0001104659-08-027860.txt : 20080429 0001104659-08-027860.hdr.sgml : 20080429 20080429150739 ACCESSION NUMBER: 0001104659-08-027860 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080229 FILED AS OF DATE: 20080429 DATE AS OF CHANGE: 20080429 EFFECTIVENESS DATE: 20080429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE FLORIDA PLUS 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: 08784964 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 FORMER COMPANY: FORMER CONFORMED NAME: EATON VANCE FLORIDA MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19981209 N-Q 1 a08-8462_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 Plus 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)

Maureen A. Gemma Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and Address of Agent for Service)

Registrant’s Telephone Number, Including Area Code:		(617) 482-8260

Date of Fiscal Year End:		November 30

Date of Reporting Period:		February 29, 2008

Item 1. Schedule of Investments

Eaton Vance Florida Plus Municipal Income Trust

as of February 29, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 180.1%

Principal
Amount
(000’s omitted)		Security	Value
Education — 1.8%
$	1,000	Volusia County Educational Facilities Authority, (Embry Riddle Aeronautical), 5.75%, 10/15/29	$	961,080
			$	961,080
Escrowed/Prerefunded — 8.1%
$	500	Capital Trust Agency, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33 (1)	$	619,745
1,805		Lakeland Hospital System, (Lakeland Regional Health System), Prerefunded to 11/15/12, 5.50%, 11/15/32	1,983,857
1,200		Lee County Industrial Development Authority, (Shell Point Village), Prerefunded to 11/15/09, 5.50%, 11/15/29	1,263,492
440		Vista Lakes Community Development District, Prerefunded to 5/1/10, 7.20%, 5/1/32	478,641
			$	4,345,735
Health Care-Miscellaneous — 0.6%
$	147	Osceola County Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17	$	147,031
200		Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37	187,682
			$	334,713
Hospital — 13.9%
$	210	Highlands County Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36	$	194,613
1,030		Jacksonville Economic Development Authority, (Mayo Clinic), 5.00%, 11/15/36	954,604
1,250		Jacksonville Economic Development Authority, (Mayo Clinic), 5.50%, 11/15/36	1,240,425
1,000		Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38	872,950
3,135		South Miami Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42	2,788,238
1,400		West Orange Health Care District, 5.80%, 2/1/31	1,401,386
			$	7,452,216
Housing — 7.2%
$	650	Capital Trust Agency, (Atlantic Housing Foundation), 5.30%, 7/1/35	$	546,110
505		Escambia County Housing Finance Authority, Single Family Mortgage, (Multi-County Program), (AMT), 5.50%, 10/1/31	483,755
475		Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20	530,214
2,000		Maryland Community Development Authority, Multifamily Housing, (AMT), 4.85%, 9/1/47	1,654,780
710		Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37	646,838
			$	3,861,697
Industrial Development Revenue — 9.8%
$	754	Broward County, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19	$	721,378
1,000		Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32	896,520
2,250		Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 (2)	2,179,845
650		Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23	571,421
1,000		St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37	875,470
			$	5,244,634

