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: | 811-21180 |
BlackRock
Florida Insured Municipal Income Trust |
| (Exact name of registrant as specified in charter) |
100
Bellevue Parkway, Wilmington, DE |
19809 |
|
(Address of
principal executive offices) |
(Zip code) |
| Robert S. Kapito, President |
|
| BlackRock Florida Insured Municipal Income Trust |
| 40 East 52nd Street, New York, NY 10022 |
| (Name and address of agent for service) |
| Registrant's telephone number, including area code: | 888-825-2257 |
| Date of fiscal year end: | August
31, 2007 |
| Date of reporting period: | May
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) | |||||||||
| MAY 31, 2007 | |||||||||
| BlackRock Florida Insured Municipal Income Trust (BAF) | |||||||||
| (Percentages shown are based on Net Assets) | |||||||||
| Principal | |||||||||
| Amount | Option Call | ||||||||
| (000) | Description | Provisions1 | Value | ||||||
| LONG-TERM INVESTMENTS—152.8% | |||||||||
| Florida—150.0% | |||||||||
| Brd. of Ed., | |||||||||
| $ | 9,000 | Sch. Impvts. Misc. Tax GO, Ser. A, 5.00%, 6/01/27, FSA | 06/12@ 101 | $ | 9,334,890 | ||||
| 8,640 | Sch. Imvpts. Misc. RB, Ser. C, 5.00%, 1/01/22, MBIA | 01/13@ 101 | 8,998,387 | ||||||
| 8,695 | 2 | City of Gainesville, Mult. Util. Impvts. RB, Ser. A, 5.00%, 10/01/13, FSA | N/A | 9,216,700 | |||||
| City of Jacksonville, | |||||||||
| 9,500 | Pub. Impvts. Sales Tax RB, 5.00%, 10/01/27, MBIA | 10/13@ 100 | 9,870,025 | ||||||
| 9,500 | Pub. Impvts. Sales Tax RB, 5.00%, 10/01/31, MBIA | 10/11@ 100 | 9,714,605 | ||||||
| 8,000 | Pub. Impvts. Sales Tax RB, Ser. B, 5.00%, 10/01/26, AMBAC | 10/12@ 100 | 8,229,360 | ||||||
| 2,865 | Recreational Fac. Impvts. RB, Ser. A, 5.00%, 10/01/30, AMBAC | 10/12@ 100 | 2,943,014 | ||||||
| City of Palm Bay, Wtr. Util. Impvts. Wtr. RB, | |||||||||
| 4,015 | Zero Coupon, 10/01/28, FGIC | No Opt. Call | 1,452,025 | ||||||
| 5,570 | Zero Coupon, 10/01/31, FGIC | No Opt. Call | 1,745,749 | ||||||
| 500 | City of Tampa, Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA | 10/16@ 100 | 494,820 | ||||||
| Cnty. of Miami-Dade, | |||||||||
| 10,000 | Recreational Fac. Impvts. Misc. RB, Ser. A, Zero Coupon, 10/01/39, MBIA | 10/15@ 28.762 | 1,926,600 | ||||||
| 10,000 | Recreational Fac. Impvts. Misc. RB, Ser. A, Zero Coupon, 10/01/40, MBIA | 10/15@ 27.307 | 1,833,100 | ||||||
| 26,935 | Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/31, MBIA | 04/08@ 28.079 | 7,272,989 | ||||||
| Cnty. of Orange, | |||||||||
| 9,250 | 2 | Recreational Fac. Impvts. Misc. RB, 5.125%, 4/01/12, AMBAC | N/A | 9,748,482 | |||||
| 7,975 | Sales Tax RB, Ser. B, 5.125%, 1/01/32, FGIC | 01/13@ 100 | 8,314,257 | ||||||
| 9,500 | Cnty. of Pinellas, Swr. Impvts. RB, 5.00%, 10/01/32, FSA | 10/13@ 100 | 9,870,025 | ||||||
| 5,000 | Cnty. of Polk, Wtr. Util. Impvts. Wtr. RB, 5.00%, 10/01/29, FGIC | 10/13@ 100 | 5,194,750 | ||||||
| 2,945 | Cnty. of Sarasota, Wtr. RB, Ser. C, 5.25%, 10/01/22, FGIC | 10/12@ 100 | 3,108,477 | ||||||
| 3,785 | Colonial Cntry. Club Cmnty. Dev. Dist., Econ. Impvts. SA, 6.40%, 5/01/33 | 05/13@ 101 | 4,085,605 | ||||||
| 1,000 | Fleming Island Plantation, Cmnty. Dev. Dist. SA, 4.50%, 5/01/27, MBIA | 05/17@ 100 | 978,080 | ||||||
| 7,000 | Florida, Fuel Sales Tax GO, 5.00%, 7/01/27, FSA | 07/12@ 101 | 7,263,410 | ||||||
| 8,500 | 2 | Highlands Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Adventist Hlth. | |||||||
| Sys./Sunbelt Proj., Ser. A, 6.00%, 11/15/11 | N/A | 9,273,075 | |||||||
| 7,580 | Hillsborough Cnty. Sch. Brd., Lease Renewal COP, Ser. A, 5.00%, 7/01/25, MBIA | 07/10@ 100 | 7,773,214 | ||||||
| 1,000 | Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist | ||||||||
| Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37 | 08/17@ 100 | 1,014,300 | |||||||
| 2,000 | JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA | 04/11@ 100 | 2,020,120 | ||||||
| 1,480 | Julington Creek Plantation, Cmnty. Dev. Dist. SA, 5.00%, 5/01/29, MBIA | 05/12@ 101 | 1,524,992 | ||||||
| 9,000 | Lake Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. A, 5.00%, | ||||||||
| 7/01/28, AMBAC | 07/13@ 100 | 9,270,630 | |||||||
| 1,400 | Marion Cnty. Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. | ||||||||
| Proj., 5.00%, 10/01/29 | 10/17@ 100 | 1,417,948 | |||||||
