,139 418,825 4,749,436
Cost ............................................................. 368,533 421,652 4,747,298
------------------ ----------------- ------------------
Realized gain (loss) .......................................... (11,394) (2,827) 2,138
Net change in unrealized appreciation (depreciation)
of Bonds ........................................................... 945,329 149,525 674,717
------------------ ----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................ $ 2,157,894 $ 1,337,484 $ 1,686,014
================== ================= ==================
</TABLE>
<TABLE>
Statements of Changes in Net Assets--Years ended December 31,
<CAPTION>
1991 1992 1993
------------------ ----------------- ------------------
<S> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income ......................................... $ 1,223,959 $ 1,190,786 $ 1,009,159
Realized gain (loss) on Bond sale or redemption ............... (11,394) (2,827) 2,138
Net change in unrealized appreciation (depreciation)
of Bonds .................................................... 945,329 149,525 674,717
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations .......................................... 2,157,894 1,337,484 1,686,014
Distributions to Unitholders from:
Net investment income ......................................... (1,229,744) (1,202,185) (1,093,416)
Bond sale or redemption proceeds .............................. (323,754) (393,089) (4,713,373)
Redemption of Units (note 4) ......................................... (21,371) (6,888) (72,018)
------------------ ----------------- ------------------
Total increase (decrease) .................................. 583,025 (264,678) (4,192,793)
Net asset value to Unitholders
Beginning of period ......................................... 16,784,933 17,367,958 17,103,280
------------------ ----------------- ------------------
End of period (including undistributed net investment income of
$293,037, $281,638 and $197,381, respectively) ..............
$ 17,367,958 $ 17,103,280 $ 12,910,487
================== ================= ==================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 13
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 29
Statements of Operations--Years ended December 31,
<CAPTION>
1991 1992 1993
------------------ ----------------- ------------------
<S> <C> <C> <C>
Investment income
Interest income .................................................. $ 1,707,799 $ 1,508,620 $ 1,243,247
Expenses
Trustee fees and expenses ..................................... 27,106 26,952 23,606
Evaluator fees ................................................ 1,278 1,492 1,820
Insurance expense ............................................. 33,444 28,573 24,228
------------------ ----------------- ------------------
Total expenses .......................................... 61,828 57,017 49,654
------------------ ----------------- ------------------
Net Investment Income ......................................... 1,645,971 1,451,603 1,193,593
Realized gain (loss) from Bond sale or redemption
Proceeds ......................................................... 385,960 3,029,665 4,977,930
Cost ............................................................. 404,010 3,059,546 4,964,219
------------------ ----------------- ------------------
Realized gain (loss) .......................................... (18,050) (29,881) 13,711
Net change in unrealized appreciation (depreciation)
of Bonds ........................................................... 1,032,102 366,966 1,322,787
------------------ ----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................ $ 2,660,023 $ 1,788,688 $ 2,530,091
================== ================= ==================
</TABLE>
<TABLE>
Statements of Changes in Net Assets--Years ended December 31,
<CAPTION>
1991 1992 1993
------------------ ----------------- ------------------
<S> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income ......................................... $ 1,645,971 $ 1,451,603 $ 1,193,593
Realized gain (loss) on Bond sale or redemption ............... (18,050) (29,881) 13,711
Net change in unrealized appreciation (depreciation)
of Bonds .................................................... 1,032,102 366,966 1,322,787
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations .......................................... 2,660,023 1,788,688 2,530,091
Distributions to Unitholders from:
Net investment income ......................................... (1,658,327) (1,508,910) (1,284,563)
Bond sale or redemption proceeds .............................. (366,045) (2,944,498) (4,887,988)
Redemption of Units (note 4) ......................................... (3,308) (16,385) (166,304)
------------------ ----------------- ------------------
Total increase (decrease) .................................. 632,343 (2,681,105) (3,808,764)
Net asset value to Unitholders
Beginning of period ........................................... 22,917,765 23,550,108 20,869,003
------------------ ----------------- ------------------
End of period (including undistributed net investment income of
$407,421, $350,114 and $259,144, respectively) ..............
