N-Q 1 d21064.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

811-09143

Investment Company Act File Number

 

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)

 

Alan R. Dynner, Esq.

Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

 

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

 

November 30

Date of Fiscal Year End

 

February 28, 2007

Date of Reporting Period

 

 


 

 

Item 1. Schedule of Investments

Eaton Vance Florida Municipal Income Trust
as of February 28, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 164.3%

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
       $   1,041,920   
    $ 1,041,920   
 
Escrowed / Prerefunded — 7.2%
$  500            
Capital Trust Agency, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33  (1)
       $     614,135   
1,805            
Lakeland Hospital System, (Lakeland Regional Health System), 5.50%, 11/15/32
            1,983,045   
2,000            
Orange County, Health Facilities Authority, (Adventist Health System), 5.625%, 11/15/32
            2,210,040   
    $ 4,807,220   
 
Health Care - Miscellaneous — 0.2%
$  155            
Osceola County Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17
       $     155,188   
    $ 155,188   
 
Hospital — 14.4%
$2,000            
Brevard County Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36
       $   2,082,200   
  500            
Highlands County, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36
              534,695   
1,030            
Jacksonville Economic Development Authority, (Mayo Clinic), 5.00%, 11/15/36
            1,089,534   
1,250            
Jacksonville Economic Development Authority, (Mayo Clinic), 5.50%, 11/15/36
            1,338,612   
1,000            
Orange County Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36
            1,015,980   
  900            
Orange County Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39
              953,478   
1,075            
South Miami Health Facility Authority Hospital Revenue, (Baptist Health), 5.25%, 11/15/33
            1,134,200   
1,400            
West Orange Health Care District, 5.80%, 2/1/31
            1,485,022   
    $ 9,633,721   
 
Housing — 2.7%
$  650            
Capital Trust Agency, (Atlantic Housing Foundation), 5.30%, 7/1/35
       $     670,598   

1


$  585            
Escambia County Housing Finance Authority, Single Family Mortgage, (Multi-County Program), (AMT), 5.50%, 10/1/31
       $     603,492   
  500            
Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20
              564,050   
    $ 1,838,140   
 
Industrial Development Revenue — 3.8%
$  804            
Broward County, Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19
       $     831,968   
1,000            
Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32
            1,052,990   
  650            
Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23
              650,552   
    $ 2,535,510   
 
Insured-Electric Utilities — 9.5%
$1,600            
Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34
       $   1,601,824   
1,100            
Guam Power Authority, (MBIA), 5.125%, 10/1/29
            1,143,373   
2,750            
Jupiter Island, Utility System, (South Martin Regional Utility), 5.00%, 10/1/28
            2,822,487   
  750            
Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.63%, 7/1/29  (1)(4)
              829,837   
    $ 6,397,521   
 
Insured-Escrowed/Prerefunded — 10.5%
$  650            
Miami-Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30
       $     772,746   
1,350            
Miami-Dade County Health Facilities Authority, (Miami Children’s Hospital), (AMBAC), Prerefunded to 8/15/11, 5.125%, 8/15/26
            1,440,801   
7,625            
Port St. Lucie, Utility System Revenue, (MBIA), Prerefunded to 9/1/13, 0.00%, 9/1/32
            2,082,616   
1,250            
Puerto Rico Highway and Transportation Authority, (MBIA), Prerefunded to 7/1/16, 5.50%, 7/1/36
            1,423,638   
1,250            
Saint Petersburg, Public Utilities Revenue, (FSA), Prerefunded to 10/1/09, 5.00%, 10/1/28
            1,303,813   
    $ 7,023,614   
 
Insured-General Obligations — 2.6%
$1,500            
Puerto Rico, (FSA), Variable Rate, 12.684%, 7/1/27  (1)(3)
       $   1,778,940   
    $ 1,778,940   

2


 
Insured-Hospital — 5.1%
$1,000            
Coral Gables Health Facilities Authority, (Baptist Health System of South Florida), (FSA), 5.00%, 8/15/29
       $   1,059,660   
1,000            
Maricopa County, Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37
            1,024,970   
1,250            
South Miami Health Facility Authority, Hospital Revenue, (Baptist Health), (AMBAC), 5.25%, 11/15/33
            1,326,588   
    $ 3,411,218   
 