| 1,000 | Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of Miami Proj., | ||||||||
| Ser. A, 5.00%, 4/01/37, AMBAC | 04/17@ 100 | 1,043,360 | |||||||
| 2,000 | Orange Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. A, 5.00%, | ||||||||
| 8/01/27, MBIA | 08/12@ 100 | 2,052,020 | |||||||
| 4,000 | 2 | Osceola Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, Ser. A, 5.25%, | |||||||
| 6/01/12, AMBAC | N/A | 4,270,520 | |||||||
| 9,200 | Palm Beach Cnty. Sch. Brd., Lease Renewal COP, Ser. D, 5.00%, 8/01/28, FSA | 08/12@ 100 | 9,439,292 | ||||||
| 5,000 | 2 | Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baycare | |||||||
| Hlth. Sys., Inc. Proj., 5.50%, 5/15/13 | N/A | 5,399,350 | |||||||
| 825 | 2 | Port St. Lucie, Swr. Impvts. Mult. Util. RB, 5.125%, 9/01/11, MBIA | N/A | 865,268 | |||||
| 950 | South Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, | ||||||||
| 10/01/36, AMBAC | 10/16@ 100 | 987,288 | |||||||
| 3,500 | 2 | St. Petersburg, Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA | N/A | 3,627,995 | |||||
1
| BlackRock Florida Insured Municipal Income Trust (BAF) (continued) | |||||||||
| Percentages shown are based on Net Assets) | |||||||||
| Principal | |||||||||
| Amount | Option Call | ||||||||
| (000) | Description | Provisions1 | Value | ||||||
| Florida— (cont'd) | |||||||||
| $ | 1,000 | Tohopekaliga Wtr. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/23, FSA | 10/13@ 100 | $ | 1,042,900 | ||||
| 3,745 | Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.50%, 5/01/33 | 05/13@ 101 | 4,051,416 | ||||||
| 10,000 | Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, | ||||||||
| MBIA | 11/13@ 101 | 10,345,700 | |||||||
| 197,014,738 | |||||||||
| Puerto Rico—2.8% | |||||||||
| 3,405 | Children's Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 05/12@ 100 | 3,581,549 | ||||||
| Total Long-Term Investments (cost $193,210,626) | 200,596,287 | ||||||||
| SHORT-TERM INVESTMENTS—3.9% | |||||||||
| Florida—0.8% | |||||||||
| 900 | 3 | City of Gainesville, Multi Util. RB, Ser. A, 3.90%, 6/01/07, FRDD, AMT | N/A | 900,000 | |||||
| 100 | 3 | Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, All Children's | |||||||
| Hosp. Proj., 3.90%, 6/01/07, AMBAC, FRDD, AMT | N/A | 100,000 | |||||||
| 1,000,000 | |||||||||
| Shares | |||||||||
| (000) | |||||||||
| Money Market Fund—3.1% | |||||||||
| 4,134 | 4,5 | CMA Florida Mun. Money Fund, 3.14% | N/A | 4,133,565 | |||||
| Total Short-Term Investments (cost $5,133,565) | 5,133,565 | ||||||||
| Total Investments —156.7% (cost $198,344,1916) | $ | 205,729,852 | |||||||
| Other assets in excess of liabilities —1.2% | 1,616,047 | ||||||||
| Preferred shares at redemption value, including dividends payable —(57.9)% | (76,023,426 | ) | |||||||
| Net Assets Applicable to Common Shareholders —100% | $ | 131,322,473 | |||||||
| 1 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 2 | 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. |
| 3 | 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 May 31, 2007. |
| 4 | Represents an investment in an affiliate. |
| 5 | Represents current yield as of May 31, 2007. |
| 6 | Cost for federal income tax purposes is $198,344,123. The net unrealized appreciation on a tax basis is $7,385,729, consisting of $7,424,494 gross unrealized appreciation and $38,765 gross unrealized depreciation. |
The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 86.0% of the Trust's managed assets.
| AMBAC | — | 17.9% | |
| FGIC | — | 9.7% | |
| FSA | — | 24.4% | |
| MBIA | — | 32.0% | |
| Other | — | 2.0% |
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance |
| AMT | — | Subject to Alternative Minimum Tax | GO | — | General Obligation |
| COP | — | Certificate of Participation | MBIA | — | Municipal Bond Insurance Assoc. |
| FGIC | — | Financial Guaranty Insurance Co. | RB | — | Revenue Bond |
| FRDD | — | Floating Rate Daily Demand | SA | — | Special Assessment |
2
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 Insured Municipal Income Trust |
| By: | /s/
Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: July 25, 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: July 25, 2007 | |
| By: | /s/
Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: July 25, 2007 | |