$ 23,550,108 $ 20,869,003 $ 17,060,239
================== ================= ==================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 14
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST, SERIES 30
Statements of Operations--Years ended December 31,
<CAPTION>
1991 1992 1993
------------------ ----------------- ------------------
<S> <C> <C> <C>
Investment income
Interest income .................................................. $ 1,439,048 $ 1,279,577 $ 983,862
Expenses
Trustee fees and expenses ..................................... 26,009 26,225 23,029
Evaluator fees ................................................ 1,278 1,492 1,820
Insurance expense ............................................. 30,191 26,126 20,663
------------------ ----------------- ------------------
Total expenses .......................................... 57,478 53,843 45,512
------------------ ----------------- ------------------
Net Investment Income ......................................... 1,381,570 1,225,734 938,350
Realized gain (loss) from Bond sale or redemption
Proceeds ......................................................... 285,166 3,480,425 3,952,073
Cost ............................................................. 285,768 3,474,297 3,913,027
------------------ ----------------- ------------------
Realized gain (loss) .......................................... (602) 6,128 39,046
Net change in unrealized appreciation (depreciation)
of Bonds ........................................................... 746,860 117,265 794,209
------------------ ----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................ $ 2,127,828 $ 1,349,127 $ 1,771,605
================== ================= ==================
</TABLE>
<TABLE>
Statements of Changes in Net Assets--Years ended December 31,
<CAPTION>
1991 1992 1993
------------------ ----------------- ------------------
<S> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income ......................................... $ 1,381,570 $ 1,225,734 $ 938,350
Realized gain (loss) on Bond sale or redemption ............... (602) 6,128 39,046
Net change in unrealized appreciation (depreciation)
of Bonds .................................................... 746,860 117,265 794,209
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations .......................................... 2,127,828 1,349,127 1,771,605
Distributions to Unitholders from:
Net investment income ......................................... (1,384,420) (1,277,778) (996,163)
Bond sale or redemption proceeds .............................. (160,773) (3,467,855) (3,937,066)
Redemption of Units (note 4) ......................................... (66,747) (15,410) (81,051)
------------------ ----------------- ------------------
Total increase (decrease) .................................. 515,888 (3,411,916) (3,242,675)
Net asset value to Unitholders
Beginning of period ........................................... 19,470,221 19,986,109 16,574,193
------------------ ----------------- ------------------
End of period (including undistributed net investment income of
$290,004, $237,960 and $180,147, respectively) ..............
$ 19,986,109 $ 16,574,193 $ 13,331,518
================== ================= ==================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 15
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of December 31, 1993
SERIES 27
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
A $ 110,000 Power Authority of The State of New York, AAA $ 127,390
General Purpose Revenue, Series C
9.500% Due 01/01/01**
- ---------------------------------------------------------------------------------------------------------------------------------
B -- 0 -- City of Warren, Ohio, Hospital Facilities -- 0 --
Revenue Bonds (Warren General Hospital
Association, Inc., Project) Series 1978
(AMBAC Indemnity Insured)
7.450% Due 06/01/06
- ---------------------------------------------------------------------------------------------------------------------------------
C 465,000 Puerto Rico Ports Authority Revenue Bonds, A* 1994 @ 101 469,985
Series C 1996 @ 100 S.F.
7.300% Due 07/01/07
- ---------------------------------------------------------------------------------------------------------------------------------
D 415,000 Alaska Housing Finance Corporation Insured AA1* 1994 @ 101.5 418,175
Mortgage Program Bonds, 1978 First Series 1994 @ 100 S.F.
6.375% Due 12/01/07
- ---------------------------------------------------------------------------------------------------------------------------------
E -- 0 -- Franklin County Industrial Development -- 0 --
Authority, Chambersburg, Pennsylvania,
Hospital Revenue Bonds, Series 1979 (The
Chambersburg Hospital)
7.625% Due 07/01/08
- ---------------------------------------------------------------------------------------------------------------------------------
F 1,940,000 City of Albuquerque, New Mexico, Hospital AAA 2,247,664
System Revenue Bonds, 1979 Series A
(Presbyterian Hospital Center)
7.750% Due 08/01/08**
- ---------------------------------------------------------------------------------------------------------------------------------
G 440,000 City of Pekin, Tazewell County, Illinois, AA 440,181
Single Family Mortgage Revenue Bonds
7.400% Due 12/01/08**
- ---------------------------------------------------------------------------------------------------------------------------------
H 715,000 Parking Authority of The City of Perth AAA 1994 @ 102 729,121
Amboy, New Jersey, Parking Facilities 1994 @ 100 S.F.
