N-Q 1 a07-23529_1nq.htm N-Q

 

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, 2007

 

 




Item 1. Schedule of Investments




Eaton Vance Florida Municipal Income Trust                                                                             as of August 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 170.4%

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

 

$

1,018,620

 

 

 

 

 

$

1,018,620

 

Escrowed / Prerefunded — 4.1%

 

 

 

$

500

 

Capital Trust Agency, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33 (1)

 

$

593,670

 

1,805

 

Lakeland Hospital System, (Lakeland Regional Health System), 5.50%, 11/15/32

 

1,968,334

 

 

 

 

 

$

2,562,004

 

Health Care - Miscellaneous — 0.2%

 

 

 

$

147

 

Osceola County Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17

 

$

147,104

 

 

 

 

 

$

147,104

 

Hospital — 19.6%

 

 

 

$

850

 

Brevard County Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36

 

$

823,573

 

500

 

Highlands County Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36

 

499,960

 

1,030

 

Jacksonville Economic Development Authority, (Mayo Clinic), 5.00%, 11/15/36

 

1,033,893

 

1,250

 

Jacksonville Economic Development Authority, (Mayo Clinic), 5.50%, 11/15/36

 

1,291,475

 

1,000

 

Orange County Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36

 

900,880

 

2,050

 

Orange County Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39

 

2,014,925

 

3,135

 

South Miami Health Facility Authority Hospital Revenue, (Baptist Health), 5.00%, 8/15/42

 

3,091,580

 

1,075

 

South Miami Health Facility Authority Hospital Revenue, (Baptist Health), 5.25%, 11/15/33

 

1,148,186

 

1,400

 

West Orange Health Care District, 5.80%, 2/1/31

 

1,438,584

 

 

 

 

 

$

12,243,056

 

Housing — 5.6%

 

 

 

$

650

 

Capital Trust Agency, (Atlantic Housing Foundation), 5.30%, 7/1/35

 

$

637,436

 

525

 

Escambia County Housing Finance Authority, Single Family Mortgage, (Multi-County Program), (AMT), 5.50%, 10/1/31

 

528,591

 

1




 

 

 

$

475

 

Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20

 

$

528,618

 

2,000

 

Maryland Community Development Administration, Multifamily Housing, (AMT), 4.85%, 9/1/47

 

1,803,960

 

 

 

 

 

$

3,498,605

 

Industrial Development Revenue — 9.3%

 

 

 

$

754

 

Broward County, Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19

 

$

764,020

 

1,000

 

Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32

 

1,006,260

 

3,250

 

Liberty, NY, Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

 

3,399,468

 

650

 

Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23

 

649,974

 

 

 

 

 

$

5,819,722

 

Insured-Education — 6.6%

 

 

 

$

2,820

 

Florida Capital Improvement Revenue, (Gulf Coast University Financing), (MBIA), 4.75%, 8/1/32 (2)

 

$

2,770,960

 

645

 

Orange County Educational Facility Authority, (Rollins College Project), (AMBAC), 5.25%, 12/1/32 (3)

 

671,735

 

650

 

Orange County Educational Facility Authority, (Rollins College Project), (AMBAC), 5.25%, 12/1/37 (3)

 

675,818

 

 

 

 

 

$

4,118,513

 

Insured-Electric Utilities — 7.1%

 

 

 

$

1,600

 

Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34

 

$

1,601,392

 

1,100

 

Guam Power Authority, (MBIA), 5.125%, 10/1/29

 

1,114,421

 

1,700

 

Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), 5.00%, 10/1/28

 

1,716,116

 

 

 

 

 

$

4,431,929

 

Insured-Escrowed/Prerefunded — 2.8%

 

 

 

$

1,050

 

Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), Prerefunded to 10/1/08 5.00%, 10/1/28

 

$

1,074,707

 

650

 

Miami-Dade County, (Professional Sports Franchise), (MBIA), Escrowed to Maturity, 5.25%, 10/1/30

 

698,575

 

 

 

 

 

$

1,773,282

 

Insured-General Obligations — 2.8%

 

 

 

$

1,500

 

Puerto Rico, (FSA), Variable Rate, 7.642%, 7/1/27 (1)(4)

 

$

1,725,840

 

 

 

 

 

$

1,725,840

 

2




 

 

 

Insured-Hospital — 1.6%

 

 

 

