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 (BBF)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Florida Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 – 01/31/2008
Item 1 – Schedule of Investments
| BlackRock Florida Municipal Income Trust | |||||||
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in Thousands) | ||||||
| Face | |||||||
| Amount | Municipal Bonds |
Value |
|||||
Arizona
- 1.2% |
$ | 1,175 |
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5.50% due 12/01/2029 | $ |
1,178 |
||
|
Florida - 139.6% |
1,000 | Ave Maria Stewardship Community District, Florida, Revenue Bonds, 4.80% due 11/01/2012 | 928 | ||||
| 7,705 | Beacon Tradeport Community Development District, Florida, Special Assessment Revenue Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (h) | 7,914 | |||||
| 2,000 | Brevard County, Florida, Health Facilities Authority, Healthcare Facilities Revenue Bonds (Health First Inc. Project), 5% due 4/01/2036 | 1,947 | |||||
| 2,800 | Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds (Capital Projects Loan Program), Senior Series F-1, 5% due 10/01/2031 (f) | 2,850 | |||||
| 1,000 | Easton Park Community Development District, Florida, Capital Improvement Revenue Bonds, 5.20% due 5/01/2037 | 788 | |||||
| 799 | Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds (Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) | 839 | |||||
| 5,550 | Florida State Board of Education, Public Education Capital Outlay, GO, Series A, 5.125% due 6/01/2010 (g) | 5,953 | |||||
| 1,355 | Fort Myers, Florida, Utility System Revenue Refunding Bonds, 5% due 10/01/2031 (f) | 1,395 | |||||
| 50 | Gateway Services Community Development District, Florida, Special Assessment Bonds (Stoneybrook Project), 5.50% due 7/01/2008 | 50 | |||||
| 2,500 | Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding and Improvement Bonds, Series A, 5.25% due 6/01/2026 | 2,501 | |||||
| 1,500 | Heritage Harbour North Community Development District, Florida, Capital Improvement Bonds, 6.375% due 5/01/2038 | 1,397 | |||||
| 1,635 | Heritage Harbour South Community Development District, Florida, Capital Improvement Special Assessment Bonds, Series A, 6.50% due 5/01/2034 | 1,667 | |||||
| 6,500 | Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), Series A, 6% due 11/15/2011 (g) | 7,336 | |||||
| 4,000 | Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 | 4,039 | |||||
| 2,380 | Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center Project), Series A, 5.25% due 7/01/2037 | 2,352 | |||||
| 1,450 | Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), 5.50% due 10/01/2023 | 1,478 | |||||
| 7,500 | Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue Bonds (Mayo Clinic-Jacksonville), Series B, 5.50% due 11/15/2036 | 7,807 | |||||
| 2,280 | Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center Project), 5% due 8/15/2037 (d) | 2,320 | |||||
| 4,000 | Jacksonville, Florida, Transit Revenue Bonds, 5% due 10/01/2026 (f) | 4,058 | |||||
| 1,600 | Laguna Lakes Community Development District, Florida, Special Assessment Revenue Refunding Bonds, Series A, 6.40% due 5/01/2013 (g) | 1,868 | |||||
| 1,430 | Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell Point/Alliance Obligor Group), 5% due 11/15/2032 | 1,260 | |||||
| 1,000 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5% due 4/01/2032 (a) | 1,010 | |||||
| 1,690 | Madison County, Florida, First Mortgage Revenue Bonds (Twin Oaks Project), Series A, 6% due 7/01/2025 | 1,639 | |||||
| 2,770 | Melbourne, Florida, Water and Sewer Revenue Bonds, 5.23% due 10/01/2021 (b)(c)(i) | 1,572 | |||||
|
Portfolio Abbreviations |
|||||||
|
To simplify the listings
of BlackRock Florida Municipal Income Trust's portfolio holdings in
the Schedule of Investments, we have abbreviated the names of many
of the securities according to the list below. |
|||||||
| AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||
| CABS | Capital Appreciation Bonds | IDR | Industrial Development Revenue Bonds | |||
| COP | Certificates of Participation | PCR | Pollution Control Revenue Bonds | |||
| GO | General Obligation Bonds |
1
| BlackRock Florida Municipal Income Trust | |||||||
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in Thousands) | ||||||
| Face | |||||||
| Amount | Municipal Bonds |
Value |
|||||
| $ | 3,000 | Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75% due 11/15/2021 |
$ |
3,129 | |||
| 1,000 | Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Refunding Bonds, 5.125% due 7/01/2025 (c) | 1,042 | |||||
| 9,700 | Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series B, 5.596% due 10/01/2033 (f)(i) | 2,407 | |||||
| 25,000 | Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series C, 5.623% due 10/01/2028 (f)(i) | 8,178 | |||||
| 2,595 | Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds, Sub-Series A, 5.535% due 10/01/2019 (f)(i) | 1,428 | |||||
| 1,500 | New River Community Development District, Florida, Capital Improvement Revenue Bonds, Series B, 5% due 5/01/2013 | 1,383 | |||||
| 1,155 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43), 6.10% due 8/01/2011 (g) | 1,290 | |||||
| 3,500 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43), 6.125% due 8/01/2011 (g) | 3,949 | |||||
| 295 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43), 6.10% due 8/01/2021 | 300 | |||||
| 1,000 | Orange County, Florida, Educational Facilities Authority, Educational Facilities Revenue Bonds (Rollins College Project), 5.25% due 12/01/2027 (a) | 1,065 | |||||