Revenue Bonds (Perth Amboy General
Hospital Project) Series 1978 (AMBAC
Indemnity Insured)
7.375% Due 12/01/08
- ---------------------------------------------------------------------------------------------------------------------------------
I -- 0 -- New Mexico Mortgage Finance Authority Single -- 0 --
Family Mortgage Purchase Bonds, 1979
Series A
7.500% Due 07/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
J -- 0 -- Dormitory Authority of The State of New York -- 0 --
Revenue Bonds (Charles S. Wilson Memorial
Hospital Issue) Series A
7.750% Due 07/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
K 1,455,000 The Health Care and Residential Facilities AAA 1994 @ 100.5 1,441,185
Board of Jefferson County, Arkansas Single 1999 @ 100 S.F.
Family Mortgage Revenue Bonds, 1978 20,236
Conventional Series
1,435M-7.4% Due 12/01/10
20M-7.4% Due 12/01/10**
</TABLE>
Page 16
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of Date December 31, 1993
(continued)SERIES 27
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
L $ 1,415,000 City of Wilmington, Delaware, Single Family AAA $ 1,417,391
Mortgage Revenue Bonds 1979 Series A
7.500% Due 01/01/12**
- ---------------------------------------------------------------------------------------------------------------------------------
M 1,215,000 West Virginia Water Development Authority, AAA 1,490,380
Water Development Revenue Bonds (Sew-age
Systems Loan Program), 1978 Series A
7.200% Due 11/01/19**
- ---------------------------------------------------------------------------------------------------------------------------------
N 355,000 Michigan State Housing Development A+ 1994 @ 100 352,210
Authority, Section 8 Assisted Mortgage 2009 @ 100 S.F.
Revenue Bonds, 1978 Series I
6.625% Due 04/01/21
---------------- ----------------
$ 8,525,000 $ 9,153,918
================ ================
_________________________________________________________________________________________________________________________________
</TABLE>
The accompanying notes are an integral part of this statement.
**The issuer of these Bonds has placed funds or securities in escrow against
payment of the issue on the date or dates indicated.
Page 17
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of December 31, 1993
SERIES 28
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
A $ -- 0 -- City of Superior, Wisconsin, Dock or Wharf $ -- 0 --
Collateralized Revenue Bonds (Midwest
Engery Resources Company Project) Series E
8.500% Due 02/01/01
- ---------------------------------------------------------------------------------------------------------------------------------
B -- 0 -- City of Warren, Ohio, Hospital Facilities -- 0 --
Revenue Bonds (Warren General Hospital
Association, Inc., Project) Series 1978
(AMBAC Indemnity Insured)
7.450% Due 06/01/06
- ---------------------------------------------------------------------------------------------------------------------------------
C 3,000,000 North Texas Hospital Authority Hospital NR 3,472,050
Revenue Bonds (Bethania Hospital Project)
Series A
7.200% Due 02/01/09**
- ---------------------------------------------------------------------------------------------------------------------------------
D 700,000 Pleasants County, West Virginia, Pollution A 1994 @ 100.5 697,571
Control Revenue Bonds (Monogahela Power 2001 @ 100 S.F.
Company Pleasants Station Project) 1979
Series B
7.750% Due 02/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
E 425,000 City of Clovis, New Mexico, Single Family AA 1994 @ 100.5 423,330
Mortgage Revenue Bonds, Series 1979
7.400% Due 02/01/10
- ---------------------------------------------------------------------------------------------------------------------------------
F -- 0 -- City of Jacksonville, Arkansas, Residential -- 0 --
Housing Facilities Board Single Family
Mortgage Revenue Bonds, 1979 Series
7.300% Due 02/01/11
- ---------------------------------------------------------------------------------------------------------------------------------
G 695,000 City of Jonesboro, Arkansas, Residential AAA 696,404
Housing Facilities Board Single Family
Mortgage Revenue Bonds, 1979 Series A
7.250% Due 02/01/11**
- ---------------------------------------------------------------------------------------------------------------------------------
H 2,700,000 The Hospital Authority of The County of BBB- 1994 @ 100 2,675,484
Beaver, Beaver County, Pennsylvania 1995 @ 100 S.F.