$

1,000

 

Maricopa County Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37

 

$

1,017,420

 

 

 

 

 

$

1,017,420

 

Insured-Housing — 1.8%

 

 

 

$

1,100

 

Broward County Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32

 

$

1,104,213

 

 

 

 

 

$

1,104,213

 

Insured-Other Revenue — 5.0%

 

 

 

$

2,000

 

Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30

 

$

1,965,500

 

1,150

 

Pembroke Pines Capital Improvement Revenue, (Forman Project), (AMBAC), 5.00%, 12/1/31

 

1,164,789

 

 

 

 

 

$

3,130,289

 

Insured-Special Tax Revenue — 26.5%

 

 

 

$

1,485

 

Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36

 

$

1,392,291

 

2,910

 

Dade County, Special Obligation, (AMBAC), 5.00%, 10/1/35 (5)

 

2,920,379

 

2,100

 

Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30

 

2,121,903

 

1,470

 

Miami Beach, Resort Tax, (AMBAC), 6.25%, 10/1/22

 

1,736,085

 

3,040

 

Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35

 

690,141

 

5,000

 

Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/38

 

968,850

 

5,610

 

Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/40

 

974,962

 

1,395

 

Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37

 

1,404,514

 

500

 

Orange County Tourist Development Tax, (AMBAC), 5.125%, 10/1/30

 

530,310

 

14,850

 

Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54

 

1,311,552

 

2,535

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44

 

383,748

 

5,030

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45

 

723,213

 

3,165

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46

 

432,054

 

1,000

 

Sumter Landing Community Development District, (Recreational Revenue), (MBIA), 4.75%, 10/1/35

 

973,490

 

 

 

 

 

$

16,563,492

 

Insured-Transportation — 32.4%

 

 

 

$

2,500

 

Florida Mid-Bay Bridge Authority, (AMBAC), 4.625%, 10/1/32

 

$

2,393,600

 

2,250

 

Florida Ports Financing Commission, (FGIC), (AMT), 5.50%, 10/1/29

 

2,297,565

 

4,500

 

Greater Orlando Aviation Authority, (FGIC), (AMT), 5.25%, 10/1/18 (5)

 

4,617,480

 

2,000

 

Hillsborough County Port District, (Tampa Port Authority Project), (MBIA), (AMT), 5.00%, 6/1/36

 

2,001,260

 

500

 

Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25

 

526,055

 

650

 

Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29

 

688,519

 

3




 

 

 

$

120

 

Miami-Dade County, Aviation Revenue, (Miami International Airport), (CIFG), (AMT), 5.00%, 10/1/38

 

$

118,318

 

3,975

 

Miami-Dade County, Aviation Revenue, (Miami International Airport), (CIFG), (AMT), 5.00%, 10/1/38 (5)

 

3,919,310

 

750

 

Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34

 

749,198

 

3,000

 

Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34 (5)

 

2,995,340

 

 

 

 

 

$

20,306,645

 

Insured-Water and Sewer — 22.3%

 

 

 

$

1,000

 

Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31

 

$

979,900

 

2,000

 

Marco Island, Utility System, (MBIA), 5.00%, 10/1/33 (6)

 

2,034,000

 

1,500

 

Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30

 

1,560,675

 

1,000

 

Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25

 

1,013,350

 

2,500

 

Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32

 

651,200

 

2,415

 

Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/33

 

595,201

 

4,000

 

Sunrise Utility System, (AMBAC), 5.00%, 10/1/28

 

4,125,280

 

1,156

 

Tampa Bay Water Utility System, (FGIC), 4.75%, 10/1/27 (5)

 

1,146,004

 

1,844

 

Tampa Bay Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27 (5)

 

1,881,716

 

 

 

 

 

$

13,987,326

 

Nursing Home — 1.6%

 

 

 

$

265

 

Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24

 

$

271,657

 

735

 

Orange County Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34

 

754,999

 

 

 

 

 

$

1,026,656

 

Senior Living / Life Care — 2.0%

 

 

 

$

1,200

 

Lee County Industrial Development Authority, (Shell Point Village), 5.50%, 11/15/29

 

$

1,255,164

 

 

 

 

 

$

1,255,164

 

Special Tax Revenue — 17.5%

 

 

 

$

90

 

Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/21

 

$

88,334

 

500

 

Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/31

 

486,440

 

275

 

