UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act File Number |
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811-21222 |
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Eaton Vance Insured Florida |
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(Exact Name of Registrant as Specified in Charter) |
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The Eaton Vance Building, |
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02109 |
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(Address of Principal Executive Offices) |
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(Zip code) |
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Alan R. Dynner, Esq. |
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(Name and Address of Agent for Services) |
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Registrant’s Telephone Number, Including Area Code: |
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(617) 482-8260 |
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Date of Fiscal Year End: |
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September 30 |
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Date of Reporting Period: |
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June 30, 2006 |
Item 1. Schedule of Investments
Eaton Vance Insured Florida Municipal Bond Fund as of June 30, 2006
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 162.3%
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Principal |
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Amount |
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(000’s omitted) |
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Security |
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Value |
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Hospital — 14.0% |
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|
|
||||
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$ |
1,150 |
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Brevard County, Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36 |
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$ |
1,147,263 |
|
|
500 |
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Highlands County, Health Facilities Authority, (Adventist Glenoaks Hospital/Adventist Healthcare), 5.00%, 11/15/31 |
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498,900 |
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||
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1,050 |
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Highlands County, Health Facilities Authority, (Adventist Health), 5.25%, 11/15/23 |
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1,070,769 |
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||
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1,000 |
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Orange County, Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36 |
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945,440 |
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||
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500 |
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Orange County, Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39 |
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503,785 |
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||
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1,000 |
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South Miami Health
Facility Authority, (Baptist Health), |
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1,019,170 |
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|
|
|
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$ |
5,185,327 |
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|
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Insured-Electric Utilities — 10.4% |
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|
|
||||
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1,500 |
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Deltona, Utility System Revenue, (MBIA), 5.00%, 10/1/33 |
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1,527,735 |
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||
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1,850 |
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Jacksonville Electric Authority, Electric System Revenue, (FSA), 4.75%, 10/1/34 |
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1,815,146 |
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|
500 |
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Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.30%, 7/1/29 (1)(2) |
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538,250 |
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|
|
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$ |
3,881,131 |
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|
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Insured-Escrowed / Prerefunded — 3.0% |
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|
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||||
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1,025 |
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Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30 |
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1,122,488 |
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|
|
|
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$ |
1,122,488 |
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|
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Insured-General Obligations — 9.2% |
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|
|
||||
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1,345 |
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Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32 |
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1,369,896 |
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2,000 |
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Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32 (3) |
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2,037,020 |
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|
|
|
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$ |
3,406,916 |
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|
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Insured-Hospital — 14.2% |
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|
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||||
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1,000 |
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Coral Gables Health Facilities Authority, (Baptist Health System of South Florida), (FSA), 5.00%, 8/15/29 |
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1,022,390 |
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1,500 |
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Miami-Dade County, Health Facilities Authority, (Miami Children’s Hospital), (AMBAC), 5.125%, 8/15/26 |
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1,533,105 |
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1,510 |
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Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.25%, 7/1/24 (4) |
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1,612,982 |
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1
|
$ |
1,000 |
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Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.50%, 7/1/28 |
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$ |
1,109,700 |
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|
|
|
|
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$ |
5,278,177 |
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|
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Insured-Other Revenue — 9.5% |
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|
|
||||
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1,500 |
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Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30 |
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1,486,035 |
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2,000 |
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Village Center Community Development District, (MBIA), 5.00%, 11/1/32 |
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2,028,180 |
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$ |
3,514,215 |
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|
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Insured-Pooled Loans — 3.5% |
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|
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||||
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1,520 |
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Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/23 |
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673,314 |
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1,520 |
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Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/24 |
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638,035 |
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|
|
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$ |
1,311,349 |
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|
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Insured-Private Education — 5.8% |
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|
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||||
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1,200 |
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Broward County, Educational Facilities Authority, (Nova Southeastern University), (AGC), 4.50%, 4/1/36 |
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1,127,844 |
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1,000 |
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Broward County, Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/36 |
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1,014,970 |
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$ |
2,142,814 |
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Insured-Sewer Revenue — 2.7% |
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|
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||||
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1,000 |
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Pinellas County, Sewer, (FSA), 5.00%, 10/1/32 |
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1,018,800 |
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$ |
1,018,800 |
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Insured-Special Assessment Revenue — 7.6% |
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|
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2,780 |
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Julington Creek, Plantation Community Development District, (MBIA), 5.00%, 5/1/29 |
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2,825,675 |
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$ |
2,825,675 |
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Insured-Special Tax Revenue — 38.9% |
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|
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1,000 |
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Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/27 |
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1,026,510 |
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1,250 |
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Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/32 |
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1,279,562 |
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1,000 |
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Dade County, Special Obligation Residual Certificates, (AMBAC), Variable Rate, 6.53%, 10/1/35 (1)(5) |
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1,021,690 |
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1,500 |
