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 |
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| (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: July 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)
JULY
31, 2005
BlackRock Florida Municipal Income Trust (BBF)
| Principal | |||||
| Amount | Option Call | ||||
| Rating1 | (000) | Description | Provisions2 | Value | |
| LONG-TERM INVESTMENTS—147.0% | |||||
| Florida—126.2% | |||||
| AA | $ 7,715 | Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32, RAA | 05/12 @ 102 | $ 8,475,699 | |
| A | 2,000 | Boynton Beach Multi-Fam. Hsg., Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA | 01/13 @ 100 | 2,077,660 | |
| Brd. of Ed., GO, | |||||
| AAA | 5,550 | Ser. A, 5.125%, 6/01/30 | 06/10 @ 101 | 5,830,164 | |
| AAA | 1,000 | 3 | Ser. J, 5.00%, 6/01/24, AMBAC | 06/13 @ 101 | 1,064,520 |
| 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 | 2,853,732 | |||
| Baa1 | 1,000 | Cap. Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 12/01/38 | 06/13 @ 102 | 989,850 | |
| AAA | 799 | 3 | Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC | No Opt. Call | 810,420 |
| NR | 2,250 | Gateway Svcs. Cmnty. Dev. Dist. Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 | No Opt. Call | 2,287,507 | |
| NR | 1,695 | Heritage Harbour So. Cmnty. Cap. Impvt., Ser. A, 6.50%, 5/01/34 | 05/13 @ 101 | 1,804,582 | |
| A+ | 6,500 | Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 | 11/11 @ 101 | 7,092,020 | |
| BBB+ | 1,450 | Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 | 10/12 @ 100 | 1,529,663 | |
| AA | 7,500 | Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36 | 11/11 @ 101 | 8,173,200 | |
| AAA | 4,000 | Jacksonville Transp., 5.00%, 10/01/26, MBIA | 10/11 @ 100 | 4,180,760 | |
| JEA, | |||||
| Aa2 | 5,000 | 4 | Elec. Sys., Ser. A, 5.50%, 10/01/07 | N/A | 5,274,500 |
| AA | 7,500 | Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 | 10/06 @ 100 | 7,597,275 | |
| NR5 | 1,655 | Laguna Lakes Cmnty. Spec. Assmt., Ser. A, 6.40%, 5/01/33 | 05/13 @ 101 | 1,748,276 | |
| NR5 | 1,795 | Madison Cnty. Rev., 1st Mtge. Twin Oaks Proj., Ser. A, 6.00%, 7/01/25 | 07/15 @ 100 | 1,748,150 | |
| AAA | 2,770 | Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC | ETM | 1,370,901 | |
| BB+ | 3,000 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 3,371,190 | |
| AAA | 5,000 | Miami Dade Cnty., Bldg. Better Coms. Proj., 5.00%, 7/01/35, FGIC | 07/15 @ 100 | 5,292,250 | |
| Aaa | 1,000 | Miami Dade Cnty. Expwy. Auth. Toll Sys. Rev., 5.125%, 7/01/25, FGIC | 07/11 @ 101 | 1,065,490 | |
| AAA | 2,595 | Miami Dade Cnty. Spec. Oblig. Rev., Ser. A, Zero Coupon, 10/01/19, MBIA | 04/08 @ 55.413 | 1,289,429 | |
| Miami Dade Cnty., Spec. Oblig. Rev., MBIA, | |||||
| AAA | 9,700 | Ser. B, Zero Coupon, 10/01/33 | 04/08 @ 25.056 | 2,099,759 | |
| AAA | 25,000 | Ser. C, Zero Coupon, 10/01/28 | 04/08 @ 32.99 | 7,211,250 | |
| NR | 3,500 | No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.125%, 8/01/31 | 08/11 @ 101 | 3,649,870 | |
| NR | 1,575 | No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21 | 08/11 @ 101 | 1,653,293 | |
| Orange Cnty. Hlth. Facs. Auth., Hlth. Care Orlando Lutheran Proj., | |||||
| NR | 655 | 5.375%, 7/01/20 | 07/15 @ 100 | 653,579 | |
| NR | 600 | 5.70%, 7/01/26 | 07/15 @ 100 | 602,076 | |
| AAA | 2,500 | Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC | 08/11 @ 101 | 2,632,500 | |
| AA- | 12,000 | So. Miami Hlth. Facs. Auth., Baptist Hlth. Proj., 5.25%, 11/15/33 | 02/13 @ 100 | 12,497,400 | |
