UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-7156
Name of Fund: MuniYield Florida Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniYield Florida Insured Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011.
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/05
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield Florida Insured Fund
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
District of $ 1,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds,
Columbia - 4.9% AMT, Series A, 5.25% due 10/01/2032 (c) $ 1,046
5,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Refunding
Bonds, AMT, Series A, 5% due 10/01/2035 (h) 5,170
Florida - 132.8% 1,300 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) 1,410
700 Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25% due
11/01/2020 (b)(c) 843
5,000 Dade County, Florida, Aviation Revenue Bonds, AMT, Series B, 5.75% due 10/01/2012 (h) 5,122
1,000 Daytona Beach, Florida, Utility System Revenue Refunding Bonds, Series B, 5%
due 11/15/2027 (c) 1,051
570 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds
(Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) 574
500 Escambia County, Florida, Health Facilities Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series A-1, 5.75% due 11/15/2009 (a)(i) 554
2,110 First Florida Governmental Financing Commission Revenue Bonds, 5.70% due 7/01/2017 (h) 2,235
1,150 Florida HFA, Housing Revenue Bonds (Brittany Rosemont Apartments), AMT, Series C-1,
6.75% due 8/01/2014 (a) 1,174
625 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 4, 6.25% due 7/01/2022 (f) 639
2,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series B, 5%
due 6/01/2031 (c) 2,096
6,190 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due 7/01/2015 (c) 6,981
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility
System), 5.125% due 10/01/2033 (a) 1,058
Portfolio Abbreviations
To simplify the listings of MuniYield Florida Insured Fund's portfolio
holdings in the Schedule of Investments, we have abbreviated the names
of many of the securities according to the list to the right.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
RIB Residual Interest Bonds
S/F Single-Family
MuniYield Florida Insured Fund
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida $ 1,860 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of
(concluded) Transportation), Series B, 5% due 7/01/2030 $ 1,923
1,000 Fort Pierce, Florida, Redevelopment Agency, Revenue Refunding Bonds, 5% due
5/01/2026 (j) 1,063
3,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 4,021
Hillsborough County, Florida, School Board, COP (h):
6,000 5.375% due 7/01/2009 (i) 6,489
1,000 5% due 7/01/2029 1,051
Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds (h):
2,000 Series A, 5.375% due 10/01/2030 2,065
2,610 Series C, 5.25% due 10/01/2037 2,668
Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville) (h):
1,000 Series A, 5.50% due 11/15/2036 1,104
750 Series B, 5.50% due 11/15/2036 828
1,140 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking
Solutions Project), 5.50% due 10/01/2030 (l) 1,200
1,455 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds,
5.25% due 10/01/2032 (c) 1,561
Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT (h):
1,025 5.625% due 11/01/2010 (i) 1,125
1,225 5.625% due 11/01/2026 1,321
2,000 Lakeland, Florida, Electric and Water Revenue Refunding Bonds, Series A, 5%
due 10/01/2028 (h) 2,071
1,000 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (f) 1,107
1,285 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (a) 1,404
195 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series A, Sub-Series 3, 7.45% due 9/01/2027 (d)(e)(g) 199
2,905 Lee County, Florida, Transportation Facilities Revenue Bonds (Sanibel Bridges and
Causeway), Series B, 5% due 10/01/2035 (m) 3,049
1,000 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (c) 1,083
300 Marco Island, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2021 (h) 329
1,000 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (a) 1,058
2,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 2,223
Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A:
7,500 5% due 10/01/2033 (f) 7,718
5,000 (Miami International Airport), 6% due 10/01/2024 (c) 5,543
2,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2029 (a) 2,207
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B (c):
1,000 5.25% due 7/01/2027 1,084
2,875 5% due 7/01/2033 3,018
3,480 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds, DRIVERS, Series 208, 9.87% due 8/15/2017 (a)(k) 4,181
1,655 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A,
5.375% due 10/01/2030 (a) 1,796
2,000 Miami-Dade County, Florida, School Board COP, Series A, 5.50% due 10/01/2009 (f)(i) 2,178
1,865 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030 (h) 2,037
Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds,
Series A (h):
4,375 5.186%** due 10/01/2031 1,151
5,735 5.201%** due 10/01/2033 1,352
4,765 Orange County, Florida, Educational Facilities Authority, Educational Facilities,
Revenue Refunding Bonds (Rollins College Project), 5.50% due 12/01/2032 (a) 5,246
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
600 (Adventist Health System), 6.25% due 11/15/2024 665
1,835 (Orlando Regional Healthcare), 6% due 12/01/2029 1,996
1,000 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series A, 5.125%
due 1/01/2023 (c) 1,075
6,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2023 (h) 6,944
