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:

       811-21180

   

 

BlackRock Florida Insured 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 Insured 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: August 31
 
Date of reporting period: November 30, 2004
 
   

 

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
NOVEMBER 30, 2004 (Unaudited)

BlackRock Florida Insured Municipal Income Trust (BAF)

  Principal        
  Amount   Option Call    
Rating1 (000) 
Description
Provisions2       Value  
 
      LONG-TERM INVESTMENTS—157.8%      
        Florida—151.0%      
        Capital Trust Agcy. Multi-Fam., American Oppty. Proj.,      
Baa1   $1,000         Ser. A, 5.875%, 6/01/38 06/13 @ 102   $  930,500  
Baa3   995         Ser. C, 7.25%, 6/01/38 06/13 @ 102   949,469  
NR   3,935   Colonial Cntry. Club Cmnty. Dev. Dist., 6.40%, 5/01/33 05/13 @ 101   4,097,201  
        Florida Brd. of Ed.,      
AAA   9,000         GO, Ser. A, 5.00%, 6/01/27, FSA 06/12 @ 101   9,193,590  
AAA   8,640 3       Lottery Rev., Ser. C, 5.00%, 1/01/22, MBIA 01/13 @ 101   9,077,011  
AAA   7,000   Florida Dept. of Transp., 5.00%, 7/01/27, FSA 07/12 @ 101   7,151,550  
AAA   8,695   Gainesville Util. Sys., Ser. A, 5.00%, 10/01/33, FSA 10/13 @ 100   8,799,601  
A   8,500   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 11/11 @ 101   9,053,945  
AAA   7,580   Hillsborough Cnty. Sch. Brd., COP, Ser. A, 5.00%, 7/01/25, MBIA 07/10 @ 100   7,756,993  
        Jacksonville,      
AAA   8,000         Excise Tax, Ser. B, 5.00%, 10/01/26, AMBAC 10/12 @ 100   8,197,280  
AAA   9,500         Sales Tax, 5.00%, 10/01/27, MBIA 10/13 @ 100   9,710,235  
AAA   9,500         Transp., 5.00%, 10/01/31, MBIA 10/11 @ 100   9,597,850  
AAA   2,865   Jacksonville Cap. Impvt., Ser. A, 5.00%, 10/01/30, AMBAC 10/12 @ 100   2,899,982  
AAA   1,480   Julington Creek Plantation Cmnty. Dev., Assmt. Rev., 5.00%, 5/01/29, MBIA 05/12 @ 101   1,501,253  
AAA   9,000   Lake Cnty. Sch. Brd., COP, Ser. A, 5.00%, 7/01/28, AMBAC 07/13 @ 100   9,162,990  
AAA   26,935   Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA 04/08 @ 28.079   6,054,719  
AAA   7,975   Orange Cnty., Sales Tax, Ser. B, 5.125%, 1/01/32, FGIC 01/13 @ 100   8,157,308  
AAA   2,000   Orange Cnty. Sch. Brd., COP, Ser. A, 5.00%, 8/01/27, MBIA 08/12 @ 100   2,039,400  
AAA   9,250   Orange Cnty. Tourist Dev., Tax Rev., 5.125%, 10/01/30, AMBAC 04/12 @ 100   9,456,182  
AAA   4,000   Osceola Cnty. Sch. Brd., COP, Ser. A, 5.25%, 6/01/27, AMBAC 06/12 @ 101   4,227,200  
        Palm Bay Util., FGIC,      
AAA   4,015         Zero Coupon, 10/01/28 No Opt. Call   1,167,923  
AAA   5,570         Zero Coupon, 10/01/31 No Opt. Call   1,365,374  
AAA   9,200   Palm Beach Cnty. Sch. Brd., COP, Ser. D, 5.00%, 8/01/28, FSA 08/12 @ 100   9,322,084  
AA-   5,000   Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33 05/13 @ 100   5,146,150  
AAA   9,500   Pinellas Cnty. Swr., 5.00%, 10/01/32, FSA 10/13 @ 100   9,614,285  
AAA   5,000   Polk Cnty. Util. Sys., 5.00%, 10/01/29, FGIC 10/13 @ 100   5,074,550  
AAA   825 4 Port St. Lucie Util., 5.125%, 9/01/31, MBIA N/A   915,857  
AAA   2,945   Sarasota Cnty. Util. Sys., Ser. C, 5.25%, 10/01/22, FGIC 10/12 @ 100   3,169,645  
AAA   3,500   St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA 10/09 @ 101   3,554,145  
AAA   2,000   Tampa Bay Wtr. Util. Sys., Ser. A, 5.00%, 10/01/28, FGIC 10/11 @ 100   2,033,400  
        Tohopekaliga Wtr. Auth., Ser. B, FSA,      
AAA   1,980         5.00%, 10/01/21 10/13 @ 100   2,089,732  
AAA   1,000         5.00%, 10/01/23 10/13 @ 100   1,044,180  
        Vlg. Cmnty. Dev. Dist., Assmt. Rev.,      
NR5   4,730         Ser. A, 6.50%, 5/01/33 05/13 @ 101   4,987,028  
NR5   365         Ser. B, 5.40%, 5/01/07 No Opt. Call   370,245  
AAA   12,000   Vlg. Cntr. Cmnty. Dev. Dist., Ser. A, 5.00%, 11/01/32, MBIA 11/13 @ 101   12,064,680  
             
 
              189,933,537  
             
 
        Puerto Rico—6.8%      
BBB   9,405   Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100   8,528,078  
             
 
        Total Long-Term Investments (cost $195,972,483)     198,461,615  
             
 

1

BlackRock Florida Insured Municipal Income Trust (BAF) (continued)

           
  Shares        
     (000) 
Description
                   Value  
 
      MONEY MARKET FUND—1.0%                
    1,300   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,300,000)     $ 1,300,000  
             
 
        Total Investments—158.8% (cost $197,272,483)     $199,761,615  
        Other assets in excess of liabilities—1.6%     1,983,997  
        Preferred shares at redemption value, including dividends payable—(60.4)%     (76,001,772)  
             
 
        Net Assets Applicable to Common Shareholders—100%     $125,743,840  
             
 

1   Using the higher of S&P’s, Moody’s or Fitch’s rating.
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   Entire or partial principal amount pledged as collateral for financial futures contracts.
4   This bond is prefunded. 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.
5   Security is deemed to be of investment grade quality by the investment advisor.
 
    The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 83.1% of the Trust’s managed assets.
 
KEY TO ABBREVIATIONS
  AMBAC — American Municipal Bond Assurance Corporation FSA — Financial Security Assurance
  COP — Certificate of Participation GO — General Obligation
  FGIC — Financial Guaranty Insurance Company MBIA — Municipal Bond Insurance Association

2

 

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.

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 Insured Municipal Income Trust
 

 

By: /s/ Henry Gabbay
 
Name: Henry Gabbay
Title: Treasurer
Date: January 20, 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: January 20, 2005

 

By: /s/ Henry Gabbay  
 
Name: Henry Gabbay
Title: Principal Executive Officer
Date: January 20, 2005