Insured-Housing — 1.7%
$1,100            
Broward County, Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32
       $   1,131,317   
    $ 1,131,317   
 
Insured-Miscellaneous — 5.5%
$3,500            
Orange County, Tourist Development Tax, (AMBAC), 5.125%, 10/1/30
       $   3,682,945   
    $ 3,682,945   
 
Insured-Other Revenue — 3.0%
$2,000            
Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30
       $   2,033,240   
    $ 2,033,240   
 
Insured-Special Tax Revenue — 20.5%
$1,485            
Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36
       $   1,497,043   
2,910            
Dade County, Special Obligation, (AMBAC), 5.00%, 10/1/35  (2)
            2,952,864   
2,100            
Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30
            2,178,750   
1,470            
Miami Beach, Resort Tax, (AMBAC), 6.25%, 10/1/22
            1,863,710   
3,040            
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35
              739,358   
5,000            
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/38
            1,032,300   
5,610            
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/40
            1,042,562   
1,395            
Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37
            1,431,675   
1,000            
Sumter Landing Community Development District, (Recreational Revenue), (MBIA), 4.75%, 10/1/35
            1,032,510   
    $ 13,770,772   
 
Insured-Transportation — 27.9%
$2,250            
Florida Ports Financing Commission, (FGIC), (AMT), 5.50%, 10/1/29
       $   2,354,333   

3


$4,500            
Greater Orlando, Aviation Authority, (FGIC), (AMT), 5.25%, 10/1/18  (2)
       $   4,686,105   
2,000            
Hillsborough County Port District, (Tampa Port Authority Project), (MBIA), (AMT), 5.00%, 6/1/36
            2,109,000   
  500            
Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25
              534,620   
  650            
Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29
              700,401   
  120            
Miami-Dade County, Aviation Revenue, (Miami International Airport), (CIFG), (AMT), 5.00%, 10/1/38
              126,505   
3,975            
Miami-Dade County, Aviation Revenue, (Miami International Airport), (CIFG), (AMT), 5.00%, 10/1/38  (2)
            4,190,511   
3,750            
Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34
            3,977,700   
    $ 18,679,175   
 
Insured-Water and Sewer — 26.9%
$1,000            
Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31
       $   1,036,110   
3,295            
Fort Lauderdale, Water and Sewer, (MBIA), 4.50%, 9/1/35
            3,330,059   
2,000            
Marco Island, Utility System, (MBIA), 5.00%, 10/1/33  (5)
            2,109,480   
1,500            
Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30
            1,584,480   
1,000            
Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25
            1,035,880   
2,500            
Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32
              780,550   
2,415            
Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/33
              718,149   
4,000            
Sunrise, Utility System, (AMBAC), 5.00%, 10/1/28
            4,362,160   
1,156            
Tampa Bay, Water Utility System, (FGIC), 4.75%, 10/1/27  (2)
            1,176,558   
1,844            
Tampa Bay, Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27  (2)
            1,892,352   
    $ 18,025,778   
 
Nursing Home — 1.6%
$  265            
Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24
       $     275,804   
  735            
Orange County Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34
              766,282   
    $ 1,042,086   
 
Senior Living / Life Care — 2.3%
$1,500            
Lee County Industrial Development Authority, (Shell Point Village), 5.50%, 11/15/29
       $   1,540,845   
    $ 1,540,845   

