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: 811-10333
| BlackRock Florida Municipal Income Trust |
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: October 31, 2007
Date of reporting period: January 31, 2007
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY 31, 2007
BlackRock Florida Municipal Income Trust (BBF)
(Percentage of Net Assets)
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Description | Provisions2 | Value | |||||
| LONG-TERM INVESTMENTS—152.5% | |||||||||
| Florida—131.9% | |||||||||
| NR | $ 1,000 | Ave Maria Stewardship Cmnty. Dev. Dist., Pub. Impvts. SA, 4.80%, 11/01/12 | No Opt. Call | $ | 1,003,470 | ||||
| AA | 7,705 | Beacon Tradeport Cmnty. Dev. Dist. SA, Ser. A, 5.625%, 5/01/32, RAA | 05/12 @ 102 | 8,321,862 | |||||
| A | 2,000 | Boynton Beach, Hsg. RB, Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA | 01/13 @ 100 | 2,101,260 | |||||
| AAA | 5,550 | 3 | Brd. of Ed., Sch. Impvts. Misc. GO, Ser. A, 5.125%, 6/01/10 | N/A | 5,832,217 | ||||
| AAA | 2,800 | Cap. Projs. Fin. Auth., Univ. & Coll. Impvts. RB, Cap. Projs. Loan Prog., Ser. F-1, 5.00%, | |||||||
| 10/01/31, MBIA | 08/11 @ 102 | 2,900,492 | |||||||
| AAA | 4,000 | City of Jacksonville, Pub. Impvts. Sales Tax RB, 5.00%, 10/01/26, MBIA | 10/11 @ 100 | 4,123,840 | |||||
| AAA | 2,770 | 4 | City of Melbourne, Wtr. Util. Impvts. RB, Zero Coupon, 10/01/21, FGIC | ETM | 1,501,340 | ||||
| City of Tampa, | |||||||||
| AA | 5,500 | Univ. & Coll. Impvts. RB, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 04/12 @ 100 | 5,847,160 | |||||
| AA | 4,000 | Wtr. RB, Ser. A, 5.00%, 10/01/26 | 10/11 @ 101 | 4,141,280 | |||||
| AAA | 2,750 | Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA | 10/16 @ 100 | 2,757,288 | |||||
| NR | 1,750 | Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, | |||||||
| 6.00%, 7/01/25 | 07/15 @ 100 | 1,806,683 | |||||||
| Cnty. of Miami-Dade, | |||||||||
| AAA | 2,595 | Misc. Taxes SO, Ser. A, Zero Coupon, 10/01/19, MBIA | 04/08 @ 55.413 | 1,367,435 | |||||
| AAA | 9,700 | Recreational Fac. Impvts. Misc. Tax SO, Ser. B, Zero Coupon, 10/01/33, MBIA | 04/08 @ 25.056 | 2,302,780 | |||||
| AAA | 25,000 | Recreational Fac. Impvts. Misc. Tax SO, Ser. C, Zero Coupon, 10/01/28, MBIA | 04/08 @ 32.99 | 7,817,750 | |||||
| AAA | 6,000 | Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 6,112,860 | |||||
| AAA | 1,000 | Cnty. of St. Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA | 10/15 @ 100 | 1,049,550 | |||||
| AAA | 799 | Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%, | |||||||
| 7/01/20, AMBAC | No Opt. Call | 825,756 | |||||||
| NR | 500 | Gateway Svcs. Cmnty. Dev. Dist., Pub. Impvts. SA, Stoneybrook Proj., 5.50%, 7/01/08 | No Opt. Call | 501,065 | |||||
| BBB+ | 1,500 | Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26 | 06/16 @ 100 | 1,570,890 | |||||
| NR | 1,660 | Heritage Harbour South Cmnty. Dev. Dist., Pub. Impvt. SA, Ser. A, 6.50%, 5/01/34 | 05/13 @ 101 | 1,794,991 | |||||
| Highlands Cnty. Hlth. Facs. Auth., | |||||||||
| A+ | 1,500 | Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Bolingbrook Hlth. Sys. Proj., | |||||||
| 5.125%, 11/15/32 | 11/16 @ 100 | 1,561,410 | |||||||
| A+ | 6,500 | 3 | Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Proj., Ser. A, 6.00%, | ||||||
| 11/15/11 | N/A | 7,159,555 | |||||||
| BBB+ | 1,450 | Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%, | |||||||