Hospital First Mortgage Revenue Bonds,
Series of 1979 (Aliquippa Hospital
Association, Sublessee)
7.500% Due 02/01/11
- ---------------------------------------------------------------------------------------------------------------------------------
I 1,650,000 Cities of Dallas and Fort Worth, Texas, BAA1* 1994 @ 100.5 1,648,350
Dallas-Fort Worth Regional Airport, 2006 @ 100 S.F.
American Special Facilities Revenue Bonds,
Series 1979
7.250% Due 11/01/12
- ---------------------------------------------------------------------------------------------------------------------------------
J 2,000,000 Delaware State Housing Authority Housing A+ 1994 @ 102 2,023,980
Development Revenue Bonds, 1979 Series A 2009 @ 100 S.F.
7.250% Due 09/01/17
- ---------------------------------------------------------------------------------------------------------------------------------
K -- 0 -- Washington Public Power Supply System -- 0 --
Generating Facilities Revenue Bonds,
Series 1979A (Nuclear Projects Nos. 4 and
5)
7.250% Due 07/01/18
- ---------------------------------------------------------------------------------------------------------------------------------
L 1,008,481 1,604 Existing Fund Units (Units of 1,077,974
previously issued IMITs)
6.39193%
---------------- ----------------
$ 12,178,481 $ 12,715,143
================ ================
_________________________________________________________________________________________________________________________________
</TABLE>
The accompanying notes are an integral part of this statement.
**The issuer of these Bonds has placed funds or securities in escrow against
payment of the issue on the date or dates indicated.
Page 18
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of December 31, 1993
SERIES 29
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
A $ 335,000 Power Authority of The State of New York, AAA $ 387,960
General Purpose Revenue, Series C
9.500% Due 01/01/01**
- ---------------------------------------------------------------------------------------------------------------------------------
B 240,000 Cities of Dallas and Fort Worth, Texas, BAA1* 1994 @ 100.5 239,902
Dallas-Fort Worth Regional Airport, 2000 @ 100 S.F.
American Special Facilities Revenue Bonds,
Series 1979
7.125% Due 11/01/05
- ---------------------------------------------------------------------------------------------------------------------------------
C -- 0 -- Municipality of Anchorage, Alaska, Home -- 0 --
Mortgage Revenue Bonds, 1979
7.600% Due 03/01/08
- ---------------------------------------------------------------------------------------------------------------------------------
D 3,000,000 Hamilton County, Ohio, Hospital Facilities NR 3,676,590
Revenue Bonds (St. Francis-St. George
Hospital, Inc.)
7.750% Due 02/15/09**
- ---------------------------------------------------------------------------------------------------------------------------------
E -- 0 -- Randolph County Building Commission, -- 0 --
Randolph County, West Virginia, Hospital
Revenue Bonds, Series 1979 (Davis Memorial
Hospital Project)
7.500% Due 04/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
F 450,000 Idaho Health Facilities Authority Revenue BB 1994 @ 100 443,646
Bonds, Series 1979 (Bonner General 1998 @ 100 S.F.
Hospital Project)
7.750% Due 10/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
G -- 0 -- Cabell County, West Virginia, Putnam County, -- 0 --
West Virginia, and Wayne County, West
Virginia, Single Family Residence Mortgage
Revenue Bonds (Multiple Originators and
Services) 1979 Series A
7.375% Due 04/01/10
- ---------------------------------------------------------------------------------------------------------------------------------
H -- 0 -- City of Martinsburg, Berkeley County, West -- 0 --
Virginia, Residential Mortgage Revenue
Bonds, Series A
7.375% Due 04/01/10
- ---------------------------------------------------------------------------------------------------------------------------------
I 800,000 City of West Memphis, Arkansas, Residential A* 928,112
Housing Facilities Board Single Family
Mortgage Revenue Bonds, 1979 Series A
7.400% Due 09/01/10**
- ---------------------------------------------------------------------------------------------------------------------------------
J -- 0 -- The Residential Housing Facilities Board of -- 0 --
Lonoke County, Arkansas, 1979 Series A
7.500% Due 03/01/11
- ---------------------------------------------------------------------------------------------------------------------------------
K 750,000 Delta County, Colorado, Single Family AA- 1994 @ 100.5 748,140
Mortgage Revenue Bonds, 1979 Series A 2000 @ 100 S.F.