4


 
Special Tax Revenue — 17.3%
$   95            
Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/21
       $      98,016   
  500            
Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/31
              518,295   
  345            
Dupree Lakes Community Development District, 5.00%, 11/1/10
              344,966   
  360            
Dupree Lakes Community Development District, 5.375%, 5/1/37
              364,003   
  320            
Heritage Harbor South Community Development District, (Capital Improvements), 6.20%, 5/1/35
              344,832   
  250            
Heritage Springs Community Development District, 5.25%, 5/1/26
              255,565   
  765            
Heritage Springs Community Development District, 6.75%, 5/1/21
              781,761   
  340            
New River Community Development District, 5.00%, 5/1/13
              340,782   
  140            
New River Community Development District, 5.35%, 5/1/38
              140,543   
  350            
North Springs Improvement District, (Heron Bay), 5.20%, 5/1/27
              357,270   
  660            
North Springs Improvement District, (Heron Bay), 7.00%, 5/1/19
              674,434   
1,000            
River Hall Community Development District, (Capital Improvements), 5.45%, 5/1/36
            1,016,830   
  490            
Southern Hills Plantation I Community Development District, 5.80%, 5/1/35
              508,591   
  600            
Sterling Hill Community Development District, 6.20%, 5/1/35
              641,724   
  500            
Stoneybrook West Community Development District, 7.00%, 5/1/32
              533,780   
1,000            
Tisons Landing Community Development District, 5.625%, 5/1/37
            1,030,280   
  820            
University Square Community Development District, 6.75%, 5/1/20
              869,741   
  450            
Vista Lakes Community Development District, 7.20%, 5/1/32
              483,017   
  725            
Waterlefe Community Development District, 6.95%, 5/1/31
              786,219   
  175            
West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29
              184,469   
1,270            
West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35
            1,331,938   
    $ 11,607,056   
Total Tax-Exempt Investments — 164.3%
    (identified cost $103,431,671)
   $ 110,136,206   
 
Other Assets, Less Liabilities — (11.3)%
   $ (7,581,084 )  
 
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.0)%
   $ (35,503,452 )  
 
Net Assets Applicable to Common Shares— 100.0%
   $ 67,051,670   
 

5


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 February 28, 2007, 68.9% 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 3.9% to 28.8% 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 28, 2007, the aggregate value of the securities is $3,222,912 or 4.8% 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)    
   Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2007.
(4)    
   Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2007.
(5)    
   Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

6


A summary of financial instruments at February 28, 2007 is as follows:

 

Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

Expiration
Date

   

Aggregate
Contracts

   

Position

   

Cost

   

Value

   

Net Unrealized
Depreciation

06/07

 

55 U.S. Treasury Bond

 

Short

 

$(6,210,510)

 

$(6,211,562)

 

$(1,052)

 

Interest Rate Swaps

At February 28, 2007, the Trust had entered into an interest rate swap with Merrill Lynch Capital Services, Inc. whereby the Trust makes bi-annual payments at a fixed rate equal to 4.006% on the notional amount of $2,550,000. In exchange, the Trust receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 7, 2007. The value of the contract, which terminates on August 7, 2037, is recorded as a payable for open interest rate swap contracts of $45,097 at February 28, 2007.

At February 28, 2007, the Trust had entered into an interest rate swap with Citibank N.A. whereby the Trust makes bi-annual payments at a fixed rate equal to 3.925% on the notional amount of $2,550,000. In exchange, the Trust receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 16, 2007. The value of the contract, which terminates August 16, 2027, is recorded as a payable for open interest rate swap contracts of $28,048 at February 28, 2007.

At February 28, 2007, the Trust had entered into an interest rate swap with JP Morgan Chase Bank, N.A. whereby the Trust makes bi-annual payments at a fixed rate equal to 3.984% on the notional amount of $4,100,000. In exchange, the Trust receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is October 25, 2007. The value of the contract, which terminates October 25, 2027, is recorded as a payable for open interest rate swap contracts of $71,943 at February 28, 2007.

 

At February 28, 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 February 28, 2007, as computed on a federal income tax basis, were as follows:         

                

 

Aggregate cost

$

94,242,373

 

Gross unrealized appreciation

$

6,806,313

 

Gross unrealized depreciation

 

(2,480)

 

Net unrealized appreciation

$

6,803,833

 

7

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) During the second fiscal quarter of the period covered by this report, the registrant’s internal control over financial reporting was modified to enhance the review and analysis of the relevant terms and conditions of transfers of securities in connection with inverse floating rate obligations in light of Statement of Financial Accounting Standards No. 140.

 

 

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:

April 23, 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:

April 23, 2007

 

 

By:

/s/ Barbara E. Campbell

 

Barbara E. Campbell

 

Treasurer and Principal Financial Officer

 

Date:

April 23, 2007