Insured-Education — 16.4%
$	3,500	Broward County Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/36	$	3,313,100
2,820		Florida Gulf Coast University Financing Corporation, (MBIA), 4.75%, 8/1/32	2,541,046
645		Orange County Educational Facilities Authority, (Rollins College Project), (AMBAC), 5.25%, 12/1/32	630,958
650		Orange County Educational Facilities Authority, (Rollins College Project), (AMBAC), 5.25%, 12/1/37	634,647
1,735		University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40	1,634,092
			$	8,753,843
Insured-Electric Utilities — 7.8%
$	1,600	Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34	$	1,547,280
1,100		Guam Power Authority, (MBIA), 5.125%, 10/1/29	988,218
1,700		Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), 5.00%, 10/1/28	1,605,939
			$	4,141,437
Insured-Escrowed/Prerefunded — 1.2%
$	650	Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30	$	660,770
			$	660,770
Insured-General Obligations — 13.8%
$	470	King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37	$	437,034
2,000		Monroe Township, NJ, Board of Education, Middlesex County, (AGC), 4.75%, 3/1/37(3)	1,849,080
685		Port Arthur, TX, Independent School District, (AGC), 4.75%, 2/15/38 (3)	619,240
1,500		Puerto Rico, (FSA), Variable Rate, 11.337%, 7/1/27 (1) (4)	1,675,845
2,940		Wayne Charter County, MI, (FSA), 5.00%, 2/1/38	2,778,800
			$	7,359,999
Insured-Hospital — 6.7%
$	1,000	Maricopa County, AZ, Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37	$	980,740
410		Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/38	372,120
25		Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47	22,196
2,500		Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47 (2)	2,219,688
			$	3,594,744
Insured-Housing — 1.9%
$	1,100	Broward County Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32	$	1,028,511
			$	1,028,511
Insured-Special Tax Revenue — 18.0%
$	670	Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32	$	556,602
2,910		Dade County, Special Obligation, (AMBAC), 5.00%, 10/1/35	2,763,860
3,040		Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35	573,922
5,000		Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/38	786,250
5,610		Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/40	781,192
1,395		Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37	1,322,809
14,850		Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54	850,756
2,535		Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44	280,143
5,030		Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45	523,422
3,165		Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46	310,265
1,000		Sumter Landing Community Development District, (Recreational Revenue), (MBIA), 4.75%, 10/1/35	901,970
			$	9,651,191

Insured-Transportation — 23.0%
$	670	Chicago, IL, (O’Hare International Airport), (FSA), 4.50%, 1/1/38	$	574,538
2,665		Florida Mid-Bay Bridge Authority, (AMBAC), 4.625%, 10/1/32	2,368,998
2,250		Florida Ports Financing Commission, (FGIC), (AMT), 5.50%, 10/1/29	2,146,072
2,000		Hillsborough County Port District, (Tampa Port Authority Project), (MBIA), (AMT), 5.00%, 6/1/36	1,788,980
500		Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25	502,220
650		Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29	655,584
3,975		Miami-Dade County, Aviation Revenue, (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38 (2)	3,595,387
750		Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34	673,808
			$	12,305,587
Insured-Water and Sewer — 26.0%
$	1,000	Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31	$	911,540
2,000		Marco Island, Utility System, (MBIA), 5.00%, 10/1/33 (5)	1,913,680
1,500		Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30	1,503,075
1,000		Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25	988,430
920		Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34 (3)	796,803
2,500		Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32	541,075
2,415		Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/33	491,766
4,000		Sunrise Utility System, (AMBAC), 5.00%, 10/1/28 (6)	3,826,360
1,156		Tampa Bay Water Utility System, (FGIC), 4.75%, 10/1/27 (2)	1,068,100
1,844		Tampa Bay Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27 (2)	1,886,330
			$	13,927,159
Nursing Home — 1.9%
$	265	Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24	$	265,557
735		Orange County Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34	740,116
			$	1,005,673
Special Tax Revenue — 17.9%
$	90	Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/21	$	86,960
500		Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/31	454,060
255		Dupree Lakes Community Development District, 5.00%, 11/1/10	244,739
205		Dupree Lakes Community Development District, 5.00%, 5/1/12	190,189
360		Dupree Lakes Community Development District, 5.375%, 5/1/37	276,577
315		Heritage Harbor South Community Development District, (Capital Improvements), 6.20%, 5/1/35	303,178
240		Heritage Springs Community Development District, 5.25%, 5/1/26	217,882
720		Heritage Springs Community Development District, 6.75%, 5/1/21	721,534
340		New River Community Development District, (Capital Improvements), 5.00%, 5/1/13	307,931
140		New River Community Development District, (Capital Improvements), 5.35%, 5/1/38	105,063
350		North Springs Improvement District, (Heron Bay), 5.20%, 5/1/27	259,781
625		North Springs Improvement District, (Heron Bay), 7.00%, 5/1/19	626,350
985		River Hall Community Development District, (Capital Improvements), 5.45%, 5/1/36	757,426
485		Southern Hills Plantation I Community Development District, 5.80%, 5/1/35	416,969
600		Sterling Hill Community Development District, 6.20%, 5/1/35	580,746
500		Stoneybrook West Community Development District, 7.00%, 5/1/32	511,950
1,000		Tisons Landing Community Development District, 5.625%, 5/1/37	784,400
780		University Square Community Development District, 6.75%, 5/1/20	789,750
700		Waterlefe Community Development District, 6.95%, 5/1/31	715,743
175		West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29	151,167
1,270		West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35	$	1,062,025
			$	9,564,420
Transportation — 4.1%
$	2,500	Metropolitan Transportation Authority, NY, 4.50%, 11/15/38	$	2,191,325
			$	2,191,325

