UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-06590 Morgan Stanley Insured Municipal Income Trust (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 (Address of principal executive offices) (Zip code) Ronald E. Robison 1221 Avenue of the Americas, New York, New York 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: October 31, 2006 Date of reporting period: January 31, 2006 ITEM 1. SCHEDULE OF INVESTMENTS. The Trust's schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows: MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST PORTFOLIO OF INVESTMENTS o January 31, 2006 (unaudited) PRINCIPAL AMOUNT IN COUPON MATURITY THOUSANDS RATE DATE VALUE -------------------------------------------------------------------------------------------------------------------------- TAX-EXEMPT MUNICIPAL BONDS (141.0%) General Obligation (9.8%) $3,000 Los Angeles, California, Ser 2004 A (MBIA) 5.00% 09/01/24 $3,161,400 District of Columbia, 5,000 Refg Ser 1993 B (Ambac) 5.50 06/01/09 5,322,800 6,000 Refg Ser 1993 B (FSA) 5.50 06/01/10 6,452,820 Pennsylvania, 1,495 First Ser 2003 RITES PA - 1112 A (MBIA) 6.203[+/+] 01/01/18 1,690,217 2,055 First Ser 2003 RITES PA - 1112 B (MBIA) 6.203[+/+] 01/01/19 2,390,047 4,000 South Carolina State Public Service Authority, Santee Cooper 2006 Ser A (MBIA) (WI) 5.00 01/01/36 4,176,320 4,000 Houston, Texas, Public Impr & Refg Ser 2001 B (FSA) 5.50 03/01/17 4,318,240 3,000 King County, Washington, Refg Ser B (MBIA) 5.25 01/01/34 3,106,920 2,500 Spokane School District #81, Washington, Ser 2005 (MBIA) 0.00# 12/01/23 2,278,850 ------ ---------- 31,050 32,897,614 ------ ---------- Educational Facilities Revenue (7.4%) 2,500 University of Arizona COPs 2003 Ser B (Ambac) 5.00 06/01/23 2,609,725 University of California, 2,000 Ser 2003 B (Ambac) 5.00 05/15/22 2,109,860 2,000 Multi Purpose Ser Q (FSA) 5.00 09/01/31 2,071,940 3,000 District of Columbia, American Association for the Advancement of Science Ser 1997 (Ambac) 5.125 01/01/27 3,117,870 1,300 New Hampshire Health & Education Facilities Authority, University of New Hampshire Ser 2001 (Ambac) 5.125 07/01/33 1,361,399 5,000 New Jersey Educational Facilities Authority, Higher Education Ser 2002 A (Ambac)++ 5.25 09/01/21 5,384,500 1,000 University of Medicine & Dentistry, New Jersey, Ser 2004 COPs (MBIA) 5.00 06/15/29 1,036,980 3,000 University of North Carolina at Wilmington, Student Housing Ser 2005 COPs (FGIC) 5.00 06/01/36 3,100,410 4,000 University of Vermont & State Agricultural College, Ser 2005 (MBIA) 5.00 10/01/40 4,147,200 ------ ---------- 23,800 24,939,884 ------ ---------- Electric Revenue (19.4%) 5,000 California Department of Water Resources, Power Supply Ser 2002 A (Ambac) 5.375 05/01/18 5,551,750 4,000 Lafayette, Louisiana, Utilities Ser 2004 (MBIA) 5.25 11/01/25 4,254,880 5,000 Nebraska Public Power District, 2003 Ser A (Ambac) 5.00 01/01/35 5,176,700 3,000 Long Island Power Authority, Refg Ser 2003 C (FSA) 5.00 09/01/28 3,123,720 6,000 North Carolina Municipal Power Agency #1, Catawba Ser 2003 A (MBIA) 5.25 01/01/19 6,473,520 10,000 South Carolina Public Service Authority, Ser 2003 A (Ambac) 5.00 01/01/27 10,417,600 Lower Colorado River Authority, Texas, 10,000 Refg Ser 1999 A (FSA) 5.875 05/15/16 10,817,200 5,000 Refg Ser 2001 (FSA) 5.00 05/15/26 5,138,650 8,800 Refg Ser 2002 (MBIA) 5.00 