| 655 | Orange County, Florida, Health Facilities Authority, Health Care Revenue Refunding Bonds (Orlando Lutheran Towers), 5.375% due 7/01/2020 | 616 | |||||
| 600 | Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), 5.70% due 7/01/2026 | 567 | |||||
| 1,000 | Orange County, Florida, School Board, COP, Series A, 5% due 8/01/2032 (c) | 999 | |||||
| 1,300 | Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 5% due 10/01/2029 (a) | 1,325 | |||||
| 2,500 | Palm Beach County, Florida, School Board, COP, Refunding, Series B, 5% due 8/01/2025 (a) | 2,568 | |||||
| 1,000 | Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2029 (c) | 1,002 | |||||
| 600 | Pine Ridge Plantation Community Development District, Florida, Capital Improvement and Special Assessment Bonds, Series B, 5% due 5/01/2011 | 566 | |||||
| 1,000 | Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due 10/01/2035 (d) | 1,027 | |||||
| 3,945 | Saint Johns County, Florida, Water and Sewer Revenue Bonds, CABS, 5.335% due 6/01/2030 (a)(i) | 1,185 | |||||
| 750 | South Florida Water Management District, COP, 5% due 10/01/2036 (a) | 744 | |||||
| 12,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds (Baptist Health System Obligation Group), 5.25% due 2/01/2013 (g) | 13,378 | |||||
| 1,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds (Baptist Health System Obligation Group), 5% due 8/15/2032 | 996 | |||||
| 2,700 | Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, 6.80% due 10/01/2032 | 2,723 | |||||
| 1,000 | Suncoast Community Development District, Florida, Capital Improvement Revenue Bonds, Series A, 5.875% due 5/01/2034 | 962 | |||||
| 5,500 | Tampa, Florida, Revenue Bonds (University of Tampa Project), 5.625% due 4/01/2032 (h) | 5,605 | |||||
| 4,000 | Tampa, Florida, Water and Sewer Revenue Refunding Bonds, Series A, 5% due 10/01/2026 | 4,122 | |||||
| 1,250 | Tolomato Community Development District, Florida, Special Assessment Bonds, 6.55% due 5/01/2027 | 1,234 | |||||
| 1,000 | University of North Florida, Capital Improvement Revenue Bonds (Housing Project), 5% due 11/01/2032 (c) | 1,004 | |||||
| 1,795 | Village Center Community Development District, Florida, Recreational Revenue Bonds, Series A, 5% due 11/01/2032 (f) | 1,835 | |||||
2
| BlackRock Florida Municipal Income Trust | |||||||
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in Thousands) | ||||||
| Face | |||||||
| Amount | Municipal Bonds |
Value |
|||||
| $ | 2,955 | Village Community Development District Number 5, Florida, Special Assessment Bonds, Series | |||||
| A, 6% due 5/01/2022 |
$ |
3,030 | |||||
| 1,420 | Village Community Development District Number 5, Florida, Special Assessment Bonds, | ||||||
| Series A, 6.50% due 5/01/2033 | 1,469 | ||||||
| 2,000 | Volusia County, Florida, Educational Facility Authority, Educational Facilities Revenue Bonds | ||||||
| (Embry-Riddle Aeronautical University Project), Series A, 5.75% due 10/15/2029 | 2,019 | ||||||
| 1,000 | Watergrass Community Development District, Florida, Special Assessment Revenue Bonds, | ||||||
| Series B, 5.125% due 11/01/2014 | 915 | ||||||
|
Puerto Rico - 10.2% |
4,980 | Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.125% due 7/01/2031 | 4,883 | ||||
| 1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series TT, 5% due 7/01/2037 | 992 | |||||
| 4,000 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, | ||||||
| Series E, 5.70% due 2/01/2010 (g) | 4,251 | ||||||
| Total Municipal Bonds (Cost - $145,282) - 151.0% | 150,334 | ||||||
| Shares | |||||||
| Held | Short-Term Securities | ||||||
| 1,972 | CMA Florida Municipal Money Fund, 2.12% (e)(j) | 1,972 | |||||
| Total Short-Term Securities (Cost - $1,972) - 2.0% | 1,972 | ||||||
| Total Investments (Cost - $147,254*) - 153.0% | 152,306 | ||||||
| Other Assets Less Liabilities - 4.8% | 4,813 | ||||||
| Preferred Shares, at Redemption Value - (57.8%) | (57,560 | ) | |||||
| Net Assets Applicable to Common Shares - 100.0% |
$ |
99,559 | |||||
| * | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for federal income tax purposes, were as follows: | |||||
| Aggregate cost | $ | 147,254 | ||||
| Gross unrealized appreciation | $ | 6,522 | ||||
| Gross unrealized depreciation | (1,470 | ) | ||||
| Net unrealized appreciation | $ | 5,052 | ||||
| (a) | AMBAC Insured. | |||||
| (b) | Escrowed to maturity. | |||||
| (c) | FGIC Insured. | |||||
| (d) | FSA Insured. | |||||
|
(e) |
Investments
in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|||||
| Affiliate | Net Activity | Dividend Income | ||||
| CMA Florida Municipal Money Fund |
210 |
$12 |
||||
| (f) | MBIA Insured. | |||||
| (g) | Prerefunded. | |||||
| (h) | Radian Insured. | |||||
| (i) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. | |||||
| (j) | Represents the current yield as of January 31, 2008. | |||||
3
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 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) 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 | |
| Chief Executive Officer of | |
| BlackRock Florida Municipal Income Trust |
Date: March 24, 2008
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/ Donald C. Burke |
| Donald C. Burke | |
| Chief Executive Officer (principal executive officer) of | |
BlackRock Florida Municipal Income Trust |
|
| Date: March 24, 2008 | |
| By: | /s/ Neal J. Andrews |
| Neal J. Andrews | |
| Chief Financial Officer (principal financial officer) of | |
BlackRock Florida Municipal Income Trust |
|
| Date: March 24, 2008 | |