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

 

811-21222

Eaton Vance Insured Florida
Municipal Bond Fund

(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:

 

September 30

Date of Reporting Period:

 

December 31, 2005

 

 




Item 1. Schedule of Investments




Eaton Vance Insured Florida Municipal Bond Fund                                                            as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 158.7%

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

Escrowed / Prerefunded — 4.0%

 

 

 

$

1,500

 

Jacksonville Electric Authority, (Water and Sewer Revenue), Prerefunded to 4/1/06, 5.25%, 10/1/31

 

$

1,507,155

 

 

 

 

 

$

1,507,155

 

Hospital — 10.3%

 

 

 

1,150

 

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

 

1,159,556

 

500

 

Highlands County, Health Facilities Authority, (Adventist Glenoaks Hospital/Adventist Healthcare), 5.00%, 11/15/31

 

506,390

 

1,160

 

Highlands County, Health Facilities Authority, (Adventist Health), 5.25%, 11/15/23

 

1,205,681

 

1,000

 

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

 

1,040,420

 

 

 

 

 

$

3,912,047

 

Insured-Electric Utilities — 12.0%

 

 

 

1,500

 

Deltona, Utility System Revenue, (MBIA), 5.00%, 10/1/33

 

1,559,985

 

2,435

 

Jacksonville Electric Authority, Electric System Revenue, (FSA), 4.75%, 10/1/34

 

2,457,232

 

500

 

Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.74%, 7/1/29 (1)(2)

 

567,505

 

 

 

 

 

$

4,584,722

 

Insured-Escrowed/Prerefunded — 4.4%

 

 

 

1,025

 

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

 

1,171,534

 

440

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 7.222%, 7/1/28 (1)(3)

 

497,732

 

 

 

 

 

$

1,669,266

 

Insured-General Obligations — 9.1%

 

 

 

1,345

 

Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32

 

1,398,329

 

2,000

 

Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32

 

2,079,300

 

 

 

 

 

$

3,477,629

 

Insured-Hospital — 14.4%

 

 

 

1,000

 

Coral Gables Health Facilities Authority, (Baptist Health System of South Florida), (FSA), 5.00%, 8/15/29

 

1,041,530

 

1,500

 

Miami-Dade County, Health Facilities Authority, (Miami Children’s Hospital), (AMBAC), 5.125%, 8/15/26

 

1,570,170

 

1




 

 

 

$

1,510

 

Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.25%, 7/1/24

 

$

1,686,625

 

1,000

 

Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.50%, 7/1/28

 

1,164,780

 

 

 

 

 

$

5,463,105

 

Insured-Miscellaneous — 9.4%

 

 

 

1,500

 

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

 

1,514,190

 

2,000

 

Village Center Community Development District, (MBIA), 5.00%, 11/1/32

 

2,075,080

 

 

 

 

 

$

3,589,270

 

Insured-Pooled Loans — 3.5%

 

 

 

1,520

 

Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/23

 

688,894

 

1,520

 

Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/24

 

655,667

 

 

 

 

 

$

1,344,561

 

Insured-Sewer Revenue — 2.7%

 

 

 

1,000

 

Pinellas County, Sewer, (FSA), 5.00%, 10/1/32

 

1,040,520

 

 

 

 

 

$

1,040,520

 

Insured-Special Assessment Revenue — 7.6%

 

 

 

2,780

 

Julington Creek, Plantation Community Development District, (MBIA), 5.00%, 5/1/29

 

2,889,643

 

 

 

 

 

$

2,889,643

 

Insured-Special Tax Revenue — 41.7%

 

 

 

1,000

 

Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/27

 

1,050,590

 

1,250

 

Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/32

 

1,305,850

 

1,000

 

Dade County, Special Obligation Residual Certificates, (AMBAC), Variable Rate, 7.455%, 10/1/35 (1)(3)

 

1,080,660

 

1,500

 

Jacksonville Capital Improvements, (AMBAC), 5.00%, 10/1/30

 

1,553,310

 

3,750

 

Jacksonville Transportation, (MBIA), 5.00%, 10/1/31

 

3,862,050

 

1,275

 