7.500% Due 03/01/11
- ---------------------------------------------------------------------------------------------------------------------------------
L 3,250,000 Orangeburg County, South Carolina, Hospital AAA 3,872,342
Facilities Revenue Bonds, Series 1979
(Orangeburg Regional Hospital Project)
7.625% Due 04/01/11**
- ---------------------------------------------------------------------------------------------------------------------------------
M -- 0 -- Yuba County Water Agency, California -- 0 --
4.000% Due 03/01/16
- ---------------------------------------------------------------------------------------------------------------------------------
N -- 0 -- Washington Public Power Supply System -- 0 --
Generating Facilities Revenue Bonds,
Series 1979A (Nuclear Projects Nos. 4 and
5)
7.250% Due 07/01/18
- ---------------------------------------------------------------------------------------------------------------------------------
O 350,000 West Virginia Water Development Authority, AAA 429,328
Water Development Revenue Bonds (Sewage
Systems Loan Program), 1978 Series A
7.200% Due 11/01/19**
</TABLE>
Page 19
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of December 31, 1993
(continued)SERIES 29
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
P $ 1,495,000 Puerto Rico Housing Finance Corporation, AA $ 1,898,127
Mortgage Revenue Bonds, Series 1979 A
Lagos Del Norte Project (FHA Insured
Mortgage Loan--Section 8 Assisted Project)
7.500% Due 11/01/21**
- ---------------------------------------------------------------------------------------------------------------------------------
Q 2,775,000 Small Farms Housing Development Corporation AA 1994 @ 102 2,820,732
(City of Gary, Indiana) Mortgage Revenue 1995 @ 100 S.F.
Bonds
7.400% Due 12/01/21
- ---------------------------------------------------------------------------------------------------------------------------------
R 1,286,466 2,206 Existing Fund Units (Units of 1,356,434
previously issued IMITs)
6.7085%
---------------- ----------------
$ 14,731,466 $ 16,801,313
================ ================
_________________________________________________________________________________________________________________________________
</TABLE>
The accompanying notes are an integral part of this statement.
**The issuer of these Bonds has placed funds or securities in escrow against
payment of the issue on the date or dates indicated.
Page 20
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of December 31, 1993
SERIES 30
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
A $ -- 0 -- Municipal Assistance Corporation for The $ -- 0 --
City of New York (Corporate Governmental
Agency and Instrumentality of The State of
New York) 1979 Series 14 Bonds
8.625% Due 07/01/99
- ---------------------------------------------------------------------------------------------------------------------------------
B -- 0 -- County of Clark, Kentucky, Various Coupon -- 0 --
Residential Mortgage Revenue Bonds, Series
1979
7.375% Due 04/01/02
- ---------------------------------------------------------------------------------------------------------------------------------
C 175,000 Pope County, Arkansas, Arkansas Power & BAA* 1994 @ 100 172,447
Light Company (1976 Issue) 1996 @ 100 S.F.
7.375% Due 09/01/06
- ---------------------------------------------------------------------------------------------------------------------------------
D -- 0 -- Randolph County Building Commission, -- 0 --
Randolph County, West Virginia, Hospital
Revenue Bonds, Series 1979 (Davis Memorial
Hospital Project)
7.500% Due 04/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
E 1,255,000 City of Joliet, Will County, Illinois, AA 1,258,037
Residential Mortgage Revenue Bonds Series
1979
7.500% Due 05/01/09**
- ---------------------------------------------------------------------------------------------------------------------------------
F 2,350,000 Illinois Health Facilities Authority Revenue A* 1994 @ 100 2,332,821
Bonds, Series 1979 (Copley Memorial
Hospital, Inc. Project) Aurora, Illinois
7.375% Due 05/01/09
- ---------------------------------------------------------------------------------------------------------------------------------
G 1,375,000 North Carolina Medical Care Commission AAA 1,617,234
Hospital Revenue Bonds (Stanly County
Hospital Project) Series A
7.600% Due 10/01/09**
- ---------------------------------------------------------------------------------------------------------------------------------
H 2,345,000 Cabell County, West Virginia, Putnam County, AAA 2,594,179
West Virginia, and Wayne County, West
Virginia, Single Family Residence Mortgage
Revenue Bonds (Multiple Originators and
Services) 1979 Series A
7.375% Due 04/01/10**
- ---------------------------------------------------------------------------------------------------------------------------------
I -- 0 -- City of Martinsburg, Berkeley County, West -- 0 --
