UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
BlackRock Florida Municipal Income Trust
Registrant's telephone number, including area code:_888-825-2257__________________
Date of fiscal year end: October 31, 2005Date 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) | 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 | ||||||
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BlackRock Florida Municipal Income Trust (BBF) (continued)
| Principal | ||||||
| Amount | Option Call | |||||
| Rating1 | (000) | 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 | |||||
|
|
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| 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 |
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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.
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