| 10/01/23 | 10/12 @ 100 | 1,528,387 | |||||||
| AA | 7,500 | Jacksonville Econ. Dev. Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Mayo Clinic | |||||||
| Jacksonville Proj., Ser. B, 5.50%, 11/15/36 | 11/11 @ 101 | 7,982,625 | |||||||
| A+ | 1,600 | Jacksonville Hlth. Facs. Auth., Hosp. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37 | 08/17 @ 100 | 1,639,344 | |||||
| JEA, | |||||||||
| Aa2 | 2,000 | 3 | Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%, 10/01/07 | N/A | 2,024,440 | ||||
| AAA | 5,000 | Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA | 04/11 @ 100 | 5,069,500 | |||||
| NR5 | 1,625 | Laguna Lakes Cmnty. Dev. Dist., Spl. Assmt. RB, Ser. A, 6.40%, 5/01/33 | 05/13 @ 101 | 1,748,549 | |||||
| BBB- | 1,430 | 6 | Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for | ||||||
| Retirement Proj., 5.00%, 11/15/32 | 11/16 @ 100 | 1,432,088 | |||||||
| BB+ | 3,000 | Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. | |||||||
| Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 3,396,990 | |||||||
| AAA | 1,000 | Miami-Dade Cnty. Expwy. Auth., Hwy. Tolls RB, 5.125%, 7/01/25, FGIC | 07/11 @ 101 | 1,049,300 | |||||
| NR | 1,500 | New River Cmnty. Dev. Dist., Cap. Impvt. SA, Ser. B, 5.00%, 5/01/13 | No Opt. Call | 1,487,355 | |||||
| Northern Palm Beach Cnty. Impvt. Dist., Wtr. Util. Spl. Assemt. RB, Wtr. Ctrl. & Impvt. | |||||||||
| Unit Dev. 43 Proj., | |||||||||
| NR | 1,515 | 6.10%, 8/01/21 | 08/11 @ 101 | 1,595,431 | |||||
| NR | 3,500 | 6.125%, 8/01/31 | 08/11 @ 101 | 3,644,655 | |||||
| Orange Cnty. Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj., | |||||||||
| NR | 655 | 5.375%, 7/01/20 | 07/15 @ 100 | 657,168 | |||||
| NR | 600 | 5.70%, 7/01/26 | 07/15 @ 100 | 615,360 | |||||
| AAA | 2,500 | Palm Beach Cnty. Sch. Brd., Lease Approp. COP, Ser. B, 5.00%, 8/01/25, AMBAC | 08/11 @ 101 | 2,604,800 | |||||
| NR | 600 | Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11 | No Opt. Call | 602,508 | |||||
| AAA | 750 | South Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, | |||||||
| AMBAC | 10/16 @ 100 | 788,093 | |||||||
| AA- | 12,000 | South Miami Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Baptist Hlth. Proj., | |||||||
| 5.25%, 11/15/33 | 02/13 @ 100 | 12,532,800 | |||||||
| AAA | 1,5003 | St. Petersburg, Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA | N/A | 1,561,830 |
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BlackRock Florida Municipal Income Trust (BBF) (continued)
(Percentage of Net Assets)
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Provisions2 |
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| Florida—(cont'd) | |||||||||
| NR | $ 2,740 | Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%, | |||||||
| 10/01/32, AMT | 10/09 @ 100 | $ |
2,854,806 | ||||||
| Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, | |||||||||
| NR | 3,250 | Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 3,437,232 | |||||
| NR5 | 1,510 | Ser. A, 6.50%, 5/01/33 | 05/13 @ 101 | 1,630,272 | |||||
| AAA | 1,795 | Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA | 11/13 @ 101 | 1,873,585 | |||||
| BBB+ | 2,000 | Volusia Cnty. Edl. Fac. Auth., Univ. & Coll. Impvts. RB, Embry Riddle Aero. Proj., Ser. A, | |||||||
| 5.75%, 10/15/29 | 10/09 @ 101 | 2,076,960 | |||||||
| 136,235,012 | |||||||||
| Puerto Rico—20.6% | |||||||||