5,330 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due
10/01/2032 (a) 5,849
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B (a):
4,000 5% due 7/01/2030 4,197
5,015 5% due 7/01/2035 5,245
1,530 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.25%
due 10/01/2025 (a) 1,648
2,000 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (a) 2,152
1,100 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50%
due 10/01/2027 (c) 1,214
1,500 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20% due
6/01/2015 (c) 1,920
2,000 Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5.25% due
8/01/2021 (f) 2,164
Palm Beach County, Florida, School Board, COP, Series A (i):
5,000 6% due 8/01/2010 (c) 5,667
1,500 5.50% due 8/01/2011 (a) 1,679
1,000 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due
10/01/2034 (a) 1,053
1,000 Polk County, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2022 (c) 1,096
1,055 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2024 (h) 1,151
1,400 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series A, 5.25% due
10/01/2031 (a) 1,519
1,000 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25% due
10/01/2034 (h) 1,090
2,000 South Broward, Florida, Hospital District Revenue Bonds, DRIVERS, Series 337, 8.611%
due 5/01/2032 (h)(k) 2,396
1,000 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital Inc.),
5.80% due 10/01/2034 1,048
1,240 Stuart, Florida, Public Utilities Revenue Refunding and Improvement Bonds, 5.25%
due 10/01/2024 (c) 1,358
University of Central Florida (UCF) Athletics Association Inc., COP, Series A (c):
2,280 5.25% due 10/01/2034 2,452
1,000 5% due 10/01/2035 1,050
Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A (h):
1,000 5% due 11/01/2032 1,048
1,640 5.375% due 11/01/2034 1,802
1,000 5.125% due 11/01/2036 1,065
Village Center Community Development District, Florida, Utility Revenue Bonds (h):
2,585 5.25% due 10/01/2023 2,804
4,030 5.125% due 10/01/2028 4,292
1,570 Winter Haven, Florida, Utility System Revenue Refunding and Improvement Bonds, 5%
due 10/01/2035 (h) 1,661
Illinois - 0.8% 1,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue Bonds,
Third Lien, AMT, Series D, 5% due 1/01/2034 (m) 1,028
Massachusetts - 2.9% 3,500 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (f) 3,713
New Jersey - 1.7% 2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,115
Pennsylvania - 1.6% 2,000 Delaware County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds (Aqua
Pennsylvania Inc. Project), AMT, Series B, 5% due 11/01/2036 (c) 2,072
Texas - 4.4% 1,200 North Harris County, Texas, Regional Water Authority, Senior Lien Revenue Bonds, 5%
due 12/15/2032 (h) 1,255
4,190 San Antonio, Texas, Convention Center Hotel Finance Corporation, Contract Revenue
Empowerment Zone Bonds, AMT, Series A, 5% due 7/15/2034 (a) 4,328
Puerto Rico - 6.8% 1,970 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.375% due
7/01/2019 (h) 2,194
1,000 Puerto Rico Public Buildings Authority, Government Facilities, Revenue Refunding
Bonds, Series I, 5% due 7/01/2036 1,040
1,145 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.70% due 2/01/2010 (i) 1,260
3,550 Puerto Rico Public Finance Corporation, Revenue Refunding Bonds, RIB, Series 522X,
8.19% due 8/01/2022 (h)(k) 4,261
Total Municipal Bonds (Cost - $187,502) - 155.9% 198,972
Shares
Held Short-Term Securities
1,300 Merrill Lynch Institutional Tax-Exempt Fund (n) 1,300
Total Short-Term Securities (Cost - $1,300) - 1.0% 1,300
Total Investments (Cost - $188,802*) - 156.9% 200,272
Liabilities in Excess of Other Assets - (0.5%) (632)
Preferred Shares, at Redemption Value - (56.4%) (72,026)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 127,614
===========
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005,
as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 188,817
===============
Gross unrealized appreciation $ 11,611
Gross unrealized depreciation (156)
---------------
Net unrealized appreciation $ 11,455
===============
** Represents a zero coupon bond; the interest rate shown is the effective yield at
the time of purchase by the Fund.
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FHLMC Collateralized.
(e) FNMA Collateralized.
(f) FSA Insured.
(g) GNMA Collateralized.
(h) MBIA Insured.
(i) Prerefunded.
(j) XL Capital Insured.
(k) The rate disclosed is that currently in effect. This rate changes periodically and
inversely based upon prevailing market rates.
(l) ACA Insured.
(m) CIFG Insured.
(n) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
(in Thousands)
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional
Tax-Exempt Fund (3,619) $ 16
Forward interest rate swaps outstanding as of July 31, 2005 were as follows:
(in Thousands)
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.582% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires August 2015 $7,300 $ 33
Pay a fixed rate of 3.568% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires October 2015 $7,300 55
Pay a fixed rate of 3.647% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires October 2015 $15,000 24
---------
Total $ 112
=========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
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.
MuniYield Florida Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Florida Insured Fund, Inc.
Date: September 23, 2005
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Florida Insured Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Florida Insured Fund, Inc.
Date: September 23, 2005