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)
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Robert S. Kapito, President
BlackRock Florida Municipal Income Trust
40 East
52nd Street, New York, NY 10022
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: October 31, 2006
Date of reporting period: July 31, 2006
Item 1. Schedule of Investments.
The Registrants 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, 2006
BlackRock Florida Municipal Income Trust (BBF)
Principal | |||||||
Amount | Option Call | ||||||
Rating1 | (000) | Description | Provisions2 | Value | |||
LONG-TERM INVESTMENTS154.3% | |||||||
Florida133.8% | |||||||
AA | $ 7,715 | Beacon Tradeport Cmnty. Dev. Dist. SA, Ser. A, 5.625%, 5/01/32, RAA | 05/12 @ 102 | $ 8,301,572 | |||
A | 2,000 | Boynton Beach Multi-Fam. Hsg. RB, Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA | 01/13 @ 100 | 2,043,260 | |||
AAA | 5,550 | 3 | Brd. of Ed. GO, Ser. A, 5.125%, 6/01/10 | N/A | 5,863,520 | ||
AAA | 2,800 | Capital Projs. Fin. Auth. Student Hsg. RB, Cap. Projs. Loan Prog., | |||||
Ser. F-1, 5.00%, 10/01/31, MBIA | 08/11 @ 102 | 2,833,432 | |||||
Baa2 | 1,000 | 3 | Capital Trust Agcy. Multi-Fam. RB, American Oppty. Proj., Ser. A, 5.875%, 6/01/38 | 06/13 @ 102 | 955,160 | ||
AAA | 799 | Escambia Cnty. Hlth. Facs. Auth. RB, 5.95%, 7/01/20, AMBAC | No Opt. Call | 858,560 | |||
NR | 1,425 | Gateway Svcs. Cmnty. Dev. Dist. SA, Stoneybrook Proj., 5.50%, 7/01/08 | No Opt. Call | 1,428,833 | |||
NR | 1,665 | Heritage Harbour So. Cmnty. Cap. Impvt. SA, Ser. A, 6.50%, 5/01/34 | 05/13 @ 101 | 1,775,639 | |||
A+ | 6,500 | 3 | Highlands Cnty. Hlth. Facs. Auth. RB, Adventist/Sunbelt Hosp. Proj., Ser. A, 6.00%, 11/15/11 | N/A | 7,218,315 | ||
BBB+ | 1,450 | Hillsborough Cnty. Ind. Dev. Auth. PCRB, Tampa Elec. Co. Proj., 5.50%, 10/01/23 | 10/12 @ 100 | 1,501,925 | |||
AA | 7,500 | Jacksonville Econ. Dev. Comm. Hlth. Facs. RB, Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36 | 11/11 @ 101 | 7,980,675 | |||
AAA | 4,000 | Jacksonville Transp. RB, 5.00%, 10/01/26, MBIA | 10/11 @ 100 | 4,113,200 | |||
JEA RB, | |||||||
Aa2 | 5,000 | 3 | Elec. Sys., Ser. A, 5.50%, 10/01/07 | N/A | 5,103,950 | ||
AAA | 5,000 | Wtr. & Swr. Sys., Ser. A, 4.75%, 10/01/41, MBIA | 04/11 @ 100 | 4,982,750 | |||
AA | 7,500 | 3 | Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/06 | N/A | 7,519,050 | ||
NR4 | 1,625 | Laguna Lakes Cmnty. RB, Ser. A, 6.40%, 5/01/33 | 05/13 @ 101 | 1,694,290 | |||
NR | 1,750 | Madison Cnty. RB, First Mtg. Twin Oaks Proj., Ser. A, 6.00%, 7/01/25 | 07/15 @ 100 | 1,788,675 | |||
AAA | 2,770 | 5 | Melbourne Wtr. & Swr. RB, Zero Coupon, 10/01/21, FGIC | ETM | 1,400,374 | ||
BB+ | 3,000 | Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 3,351,180 | |||
AAA | 1,000 | Miami Dade Cnty. Expwy. Auth. Toll Sys. RB, 5.125%, 7/01/25, FGIC | 07/11 @ 101 | 1,043,150 | |||
Miami Dade Cnty. SO RB, | |||||||
AAA | 2,595 | Ser. A, Zero Coupon, 10/01/19, MBIA | 04/08 @ 55.413 | 1,325,811 | |||
AAA | 9,700 | Ser. B, Zero Coupon, 10/01/33, MBIA | 04/08 @ 25.056 | 2,211,697 | |||
AAA | 25,000 | Ser. C, Zero Coupon, 10/01/28, MBIA | 04/08 @ 32.99 | 7,474,500 | |||
No. Palm Beach Cnty. Impvt. Dist. RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., | |||||||
NR | 1,515 | 6.10%, 8/01/21 | 08/11 @ 101 | 1,567,252 | |||
NR | 3,500 | 6.125%, 8/01/31 | 08/11 @ 101 | 3,607,065 | |||
Orange Cnty. Hlth. Facs. Auth. RB, | |||||||
NR | 655 | Hlth. Care Orlando Lutheran Proj., 5.375%, 7/01/20 | 07/15 @ 100 | 644,251 | |||
NR | 600 | Hlth. Care Orlando Lutheran Proj., 5.70%, 7/01/26 | 07/15 @ 100 | 599,334 | |||
AAA | 6,000 | Orange Cnty. Tourist Dev. Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 6,023,640 | |||