Jacksonville, Excise Tax, (FGIC), 5.125%, 10/1/27

 

1,340,191

 

600

 

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

 

132,624

 

8,000

 

Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/39

 

1,420,800

 

225

 

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

 

228,676

 

1,740

 

Orange County Tourist Development, (AMBAC), 5.125%, 10/1/25

 

1,833,455

 

750

 

Orange County Tourist Development, (AMBAC), Variable Rate, 7.83%, 10/1/30 (1)(3)

 

848,797

 

550

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28

 

193,738

 

2




 

 

 

$

300

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37

 

$

67,344

 

2,000

 

Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42

 

354,560

 

1,120

 

Sunrise Public Facility, (MBIA), 0.00%, 10/1/20

 

581,728

 

 

 

 

 

$

15,854,373

 

Insured-Transportation — 17.4%

 

 

 

1,500

 

Florida Turnpike Authority, Water & Sewer Revenue, (Department of Transportation), (FGIC), 4.50%, 7/1/27

 

1,498,965

 

1,500

 

Miami-Dade County, Expressway Authority, (FGIC), 5.00%, 7/1/33

 

1,562,730

 

1,605

 

Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/24

 

670,553

 

1,950

 

Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/25

 

773,000

 

1,700

 

Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/26

 

639,319

 

330

 

Puerto Rico Highway and Transportation Authority, (FSA), Variable Rate, 7.495%, 7/1/32 (1)(3)

 

367,531

 

940

 

Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7.498%, 7/1/36 (1)(3)

 

1,090,804

 

 

 

 

 

$

6,602,902

 

Insured-Utility — 4.2%

 

 

 

1,550

 

Daytona Beach, Utility System Revenue, (AMBAC), 5.00%, 11/15/32

 

1,608,017

 

 

 

 

 

$

1,608,017

 

Insured-Water and Sewer — 16.4%

 

 

 

1,500

 

Jacksonville Electric Authority, Water and Sewer System, (MBIA), 4.75%, 10/1/30

 

1,522,980

 

2,000

 

Marco Island Utility System, (MBIA), 5.00%, 10/1/27

 

2,096,040

 

1,000

 

Marion County Utility System, (MBIA), 5.00%, 12/1/33

 

1,040,740

 

1,000

 

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

 

1,068,610

 

500

 

Tampa Bay Water Utility System, (FGIC), Variable Rate, 5.67%, 10/1/27 (1)(2)

 

522,190

 

 

 

 

 

$

6,250,560

 

3




 

 

 

Transportation — 1.6%

 

 

 

$

250

 

Puerto Rico Highway and Transportation Authority, 5.125%, 7/1/39

 

$

251,798

 

350

 

Puerto Rico Highway and Transportation Authority, 5.125%, 7/1/43

 

353,241

 

 

 

 

 

$

605,039

 

Total Tax-Exempt Investments — 158.7%
(identified cost $57,682,604)

 

$        60,398,809

 

Other Assets, Less Liabilities — 0.4%

 

$

152,514

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.1)%

 

$

(22,500,195

)

Net Assets Applicable to Common Shares — 100.0%

 

$

38,051,128

 

 

AMBAC

AMBAC Financial Group, Inc.

FGIC

Financial Guaranty Insurance Company

FSA

Financial Security Assurance, Inc.

MBIA

Municipal Bond Insurance Association

XLCA

XL Capital Assurance, Inc.

 

The Fund 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 December 31, 2005, 90.0% of the securities in the portfolio of 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 3.4% to 47.8% 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 December 31, 2005, the aggregate value of the securities is $4,975,219 or 13.1% of the Fund’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 December 31, 2005.

(3)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2005.

 

The Fund did not have any open financial instruments at December 31, 2005.

The cost and unrealized appreciation (depreciation) in value of the investments owned at December 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

57,657,664

 

Gross unrealized appreciation

 

$

2,754,142

 

Gross unrealized depreciation

 

(12,997

)

Net unrealized appreciation

 

$

2,741,145

 

 

4




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 Insured Florida Municipal Bond Fund

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

February 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:

 

February 23, 2006

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

February 23, 2006