| AAA | 1,500 | St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA | 10/09 @ 101 | 1,557,900 | |
| NR | 2,815 | Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32 | 10/09 @ 100 | 2,879,097 | |
| NR | 2,000 | Sumter Landing Cmnty. Dev. Dist. Spec. Assmt., 6.95%, 5/01/33 | 05/13 @ 101 | 2,141,700 | |
| AA | 5,500 | Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 04/12 @ 100 | 5,987,575 | |
| AA | 4,000 | Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 | 10/11 @ 101 | 4,206,040 | |
| NR5 | 1,835 | Vlg. Cmnty. Dev. Dist. Assmt. Rev., No. 5, Spl. Assmt. Rev., Ser. A, 6.50%, 5/01/33 | 05/13 @ 101 | 1,980,479 | |
| NR | 3,854 | Vlg. Cmnty. Dev. Dist. Spl. Assmt. Rev. No. 5, Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 4,055,680 | |
| BBB+ | 2,000 | Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ. Proj., Ser. A, 5.75%, 10/15/29 | 10/09 @ 101 | 2,098,620 | |
| 131,834,056 | |||||
| Puerto Rico—20.8% | |||||
| BBB | 6,000 | Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 @ 100 | 6,258,060 | |
| Pub. Fin. Corp., Ser. E, | |||||
| Aaa | 4,000 | 4 | 5.70%, 2/01/10 | N/A | 4,401,440 |
| Aaa | 3,000 | 4 | 5.75%, 2/01/07 | N/A | 3,124,170 |
| Pub. Impvt., Ser. A, | |||||
| AAA | 2,520 | 4 | 5.125%, 7/01/11 | N/A | 2,760,837 |
| Baa2 | 4,980 | 5.125%, 7/01/31 | 07/11 @ 100 | 5,171,182 | |
| 21,715,689 | |||||
| Total Long-Term Investments (cost $144,562,501) | 153,549,745 | ||||
1
BlackRock Florida Municipal Income Trust (BBF) (continued)
| Principal | |||||
| Amount | |||||
| Rating1 | (000) | Description | Value | ||
| SHORT-TERM INVESTMENTS—6.0% | |||||
| Florida—3.4% | |||||
| A1+ | $ 3,545 | 6 | Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 2.20%, 8/01/05, FRDD | $ 3,545,000 | |
| Shares | |||||
| (000) | |||||
| Money Market Funds—2.6% | |||||
| 2,700 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 2,700,000 | |||
| Total Short-Term Investments (cost $6,245,000) | 6,245,000 | ||||
| Total Investments—153.0% (cost $150,807,5017) | 159,794,745 | ||||
| Other assets in excess of liabilities—2.1% | 2,240,599 | ||||
| Preferred stock at redemption value, including dividends payable—(55.1)% | (57,567,972) | ||||
| Net Assets Applicable to Common Shareholders—100% | $104,467,372 | ||||
1 |
Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch Ratings. | |
2 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | |
3 |
Security, or a portion thereof, pledged as collateral with a value of $1,582,194 on 343 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on July 31, 2005 was $38,067,641, with an unrealized gain of $437,058. | |
4 |
This bond is prefunded. 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. | |
5 |
Security is deemed to be of investment grade quality by the investment advisor. | |
6 |
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. | |
7 |
Cost for Federal income tax purposes is $150,806,448. The net unrealized appreciation on a tax basis is $8,988,297, consisting of $9,111,383 gross unrealized appreciation and $123,086 gross unrealized depreciation. |
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 | ||||
| FRDD | — | Floating Rate Daily Demand |
2
(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 it principle executive and principle 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 Municipal Income Trust
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer
Date: September 28, 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: September 28, 2005
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Principal Financial Officer
Date: September 28, 2005