05/15/31 9,056,520 5,000 Intermountain Power Agency, Utah, 2003 Ser A (FSA) 5.00 07/01/21 5,282,150 ------ ---------- 61,800 65,292,690 ------ ---------- Hospital Revenue (4.7%) 2,000 Illinois Finance Authority, Swedish American Hospital Ser 2004 (Ambac) 5.00 11/15/31 2,055,700 2,000 Indiana Health Facilities Financing Authority, Community Health Ser 2005 A (Ambac) 5.00 05/01/35 2,064,140 1,000 Minneapolis Health Care Systems, Minnesota, Fairview Health 2005 Ser D (Ambac) 5.00 11/15/30 1,038,370 105 Missouri Health & Educational Facilities, SSM Health Care Ser 1998 A (MBIA) 5.00 06/01/22 108,888 1,500 Medical University Hospital Authority, South Carolina, FHA Insured Mtge Refg Ser 2004 A (MBIA) 5.25 02/15/25 1,596,510 Amarillo Health Facilities Corporation, Texas, 3,020 Baptist St Anthony's Hospital Ser 1998 (FSA) 5.50 01/01/16 3,336,919 5,075 Baptist St Anthony's Hospital Ser 1998 (FSA) 5.50 01/01/17 5,621,984 ----- --------- 14,700 15,822,511 ------ ---------- Industrial Development/Pollution Control Revenue (2.2%) 5,000 Hawaii Department of Budget & Finance, Hawaiian Electric Co Ser 1999 C (AMT) (Ambac) 6.20 11/01/29 5,448,700 2,000 Delaware County Industrial Development Authority, Pennsylvania, ----- Aqua Inc Ser A 2005 (AMT) (FGIC) 5.00 11/01/37 2,047,460 --------- 7,000 7,496,160 ----- --------- Nursing & Health Related Facilities Revenue (1.7%) 5,490 New Jersey Health Care Facilities Financing Authority, Greystone Psychiatric Hospital Ser 2005 (Ambac) 5.00 09/15/19 5,852,340 --------- Public Facilities Revenue (11.6%) 15,000 Miami-Dade County School Board, Florida, 2003 Ser A (FGIC) 5.00 08/01/29 15,545,400 3,000 Orange County School Board, Florida, Ser 2001 A COPs (Ambac) 5.25 08/01/14 3,259,680 1,500 Baltimore Convention Center, Maryland, 2006 Ser A (XLCA) (WI) 5.25 09/01/39 1,604,925 6,000 Massachusetts School Building Authority, Dedicated Sales Tax Ser 2005 A (FSA) 5.00 08/15/19 6,434,940 4,200 New York State Dormitory Authority, School District Ser 2002 E (MBIA) 5.50 10/01/17 4,628,988 3,000 Oregon Department of Administrative Services, Ser 2005 B COPs (FGIC) 5.00 11/01/24 3,159,510 4,000 Puerto Rico Public Buildings Authority, Refg Ser J (Ambac) ----- (Mandatory Tender 07/01/12) 5.00 07/01/36 4,283,880 --------- 36,700 38,917,323 ------ ---------- Recreational Facilities Revenue (3.3%) Metropolitan Pier & Exposition Authority, Illinois, 3,000 McCormick Place Refg Ser 2002 B (MBIA) 0.00## 06/15/18 2,374,860 5,000 McCormick Place Ser 2002 A (MBIA) 5.25 06/15/42 5,225,800 2,400 Marion County Convention & Recreational Facilities Authority, Indiana, Refg Ser 2003 A (Ambac) 5.00 06/01/19 2,519,208 1,000 Casino Reinvestment Development Authority, New Jersey, Ser 2004 ----- (Ambac) 5.25 01/01/22 1,093,940 --------- 11,400 11,213,808 ------ ---------- Transportation Facilities Revenue (35.8%) 1,000 Phoenix Civic Improvement Corporation, Arizona, Sr Lien Airport Ser 2002 B (AMT) (FGIC) 5.75 07/01/19 1,085,480 California Infrastructure & Economic Development Bank, 5,000 Bay Area Toll Bridges Seismic Retrofit 1st Lien Ser 2003 A (FGIC) 5.00 07/01/29 5,195,950 10,000 Bay Area Toll Bridges Seismic Retrofit 1st Lien Ser 2003 A (Ambac) 5.00 07/01/33 10,347,000 9,000 Long Beach, California, Harbor Refg Ser 1998 A (AMT) (FGIC) 6.00 05/15/18 10,368,900 3,000 Miami-Dade County, Florida, Miami-Int'l