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:     July 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 (unaudited)
JULY 31, 2006

BlackRock Florida Municipal Income Trust (BBF)

         
Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2   Value  
    LONG-TERM INVESTMENTS—154.3%      
      Florida—133.8%      
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 Rico—20.5%      
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 & Poor’s, Moody’s Investment Services or Fitch’s 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. 
  KEY TO ABBREVIATIONS
             
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

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: 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