Virginia, Residential Mortgage Revenue
Bonds, Series A
7.375% Due 04/01/10
- ---------------------------------------------------------------------------------------------------------------------------------
J -- 0 -- Washington Public Power Supply System -- 0 --
Generating Facilities Revenue Bonds,
Series 1979A (Nuclear Project Nos. 4 and 5)
7.125% Due 07/01/10
- ---------------------------------------------------------------------------------------------------------------------------------
K -- 0 -- Residential Housing Facilities Board of -- 0 --
Saline County, Arkansas, Single Family
Mortgage Revenue Bonds, 1979 Series A
7.500% Due 04/01/11
- ---------------------------------------------------------------------------------------------------------------------------------
L -- 0 -- North Carolina Medical Care Commission -- 0 --
Hospital Revenue Bonds (Annie Penn
Memorial Hospital Project) Series A
7.375% Due 10/01/11
- ---------------------------------------------------------------------------------------------------------------------------------
M 2,200,000 Allegheny County Hospital Development AAA 2,710,158
Authority Hospital Revenue Bonds, Series N
(Allegheny General Hospital Project)
7.375% Due 07/01/12**
</TABLE>
Page 21
<PAGE>
<TABLE>
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of December 31, 1993
(continued)SERIES 30
<CAPTION>
_________________________________________________________________________________________________________________________________
December
31, 1993
Port- Redemption Market
folio Aggregate Name of Issuer, Title, Interest Rate and Rating Feature Value
Item Principal Maturity Date (Note 2) (Note 2) (Note 1)
- ----------- ---------------- --------------------------------------------- ---------- -------------------------- ----------------
<S> <C> <C> <C> <C> <C>
N $ 550,000 The Philadelphia (Pennsylvania) Parking A* 1994 @ 100 $ 546,057
Authority Airport Parking Revenue Bonds, 2005 @ 100 S.F.
Series of 1978
7.400% Due 09/01/12
- ---------------------------------------------------------------------------------------------------------------------------------
O 475,000 Small Farms Housing Development Corporation AA 1994 @ 102 482,828
(City of Gary, Indiana) Mortgage Revenue 1995 @ 100 S.F.
Bonds (FHA Insured Mortgage-Section 8
Assisted 200-Unit Family)
7.400% Due 12/01/21
- ---------------------------------------------------------------------------------------------------------------------------------
P 1,392,943 1,877 Existing Fund Units (Units of 1,457,259
previously issued IMITs)
6.4911%
---------------- ----------------
$ 12,117,943 $ 13,171,020
================ ================
_________________________________________________________________________________________________________________________________
</TABLE>
The accompanying notes are an integral part of this statement.
**The issuer of these Bonds has placed funds or securities in escrow against
payment of the issue on the date or dates indicated.
Page 22
<PAGE>
INSURED MUNICIPALS INCOME TRUST
Series 27, 28, 29 and 30
Notes to Financial Statements
December 31, 1991, 1992 and 1993
NOTE 1--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Security Valuation--Tax-exempt municipal securities are stated at the
value determined by the Evaluator, American Portfolio Evaluation Services (a
division of a subsidiary of the Sponsor). The Evaluator may determine the
value of the Bonds (1) on the basis of current bid prices of the Bonds
obtained from dealers or brokers who customarily deal in Bonds comparable to
those held by each of the Trusts, (2) on the basis of bid prices for
comparable Bonds, (3) by determining the value of the Bonds by appraisal or
(4) by any combination of the above. The Trusts maintain insurance which
provide for the timely payment when due, of all principal and interest on
Bonds owned by them. Except in cases in which Bonds are in default, or
significant risk of default, this valuation does not include any value
attributable to this insurance feature since the insurance terminates as to
any Bond at the time of its disposition.
Security Cost--The original cost to each of the Trusts (Series 27, Series
28, Series 29 and Series 30) was based on the determination by Interactive
Data Services, Inc. of the offering prices of the Bonds on the respective date
of deposit (January 22, 1979, February 26, 1979, April 16, 1979 and May 7,
1979). Since the valuation is based upon the bid prices, such Trusts (Series
27, Series 28, Series 29 and Series 30) recognized downward adjustments of
$181,012, $215,448, $285,494 and $271,783, respectively, on the respective
date of deposit resulting from the difference between the bid and offering
prices. These downward adjustments were included in the aggregate amount of
unrealized appreciation reported in the financial statements for each Trust
for the period ended June 30, 1979.
