FORM N-Q
Investment Company Act file number: 811-10333
BlackRock Florida Municipal Income Trust
(Exact name of registrant as specified in charter)
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: October 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)
| 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
| 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 GabbayPursuant 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