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, 2005

Date of reporting period:__January 31, 2005_________________________________


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, 2005

BlackRock Florida Municipal Income Trust (BBF)

  Principal        
  Amount   Option Call    
Rating1 (000)
Description
Provisions2 Value     

    LONG-TERM INVESTMENTS—153.7%    
      Florida—133.1%    
AA $ 7,715   Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32 05/12 @ 102 $ 8,448,234  
A 2,000   Boynton Beach Multi-Fam. Hsg., Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA 01/13 @ 100 2,067,360  
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 2,857,036  
Baa1 1,000   Capital Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 12/01/38 06/13 @ 102 957,040  
AAA 7,000 3 Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC No Opt. Call 7,127,610  
      Florida Brd. of Ed., GO,    
AA+ 5,550       Ser. A, 5.125%, 6/01/30 06/10 @ 101 5,816,622  
AAA 1,000       Ser. J, 5.00%, 6/01/24, AMBAC 06/13 @ 101 1,069,120  
BBB- 3,000   Florida Hsg. Fin. Corp., Sunset Place Proj., Ser. K-1, 6.10%, 10/01/29 10/09 @ 102 2,980,770  
NR 2,605   Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 No Opt. Call 2,665,175  
NR 1,715   Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 05/13 @ 101 1,825,823  
A 6,500   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%,    
          11/15/31 11/11 @ 101 7,084,220  
BBB+ 1,450   Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 10/12 @ 100 1,488,150  
AA 7,500   Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj., Ser. B, 5.50%,    
          11/15/36 11/11 @ 101 8,061,975  
AAA 4,000   Jacksonville Transp., 5.00%, 10/01/26, MBIA 10/11 @ 100 4,191,160  
      JEA,    
AA 5,000       Elec. Sys., Ser. A, 5.20%, 10/01/33 02/05 @ 100 5,006,350  
AA 5,000       Elec. Sys., Ser. A, 5.50%, 10/01/41 10/07 @ 100 5,345,000  
AA 7,500       Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 10/06 @ 100 7,624,650  
NR4 1,675   Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33 05/13 @ 101 1,768,783  
AAA 2,770 5 Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC ETM 1,352,369  
BB 3,000   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 11/14 @ 100 3,237,600  
AAA 1,000   Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC 07/11 @ 101 1,069,620  
      Miami Dade Cnty., Spec. Oblig. Rev., MBIA,    
AAA 2,595       Ser. A, Zero Coupon, 10/01/19 04/08 @ 55.413 1,270,123  
AAA 9,700       Ser. B, Zero Coupon, 10/01/33 04/08 @ 25.056 2,041,559  
AAA 25,000       Ser. C, Zero Coupon, 10/01/28 04/08 @ 32.99 7,014,500  
      No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,    
NR 1,630       6.10%, 8/01/21 08/11 @ 101 1,713,945  
NR 3,500       6.125%, 8/01/31 08/11 @ 101 3,650,325  
AAA 2,500   Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC 08/11 @ 101 2,640,625  
AA- 12,000   So. Miami Hlth. Facs. Auth., Baptist Hlth. Proj., 5.25%, 11/15/33 02/13 @ 100 12,435,600  
AAA 1,500   St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA 10/09 @ 101 1,561,350  
NR 2,815   Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32 10/09 @ 100 2,885,403  
NR 2,000   Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 05/13 @ 101 2,142,680  
AA 5,500   Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA 04/12 @ 100 5,990,710  
AA 4,000   Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 10/11 @ 101 4,207,560  
      Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A,    
NR 4,000       6.00%, 5/01/22 05/13 @ 101 4,180,240  
NR 1,870       6.50%, 5/01/33 05/13 @ 101 2,008,717  
BBB+ 2,000   Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ. Proj., Ser. A, 5.75%, 10/15/29 10/09 @ 101 2,096,660  

          137,884,664  

1


BlackRock Florida Municipal Income Trust (BBF) (continued)

  Principal        
  Amount   Option Call    
Rating1 (000)
Description
Provisions2 Value     

    Puerto Rico—20.6%    
BBB $6,000   Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100 $ 5,596,620  
      Puerto Rico Pub. Fin. Corp., Ser. E,    
Aaa 4,000 6     5.70%, 2/01/10 N/A 4,517,280  
Aaa 3,000 6     5.75%, 2/01/07 N/A 3,194,580  
      Puerto Rico Pub. Impvt., Ser. A,    
AAA 2,520 6     5.125%, 7/01/31 N/A 2,823,912  
A- 4,980       5.125%, 7/01/31 07/11 @ 100 5,165,505  

          21,297,897  

      Total Investments—153.7% (cost $151,309,617)   $ 159,182,561  
      Other assets in excess of liabilities—1.9%   1,951,380  
      Preferred shares at redemption value, including dividends payable—(55.6)%   (57,567,206)  

      Net Assets Applicable to Common Shareholders—100%   $ 103,566,735  


1   Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s rating.  
2   Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
3   Entire or partial principal amount pledged as collateral for financial futures contracts.  
4   Security is deemed to be of investment grade quality by the investment advisor.  
5   This security is collateralized by U.S. Treasury obligations.  
6   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. 


KEY TO ABBREVIATIONS
ACA American Capital Access FSA Financial Security Assurance
AMBAC American Municipal Bond Assurance Corp. GO General Obligation
COP Certificate of Participation MBIA Municipal Bond Insurance Assoc.
ETM Escrowed to Maturity PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Co. RAA Radian Asset Assurance

2


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.

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/ Henry Gabbay                                                                                                            
Name: Henry Gabbay
Title: Treasurer
Date: April 1, 2005

          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: April 1, 2005

By:    /s/ Henry Gabbay                                                                                                             
Name: Henry Gabbay
Title: Principal Financial Officer
Date: April 1, 2005