Unit Valuation--The redemption price per Unit is the pro rata share of
each Unit in each Trust based upon (1) the cash on hand in such Trust or
monies in the process of being collected, (2) the Bonds in such Trust based on
the value determined by the Evaluator and (3) interest accrued thereon, less
accrued expenses of the Trust, if any.
Federal Income Taxes--The Trusts are not taxable for Federal income tax
purposes. Each Unitholder is considered to be the owner of a pro rata portion
of such Trust and, accordingly, no provision has been made for Federal income
taxes.
Other--The financial statements are presented on the accrual basis of
accounting. Any realized gains or losses from securities transactions are
reported on an identified cost basis.
NOTE 2--PORTFOLIO
Ratings--The source of all ratings, exclusive of those designated N/R, *
or # is Standard & Poor's Corporation. Ratings marked * are by Moody's
Investors Service, Inc. and ratings marked # are by Fitch Investors Service,
Inc. The ratings shown represent the latest published ratings of the Bonds.
For a brief description of rating symbols and their related meanings, see
"Description of Securities Ratings" in Part Two.
Redemption Feature--There is shown under this heading the year in which
each issue of Bonds is initially or currently callable and the call price for
that year. Each issue of Bonds continues to be callable at declining prices
thereafter (but not below par value) except for original issue discount Bonds
which are redeemable at prices based on the issue price plus the amount of
original issue discount accreted to redemption date plus, if applicable, some
premium, the amount of which will decline in subsequent years. `S.F.'
indicates a sinking fund is established with respect to an issue of Bonds.
Redemption pursuant to call provisions generally will, and redemption pursuant
to sinking fund provisions may, occur at times when the redeemed Bonds have an
offering side evaluation which represents a premium over par. To the extent
that the Bonds were deposited in a Trust at a price higher than the price at
which they are redeemed, this will represent a loss of capital when compared
with the original Public Offering Price of the Units. Conversely, to the
extent that_the Bonds were acquired at a price lower than the redemption
price, this will represent an increase in capital when compared with the
original Public Offering Price of the Units. Distributions will generally be
reduced by the amount of the income which would otherwise have been paid with
respect to redeemed Bonds and there will be distributed to Unitholders the
principal amount in excess of $1 per Unit semi-annually and any premium
received on such redemption. However, should the amount available for
distribution in the Principal Account exceed $10.00 per Unit, the Trustee will
make a special distribution from the Principal Account on the next succeeding
monthly distribution date to holders of record on the related monthly record
date. The Estimated Current Return in this event may be affected by such
redemptions. For the Federal tax effect on Unitholders of such redemptions and
resultant distributions, see paragraph (3) under "Federal Tax Status of the
Trusts" and "Annual Unit Income and Estimated Current Returns" in Part
Two.
Page 23
<PAGE>
NOTE 2--PORTFOLIO (continued)
Insurance--Insurance coverage providing for the timely payment when due
of all principal and interest on the Bonds in the Trusts has been obtained by
the Trusts or by one of the Preinsured Bond Insurers (as indicated in the Bond
name). Such insurance does not guarantee the market value of the Bonds or the
value of the Units. For Bonds covered under the Trust's insurance policy the
insurance is effective only while Bonds thus insured are held in the Trusts
and the insurance premium, which is a Trust obligation, is paid on a monthly
basis. The premium for insurance which has been obtained from various
insurance companies by the issuer of the Bond involved is payable by the
issuer. Insurance expense for the period reflects adjustments for redeemed or
sold Bonds.
An Accounting and Auditing Guide issued by the American Institute of
Certified Public Accountants states that, for financial reporting purposes,
insurance coverage of the type acquired by the Trust does not have any
measurable value in the absence of default of the underlying Bonds or
indication of the probability of such default. In the opinion of the
Evaluator, there is no indication of a probable default of Bonds in the
portfolio as of the date of these financial statements.