Total Tax-Exempt Investments — 180.1% (identified cost $103,558,963)	$	96,384,734
Other Assets, Less Liabilities — (13.8)%	$	(7,369,359	)
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (66.3)%	$	(35,508,764	)
Net Assets Applicable to Common Shares — 100.0%	$	53,506,611

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	—	CIFG Assurance North America, Inc.
FGIC	—	Financial Guaranty Insurance Company
FSA	—	Financial Security Assurance, Inc.
MBIA	—	Municipal Bond Insurance Association

At February 29, 2008, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

Florida 70.7%

Others, representing less than 10% individually 29.3%

The Trust invests primarily in debt securities issued by Florida and other state 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 February 29, 2008, 63.7% 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 3.7% to 20.6% 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 February 29, 2008, the aggregate value of the securities is $2,295,590 or 4.3% of the Trust’s net assets applicable to common shares.
(2)			Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
(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 February 29, 2008.
(5)			Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(6)			Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

A summary of financial instruments at February 29, 2008 is as follows:

Futures Contracts

Expiration			Aggregate						Net Unrealized
Date	Contracts	Position	Cost			Value			Depreciation
6/08	60 U.S. Treasury Bond	Short	$	(6,891,821	)	$	(7,117,500	)	$	(225,679	)

Interest Rate Swaps

Counterparty	Notional Amount		Annual Fixed Rate Paid By Trust		Floating Rate Paid To Trust	Effective Date/ Termination Date	Net Unrealized Appreciation (Depreciation)
Lehman Brothers, Inc.	$	2,475,000	4.985	%	3-month USD- LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(13,379	)
Merrill Lynch Capital Services, Inc.	$	3,975,000	4.9025	%	3-month USD- LIBOR-BBA	July 9, 2008/ July 9, 2038		6,521
Morgan Stanley Capital Services, Inc.	$	1,500,000	5.428	%	3-month USD- LIBOR-BBA	September 10, 2008/ September 10, 2038		(113,878	)
							$	(120,736	)

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

At February 29, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	95,890,195
Gross unrealized appreciation		1,063,460
Gross unrealized depreciation	(8,393,921		)
Net unrealized depreciation	$	(7,330,461	)

The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective December 1, 2007. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

· Level 1 – quoted prices in active markets for identical investments

· Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

At February 29, 2008, the inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

	Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1	Quoted Prices	$	—	$	(225,679	)
Level 2	Other Significant Observable Inputs		96,384,734		(120,736	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	96,384,734	$	(346,415	)

*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.

The Trust generally uses a pricing vendor to provide evaluations for its investments in municipal bonds, which are derived from the vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the evaluation for a security. The Trust’s investments in interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of a swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. The Trust’s investments in futures contracts are valued based on the closing price on the primary exchange on which such contracts trade.

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 Plus Municipal Income Trust

By:		/s/ Cynthia J. Clemson
		Cynthia J. Clemson
		President

Date:		April 21, 2008

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

Date:		April 21, 2008

By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer

Date:		April 21, 2008

EX-99.CERT 2 a08-8462_1ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

Eaton Vance Florida Plus 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 Plus 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:		April 21, 2008

Eaton Vance Florida Plus 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 Plus 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:		April 21, 2008