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
Name of Fund: BlackRock Florida Municipal Income Trust
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Robert S. Kapito, President, BlackRock Florida Municipal Income Trust, 40 East 52nd Street, New York, NY 10022.
Registrant’s telephone number, including area code: (888) 825-2257
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 – 07/31/2007
Item 1 – Schedule of Investments
PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2007
BlackRock Florida Municipal Income Trust (BBF)
(Percentages shown are based on Net Assets)
|
Principal
|
||||||
|
Amount
|
||||||
| (000)
|
Description
|
Value
|
||||
| LONG-TERM INVESTMENTS—152.8% | ||||||
| Florida—138.8% | ||||||
| $ | 1,000 | Ave Maria Stewardship Cmnty. Dev. Dist., Pub. Impvts. SA, 4.80%, 11/01/12 | $
|
993,980
|
||
| 7,705 | Beacon Tradeport Cmnty. Dev. Dist., SA, Ser. A, 5.625%, 5/01/32, RAA | 8,053,651 |
||||
| 2,000 | Boynton Beach, Hsg. RB, Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA | 2,045,580 | ||||
| 5,550 | 1 | Brd. of Ed., Sch. Impvts. Misc. GO, Ser. A, 5.125%, 6/01/10 | 5,795,809
|
|||
| 2,800 | Cap. Projs. Fin. Auth., Univ. & Coll. Impvts. RB, Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA | 2,859,612
|
||||
| 4,000 | City of Jacksonville, Pub. Impvts. Sales Tax RB, 5.00%, 10/01/26, MBIA | 4,079,560
|
||||
| 2,770 | 2 | City of Melbourne, Wtr. Util. Impvts. RB, Zero Coupon, 10/01/21, FGIC | 1,476,687
|
|||
| City of Tampa, | ||||||
| 5,500 | Univ. & Coll. Impvts. RB, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 5,680,345
|
||||
| 4,000 | Wtr. RB, Ser. A, 5.00%, 10/01/26 | 4,091,040 | ||||
| 1,690 | Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%, 7/01/25 | 1,727,991 | ||||
| Cnty. of Miami-Dade, | ||||||
| 2,595 | Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/19, MBIA | 1,395,695 | ||||
| 9,700 | Recreational Fac. Impvts. Misc. Tax SO, Ser. B, Zero Coupon, 10/01/33, MBIA | 2,352,444 | ||||
| 25,000 | Recreational Fac. Impvts. Misc. Tax SO, Ser. C, Zero Coupon, 10/01/28, MBIA | 7,986,000 | ||||
| 6,000 | Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA | 6,005,400 | ||||
| 1,000 | Cnty. of St. Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA | 1,031,170 | ||||
| 1,200 | Collier Cnty. Sch. Brd., Sch. Impvts. Lease COP, 5.00%, 2/15/27, FSA | 1,246,092 | ||||
| 1,000 | Easton Pk. Comm. Dev. Dist., Pub. Impvts. SA, 5.20%, 5/01/37 | 934,080 | ||||
| 799 | Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%, 7/01/20, AMBAC | 825,556 | ||||
| 110 | Gateway Svcs. Cmnty. Dev. Dist., Pub. Impvts. SA, Stoneybrook Proj., 5.50%, 7/01/08 | 110,184 | ||||
| 2,500 | Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26 | 2,544,000 | ||||
| 1,635 | Heritage Harbour South Cmnty. Dev. Dist., Pub. Impvt. SA, Ser. A, 6.50%, 5/01/34 | 1,745,608 | ||||
| 6,500 | 1 |
Highlands Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Proj., Ser. A, 6.00%, 11/15/11 |
7,086,235 | |||
| 1,450 | Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%, 10/01/23 | 1,486,526 | ||||
| 7,500 |
Jacksonville Econ. Dev. Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Mayo Clinic Jacksonville Proj., Ser. B, 5.50%, 11/15/36 |
7,895,400 | ||||
| 2,280 |
Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Southern Baptist Hosp. Proj., Ser. A, 5.00%, 8/15/37, FSA |
2,345,231 | ||||
| JEA, | ||||||
| 2,000 | 1 | Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%, 10/01/07 | 2,005,640 | |||
| 5,000 | Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA | 5,029,450 | ||||
| 1,600 | Laguna Lakes Cmnty. Dev. Dist., SA RB, Ser. A, 6.40%, 5/01/33 | 1,686,560 | ||||
| 1,430 |
Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for Retirement Proj., 5.00%, 11/15/32 |
1,364,763 | ||||
| 1,000 | Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%, 4/01/32, AMBAC | 1,033,000 | ||||
| 1,100 | Marion Cnty. Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj., 5.00%, 10/01/29 | 1,098,460 | ||||
| 3,000 |
Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
3,326,760 | ||||
| 1,000 | Miami-Dade Cnty. Expwy. Auth., Hwy. Tolls RB, 5.125%, 7/01/25, FGIC | 1,041,120 | ||||
| 1,500 | New River Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13 | 1,478,550 | ||||
| Northern Palm Beach Cnty. Impvt. Dist., | ||||||
| 1,155 | 1 | Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/11 | 1,245,564 | |||
| 295 | Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21 | 308,836 | ||||
| 3,500 | 1 | Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.125%, 8/01/11 | 3,818,150 | |||
| Orange Cnty. Hlth. Facs. Auth., Misc. RB, | ||||||
| Orlando Lutheran Towers Proj., | ||||||
