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

 

 

1


 

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

 

 

2


 

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

 

 

3


 

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.

 

4


 

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.

 

5


 

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

 

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