The following constitutes Amendment No. 1 ("Amendment No. 1") to the Schedule 13D filed by the undersigned. This Amendment amends the original Schedule 13D/A as specifically set forth.
Item 3. Source and Amount of Funds or Other Considerations. Item 3 is hereby amended as follows: KIM, an independent investment advisor, has accumulated 313,145 shares of EIF on behalf of accounts that are managed by KIM (the “Accounts”) under limited powers of attorney, which represents 12.16% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts. Item 5. Interest in Securities of the Issuer. Item 5 is hereby amended as follows: (a) As of the date of this Report, KIM represents beneficial ownership of 313,145 shares or 12.16% of the outstanding shares. George W. Karpus presently owns 8,200 shares. Mr. Karpus purchased shares on August 20, 2007 at $12.73 (18,50 shares), August 30, 2007 at $12.95 (4,800 shares) and on October 22, 2007 at $13.45 (1,550 shares). Karpus Management, Inc. presently owns 800 shares. KMI purchased shares on July 18, 2007 at $13.68 (50 shares), July 19, 2007 at $13.75 (100 shares), July 23, 2007 at $13.81 (50 shares), July 24, 2007 at $13.73 (50 shares), July 26, 2007 at $13.61 (100 shares), August 30, 2007 at $12.95 (200 shares), October 16, 2007 at $13.60 (100 shares), August 17, 2007 at $13.57 (50 shares), October 19, 2007 at $13.67 (50 shares) and on October 22, 2007 at $13.45 (50 shares). Urbana Partners L.P. is a hedge fund managed by Karpus Investment Management, of which George W. Karpus owns 6.49%. Urbana Partners L.P. currently owns 24,310 shares of EIF. None of the other principals of KIM presently own shares of EIF. (b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney. (c) Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases:
Karpus Management, Inc. By: /s/ Name: Dana R. Consler Title: Senior Vice-President Date: December 21, 2007
Letter to the Fund
Transmitted November 14, 2007
November 14, 2007 The Board of Directors of: Eaton Vance Florida Municipal Income Trust; and Eaton Vance Insured Florida Municipal Bond Fund The Eaton Vance Building 255 State Street Boston, Massachusetts 02109 c/o Frederick Marius, Secretary Re: Eaton Vance Florida Municipal Income Trust (FEV); and Eaton Vance Insured Florida Municipal Bond Fund (EIF) Mr. Marius:Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"), represents beneficial ownership of 469,984 shares, or 11.04%, of Eaton Vance Florida Municipal Income Trust ("FEV") and 285,293 shares, or 11.08%, of Eaton Vance Insured Florida Municipal Bond Fund ("EIF"). As you are aware, Florida repealed its intangible personal property tax effective January 1, 2007 and has no state income tax. As a result, municipal bonds issued by the state of Florida no longer provide a specific tax advantage to Florida residents, and there is no reason to maintain a Florida state specific bond fund. These funds do not offer shareholders the benefits of the funds' original objective, and shareholders should be given an opportunity to exit these funds without damage. We believe the board has 3 options to consider: 1.) liquidate;
Sincerely, /s/ Sharon L. Thornton Director of Investment Personnel and Senior Analyst
Letter to the Fund
Transmitted December 20, 2007
December 20, 2007 Mr. John E. Pelletier, Chief Legal Officer Eaton Vance Florida Municipal Income Trust and Eaton Vance Insured Florida Municipal Bond Fund The Eaton Vance Building 255 State Street Boston, Massachusetts 02109 Re: Eaton Vance Florida Municipal Income Trust (FEV); and Eaton Vance Insured Florida Municipal Bond Fund (EIF) (collectively, the "Funds") Mr. Pelletier:We are in receipt of your letter dated December 12, 2007 and are fully aware of the press release issued by the Funds on the same date. We are particularly concerned with the time frame and lack of direction which are referenced in the letter; specifically that "sufficient time" is needed to reduce the Funds' Florida bond concentration and that the Funds "may consider other additional measures" in the future. The repeal of the Florida intangible personal property tax was effective January 1, 2007. Shareholders have already waited almost one year for the Funds to address our concerns and now the Funds have told shareholders (via a press release on December 12, 2007) they will be incurring further expenses without offering a timely solution to the elimination of the purpose of the Funds' very existence. As we stated in our previous letter, due to the repeal of the Florida intangible personal property tax, there is no reason to maintain a Florida state specific bond fund. Furthermore, the Funds are relatively small and consequently carry high expense ratios relative to their peers. Our belief is that the persistently wide discount to net asset value of the Funds is a function of high expenses, limited liquidity (low volume), and limited geographical diversification of each portfolio's holdings. While we understand that the Trustees of the Funds cannot control legislative actions, we do believe that one year is more than adequate time to definitively address this issue. In fact, other fund families have proactively dealt with this very issue and have already obtained the necessary shareholder approvals to do so. It is our belief that the Trustees failure to be proactive has caused economic harm to shareholders due to excess discount widening (as can be seen on the attached charts comparing the discounts of FEV and EIF versus the national Eaton Vance municipal bond funds EIV, EIM and EVN). Essentially, each Funds' shareholders have already owned shares of an investment which is not allowing them to realize the geographic diversification and economies of scale that they otherwise could in larger national municipal bond fund. We are not comfortable with the Trustees' lack of urgency to address this issue, and are requesting a more expedient response to alleviate this problem. In the absence of such an action, we reserve all rights as shareholders to present any additional options to fellow shareholders so as to minimize further economic harm. Thank you for your time and consideration. I look forward to speaking with you soon regarding our concerns.
Sincerely, /s/ Sharon L. Thornton Director of Investment Personnel and Senior Analyst cc: Trustees of FEV and EIF