0001104659-06-069587.txt : 20061030 0001104659-06-069587.hdr.sgml : 20061030 20061030160729 ACCESSION NUMBER: 0001104659-06-069587 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060831 FILED AS OF DATE: 20061030 DATE AS OF CHANGE: 20061030 EFFECTIVENESS DATE: 20061030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE FLORIDA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074684 IRS NUMBER: 046880056 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09143 FILM NUMBER: 061172158 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 N-Q 1 a06-20600_1nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number		811-09143
Eaton Vance Florida Municipal Income Trust
(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts		02109
(Address of Principal Executive Offices)		(Zip code)
Alan R. Dynner, Esq. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
Registrant’s Telephone Number, Including Area Code:		(617) 482-8260
Date of Fiscal Year End:		November 30
Date of Reporting Period:		August 31, 2006

Item 1. Schedule of Investments

Eaton Vance Florida Municipal Income Trust as of August 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 152.0%

Principal
Amount
(000’s omitted)		Security	Value
Education — 1.6%
$	1,000	Volusia County Educational Facilities Authority, (Embry Riddle Aeronautical), 5.75%, 10/15/29	$	1,042,450
			$	1,042,450
Electric Utilities — 3.1%
2,000		Jacksonville, Electric Authority, Variable Rate, 6.47%, 10/1/32 (1)(2)	2,060,100
			$	2,060,100
Escrowed / Prerefunded — 1.8%
500		Capital Trust Agency, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33 (1)	617,430
500		Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20	571,675
			$	1,189,105
Health Care-Miscellaneous — 0.2%
155		Osceola County Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17	155,152
			$	155,152
Hospital — 20.6%
2,000		Brevard County, Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36	2,045,020
500		Highlands County, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36	527,240
1,030		Jacksonville, Economic Development Authority, (Mayo Clinic), 5.00%, 11/15/36	1,071,303
1,250		Jacksonville, Economic Development Authority, (Mayo Clinic), 5.50%, 11/15/36	1,344,550
1,805		Lakeland, Hospital System, (Lakeland Regional Health System), 5.50%, 11/15/32	1,909,780
2,000		Orange County, Health Facilities Authority, (Adventist Health System), 5.625%, 11/15/32	2,146,340
1,000		Orange County, Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36	999,140
900		Orange County, Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39	935,874
1,075		South Miami, Health Facility Authority Hospital Revenue, (Baptist Health), 5.25%, 11/15/33	1,117,333
1,400		West Orange Health Care District, 5.80%, 2/1/31	1,478,428
			$	13,575,008

Housing — 2.0%
$	650	Capital Trust Agency, (Atlantic Housing Foundation), 5.30%, 7/1/35	$	658,456
620		Escambia County Housing Finance Authority, Single Family Mortgage, (Multi-County Program), (AMT), 5.50%, 10/1/31	636,473
			$	1,294,929
Industrial Development Revenue — 3.8%
804		Broward County, Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19	798,736
1,000		Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32	1,045,670
650		Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23	650,026
			$	2,494,432
Insured-Education — 2.9%
880		Broward County, Educational Facilities Authority, (Nova Southeastern University), (AGC), 4.50%, 4/1/36	873,558
1,000		Broward County, Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/36	1,043,680
			$	1,917,238
Insured-Electric Utilities — 9.7%
1,600		Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34	1,601,856
1,100		Guam Power Authority, (MBIA), 5.125%, 10/1/29	1,146,827
2,750		Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), 5.00%, 10/1/28	2,812,205
750		Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.86%, 7/1/29 (1)(2)	834,307
			$	6,395,195
Insured-Escrowed/Prerefunded — 1.1%
650		Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30	746,830
			$	746,830
Insured-General Obligations — 2.7%
1,500		Puerto Rico, (FSA), Variable Rate, 6.32%, 7/1/27 (1)(3)	1,769,085
			$	1,769,085
Insured-Hospital — 7.5%
1,000		Coral Gables, Health Facilities Authority, (Baptist Health System of South Florida), (FSA), 5.00%, 8/15/29	1,047,060
1,000		Maricopa County Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37	1,031,030
1,350		Miami-Dade County, Health Facilities Authority, (Miami Children’s Hospital), (AMBAC), 5.125%, 8/15/26	1,409,022