Airport Ser 2005 A (AMT) (CIFG) 5.00 10/01/38 3,046,950 5,000 Atlanta, Georgia, Airport Ser C 2004 (FSA) 5.00 01/01/33 5,153,900 5,000 Chicago, Illinois, O'Hare International Airport Third Lien Ser 2005 A (MBIA) 5.25 01/01/25 5,390,500 4,000 Illinois Toll Highway Authority, Priority Refg 1998 Ser A (FSA) 5.50 01/01/15 4,485,960 3,000 Massachusetts Turnpike Authority, Metropolitan Highway 1997 Ser A (MBIA) 5.00 01/01/37 3,045,780 5,000 Minneapolis - St Paul Metropolitan Airports Commission, Minnesota, Ser 2001 C (FGIC) 5.25 01/01/32 5,236,950 3,000 St Louis, Missouri, Lambert Int'l Airport Ser 2001 A (MBIA) 5.00 07/01/20 3,114,360 7,000 Nevada Department of Business & Industry, Las Vegas Monorail 1st Tier Ser 2000 (Ambac) 5.375 01/01/40 7,313,740 2,000 Delaware River Port Authority, Pennsylvania & New Jersey, Ser 1995 (FGIC) ** 5.50 01/01/26 2,043,360 4,000 New Jersey Transportation Trust Fund Authority, Ser 2005 C 5.25 06/15/20 4,353,160 (FGIC) Metropolitan Transportation Authority, New York, 3,000 Dedicated Tax Fund Ser 2002 A (FSA) 5.25 11/15/24 3,239,910 10,000 Transportation Refg Ser 2002 A (FGIC) 5.00 11/15/25 10,530,500 10,000 Triborough Bridge & Tunnel Authority, New York, Refg 2002 E (MBIA) 5.25 11/15/22 10,799,700 9,000 Dallas-Fort Worth International Airport, Texas, Ser 2003 A (AMT) (FSA) 5.375 11/01/22 9,541,800 3,000 Harris County, Texas, Toll Road Sr Lien Ser 2005 A (FSA) 5.25 08/15/35 3,117,570 4,000 Texas Turnpike Authority, Central Texas First Tier Ser 2002 A (Ambac) 5.50 08/15/39 4,335,200 3,000 Richmond Metropolitan Authority, Virginia, Refg Ser 2002 (FGIC) 5.25 07/15/22 3,388,710 5,000 Port of Seattle, Washington, Ser 2001 B (AMT) (MBIA) 5.625 02/01/24 5,303,050 ----- ----------- 113,000 120,438,430 ------- ----------- Water & Sewer Revenue (27.4%) 5,000 Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA) 5.00 07/01/24 5,250,200 4,000 Oxnard Financing Authority, California, Water Ser 2004 (XLCA) 5.00 06/01/28 4,119,240 San Diego County Water Authority, California, 5,000 Ser 2002 A COPs (MBIA) 5.00 05/01/27 5,179,450 5,000 Ser 2004 A COPs (FSA) 5.00 05/01/29 5,219,850 5,000 Tampa Bay Water Authority, Florida, Ser 2001 A (FGIC) 5.00 10/01/28 5,147,450 5,000 Atlanta, Georgia, Water & Wastewater, Ser 2004 (FSA) 5.00 11/01/23 5,265,700 2,000 Augusta, Georgia, Water & Sewer Ser 2004 A (FSA) 5.25 10/01/39 2,132,400 Detroit, Michigan, 3,000 Sewage Refg Ser 2003 A (FSA) 5.00 07/01/26 3,115,620 8,000 Sewage Refg Ser 2003 A (FSA) 5.00 07/01/28 8,292,960 3,000 Sewage Disposal Ser 2001 A (FGIC) 5.125 07/01/31 3,127,050 5,080 Las Vegas Water District, Nevada, Impr & Refg Ser 2003 A (FGIC) 5.25 06/01/19 5,492,394 1,005 Cleveland, Ohio, Waterworks Impr & Refg 1998 Ser I (FSA) 5.00 01/01/23 1,039,431 5,000 Philadelphia, Pennsylvania, Water & Wastewater Ser 1998 (Ambac) 5.25 12/15/14 5,488,950 15,000 Houston, Texas, Combined Utility Refg 2004 Ser A (FGIC) 5.25 05/15/23 16,129,950 5,000 King County, Washington, Sewer Refg 2001 (FGIC) 5.00 01/01/31 5,127,100 Seattle, Washington, 2,890 Water Refg 2003 (MBIA) 5.00 09/01/20 3,057,562 2,870 Water Refg 2003 (MBIA) 5.00 09/01/23 3,007,617 2,900 West Virginia Water Development Authority, Loan Program II Refg 2003 Ser B (Ambac) 5.25 11/01/23 3,164,132 3,000 Central Brown County Water Authority, Wisconsin, Water Ser 2005 ----- (Ambac) 