AAA | 2,500 | Palm Beach Cnty. Sch. Brd. COP, Ser. B, 5.00%, 8/01/25, AMBAC | 08/11 @ 101 | 2,582,275 | |||
AA- | 12,000 | So. Miami Hlth. Facs. Auth. RB, Baptist Hlth. Proj., 5.25%, 11/15/33 | 02/13 @ 100 | 12,352,200 | |||
AAA | 1,500 | St. Petersburg Pub. Util. RB, Ser. A, 5.00%, 10/01/28, FSA | 10/09 @ 101 | 1,536,090 | |||
NR | 2,780 | Sumter Cnty. Indl. Dev. Auth. RB, No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32 | 10/09 @ 100 | 2,885,974 | |||
AA | 5,500 | Tampa RB, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 04/12 @ 100 | 5,870,920 | |||
Tampa Wtr. & Swr. RB, | |||||||
AAA | 2,750 | 4.625%, 10/01/36, MBIA | 10/16 @ 100 | 2,708,035 | |||
AA | 4,000 | Ser. A, 5.00%, 10/01/26 | 10/11 @ 101 | 4,112,840 | |||
Vlg. Cmnty. Dev. Dist. No. 5 SA, | |||||||
NR | 3,480 | Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 3,624,072 | |||
NR4 | 1,610 | Ser. A, 6.50%, 5/01/33 | 05/13 @ 101 | 1,712,943 | |||
AAA | 3,295 | Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. A, 5.00%, 11/01/32, MBIA | 11/13 @ 101 | 3,370,719 | |||
BBB+ | 2,000 | Volusia Cnty. Edl. Fac. Auth. RB, Embry Riddle Aero. Univ. Proj., Ser. A, 5.75%, 10/15/29 | 10/09 @ 101 | 2,067,500 | |||
138,034,628 | |||||||
1
BlackRock Florida Municipal Income Trust (BBF)
Principal | |||||||
Amount | Option Call | ||||||
Rating1 | (000) | Description | Provisions2 | Value | |||
Puerto Rico20.5% | |||||||
BBB | $6,000 | Children's Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43 | 05/12 @ 100 | $ 6,169,200 | |||
Pub. Fin. Corp. RB, | |||||||
Aaa | 4,000 | 3 | Ser. E, 5.70%, 2/01/10 | N/A | 4,250,560 | ||
Aaa | 3,000 | 3 | Ser. E, 5.75%, 2/01/07 | N/A | 3,030,570 | ||
Pub. Impvt. GO, | |||||||
AAA | 2,520 | 3 | Ser. A, 5.125%, 7/01/11 | N/A | 2,675,182 | ||
BBB | 4,980 | Ser. A, 5.125%, 7/01/31 | 07/11 @ 100 | 5,036,822 | |||
21,162,334 | |||||||
Total Investments 154.3% (cost $152,148,8786) | $ 159,196,962 | ||||||
Other assets in excess of liabilities 1.5% | 1,577,340 | ||||||
Preferred shares at redemption value, including dividends payable (55.8)% | (57,581,689 | ) | |||||
Net Assets 100% | $ 103,192,613 | ||||||
1 | Using the highest of Standard & Poors, Moodys Investment Services or Fitchs 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 is deemed to be of investment grade quality by the investment advisor. | |
5 | Security is collateralized by Municipal or U.S. Treasury obligations. | |
6 | Cost for Federal income tax purposes is $152,148,723. The net unrealized appreciation on a tax basis is $7,048,239, consisting of $7,104,272 gross unrealized appreciation and $56,033 gross unrealized depreciation. |
ACA | | American Capital Access | MBIA | | Municipal Bond Insurance Association | |
AMBAC | | American Municipal Bond Assurance Corporation | PCRB | | Pollution Control Revenue Bond | |
COP | | Certificate of Participation | RAA | | Radian Asset Assurance | |
ETM | | Escrowed to Maturity | RB | | Revenue Bond | |
FGIC | | Financial Guaranty Insurance Company | SA | | Special Assessment | |
FSA | | Financial Security Assurance | SO | | Special Obligation | |
GO | | General Obligation | XLCA | | XL Capital Assurance | |
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(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 Registrants 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 Registrants 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 Registrants Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
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: September 27, 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: September 27, 2006
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: September 27, 2006