Dupree Lakes Community Development District, 5.00%, 11/1/10

 

274,750

 

205

 

Dupree Lakes Community Development District, 5.00%, 5/1/12

 

198,809

 

360

 

Dupree Lakes Community Development District, 5.375%, 5/1/37

 

323,248

 

315

 

Heritage Harbor South Community Development District, (Capital Improvements), 6.20%, 5/1/35

 

322,582

 

240

 

Heritage Springs Community Development District, 5.25%, 5/1/26

 

222,341

 

4




 

 

 

$

725

 

Heritage Springs Community Development District, 6.75%, 5/1/21

 

$

733,127

 

340

 

New River Community Development District, 5.00%, 5/1/13

 

326,597

 

140

 

New River Community Development District, 5.35%, 5/1/38

 

124,881

 

350

 

North Springs Improvement District, (Heron Bay), 5.20%, 5/1/27

 

316,586

 

625

 

North Springs Improvement District, (Heron Bay), 7.00%, 5/1/19

 

631,906

 

985

 

River Hall Community Development District, (Capital Improvements), 5.45%, 5/1/36

 

899,315

 

485

 

Southern Hills Plantation I Community Development District, 5.80%, 5/1/35

 

472,254

 

600

 

Sterling Hill Community Development District, 6.20%, 5/1/35

 

611,562

 

500

 

Stoneybrook West Community Development District, 7.00%, 5/1/32

 

524,355

 

1,000

 

Tisons Landing Community Development District, 5.625%, 5/1/37

 

942,300

 

780

 

University Square Community Development District, 6.75%, 5/1/20

 

809,312

 

440

 

Vista Lakes Community Development District, 7.20%, 5/1/32

 

477,585

 

715

 

Waterlefe Community Development District, 6.95%, 5/1/31

 

753,939

 

175

 

West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29

 

175,842

 

1,270

 

West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35

 

1,266,228

 

 

 

 

 

$

10,982,293

 

Total Tax-Exempt Investments — 170.4%
(identified cost $105,186,689)

 

$

106,712,173

 

Other Assets, Less Liabilities — (13.7)%

 

$

(8,597,416

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.7)%

 

$

(35,507,881

)

Net Assets Applicable to Common Shares — 100.0%

 

$

62,606,876

 

 

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, 2007, 63.9% 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 3.8% to 26.2% of total investments.

5




 

 

 

(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, 2007, the aggregate value of the securities is $2,319,510 or 3.7% of the Trust’s net assets applicable to common shares.

(2)

Security (or a portion thereof) has been segregated to cover when-issued securities.

(3)

When-issued security.

(4)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2007.

(5)

Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(6)

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, 2007 is as follows:

Futures Contracts

Expiration

 

 

 

 

 

Aggregate

 

 

 

Net 
Unrealized

 

Date

 

Contracts

 

Position

 

Cost

 

Value

 

Appreciation

 

12/07

 

25 U.S. Treasury Bond

 

 

Short

 

 

$

(2,795,030

)

$

(2,789,063

)

 

$

5,967

 

 

 

Interest Rate Swaps

Counterparty

 

Notional 
Amount

 

Annual 
Fixed Rate 
Paid By Trust 

 

Floating Rate 
Paid To Trust

 

Effective Date/
Termination Date

 

Unrealized
Depreciation

 

Citibank, N.A.

 

$

1,500,000

 

 

5.732

%

 

3 month
USD-LIBOR-BBA

 

May 16, 2008/
May 16, 2038

 

 

$

(60,190

)

 

Lehman Brothers, Inc.

 

$

2,475,000

 

 

5.503

 

%

 

3 month
USD-LIBOR-BBA

 

September 28, 2008/
September 28, 2038

 

 

$

(14,098

)

 

Merrill Lynch Capital Services, Inc.

 

$

3,975,000

 

 

5.817

%

 

3 month
USD-LIBOR-BBA

 

April 1, 2008/
April 1, 2038

 

 

$

(218,598

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(292,886

)

 

 

The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.

At August 31, 2007, 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, 2007, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

94,105,066

 

Gross unrealized appreciation

 

$

3,114,639

 

Gross unrealized depreciation

 

(1,597,532

)

Net unrealized appreciation

 

$

1,517,107

 

 

6




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 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 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 18, 2007

 

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 18, 2007

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

October 18, 2007