$	105	Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.50%, 7/1/28	$	122,639
1,250		South Miami, Health Facility Authority Hospital Revenue, (Baptist Health), (AMBAC), 5.25%, 11/15/33	1,314,850
			$	4,924,601
Insured-Housing — 1.7%
1,100		Broward County, Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32	1,123,485
			$	1,123,485
Insured-Miscellaneous — 8.6%
2,000		Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30	2,022,480
3,500		Orange County, Tourist Development Tax, (AMBAC), 5.125%, 10/1/30	3,673,740
			$	5,696,220
Insured-Special Tax Revenue — 20.2%
1,485		Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36	1,476,461
970		Dade County, Special Obligation Residual Certificates, (AMBAC), Variable Rate, 7.655%, 10/1/35 (1)(3)	1,011,060
2,100		Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30	2,163,987
1,470		Miami Beach, Resort Tax, (AMBAC), 6.25%, 10/1/22	1,834,516
3,040		Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35	697,498
5,000		Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/38	975,400
5,610		Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/40	983,377
1,395		Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37	1,420,096
4,300		Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35	1,146,380
1,850		Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30	626,096
1,000		Sumter Landing Community Development District, (Recreational Revenue), (MBIA), 4.75%, 10/1/35	1,016,720
			$	13,351,591
Insured-Transportation — 21.8%
2,250		Florida Ports Financing Commission, (FGIC), (AMT), 5.50%, 10/1/29	2,370,038
1,500		Greater Orlando, Aviation Authority, (FGIC), (AMT), Variable Rate, 7.16%, 10/1/18 (1)(3)	1,672,350
400		Hillsborough County, Port District, (Tampa Port Authority Project), (MBIA), (AMT), 5.00%, 6/1/26	416,740

$	2,000	Hillsborough County, Port District, (Tampa Port Authority Project), (MBIA), (AMT), 5.00%, 6/1/36	$	2,076,640
500		Lee County, Airport, (FSA), (AMT), 5.75%, 10/1/25	535,240
650		Lee County, Airport, (FSA), (AMT), 6.00%, 10/1/29	705,185
1,165		Miami-Dade County, Aviation Revenue, (Miami International Airport), (CIFG), (AMT), Variable Rate, 7.61%, 10/1/38 (1)(3)	1,287,418
3,750		Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34	3,899,888
1,250		Puerto Rico Highway and Transportation Authority, (MBIA), 5.50%, 7/1/36	1,396,275
			$	14,359,774
Insured-Water and Sewer — 22.4%
1,000		Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31	1,021,500
2,000		Marco Island, Utility System, (MBIA), 5.00%, 10/1/33 (4)	2,086,500
1,500		Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30	1,588,350
1,000		Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25	1,037,870
7,625		Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32	1,894,584
1,250		Saint Petersburg, Public Utilities Revenue, (FSA), 5.00%, 10/1/28	1,281,700
4,000		Sunrise, Utility System, (AMBAC), 5.00%, 10/1/28	4,275,200
1,500		Tampa Bay, Water Utility System, (FGIC), Variable Rate, 5.77%, 10/1/27 (1)(2)	1,575,360
			$	14,761,064
Nursing Home — 1.6%
265		Orange County, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24	274,956
735		Orange County, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34	763,959
			$	1,038,915
Senior Living / Life Care — 2.3%
1,500		Lee County Industrial Development Authority, (Shell Point Village), 5.50%, 11/15/29	1,532,850
			$	1,532,850
Special Tax Revenue — 16.4%
95		Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/21	95,758
500		Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/31	504,340
465		Dupree Lakes, Community Development District, 5.00%, 11/1/10	468,181
360		Dupree Lakes, Community Development District, 5.375%, 5/1/37	362,326