5.00 12/01/35 3,104,670 ---------- 87,745 92,461,726 ------ ---------- Other Revenue (5.2%) 3,000 California, Economic Recovery Ser 2004 A (MBIA) 5.00 07/01/15 3,260,550 6,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2005 A (FGIC) 5.00 06/01/38 6,191,580 New York City Transitional Finance Authority, New York, 2,000 2000 Ser C (Ambac) 5.25 08/01/21 2,159,420 2,500 2000 Ser C (Ambac) 5.25 08/01/22 2,699,275 3,000 Alexandria Industrial Development Authority, Virginia, ----- Institute for Defense Analysis Ser 2000 A (Ambac) 5.90 10/01/30 3,300,600 ---------- 16,500 ` 17,611,425 ------ ---------- Refunded (12.5%) 5,000 Mesa Industrial Development Authority, Arizona, Discovery Health Ser 1999 A (MBIA) 5.875 01/01/10+ 5,465,950 1,000 Phoenix Industrial Development Authority, Arizona, Capital Mall LLC Ser 2000 (Ambac) 5.375 09/15/10+ 1,076,770 15,000 Chicago, Illinois, Neighborhoods Alive 21 Ser 2001 A (FGIC) 5.50 01/01/11+ 16,312,050 3,275 Massachusetts Municipal Wholesale Electric Company, 1993 Ser A (Ambac) (ETM) 5.00 07/01/10 3,411,928 5,000 Allegheny County Hospital Development Authority, Pennsylvania, Pittsburgh Mercy Health Ser 1996 (Ambac) (ETM) 5.62 08/15/18 5,294,350 10,000 Rhode Island Depositors Economic Protection Corporation, ------ Refg 1992 Ser B (MBIA) (ETM) 6.00 08/01/17 10,684,500 ---------- 39,275 42,245,548 ------ ---------- 453,460 TOTAL TAX - EXEMPT MUNICIPAL BONDS (Cost $453,443,970) 475,189,459 ------- ----------- SHORT-TERM TAX EXEMPT MUNICIPAL OBLIGATIONS (5.2%) 5,000 Michigan Strategic Fund, Public Power Agency, SubLien Ser 1998 F (Demand 02/01/06) 3.07* 06/01/31 5,000,000 500 Geisinger Authority, Pennsylvania, Geisinger Health System Ser 2000 (Demand 02/01/06) 3.05* 11/15/32 500,000 12,000 Harris County Health Facilities Development Corporation, Texas, ------ Methodist Hospital Ser 2005 B (Demand 02/01/06) 3.07* 12/01/32 12,000,000 ---------- 17,500 TOTAL SHORT-TERM TAX EXEMPT MUNICIPAL OBLIGATIONS (Cost $17,500,000) 17,500,000 ------ ---------- $465,960 TOTAL INVESTMENTS (Cost $470,943,970) (a) (b) 146.2% 498,689,459 ======== LIABILITIES IN EXCESS OF OTHER ASSETS (0.2) (662,008) PREFERRED SHARES OF BENEFICIAL INTEREST (46.0) (155,093,330) ------ ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $336,934,121 ====== ============ -------------------- Note: The categories of investments are shown as a percentage of net assets applicable to common shareholders. AMT Alternative Minimum Tax. COPs Certificates of Participation. ETM Escrowed to maturity. RITES Residual Interest Tax-Exempt Securities (Illiquid securities). WI Security purchased on a when-issued basis. + Prerefunded to call date shown. ++ A portion of this security has been physically segregated in connection with open futures contracts in the amount of $265,000 [+/+] Current coupon rate for inverse floating rate municipal obligation. This rate resets periodically as the auction rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $4,080,264 which represents 1.2% of net assets applicable to common shareholders. # Currently a zero coupon security; will convert to 5.125% on December 1, 2008. ## Currently a zero coupon security; will convert to 5.30% on June 15, 2012. * Current coupon of variable rate demand obligation. ** Joint exemption in locations shown. (a) Securities have been designated as collateral