| BBB | 6,000 | Children's Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 05/12 @ 100 | 6,296,820 | |||||
| Comnwlth., Pub. Impvt. Fuel Sales Tax GO, | |||||||||
| AAA | 2,520 | 3 | Ser. A, 5.125%, 7/01/11 | N/A | 2,661,851 | ||||
| BBB | 4,980 | Ser. A, 5.125%, 7/01/31 | 07/11 @ 100 | 5,125,316 | |||||
| Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, | |||||||||
| Aaa | 4,000 | 3 | Ser. E, 5.70%, 2/01/10 | N/A | 4,218,200 | ||||
| Aaa | 3,000 | 3 | Ser. E, 5.75%, 2/01/07 | N/A | 3,000,000 | ||||
| 21,302,187 | |||||||||
| Total Long-Term Investments (cost $149,448,619) | 157,537,199 | ||||||||
| SHORT-TERM INVESTMENTS—3.0% | |||||||||
| Florida—0.5% | |||||||||
| VMIG1 | 500 | 7 | Gulf Coast Univ. Fin. Corp., Univ. & Coll. Impvts. RB, 3.61%, 2/01/07, FRWD | N/A | 500,000 | ||||
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| Money Market Fund—2.5% | |||||||||
| NR | 2,600 | AIM Tax Free Cash Reserve Portfolio - Institutional Class | N/A | 2,600,000 | |||||
| Total Short-Term Investments (cost $3,100,000) | 3,100,000 | ||||||||
| Total Investments —155.5% (cost $152,548,6198) | $ |
160,637,199 | |||||||
| Other assets in excess of liabilities —0.2% | 227,911 | ||||||||
| Preferred shares at redemption value, including dividends payable —(55.7)% | (57,555,597) | ||||||||
| Net Assets Applicable to Common Shareholders—100% | $ |
103,309,513 |
| ____________ | |
| 1 |
Using the highest of Standard & Poor's, Moody's Investors Service or Fitch's Ratings. |
| 2 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
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This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
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Security is collateralized by Municipal or U.S. Treasury obligations. |
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Security is deemed to be of investment grade quality by the investment advisor. |
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Illiquid security. As of January 31, 2007, the Trust held 1.4% of its net assets, with a current market value of $1,432,088, in these securities. |
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For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of January 31, 2007. |
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Cost for federal income tax purposes is $152,548,498. The net unrealized appreciation on a tax basis is $8,088,701, consisting of $8,210,997 gross unrealized appreciation and $122,296 gross unrealized depreciation. |
| KEY TO ABBREVIATIONS | ||||
| ACA | — American Capital Access | GO | — General Obligation | |
| AMBAC | — American Municipal Bond Assurance Corp. | MBIA | — Municipal Bond Insurance Assoc. | |
| AMT | — Subject to Alternative Minimum Tax | RAA | — Radian Asset Assurance | |
| COP | — Certificate of Participation | RB | — Revenue Bond | |
| ETM | — Escrowed to Maturity | SA | — Special Assessment | |
| FGIC | — Financial Guaranty Insurance Co. | SO | — Special Obligation | |
| FRWD | — Floating Rate Weekly Demand | XLCA | — XL Capital Assurance | |
| FSA | — Financial Security Assurance | |||
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Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | BlackRock Florida Municipal Income Trust |
By: /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Robert S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: March 28, 2007
By: /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007