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
(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 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:  October 31, 2004 
 
   
Date of reporting period: July 31, 2004 
 


Item 1. Schedule of Investments

The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2004

BlackRock Florida Municipal Income Trust (BBF)

   
Principal
 
   
Amount
Option Call
 
   
Rating1
(000)
Description
Provisions2
Value
  
          LONG-TERM INVESTMENTS—155.5%        
            Florida—134.8%        
    AA   $7,715   Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32   05/12 @ 102
$
 8,048,751  
    A   2,000   Boynton Beach Multi-Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA   01/13 @ 100   1,968,960  
    AAA   2,800   Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1,
                 5.00%, 10/01/31, MBIA   08/11 @ 102   2,795,688  
    Baa1   1,000   Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38   06/13 @ 102   927,600  
    AAA   7,000 3 Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC          
            Florida Brd. of Ed., GO   No Opt. Call   7,375,340  
    AA   ,5,550        Ser. A, 5.125%, 6/01/30   06/10 @ 101   5,617,599  
    AAA   1,000        Ser. J, 5.00%, 6/01/24, AMBAC   06/13 @ 101   1,018,130  
    A   3,000   Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29   10/09 @ 102   3,082,920  
    NR   2,870   Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08   No Opt. Call   2,919,507  
    NR   1,715   Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34   05/13 @ 101   1,773,070  
    A   6,500   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%,          
                 11/15/31   11/11 @ 101   6,807,580  
    BBB+   1,450   Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23   10/12 @ 100   1,437,719  
    AA   7,500   Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36   11/11 @ 101   7,665,150  
    AAA   4,000   Jacksonville Transp., 5.00%, 10/01/26, MBIA JEA,   10/11 @ 100   4,016,240  
    AA+   5,000        Elec. Sys. Rev., Ser. A, 5.20%, 10/01/33  
08/04 @ 100.5
  
4,999,650
    AA+   5,000        Elec. Sys. Rev., Ser. A, 5.50%, 10/01/41   10/07 @ 100   5,253,750  
    AA   7,500        Wtr. & Swr. Sys. Rev., Ser. C, 5.25%, 10/01/37   10/06 @ 100   7,543,500  
    NR   1,675   Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33   05/13 @ 101   1,707,110  
    AAA   2,770   Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC   ETM   1,211,155  
    BB   3,000   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21   11/14 @ 100   3,043,200  
    AAA   1,000   Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC   07/11 @ 101   1,020,540  
            Miami Dade Cnty., Spec. Oblig. Rev., MBIA,        
    AAA   2,595        Ser. A, Zero Coupon, 10/01/19  
04/08 @ 55.413
  
1,174,367
    AAA   9,700        Ser. B, Zero Coupon, 10/01/33  
04/08 @ 25.056
  
1,808,759
    AAA   25,000        Ser. C, Zero Coupon, 10/01/28  
04/08 @ 32.99
  
6,265,000
            No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,        
    NR   1,630        6.10%, 8/01/21   08/11 @ 101   1,672,559  
    NR   3,500        6.125%, 8/01/31   08/11 @ 101   3,558,695  
    AAA   2,500   Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC   08/11 @ 101   2,518,175  
    AA-   12,000   So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33   02/13 @ 100   12,009,360  
    AAA   1,500   St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA   10/09 @ 101   1,499,595  
    NR   2,850   Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32   10/09 @ 100   2,873,313  
    NR   2,000   Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33   05/13 @ 101   2,082,400  
    AA   5,500   Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA   04/12 @ 100   5,748,380  
    AA   4,000   Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26   10/11 @ 101   4,018,680  
            Village Cmnty. Dev. Dist., Assmt. Rev., Ser. A,        
    NR   4,000        6.00%, 5/01/22   05/13 @ 101   4,057,400  
    NR   1,950        6.50%, 5/01/33   05/13 @ 101   2,035,059  
    BBB+   2,000   Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29   10/09 @ 101   2,023,280  
                 
 
                    133,578,181  
                 
 
            Puerto Rico—20.7%        
    BBB   6,000   Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43   05/12 @ 100   5,025,540  
            Puerto Rico, GO, Ser. A,        
    A-   2,520 4      5.125%, 7/01/11   N/A   2,801,963  
    A-   4,980        5.125%, 7/01/31   07/11 @ 100   4,962,719  
            Puerto Rico Pub. Fin. Corp., Ser. E,        
    BBB+   4,000 4      5.70%, 2/01/10   N/A   4,499,960  
    BBB+   3,000 4      5.75%, 2/01/07   N/A   3,253,050  
                 
 
                    20,543,232  
                 
 
            Total Long-Term Investments (cost $151,397,610)    
$
154,121,413  
                 
 

BlackRock Florida Municipal Income Trust (BBF) (continued)

 
Shares
 
 
(000)
Description
Value
  
      MONEY MARKET FUND—0.8%    
 
800
   AIM Tax Free Investment Co. Cash Reserve Portfolio, (cost $800,000) $ 800,000  
       
 
      Total Investments—156.3% (cost $152,197,610)   154,921,413  
      Other assets in excess of liabilities—1.8%   1,781,032  
      Preferred shares at redemption value, including dividends payable—(58.1)%   (57,556,367)  
       
 
      Net Assets Applicable to Common Shareholders—100% $ 99,146,078  
       
  		 
 

__________________

1Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch Ratings ratings.  
2Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
3Entire or partial principal amount pledged as collateral for financial futures contracts.  
4This bond is prerefunded. Securities held in escrow are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at premium to par.  
 
 

KEY TO ABBREVIATIONS

ACA  — American Capital Access FSA   —  Financial Security Assurance
AMBAC  —  American Municipal Bond Assurance Corporation  GO   —  General Obligation
COP  —  Certificate of Participation MBIA   —  Municipal Bond Insurance Association
ETM  —  Escrowed to Maturity PCR  —  Pollution Control Revenue
FGIC  —  Financial Guaranty Insurance Company   RAA  — Radian Asset Assurance 

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes 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.

Item 3. Exhibits.

(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Treasurer  
Date: September 28, 2004  

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: Principal Executive Officer  
Date: September 28, 2004  

 

By: /s/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Principal Financial Officer  
Date: September 28, 2004