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.,
President, 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: 11/01/04 - 1/31/05
Item 1 - Schedule of Investments
MuniYield Florida Insured Fund
Schedule of Investments as of January 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
Florida - 137.9%
$ 1,300 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) $ 1,408
700 Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25% due
11/01/2020 (c)(h) 854
3,000 Brevard County, Florida, IDR (NUI Corporation Project), AMT, 6.40% due
10/01/2024 (a) 3,068
5,000 Dade County, Florida, Aviation Revenue Bonds, AMT, Series B, 5.75% due
10/01/2012 (b) 5,198
1,000 Daytona Beach, Florida, Utility System Revenue Refunding Bonds, Series B, 5%
due 11/15/2027 (c) 1,053
1,000 Deltona, Florida, Utility System Revenue Bonds, 5.125% due 10/01/2027 (b) 1,066
1,625 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, 7%
due 4/01/2028 (d)(e) 1,662
5,635 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue
Bonds (Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) 5,720
700 Escambia County, Florida, Health Facilities Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series A-1, 5.75% due 11/15/2009 (a)(l) 796
2,110 First Florida Governmental Fianancing Commission Revenue Bonds, 5.70% due
7/01/2017 (b) 2,283
1,150 Florida HFA, Housing Revenue Bonds (Brittany Rosemont Apartments), AMT,
Series C-1, 6.75% due 8/01/2014 (a) 1,174
665 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds,
AMT, Series 4, 6.25% due 7/01/2022 (f) 672
Florida State Board of Education, Capital Outlay, GO (Public Education), Series B:
1,650 5.875% due 6/01/2005 (l) 1,687
2,000 5% due 6/01/2031 (c) 2,090
6,190 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due
7/01/2015 (c) 7,111
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh
Utility System), 5.125% due 10/01/2033 (a) 1,057
1,860 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of
Transportation), Series B, 5% due 7/01/2030 1,921
3,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 4,017
6,000 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2026 (b) 6,454
2,615 Hillsborough County, Florida, School District, Sales Tax Revenue Refunding
Bonds, 5.375% due 10/01/2020 (a) 2,922
Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds (b):
2,000 Series A, 5.375% due 10/01/2030 2,093
2,610 Series C, 5.25% due 10/01/2037 2,699
Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville) (b):
1,000 Series A, 5.50% due 11/15/2036 1,108
750 Series B, 5.50% due 11/15/2036 831
1,455 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement
Bonds, 5.25% due 10/01/2032 (c) 1,559
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 below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
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
VRDN Variable Rate Demand Notes
MuniYield Florida Insured Fund
Schedule of Investments as of January 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida (continued)
Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT (b):
$ 1,025 5.625% due 11/01/2010 (l) $ 1,151
1,225 5.625% due 11/01/2026 1,345
2,000 Lakeland, Florida, Electric and Water Revenue Refunding Bonds, Series A, 5%
due 10/01/2028 (b) 2,072
1,000 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (f) 1,125
Lee County, Florida, Capital Revenue Bonds (a):
1,285 5.25% due 10/01/2023 1,414
1,355 5.25% due 10/01/2024 1,487
275 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)(i) 276
1,000 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (c) 1,082
300 Marco Island, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2021 (b) 334
1,000 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (a) 1,057
2,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 2,253
Miami-Dade County, Florida, Aviation Revenue Bonds:
12,500 AMT, Series A, 5% due 10/01/2033 (f) 12,762
5,000 (Miami International Airport), AMT, Series A, 6% due 10/01/2024 (c) 5,637
1,140 (Miami International Airport), AMT, Series A, 5% due 10/01/2030 (c) 1,171
5,240 (Miami International Airport), Series B, 5% due 10/01/2037 (c) 5,462
2,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2029 (a) 2,237
1,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5.25% due 7/01/2027 (c) 1,090
3,480 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds, DRIVERS, Series 208, 9.87% due 8/15/2017 (a)(j) 4,329
1,655 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A,
5.375% due 10/01/2030 (a) 1,800
2,000 Miami-Dade County, Florida, School Board COP, Series A, 5.50% due
10/01/2009 (f)(l) 2,235
4,765 Orange County, Florida, Educational Facilities Authority, Educational Facilities
Revenue Refunding Bonds (Rollins College Project), 5.50% due 12/01/2032 (a) 5,274
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
600 (Adventist Health System), 6.25% due 11/15/2024 666
1,835 (Orlando Regional Healthcare), 6% due 12/01/2029 2,000
1,000 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series A, 5.125% due
1/01/2023 (c) 1,087
6,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2023 (b) 7,081