| 655 | 5.375%, 7/01/20 | 646,754 | ||||
| 600 | 5.70%, 7/01/26 | 604,752 | ||||
| 1,000 | Orange Cnty. Sch. Brd., Sch. Impvts. Lease COP, Ser. A, 5.00%, 8/01/32, FGIC | 1,032,100 | ||||
| Palm Beach Cnty. Sch. Brd., | ||||||
| 2,500 | Lease Approp. COP, Ser. B, 5.00%, 8/01/25, AMBAC | 2,578,125 | ||||
| 1,000 | Sch. Impvts. Lease COP, Ser. A, 5.00%, 8/01/29, FGIC | 1,024,910 | ||||
| 600 | Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11 | 595,104 | ||||
| 750 | South Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC | 770,490 | ||||
| 12,000 | 1 | South Miami Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Baptist Hlth. Proj., 5.25%, 2/01/13 | 12,775,440 | |||
| 1,500 | 1 | St. Petersburg, Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA | 1,552,110 | |||
| 2,740 | Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%, 10/01/32, AMT | 2,810,993 | ||||
| 1,000 | Univ. of North Florida Fing. Corp., Univ. & Coll. Impvts. Lease RB, Hsg. Proj., 5.00%, 11/01/32, FGIC | 1,036,630 | ||||
| Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, | ||||||
| 3,100 | Ser. A, 6.00%, 5/01/22 | 3,260,983 | ||||
| 1,480 | Ser. A, 6.50%, 5/01/33 | 1,571,804 | ||||
1
BlackRock Florida Municipal Income Trust (BBF) (continued)
(Percentages shown are based on Net Assets)
|
Principal
|
||||||
|
Amount
|
||||||
| (000)
|
Description
|
Value
|
||||
| Florida— (cont'd) | ||||||
| $ | 1,795
|
Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA | $ | 1,843,393 | ||
| 2,000
|
Volusia Cnty. Edl. Fac. Auth., Univ. & Coll. Impvts. RB, Embry Riddle Aeronautical Proj., Ser. A, 5.75%, 10/15/29 | 2,053,280 | ||||
| 1,000
|
Watergrass Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.125%, 11/01/14 | 990,090 | ||||
| 140,377,687 | ||||||
| Puerto Rico—14.0% | ||||||
| 1,255
|
Children's Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 1,266,132 | ||||
| Comnwlth., Pub. Impvt. Fuel Sales Tax GO, | ||||||
| 2,520
|
1 | Ser. A, 5.125%, 7/01/11 | 2,647,865 | |||
| 4,980
|
Ser. A, 5.125%, 7/01/31 | 5,072,528 | ||||
| 1,000
|
Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. TT, 5.00%, 7/01/37 | 1,025,920 | ||||
| 4,000
|
1 | Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10 | 4,180,320 | |||
| 14,192,765 | ||||||
| Total Long-Term Investments (cost $148,418,945) | ||||||
| 154,570,452 | ||||||
|
Shares
|
||||||
| (000)
|
||||||
| MONEY MARKET FUND—4.0% | ||||||
| 4,030
|
3,4 | CMA Florida Mun. Money Fund, 3.03% (cost $4,030,265) | 4,030,265 | |||
| Total Investments —156.8% (cost $152,449,2105) | $ | 158,600,717 | ||||
| Other assets in excess of liabilities —0.1% | 142,872 | |||||
| Preferred shares at redemption value, including dividends payable —(56.9)% |
(57,588,628
|
) |
||||
| Net Assets Applicable to Common Shareholders —100% | $ | 101,154,961 | ||||
|
|
| 1 |
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. |
| 2 |
Security is collateralized by Municipal or U.S. Treasury obligations. |
| 3 |
Represents an investment in an affiliate. |
| 4 |
Represents current yield as of July 31, 2007. |
| 5 |
Cost for federal income tax purposes is $152,449,326. The net unrealized appreciation on a tax basis is $6,151,391, consisting of $6,525,677 gross unrealized appreciation and $374,286 gross unrealized depreciation. |
|
KEY TO ABBREVIATIONS |
||
ACA |
— American Capital Access | |
AMBAC |
— American Municipal Bond Assurance Corp. | |
AMT |
— Subject to Alternative Minimum Tax | |
COP |
— Certificate of Participation | |
FGIC |
— Financial Guaranty Insurance Co. | |
FSA |
— Financial Security Assurance | |
GO |
— General Obligation | |
MBIA |
— Municipal Bond Insurance Assoc. | |
RAA |
— Radian Asset Assurance | |
RB |
— Revenue Bond | |
SA |
— Special Assessment | |
SO |
— Special Obligation | |
XLCA |
— XL Capital Assurance
|
|
2
Item 2 – Controls and Procedures
| 2(a) – | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as amended. | |
| 2(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 | ||||
| Certifications – Attached hereto | ||||
| 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. | ||||
| BlackRock Florida Municipal Income Trust | ||||
| By: | /s/ Donald C. Burke | |||
| Donald C. Burke, | ||||
| Treasurer of | ||||
| BlackRock Florida Municipal Income Trust | ||||
| Date: September 20, 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 | |||
| Robert S. Kapito, | ||||
| President (principal executive officer) of | ||||
| BlackRock Florida Municipal Income Trust | ||||
| Date: September 20, 2007 | ||||
| By: | /s/ Donald C. Burke | |||
| Donald C. Burke, | ||||
| Treasurer (principal financial officer) of | ||||
| BlackRock Florida Municipal Income Trust | ||||
| Date: September 20, 2007 | ||||