$	30	Heritage Harbor South, Community Development District, (Capital Improvements), 5.40%, 11/1/08	$	30,028
320		Heritage Harbor South, Community Development District, (Capital Improvements), 6.20%, 5/1/35	339,664
250		Heritage Springs, Community Development District, 5.25%, 5/1/26	250,585
770		Heritage Springs, Community Development District, 6.75%, 5/1/21	786,986
660		North Springs, Improvement District, (Heron Bay), 7.00%, 5/1/19	674,540
1,000		River Hall Community Development District, (Capital Improvements), 5.45%, 5/1/36	1,007,080
490		Southern Hills Plantation I Community Development District, 5.80%, 5/1/35	503,705
600		Sterling Hill, Community Development District, 6.20%, 5/1/35	631,872
500		Stoneybrook West, Community Development District, 7.00%, 5/1/32	533,700
1,000		Tisons Landing, Community Development District, 5.625%, 5/1/37	1,016,360
820		University Square, Community Development District, 6.75%, 5/1/20	880,696
450		Vista Lakes, Community Development District, 7.20%, 5/1/32	482,990
725		Waterlefe Community Development District, 6.95%, 5/1/31	785,900
175		West Palm Beach, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29	180,000
1,270		West Palm Beach, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35	1,298,435
			$	10,833,146
Total Tax-Exempt Investments — 152.0% (identified cost $94,530,069)			$	100,261,170
Other Assets, Less Liabilities — 1.8%			$	1,213,113
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.8)%			$	(35,503,354	)
Net Assets Applicable to Common Shares — 100.0%			$	65,970,929

AGC	—	Assured Guaranty Corp.
AMBAC	—	AMBAC Financial Group, Inc.
AMT	—	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
CIFG	—	CDC IXIS Financial Guaranty North America, Inc.
FGIC	—	Financial Guaranty Insurance Company
FSA	—	Financial Security Assurance, Inc.
MBIA	—	Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at August 31, 2006, 64.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 26.7% of total investments.

(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2006, the aggregate value of the securities is $10,827,110 or 16.4% of the Trust’s net assets applicable to common shares.
(2)	Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2006.
(3)	Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2006.
(4)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

A summary of financial instruments at August 31, 2006 is as follows:

Futures Contracts

Expiration	Aggregate									Net Unrealized
Date	Contracts	Position		Cost			Value			Depreciation
12/06	145 U.S. Treasury Bond		Short	$	(16,050,205	)	$	(16,104,063	)		$	(53,858	)

At August 31, 2006, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) in value of the investments owned at August 31, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost	$	94,486,700
Gross unrealized appreciation	$	5,782,401
Gross unrealized depreciation	(7,931		)
Net unrealized appreciation	$	5,774,470

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

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.

Eaton Vance Florida Municipal Income Trust

By:		/s/ Cynthia J. Clemson
		Cynthia J. Clemson
		President and Principal Executive Officer
Date:		October 23, 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/ Cynthia J. Clemson
		Cynthia J. Clemson
		President and Principal Executive Officer
Date:		October 23, 2006
By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer and Principal Financial Officer
Date:		October 23, 2006

EX-99.CERT 2 a06-20600_1ex99dcert.htm CERTIFICATION

Exhibit 99.CERT

Eaton Vance Florida Municipal Income Trust

Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003

I, Cynthia J. Clemson, certify that:

1. I have reviewed this report on Form N-Q of Eaton Vance Florida Municipal Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is being filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change 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; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:		/s/ Cynthia J. Clemson
		Cynthia J. Clemson
		President
Date:		October 23, 2006

Eaton Vance Florida Municipal Income Trust

Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003

I, Barbara E. Campbell, certify that:

1. I have reviewed this report on Form N-Q of Eaton Vance Florida Municipal Income Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer
Date:		October 23, 2006