5,330 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due
10/01/2032 (a) 5,898
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B (a):
1,000 5% due 7/01/2030 1,046
5,015 5% due 7/01/2035 5,232
1,530 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.25%
due 10/01/2025 (a) 1,680
2,000 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (a) 2,160
1,100 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50% due
10/01/2027 (c) 1,228
1,500 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20% due
6/01/2015 (c) 1,966
2,000 Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5.25% due
8/01/2021 (f) 2,198
Palm Beach County, Florida, School Board, COP, Series A:
5,000 6% due 8/01/2010 (c)(l) 5,812
1,500 5.50% due 8/01/2022 (a) 1,684
1,000 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due
10/01/2034 (a) 1,050
1,000 Polk County, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2022 (c) 1,109
1,055 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2024 (b) 1,165
1,400 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series A, 5.25% due
10/01/2031 (a) 1,516
1,000 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25% due
10/01/2034 (b) 1,089
100 Sarasota County, Florida, Public Hospital Board, Hospital Revenue Bonds (Sarasota
Memorial Hospital), VRDN, Series A, 1.85% due 7/01/2037 (a)(k) 100
2,000 South Broward, Florida, Hospital District Revenue Bonds, DRIVERS, Series 337,
9.105% due 5/01/2032 (b)(j) 2,400
1,000 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital
Inc.), 5.80% due 10/01/2034 1,040
1,240 Stuart, Florida, Public Utilities Revenue Refunding and Improvement Bonds, 5.25%
due 10/01/2024 (c) 1,371
1,480 University of Central Florida (UCF) Athletics Association Inc., COP, Series A,
5.25% due 10/01/2034 (c) 1,595
Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A (b):
1,640 5.375% due 11/01/2034 1,798
1,000 5.125% due 11/01/2036 1,061
Village Center Community Development District, Florida, Utility Revenue Bonds (b):
2,585 5.25% due 10/01/2023 2,840
4,000 5.125% due 10/01/2028 4,259
Nevada - 4.1%
5,165 Clark County, Nevada, Bond Bank, GO, 5% due 6/01/2032 (b) 5,351
New Jersey - 1.6%
2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,096
South Carolina - 1.7%
2,100 Medical University Hospital Authority, South Carolina, Mortgage Hospital
Facilities, Revenue Refunding Bonds, Series A, 5% due 8/15/2031 (b)(g) 2,174
Tennessee - 1.5%
2,000 Sevier County, Tennessee, Public Building Authority Revenue Bonds, Local
Government Public Improvement IV, VRDN, Series E-1, 1.84% due 6/01/2030 (a)(k) 2,000
Puerto Rico - 7.0%
1,970 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.375%
due 7/01/2019 (b) 2,227
1,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5% due 7/01/2036 1,034
1,145 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.70% due 2/01/2010 (l) 1,287
3,550 Puerto Rico Public Finance Corporation, Revenue Refunding Bonds, RIB, Series 522X,
8.66% due 8/01/2022 (b)(j) 4,463
Total Municipal Bonds (Cost - $185,456) - 153.8% 198,859
Total Investments (Cost - $185,456*) - 153.8% 198,859
Other Assets Less Liabilities - 1.9% 2,405
Preferred Shares, at Redemption Value - (55.7%) (72,020)
----------
Net Assets Applicable to Common Shares - 100.0% $ 129,244
==========
*The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2005, as computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $ 185,471
==========
Gross unrealized appreciation $ 13,656
Gross unrealized depreciation (268)
----------
Net unrealized appreciation $ 13,388
==========
(a)AMBAC Insured.
(b)MBIA Insured.
(c)FGIC Insured.
(d)GNMA Collateralized.
(e)FNMA Collateralized.
(f)FSA Insured.
(g)FHA Insured.
(h)Escrowed to maturity.
(i)FHLMC Collateralized.
(j)The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(k)Security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.
(l)Prerefunded.
Investments in companies considered to be an affiliate of the Fund
(such companies are defined as "Affiliated Companies" in 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 (4,919) $ 6
Forward interest rate swaps outstanding as of January 31, 2005 were
as follows:
(in Thousands)
Notional Unrealized
Amount Depreciation
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
Pay a fixed rate equal to 3.675%
Broker, JPMorgan Chase Bank
Expires February 2015 $ 7,300 $ (109)
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
Pay a fixed rate equal to 3.682%
Broker, JPMorgan Chase Bank
Expires April 2015 $ 7,300 (92)
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
Pay a fixed rate equal to 3.612%
Broker, JPMorgan Chase Bank
Expires April 2015 $15,000 (95)
----------
Total $ (296)
==========
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.,
President
MuniYield Florida Insured Fund, Inc.
Date: March 21, 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.,
President
MuniYield Florida Insured Fund, Inc.
Date: March 21, 2005
By: /s/ Donald C. Burke
Donald C. Burke,
Chief Financial Officer
MuniYield Florida Insured Fund, Inc.
Date: March 21, 2005