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Jacksonville Capital Improvements, (AMBAC), 5.00%, 10/1/30 |
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1,522,815 |
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3,750 |
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Jacksonville Transportation, (MBIA), 5.00%, 10/1/31 |
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3,797,213 |
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1,275 |
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Jacksonville, Excise Tax, (FGIC), 5.125%, 10/1/27 |
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1,309,183 |
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|
600 |
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Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35 |
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124,104 |
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8,000 |
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Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/39 |
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1,322,400 |
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||
|
225 |
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Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37 |
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225,792 |
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|
500 |
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Orange County Tourist Development, (AMBAC), 5.125%, 10/1/25 |
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518,830 |
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|
750 |
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Orange County Tourist Development, (AMBAC), Variable Rate, 6.91%, 10/1/30 (1)(5) |
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802,673 |
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2
|
$ |
445 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28 |
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$ |
152,070 |
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|
440 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 6.405%, 7/1/28 (1)(5) |
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474,280 |
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2,000 |
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Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42 |
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331,360 |
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1,120 |
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Sunrise Public Facility, (MBIA), 0.00%, 10/1/20 |
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566,496 |
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$ |
14,474,978 |
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Insured-Transportation — 17.2% |
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|
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||||
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1,500 |
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Florida Turnpike Authority, Water & Sewer Revenue, (Department of Transportation), (FGIC), 4.50%, 7/1/27 |
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1,445,670 |
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1,500 |
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Miami-Dade County, Expressway Authority, (FGIC), 5.00%, 7/1/33 |
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1,530,225 |
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1,605 |
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Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/24 |
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658,965 |
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1,950 |
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Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/25 |
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760,910 |
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1,700 |
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Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/26 |
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629,085 |
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|
330 |
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Puerto Rico Highway and Transportation Authority, (FSA), Variable Rate, 6.615%, 7/1/32 (1)(5) |
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348,747 |
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|
940 |
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Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 6.617%, 7/1/36 (1)(5) |
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1,017,099 |
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$ |
6,390,701 |
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Insured-Utilities — 7.3% |
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|
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||||
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1,550 |
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Daytona Beach, Utility System Revenue, (AMBAC), 5.00%, 11/15/32 |
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1,574,552 |
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4,675 |
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Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32 |
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1,122,748 |
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$ |
2,697,300 |
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Insured-Water and Sewer — 19.0% |
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|
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1,000 |
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Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31 (6) |
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978,730 |
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1,500 |
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Jacksonville Electric Authority, Water and Sewer System, (MBIA), 4.75%, 10/1/30 |
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1,475,490 |
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2,000 |
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Marco Island Utility System, (MBIA), 5.00%, 10/1/27 |
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2,043,160 |
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1,000 |
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Marion County Utility System, (MBIA), 5.00%, 12/1/33 |
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1,018,880 |
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1,000 |
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Sunrise Utility System, (AMBAC), 5.00%, 10/1/28 |
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1,030,930 |
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|
500 |
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Tampa Bay Water Utility System, (FGIC), Variable Rate, 5.21%, 10/1/27 (1)(2) |
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516,310 |
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$ |
7,063,500 |
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Total
Tax-Exempt Investments — 162.3% |
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$ |
60,313,371 |
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|||
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Other Assets, Less Liabilities — (1.7)% |
|
$ |
(641,284 |
) |
|||
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Auction Preferred Shares Plus Cumulative Unpaid Dividends — (60.6)% |
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$ |
(22,511,153 |
) |
|||
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Net Assets Applicable to Common Shares — 100.0% |
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$ |
37,160,934 |
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3
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AGC |
— |
Assured Guaranty Corp. |
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AMBAC |
— |
AMBAC Financial Group, Inc. |
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FGIC |
— |
Financial Guaranty Insurance Company |
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FSA |
— |
Financial Security Assurance, Inc. |
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MBIA |
— |
Municipal Bond Insurance Association |
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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 June 30, 2006, 91.4% 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 3.4% to 48.3% of total investments.
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(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 June 30, 2006, the aggregate value of the securities is $4,719,049 or 12.7% of the Fund’s net assets applicable to common shares. |
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(2) |
Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2006. |
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(3) |
Security (or a portion thereof) has been segregated to cover when-issued securities. |
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(4) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
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(5) |
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2006. |
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(6) |
When-issued security. |
A summary of financial instruments at June 30, 2006 is as follows:
Futures Contracts
|
Expiration |
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Contracts |
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Position |
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Aggregate |
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Value |
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Net |
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|||||||
|
9/06 |
|
92 U.S. Treasury Bond |
|
|
Short |
|
|
$ |
(9,801,203 |
) |
$ |
(9,812,375 |
) |
|
$ |
(11,172 |
) |
|
The cost and unrealized appreciation (depreciation) in value of the investments owned at June 30, 2006, as computed on a federal income tax basis, were as follows:
|
Aggregate cost |
|
$ |
59,402,675 |
|
|
Gross unrealized appreciation |
|
$ |
1,194,536 |
|
|
Gross unrealized depreciation |
|
(283,840 |
) |
|
|
Net unrealized appreciation |
|
$ |
910,696 |
|
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
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By: |
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/s/ Cynthia J. Clemson |
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|
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Cynthia J. Clemson |
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|
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President and Principal Executive Officer |
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Date: |
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August 28, 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.
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By: |
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/s/ Cynthia J. Clemson |
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|
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Cynthia J. Clemson |
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|
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President and Principal Executive Officer |
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Date: |
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August 28, 2006 |
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By: |
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/s/ Barbara E. Campbell |
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|
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Barbara E. Campbell |
|
|
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Treasurer and Principal Financial Officer |
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Date: |
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August 28, 2006 |