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, 2006
Date of reporting period:         January 31, 2006

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
JANUARY 31, 2006 (
unaudited)


BlackRock Florida Municipal Income Trust (BBF)
Principal          
  Amount     Option Call    
Rating1 (000)   Description Provisions2   Value  

    LONG-TERM INVESTMENTS—150.8%      
      Florida—124.1%      
AA $ 7,715   Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32, RAA 05/12 @ 102
$
8,387,362  
A 2,000   Boynton Beach Multi.-Fam. Hsg., Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA 01/13 @ 100   2,046,080  
      Brd. of Ed., GO,      
AAA 5,550 3      Ser. A, 5.125%, 6/01/10 N/A   5,973,021  
AAA 1,000 4      Ser. J, 5.00%, 6/01/24, AMBAC 06/13 @ 101   1,050,650  
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   2,844,324  
Baa2 1,000 3 Capital Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38 N/A   967,170  
AAA 799   Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC No Opt. Call   860,182  
NR 1,680   Gateway Svcs. Cmnty. Dev. Dist. Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 No Opt. Call   1,693,574  
NR 1,690   Heritage Harbour So. Cmnty. Cap. Impvt., Ser. A, 6.50%, 5/01/34 05/13 @ 101   1,784,927  
A+ 6,500   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 11/11 @ 101   7,024,160  
BBB+ 1,450   Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 10/12 @ 100   1,515,584  
AA 7,500   Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36 11/11 @ 101   8,058,450  
AAA 4,000   Jacksonville Transp., 5.00%, 10/01/26, MBIA 10/11 @ 100   4,149,320  
      JEA,      
Aa2 5,000 3      Elec. Sys. Rev., Ser. A, 5.50%, 10/01/07 N/A   5,182,700  
AA 7,500 3      Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/06 N/A   7,601,925  
NR5 1,645   Laguna Lakes Cmnty. Spec. Assmt., Ser. A, 6.40%, 5/01/33 05/13 @ 101   1,724,453  
NR 1,795   Madison Cnty. Rev., First Mtg., Twin Oaks Proj., Ser. A, 6.00%, 7/01/25 07/15 @ 100   1,766,118  
AAA 2,770 6 Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC ETM   1,384,003  
BB+ 3,000   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 11/14 @ 100   3,361,740  
AAA 1,000   Miami Dade Cnty. Expwy. Auth. Toll Sys. Rev., 5.125%, 7/01/25, FGIC 07/11 @ 101   1,057,780  
      Miami Dade Cnty., Spec. Oblig. Rev.,      
AAA 2,595        Ser. A, Zero Coupon, 10/01/19, MBIA 04/08 @ 55.413   1,317,897  
AAA 9,700        Ser. B, Zero Coupon, 10/01/33, MBIA 04/08 @ 25.056   2,163,585  
AAA 25,000        Ser. C, Zero Coupon, 10/01/28, MBIA 04/08 @ 32.99   7,338,750  
      No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj.,      
NR 1,575        6.10%, 8/01/21 08/11 @ 101   1,640,410  
NR 3,500        6.125%, 8/01/31 08/11 @ 101   3,624,810  
      Orange Cnty. Hlth. Facs. Auth.,      
NR 655        Hlth. Care Orlando Lutheran Proj., 5.375%, 7/01/20 07/15 @ 100   647,245  
NR 600        Hlth. Care Orlando Lutheran Proj., 5.70%, 7/01/26 07/15 @ 100   601,542  
AAA 2,500   Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC 08/11 @ 101   2,614,100  
AA- 12,000   So. Miami Hlth. Facs. Auth., Baptist Hlth. Proj., 5.25%, 11/15/33 02/13 @ 100   12,404,040  
AAA 1,500   St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA 10/09 @ 101   1,546,395  
NR 2,780   Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32 10/09 @ 100   2,904,933  
NR 2,000   Sumter Landing Cmnty. Dev. Dist. Spec. Assmt., 6.95%, 5/01/33 05/13 @ 101   2,158,460  
AA 4,000   Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 10/11 @ 101   4,151,080  
AA 5,500   Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA 04/12 @ 100   5,921,245  
      Vlg. Cmnty. Dev. Dist. Assmt. Rev., No. 5, Spl. Assmt. Rev., Ser. A,      
NR 3,625        6.00%, 5/01/22 05/13 @ 101   3,783,304  
NR5 1,640        6.50%, 5/01/33 05/13 @ 101   1,755,587  
AAA 3,295   Vlg. Ctr. Cmnty. Dev. Dist., Ser. A, 5.00%, 11/01/32, MBIA 11/13 @ 101   3,395,959  
BBB+ 2,000   Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ. Proj., Ser. A, 5.75%, 10/15/29 10/09 @ 101   2,083,200  

            128,486,065  

      Puerto Rico—26.7%      
BBB 6,000   Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100   6,143,340  
      Hwy. & Trans. Auth.,      
BBB+ 920            5.00%, 7/01/30 07/15 @ 100   934,462  
BBB+ 1,845        5.00%, 7/01/40 07/15 @ 100   1,862,860  
BBB+ 1,790        5.00%, 7/01/45 07/15 @ 100   1,807,327  
BBB+ 1,660        Ser. K, 5.00%, 7/01/35 07/15 @ 100   1,676,069  
      Pub. Fin. Corp.,      
Aaa 4,000 3      Ser. E, 5.70%, 2/01/10 N/A   4,328,480  
Aaa 3,000 3      Ser. E, 5.75%, 2/01/07 N/A   3,075,180  
      Pub. Impvt.,      
AAA 2,520 3      Ser. A, 5.125%, 7/01/11 N/A   2,724,070  
BBB 4,980        Ser. A, 5.125%, 7/01/31 07/11 @ 100   5,072,727  

            27,624,515  

      Total Long-Term Investments (cost $148,292,557)     156,110,580  

1




BlackRock Florida Municipal Income Trust (BBF) (continued)
  Shares            
  (000)   Description     Value  

      MONEY MARKET FUND—3.0%      
  3,150   AIM Tax Free Investment Co. Cash Reserve Portfolio  
$
3,150,000  

      Total Investments—153.8% (cost $151,442,5577)  
$
159,260,580  
      Other assets in excess of liabilities—1.8%  
1,855,778  
      Preferred shares at redemption value, including dividends payable—(55.6)%  
(57,582,551 )

      Net Assets Applicable to Common Shareholders—100%  
$
103,533,807  



1 Using the higher of Standard & Poor’s, Moody’s Investors 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 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.
4 Security, or a portion thereof, pledged as collateral with a value of $1,058,983 on 93 short U.S. Treasury Note futures contracts expiring March 2006 and 127 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on January 31, 2006 was $24,415,874, with an unrealized gain of $11,574.
5 Security is deemed to be of investment grade by the investment advisor.
6 Security is collateralized by U.S. Treasury obligations.
7 Cost for Federal income tax purposes is $151,442,266. The net unrealized appreciation on a tax basis is $7,818,314, consisting of $7,969,962 gross unrealized appreciation and $151,648 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

2


Item 2. Controls and Procedures.

(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 its principal executive and principal 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 and Principal Financial Officer
Date: March 31, 2006

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: President and Principal Executive Officer
Date: March 31, 2006

By:      /s/ Henry Gabbay                                                                      
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: March 31, 2006