Unrealized Appreciation and Depreciation--An analysis of net unrealized
appreciation (depreciation) at December 31, 1993 is as follows:
<TABLE>
<CAPTION>
Series 27 Series 28 Series 29 Series 30
----------------- ------------------ ----------------- -----------------
<S> <C> <C> <C> <C>
Unrealized Appreciation $ 616,453 $ 647,204 $ 1,891,601 $ 1,011,444
Unrealized Depreciation (31,883) (102,720) (52,142) (98,585)
----------------- ------------------ ----------------- -----------------
$ 584,570 $ 544,484 $ 1,839,459 $ 912,859
================= ================== ================= =================
</TABLE>
NOTE 3--OTHER
Marketability--Although it is not obligated to do so, the Sponsor intends
to maintain a market for Units and to continuously offer to purchase Units at
prices, subject to change at any time, based upon the aggregate bid price of
the Bonds in the portfolio of each Trust, plus interest accrued to the date of
settlement. If the supply of Units exceeds demand, or for other business
reasons, the Sponsor may discontinue purchases of Units at such prices. In the
event that a market is not maintained for the Units, a Unitholder desiring to
dispose of his Units may be able to do so only by tendering such Units to the
Trustee for redemption at the redemption price.
Cost to Investors--The cost to original investors was based on the
Evaluator's determination of the aggregate offering price of the Bonds per
Unit on the date of an investor's purchase, plus a sales charge of 4.9% of the
public offering price which is equivalent to 5.152% of the aggregate offering
price of the Bonds. The secondary market cost to investors is based on the
Evaluator's determination of the aggregate bid price of the Bonds per Unit on
the date of an investor's purchase plus a sales charge based upon the years to
average maturity of the Bonds in the portfolio. The sales charge ranges from
1.5% of the public offering price (1.523% of the aggregate bid price of the
Bonds) for a Trust with a portfolio with less than two years to average
maturity to 5.7% of the public offering price (6.045% of the aggregate bid
price of the Bonds) for a Trust with a portfolio with sixteen or more years to
average maturity.
Compensation of Evaluator--The Evaluator receives an annual fee for
regularly evaluating the Trust's portfolio. The fee may be adjusted for
increases under the category "All Services Less Rent of Shelter" in the
Consumer Price Index.
[NAME] NAT_94
[CIK] 896669
[CCC] XXXXXXXX
[/MODULE]
Contents of Post-Effective Amendment
to Registration Statement
This Post-Effective Amendment to the Registration Statement
comprises the following papers and documents:
The facing sheet
The prospectus
The signatures
The Consent of Independent Accountants
Signatures
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Insured Municipals Income Trust, Series 27, certifies that it
meets all of the requirements for effectiveness of this Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and
has duly caused this Post-Effective Amendment to its Registration
Statement to be signed on its behalf by the undersigned thereunto duly
authorized, and its seal to be hereunto affixed and attested, all in the
City of Chicago and State of Illinois on the 25th day of April, 1994.
Insured Municipals Income Trust,
Series 27
(Registrant)
By Van Kampen Merritt Inc.
(Depositor)
By Sandra A. Waterworth
Vice President
(Seal)
Pursuant to the requirements of the Securities Act of 1933, this
Post Effective Amendment to the Registration Statement has been signed
below by the following persons in the capacities on April 25, 1994:
Signature Title
John C. Merritt Chairman, Chief Executive )
Officer and Director )
)
William R. Rybak Senior Vice President and )
Chief Financial Officer )
)
Ronald A. Nyberg Director )
)
William R. Molinari Director )
) Sandra A. Waterworth
) (Attorney in Fact)*
____________________
* An executed copy of each of the related powers of attorney was filed
with the Securities and Exchange Commission in connection with the
Registration Statement on Form S-6 of Insured Municipals Income
Trust, 113th Insured Multi-Series (File No. 33-46036) and the same
are hereby incorporated herein by this reference.
Consent of Independent Certified Public Accountants
We have issued our report dated March 4, 1994 accompanying the
financial statements of Insured Municipals Income Trust, Series 27 as of
December 31, 1993, and for the period then ended, contained in this Post-
Effective Amendment No. 16 to Form S-6.
We consent to the use of the aforementioned report in the Post-
Effective Amendment and to the use of our name as it appears under the
caption "Auditors".
Grant Thornton
Chicago, Illinois
April 25, 1994