in an amount equal to $69,446,250 in connection with open futures contracts and the purchase of a when-issued security. (b) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $21,993,782 and the aggregate gross unrealized depreciation is $248,293 resulting in net unrealized appreciation $21,745,489. Bond Insurance: --------------- Ambac Ambac Assurance Corporation. CIFG CIFG Assurance North America Inc. FGIC Financial Guaranty Insurance Company. FSA Financial Security Assurance Inc. MBIA Municipal Bond Investors Assurance Corporation. XLCA XL Capital Assurance Inc. FUTURES CONTRACTS OPEN AT JANUARY 31, 2006: NUMBER OF DESCRIPTION/DELIVERY UNDERLYING FACE UNREALIZED CONTRACTS LONG/SHORT MONTH AND YEAR AMOUNT AT VALUE APPRECIATION --------- ---------------- -------------------------------------- -------------------------- ----------------------- 500 Short U.S. Treasury Notes 5 year March 2006 $(52,867,190) $182,215 100 Short U.S. Treasury Notes 10 year March 2006 (10,843,750) 43,475 ----------------------- Total Unrealized Appreciation............................... $225,690 ======================= Geographic Summary of Investments Based on Market Value as a Percent of Total Investments January 31, 2006 (unaudited) Arizona 2.1% California 13.8 District of Columbia 3.0 Florida 5.5 Georgia 2.6 Hawaii 1.1 Illinois 7.3 Indiana 0.9 Louisiana 0.9 Maryland 0.3 Massachusetts 2.6 Michigan 4.0 Minnesota 1.3 Missouri 0.7 Nebraska 1.1 Nevada 2.6 New Hampshire 0.3 New Jersey 3.6 New York 7.5 North Carolina 1.9 Ohio 0.2 Oregon 0.6 Pennsylvania 4.8 Puerto Rico 0.9 Rhode Island 2.2 South Carolina 3.3 Texas 16.9 Utah 1.1 Vermont 0.8 Virginia 1.4 Washington 4.4 West Virginia 0.6 Wisconsin 0.6 Joint exemptions* (0.9) ----- Total+ 100.0% ===== ------------- * Joint exemptions have been included in each geographic location. + Does not include open short futures contracts with an underlying face amount of $63,710,940 with unrealized appreciation of $225,690. ITEM 2. CONTROLS AND PROCEDURES. (a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. (b) There were no changes in the Trust's internal control over financial reporting that occurred during the registrant's fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. ITEM 3. EXHIBITS. (a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Morgan Stanley Insured Municipal Income Trust /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer March 23, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer March 23, 2006 /s/ Francis Smith Francis Smith Principal Financial Officer March 23, 2006 3 EXHIBIT 3 A1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER I, Ronald E. Robison, certify that: 1. I have reviewed this report on Form N-Q of Morgan Stanley Insured Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Omitted; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 23, 2006 /s/ Ronald E. Robison --------------------------- Ronald E. Robison Principal Executive Officer 4 EXHIBIT 3 A2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER I, Francis Smith, certify that: 1. I have reviewed this report on Form N-Q of Morgan Stanley Insured Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Omitted; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 23, 2006 /s/ Francis Smith --------------------------- Francis Smith Principal Financial Officer 5